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What to do to get ready for the EOFY

There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year! What records do you need to have ready? Have you bought or sold assets? If so, you need full details of acquisitions and disposals. Have you taken out a new …

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We love a good podcast, what about you?

Downtime is a fact of life and the mental break can be a good thing. But sometimes you get stuck doing nothing when your mind’s ready to work. Thanks to podcasts, you can use that time to get tips on e-commerce, filing taxes, how to do market research or even launching a crowdfunding campaign. We find you can always be connected with many tools these days, but we love a good podcast. They can really work well …

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Big Changes for Payroll in 2019 with STP

If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on. Employers usually must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will be released in their myGov account as an income statement and listed as tax ready. The ATO is allowing additional time, up to 31 …

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Getting Ready for EOFY Series – SMSF

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for those with a SMSF. What’s new Carry forward unused concessional contributions If you have: A total superannuation balance below $500,000 as at 30 June; and Not utilised your entire concessional contributions cap ($25,000) for the …

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Getting Ready for EOFY Series – Partnerships

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for those in a Partnership. What’s new Partnerships and the small business CGT concessions While the changes are not yet law, the Government is planning to close a loophole that enabled access to the small business …

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Getting Ready for EOFY Series – Company

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for Company entities. What’s new Extension and increase to the instant asset write-off The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended (again) and expanded.  …

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Getting Ready for EOFY Series – Individuals Sole Traders

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for individuals that are Sole Traders. Superannuation Carry forward unused concessional contributions If you have: A total superannuation balance below $500,000 as at 30 June; and Not utilised your entire concessional contributions cap ($25,000) for the …

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Getting Ready for EOFY Series – Trust

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for those that have a Trust entity. ATO focus areas TFN reporting Has your trust lodged TFN reports for all beneficiaries? Trustees of closely held trusts have some additional reporting obligations outside the lodgement of the …

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Get listed on Google & reap the rewards.

If you want information on any subject nowadays you usually ‘google it’! For this reason, it’s essential to make sure your online listing is accurate and up-to-date. It’s easy to claim your free Google listing and update the information that will show up on Maps and Google’s Local Finder, plus you give your business more chance of being found online. Google my business is the easiest way to get found because everyone has it in the pocket …

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Book in you 2017 Tax Return at our Albury Office

legally-save-tax-week-4- Tidy up the house

End of Year adjustments to make saving by tax planning INVESTMENT PROPERTY DEPRECIATION If you own a rental property and haven’t already done so, arrange for the preparation of a Property Depreciation Report to allow you to claim the maximum amount of depreciation and building write-off deductions on your rental property. But most of all if you order and pay for the cost of the depreciation schedule to be created this financial year you can claim the …

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