Hopefully you're well underway with preparations for the End Of Financial Year.
This newsletter can be used as your guide to ensure you're on track for the next couple of months.
The 2018-19 Budget will be released on 8 May 2018. Watch this space for a budget breakdown following the announcement.
In this newsletter:
- EOFY Checklist.
- Tax planning template.
- Single Touch Payroll.
- FBT logbook reminder.
- Boost your super by downsizing in retirement.
Key Dates 2018:
08 May - Budget released for 2018-19.
13 May - Mother's Day.
21 May - 2018 Fringe Benefit Tax (FBT) return due.
21 May - Plant: Grow: Reap coaching session.
21 May - April monthly BAS due.
28 May - March quarter SG charge statement due.
The end of financial year is always a hectic time, and sometimes important things slip through the cracks. We've got a checklist for you to run through to make sure you’re all up to speed as 30 June closes in.
It’s also the perfect opportunity to review your business structure and strategies, and identify areas for growth going forward.
Click here to check it out!
Click here to read Shane's rundown on tax planning for everyone to look through! It includes updates on superannuation, individual tax and areas of focus for the ATO.
Please note, our tax planning post will be updated after the 2018-19 budget is released.
Have you determined if Single Touch Payroll will apply to you?
Business owners, you should now be counting the number of employees you have to determine if you will be required to use Single Touch Payroll from July!
The Single Touch Payroll system will become mandatory for all businesses with more than 20 employees as of 1 July 2018.
Please read our STP article for more details, or get in touch
Reminder: FBT Logbooks
You must have 12 weeks logged for your Fringe Benefit Tax claim by 30 June 2018!
It is crucial to make sure you're logging these correctly, as it's a focal point for the ATO this year.
Click here to read more about these regulations.
Please get in touch with us if you're unsure of your FBT obligations.
Boost your super by downsizing.
Australians aged 65+ who are downsizing their home for retirement will be able to top up their super with the proceeds from the sale from 1 July 2018.
This only applies to the sale of your main residence, and includes proceeds up to $300,000. Couples can get up to $600,000 by each spouse making a contribution.
Click here to get all the details.
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Send through any queries, and we'll make sure the right person handles it for you.