Are you ready for the end of the financial year?

With a few weeks remaining until the end of the 2018-19 financial year, there’s still time to take advantage of tax incentives, and get your paperwork in order.  

The Australian Taxation Office [ATO] regularly updates its business tax information so keep an eye on the website. For example, changes were made to the Single Touch Payroll [STP]on 14 May 2019, altering employers’and employees’access to end of financial year information. 

Live Chat support is also now available through the ATO’s Small Business Assist online service. 

$20,000 instant asset write-off now increased and extended

This popular tax incentive which allows businesses to write off a purchased asset immediately, has now been increased from $20,000 to $30,000 and extended to 2020.

Small businesses can immediately deduct the business portion of assets costing less than $30,000 each for assets first used or installed from 2 April 2019 to 30 June 2020. 

If you’re in the market for new business-related equipment, this initiative is worth considering. Check the details.

Match your benchmarks

The ATO is cracking down on small and medium businesses using the cash economy to limit tax payments along with tax and superannuation debts, deduction loopholes and dodgy expense claims, particularly by small and medium sized businesses.

Benchmarking data to now being used to accurately predict the expected financial returns for businesses in each industry. If your business is not operating within these benchmarks, the ATO will want to know why.

To help you navigate the latest tax information, a new website has been created to explain tax obligations and responsibilities and help business owners meet their commitments on time. 

Visit ato.gov.au and search ‘Starting your own business’for new businesses or ‘Supporting your small business’for established businesses.