We’re into the final weeks of the financial year, tax planning and forecasting is well underway and you should be thinking about finalizing any capital expenditure required for your business before 30 June.

We have already begun receiving information from the ATO regarding areas of focus for them going forward, and we will continue to keep you up to date with this information.

One particular area of focus is work-related car expenses. Be aware that the ATO may request proof that you were required to undertake the travel for work, so ensure you are keeping accurate records.

Click here for a guide of when you can claim car expenses, and what records you should be keeping. 

In this newsletter:

  • Single Touch Payroll reminder.
  • Claiming super as personal tax deductions.
  • Recommended Reading:
    • Support for small business owners.
    • Budget 2018 recap.
    • ABN Eligibility.
  • Recruitment services by Your Screen Saver.
  • Supporting Kaylen Bassett in Europe.

Key Dates 2018

11 June - Queen's Birthday public holiday (office closed).
18 June - Plant: Grow: Reap coaching session.
21 June - May monthly BAS due.
29 June - End of Term 2.
30 June - End of Financial Year.

Single Touch Payroll

A reminder that if you have a business with more than 20 employees, you will be required to use the Single Touch Payroll system from 30 June.

Make sure you have updated your software to ensure it is compatible.  

Read more.

Claiming Super as Personal Tax Deductions

Anyone eligible to make personal super contributions can now claim that contribution as a personal tax deduction, regardless of their work status. This includes people who are employed, who were previously excluded from claiming this deduction due to the now removed '10% test'. 

This strategy suits people who: 

  • In the past have been reluctant to salary sacrifice as they were uncertain about their cash flow needs.
  • Receive unexpected employment income and no prior salary sacrifice agreement was put in to place (e.g. bonus).
  • Earned too much in the past to meet the 10% test, but not enough to fully use CC cap via salary sacrifice.

You need to make your super contributions before 30 June 2018 if you want them counted towards this year’s cap. 

Read more from Prime Financial. 

Recommended Reading

The business support program designed to help you grow! The business support program designed to help you grow!
Plant: Grow: Reap provides business owners with a wealth of expertise all in the one place, so that the knowledge you need is easily accessible, and tailored to your own goals. Read More
Quick Budget Breakdown 2018 Quick Budget Breakdown 2018
A quick recap of the 2018 Australian Federal Budget key points, including taxes, business and superannuation matters. 
Read More
Don’t get an ABN just because your employer tells you to! Not everyone is entitled to an ABN!
Employees in irregular or casual jobs (such as performers, musicians, labourers and some consultants) are being asked to get an ABN by employers, when they are not actually eligible for one. 
Read More


Your Screen Saver - Recruitment Services

If you're planning to grow or restructure your business in the new financial year, we have someone to keep in mind to help with recruiting and hiring. 

Your Screen Saver is a modern take on the typical recruitment agency model, giving you choice and control over which services you want to use.

With over 25 years in the recruiting industry, Jane Devereux has a passion for finding you only the very best staff of all levels, saving you time going through hundreds of applications. She also provides mentoring, training and human resources support services to business owners. 

Find out more about how Your Screen Saver can save you time.

Supporting Kaylen Bassett in Europe

We're stoked to be sponsoring Canoe Slalom athlete Kaylen Bassett for his international slalom competitions in Europe this month.

Kaylen competes in Canoe Slalom and Wildwater. This year he has made it into the Australian Under 23 and Senior Wildwater team.

"I started paddling when I was 17, and although I've only been in the sport a short time, i have already seen some success and will continue to develop in the years to come".

We're very excited to see what Kaylen achieves in Europe and going forward!

Find out more about Kaylen.

Find out more about our sponsorship programs and community involvement.

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AINTREE GROUP is an Authorised Representative of The SMSF Expert Pty Ltd, ABN 17 155 686 356, AFSL No. 445113

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