I hope everyone has had a satisfying financial year and are set up for this year for greater prosperity, effectiveness and lifestyle.
It is the start of the financial year again… where did the 6 months go? It will be Christmas and 2020 soon!
Here are a few tips:
Personal Tax Changes:
- Any real changes do not come in for a few years and there are elections to be held before their scheduled inception; given the time and uncertainty of them coming into effect it is not worth planning for
Instant Asset Write Off:
- Any asset under $30,000 can qualify for a complete tax deduction in the year of purchase, you can finance or pay cash. This is in effect to 30 June 2022 for entities with up to $50m turnover.
Superannuation:
- Super must be paid into the fund by 30 June to get the tax deduction, therefore pay out of your business bank account by 24 June 2019 to be sure the super fund processes the payment by 30 June
- You can salary sacrifice or give yourself or employees a bonus that goes into Super pre 30 June
- Super has concessional tax treatment for each individual up to $25k per person
Structuring:
- Make sure your business and ownership of the business are correctly set up to be efficient. This is very important and needs to tailored advice.
Keys to Tax:
- Be organised and planned
- Get personal and tailored advice, the above is all good, though having a good tax advisor consider your situation is much more effective
- It is never the wrong time of the year to plan, many clients wait till May or June when tax is at front of mind and for many matters, it is too late for that year though planning then or at any time will help for future years
In summary, get organised, plan and get tailored advice!