A New Year’s Eve worth (Tax) planning in advance

A New Year’s Eve worth (Tax) planning in advance

We know it’s only February – but EOFY will be here before we know it (and it’s worth planning ahead for this NYE!)

To make sure you’re in the best position possible, and that you have ample time to take actions ahead of 30 June, here are our top 5 things you should start considering to make the most of this tax year:

  1.  If you are a Small Business Entity (SBE) consider utilising the $20,000 instant asset write off before it ends on 30 June 2018 (it will revert to $1,000 on 1 July 2018 based on current rules). Not sure if you qualify? Contact us to discuss your personal situation.
  2. Are you ready for Single Touch Payroll? If you have 20 or more employees you will need to be Single Touch Payroll ready from 1 July.
    • Be sure to review what systems or processes your software provider is implementing
    • Even if you’re not required to use Single Touch Payroll, it’s a good opportunity for all employers to revisit payroll processes
  3. From 1 July 2018, the Government will allow a person aged 65 or over to make a super contribution of up to $300,000 from the proceeds of selling the family home. Click here for more details.
  4. Have you updated your estate plan recently?
    • The superannuation changes that came into effect on 1 July 2017 may have had an impact on your estate plan. Click here for our summary of the key changes.
  5. From 1 July 2018, all purchasers of new residential premises or new sub-divisions are required to remit 1/11th of the purchase price directly to the ATO, rather than the developer remit the GST on their monthly or quarterly Business Activity Statement (BAS) as is currently the case.

If there is something in particular that you’re interested in knowing more about, feel free to give us a call on 3233 6400, or submit an enquiry here.