Important things to do ahead of EOFY 2019

While 2018 has been a whirlwind year for taxation, 2019 still seems to be one of the biggest years for small businesses in terms of taxes. Here are some things to consider to get ahead of your EOFY 2019.

Pixabay
  1. Small and micro businesses may have to step up their game this year if the extension of the STP system to employers with less than 20 employees will be implemented. If the STP extension becomes a law, all Australian businesses will be required to comply with the STP reporting system starting 1 July 2019. If you will be affected by this, now may be a good time to look for the most suitable small business accounting software for your needs. Note that the ATO will soon introduce several low-cost cloud accounting solutions for STP compliance so consider that too when making a decision.
  2. Now may also be the best time to think about your tax position this year. Doing this early will give your ample time to make adjustments when necessary. You still have several months to plan and to avoid any surprises in July, so start getting your 2018 taxes completed as soon as possible.
  3. Businesses can access the government’s instant asset write-off this year so take full advantage of this. You may be able to save a good amount of money if you do it correctly.
  4. Business owners may also need to re-examine their business to make sure they are paying their employees correctly. Some made costly mistakes last year by not complying with the employment law. Others experienced financial problems for not having planned their staffing requirements properly. Make sure you prepare early on to avoid these problems.

There are several important things to consider now that tax time is drawing near. The ATO will again be focusing on expenses declared and deductions claimed this year. The ATO’s data sharing capabilities are becoming more powerful by the year and it’s safe to assume that they will be able to obtain more accurate information from plenty of locations this year.

As you look for different ways to grow and improve your business, seeking professional advice from a business consultant could prove to be an important and helpful decision.

You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Email Address: info@skyacc.com.au

Business Accountants Ballarat | Bookkeepers Ballarat | Mortgage Broker Ballarat | Financial Planning Ballarat

Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Business Accountants Melbourne  | Bookkeepers Melbourne | Mortgage Broker Melbourne | Financial Planning Melbourne 

Business Accountants Sunbury | Bookkeepers Sunbury | Mortgage Broker Sunbury | Financial Planning Sunbury

Business Accountants Gisborne | Bookkeepers Gisborne | Mortgage Broker Gisborne | Financial Planning Gisborne

Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437

Disclaimer

Like this? Share it...

Related Reading

Leave a Reply

Your email address will not be published. Required fields are marked *

Wordpress Social Share Plugin powered by Ultimatelysocial