Now that 30 June is fast approaching, it’s time to get your receipts and documents ready in preparation for tax time. If you have a trust, you will need to prepare your trust minute. Consider making tax deductible donations now. If you are a small business and have an ABN, consider whether you need any new office equipment or vehicles as you may be eligible for the small asset instant write off up to $30,000. If you need help with getting ready for tax time, give our office a call.
Single Touch Payroll
Single Touch Payroll is almost here! If you have between 1-19 employees, it is compulsory to report wages during your regular payroll cycle to the ATO commencing on 1 July 2019 if you haven’t already opted in for STP. There are many software providers that can make the process stress free. If you need a hand with getting on board, contact us.
PAYG Certificate vs Income Statement
This year, employees may receive an income statement instead of a traditional PAYG certificate. What’s the difference? An income statement will be used if your employer is reporting under Single Touch Payroll (STP). If your employer is not yet reporting under STP, you will receive a PAYG certificate. Both documents will be available to us as your tax agent by 31 July in order for us to complete your tax return.
Health Fund Tax Statements
From 1 July 2019, health funds are no longer required to post the tax statements to members. The statements will be available on the health fund’s website via a member portal or via your prefill report. Health funds are required to report your information to the Australian Taxation Office (ATO) by mid-August. If the information is not available then, you may need to contact your health fund to request a paper copy.