Small Business Top Tips
Grima Accounting & Taxation are here to get your sorted with our Top 7 Tips for Tax Time. Let us keep it simple for you!
- Complete an end of year stock take and write off any slow/obsolete stock
- Ensure all superannuation is paid and received by your fund for ALL employees by 30th June 2019. Allow extra time for Bpays, Direct Transfers.
- Review asset lists on your Depreciation Register for any scrap/obsolete
- Delay issuing invoices for non cash basis to post 30th June 2019
- Pay all expenses incurred prior to 30th June 2019 if on cash basis
- Write off all bad debts prior to 30th June 2019
- Ensure you are ready for Single Touch Payroll
Individual Top Tips
Embrace technology and ensure you have documentary evidence to support your claims
- Make sure diary for working from home for internet/phone usage for 4 weeks of the year is completed
- Make sure log books are up to date for company/work related vehicles.
Have you embraced digital technology for completing your log book? Ask us how!
- Use ATO App for collating and recording receipts for expenses for ease of transfer to your accountant.
- If low income earner or part time worker, ensure you pay up to $1,000 prior to 30th June to receive government co-contribution of up to $500.
We also love to help clients provide tax planning at this time of year, so please contact us to let us help you save $$ and tax with some strategies.
This newsletter is for general information only. The articles should not be relied upon without professional advice. Contact my office for further information. Liability limited by a scheme approved under Professional Standards Legislation.