The days leading up to the end of the financial year are crucial, and it is usually a hectic time for businesses. During this time, it is easy to miss tasks that could affect your business adversely later. We have put together an information pack to help you manage your tax obligations and breeze through to the new financial year.
EOFY checklist: This handy step-by-step EOFY checklist will help ensure that you are compliant, prepared and can maximise your financial opportunities in the lead up to June 30. View the checklist
Assistance with EOFY tasks: If you need assistance with finalising your end of year accounts, please contact us today to book a time with one of our consultants.
Data back-up: Make sure that your financial & payroll data is backed-up, and the back-up is verified before you roll-over to the next financial year. If you need help with backing up your financial and payroll data, please call our support team today.
Changes affecting your business:
- Single Touch Payroll(STP): Single Touch Payroll was one of the most significant reporting changes introduced by the Australian Taxation Office(ATO) last year for large companies and this year for smaller companies. STP reporting started gradually on July 1, 2018, for employers with 20 or more employees and is now being extended to include employers with 19 or fewer employees with effect from July 1, 2019. Following which, all businesses will be required to be STP compliant. Last week we announced the last call for STP upgrades. If you have still not upgraded to the STP compliant version of your payroll software, please contact us immediately. Read More
For more information on STP, visit https://www.ato.gov.au/Business/Single-Touch-Payroll/
- Instant asset write-off: If you are planning on purchasing assets for your business, we have good news for you! Recently the government extended the instant asset write-off to June 30, 2020, and increased the threshold to $30,000. Medium sized business with a turnover of up to $50 million can also access the instant asset write off from April 2, 2019 (previously this concession was limited to small businesses with a turnover of less than $10 million). Read more
EOFY offers: If you or anyone you know is planning on investing in an ERP system for their business, now is the time to do it. We have some great EOFY offers which you can take advantage of until June 30, 2019. To learn more about these special offers, please contact us today!
Outsource your payroll: AlphaBiz offers a cost-effective, secure and compliant payroll outsourcing service that meets your business requirements. The aim is to increase efficiency, accuracy and reporting standards while decreasing the overall cost and risk associated with maintaining these functions in-house. Outsourcing your payroll will also free up your accounts staff to focus on more value add tasks for the company. If you would like to know more about how we can help with your payroll in the new financial year, contact us today!
Though the end of the financial year can be a stressful time, the right professional assistance and a dynamic financial system can help ensure that your business is in the best shape heading into the new financial year.