Welcome to 2018-19!
As it's the beginning of a new financial year, there is a lot of important information to give out. We encourage you to bear with us and make sure to read through and identify anything relevant to you!
To begin with, we started off 2018-19 with a very exciting announcement... we have our very own Aintree Group App!
Key Dates 2018:
16 July - Term 3 Begins
16 July - Issue PAYG withholding payment summaries.
23 July - June monthly BAS due.
23 July - Plant: Grow: Reap session.
30 July - June quarter Super Guarantee due.
30 July - June quarterly BAS due.
30 July - June quarter PAYG instalment due.
22 August - Aged Care Seminar (save the date)!
In this newsletter:
- Feedback for 2017-18.
- ASIC Fee Increases.
- New minimum pay rates.
- Personal income tax cuts.
- Recommended reading - super and small business.
- Learn how to analyse Financial Reports for your business.
- Welcome to the team, Harry!
How did we do?
We're always looking onwards and upwards, and to help us achieve that, we'd truly appreciate any feedback you have that we can take into account when setting goals for the next financial year.
We have a quick online survey where you let us know how you found working with us by clicking here.
You can also give feedback directly on our brand new Aintree Group App in the "About Us" section!
ASIC Fee Increases
Each year ASIC increases its company lodgement fees.
From 1 July 2018, the lodgement fee to register an Australian Pty Ltd company will increase to $488 (a $9 increase).
In keeping with our commitment to provide quality, cost-effective documentation, our company documentation will only increase by this regulatory amount, effective from 1 July 2018.
Other important ASIC Fee increases that will take effect from 1 July include:
- Annual Review Fee - Special Purpose Company will be $49 ($1 increase).
- Annual Review Fee - Standard Company will be $263 ($9 increase).
- Company Name Change will be $403 ($8 increase).
- Voluntary Deregistration of a Company will be $40 ($1 increase).
Attention employers: be aware of the new minimum pay rates!
New award wages and allowances came into effect on 1 July 2018. If you’re an employer, it’s important that you are aware of the new rates and apply them!
The Fair Work Ombudsman’s online Pay Calculator can help you determine the right rates to apply.
You can access the pay calculator here.
Personal Income Tax Cuts
New personal income tax rates come into effect from 1 July 2018. The top threshold of the 32.5% personal income tax bracket rose from $87,000 to $90,000.
Along with the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with taxable incomes up to $125,333. The offset is a non-refundable tax offset that you receive when you lodge your income tax return.
If your annual taxable income is $80,000 in 2018-19, then the personal income tax changes provide an annual tax reduction of $530 per year.
If your annual taxable income is $120,000, then the changes give you an annual reduction of $215.
Accelerated deductions for small business extended
The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. Read More…
When can you access your super?
The cash sitting in your superannuation fund can be tempting. But, in reality there are very few ways you can take advantage of your superannuation once it has been contributed to the fund. Read More…
Learn how to read Financial Statements for your business!
Plant: Grow: Reap is a specially designed program that provides support to time-poor business owners. The next year of the program is starting on Monday 23 July.
At the July session, Shane will be presenting on how to read, understand and analyse Financial Reports and Statements. This is an example of a valuable skill that is often overlooked, but can contribute to a deeper understanding of you business, which in turn can identify areas to improve and grow.
This will be the first of many keynote presentations throughout the year, which will cover everything from recruitment and HR, to investing
and financial planning to marketing and social media.
There are a few more spaces available in the program. If you've been thinking of joining in, then now is the optimum time!
You can sign up for the program here.Or you can email Chelsea, our Communications Coordinator, at email@example.com, to get more information and register interest.
Welcome to the team - Harry!
We're starting the new financial year with a brand new team member, Harry Bevilacqua.
Harry is on board as our new Client Service Coordinator, so he is the first point of call when you get in touch with Aintree Group.
Need to contact us?
You can always reach us via email at firstname.lastname@example.org.
Send through any queries, and we'll make sure the right person handles it for you.