CEO Message - June 2019

Urgent Pre-Financial Year-End Items to Attend To

In this month's newsletter, I wanted to emphasis the following very important items which you need to attend to coming up to year-end 30-June:

BUSINESS OWNERS

Single Touch Payroll
Please note that all businesses with four (4) employees or more now need to be software compliant with single touch payroll as from 1 July 2019, payment summaries will no longer be issued, ie. group certificates are becoming a thing of the past from 1 July 2019. The onus is on employers to ensure that their software is compliant so that wages records are downloaded each time that pays are completed. If you have not spoken with your Client Manager, now is the time to action this as the deadline is looming. Please note that if you do not meet these new PAYG withholding obligations, you will not be entitled to claim a deduction for salary and wages, commission, bonuses, allowances and directors’ fees.

Superannuation Payments
When paying super for employees, it is important for the June quarter to make all super payments by the end of this week to allow sufficient time for employees’ superfunds to receive the super payments. If you do not pay employee’s super for the June quarter by the end of June, you will not receive a tax deduction until the next financial year.

$30,000 Instant Asset Write-off
Please note that in recent times this has increased to $30,000 + GST. However, you should note that the asset should be received / installed by 30 June – don’t leave the purchase of that plant and equipment item to 30 June!

INDIVIDUALS

Salary Sacrifice and Super Contributions
For those looking to make a deductible personal superannuation contribution in to super, please note that you must complete a notice of intent to claim a super deduction and must specify the amount of additional deduction you are claiming in addition to the 9.5% employer contribution.

Record Keeping
It is really important that comprehensive records are kept for any work related deductions as the ATO are closely looking at the following claims:

1. Motor vehicle expenses
2. Overtime meal allowances
3. Investor property claims which are no longer deductible such as travel and second-hand property plant depreciation after budget night 2017
   
   

Tax Variation
Don’t forget that if you have not completed your tax variation for the 2019/2020 tax year that there is only two (2) weeks before the tax withheld from your periodic pay reverts back to higher marginal tax rates. Please get your records to us as soon as possible for us to complete this for you.