No Images? Click here May 2018 Business NewsletterPennies do not come from Heaven. They have to be earned here on earth. Margaret Thatcher Another year over… We’re not sure where the year has gone but there are probably lots of photos on your phone to remind you of what you did! There are only a handful of weeks left until the new financial year is upon us. This is the time of year where we consider what can be done to maximise your deductions, meet shareholder loan requirements for companies, consider beneficiaries of Trust distributions and a multitude of other issues. The $20,000 immediate write off for small businesses is set to end on 30 June 2018 and superannuation contribution caps will soon be reset for a new financial year. We can’t claw these payments back after 1 July so it is imperative that they be acted on now. For those that we have already arranged to catch up with, you’ll be well prepared. For any others that wish to review their situation with us prior to 30 June, we’re ready and waiting. Keeping up a full head of steam When summer ends it can be hard for some business owners to keep their energy levels up. Shorter days, cooler temperatures and poor health can take the spring out of your step and businesses turnover or profits can suffer. Employees will pick up on this and faster than you can say “influenza” everyone has a case of the ‘go-slows’. If there is a task that needs to be done in your business but you aren’t up for the challenge – delegate. There is probably someone waiting for the opportunity to take on something new and they may even do a better job than you would. You then have the time to rest, concentrate on other issues that pique your interest or play more to your strengths. Your renewed enthusiasm will put everyone back on track. Your business is a major asset in your family’s wealth plan and needs to be maintained accordingly. If you are not able to perform certain functions you need to - find someone who can. Future profits, cashflow, and your retirement plans depend on it! Single Touch Payroll Most of you will have received some correspondence in relation to the ATO’s Single Touch Payroll (STP) system. STP is one rung on the Standard Business Reporting ladder and allows multiple government agencies to access salary, superannuation and withholding information in real-time. Employers will have until 1 July 2019 to meet the new requirements, so long as they have less than 20 employees. Reporting will be done in a similar process to SuperStream. That is, either via your software, the ATO’s Business Portal or MyGov. Bookkeeping software is either ready or about to be. Check what your software is capable of at the moment and what needs to be done before either this July or next. Thinking of subdividing? “The kids have grown up and the sandpit and swing set haven’t been used in years. If the garage is moved over there, and that tree is taken out there’d be enough space for a unit – don’t you think?” Sounds simple enough. Town planning issues and neighbor disputes aside, do you know what the tax implications of subdividing your home are? Our homes give us respite, comfort and enjoyment for friends and family and when we come to sell any capital gain is expected to be tax free. Once you start to develop the property into something that others may benefit from, the ATO gets interested. Your intention for the block is usually clear from the outset; a unit for the kids to move into while they’re at Uni, somewhere for a family member to live while they need extra assistance, an extra income source via rental income, or a short-term gain that will help fund a home upgrade. These plans will determine how the expenses and income are treated for both income tax and GST. Before you call that tree lopper, talk to us about what you might be up for and what records you will need to keep. Trading names being cancelled In the past you may have been using a trading name that was never registered with ASIC – because there was never a need for it. For that name to remain linked to your ABN it will now have to be registered as a Business name. Business names currently cost $80 for a three-year period and can be applied for on ASIC’s website. We can help with the registration or renewal process if required.
Key dates for the coming quarter: March 2018 quarterly BAS due 28th May 2018 (if lodging via an ATO Portal) April 2018 monthly IAS/ BAS due 21st May 2018 May 2018 monthly IAS/ BAS due 21st June 2018
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