2019 Year End Tax Planning Guide

The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise your tax liability within the framework of the Australian taxation system.

The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.

Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.

You can download the full copy of the tax planning guide HERE

To assist you we have put together a list of strategies to consider and note:

  • To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year ending June 30, 2019 to establish if you have a tax 'problem' and identify the size of your likely tax debt.
  • Review all tax deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some expenses before June 30 or deferring some revenue until after July 1st.

The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you would like to discuss your tax planning options we urge you to contact us today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.

Pre June 30 Tax Minimisation Strategies :

To minimise your tax liability there are several general strategies to consider before the end of the 2018/19 financial year including delaying income and bringing forward losses.
Read More...

Round Up of Other Year End Tax Issues

Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and other issues for small business owners.
Read More...

Other Tax Effective Strategies for Businesses to Consider

In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off bad debts, etc. for businesses to consider.
Read More...

Superannuation Tax Planning Opportunities

Before making any superannuation contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of contribution being made, transfers and deposits must clear before June 30.
Read More...

Immediate Write Off For Individual Small Business Assets

Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000. 
Read More...


Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.


Every entrepreneur wants to grow their business but there's no simple formula that guarantees success. In this series of posts we are up to the third way to grow your business, how to increase the value of each sale. …


Clearly, everyone wants to grow their business. Unfortunately there is no magic potion or silver bullet but we do know there are only four ways to grow a business. In this blog we examine the second method, how to increase the number of times a customer comes back and buys from you. …


Franchising is big business in Australia and the perception is, it's a licence to print money. However, recent media reports suggest this may not be the case. …


Everyone wants to grow their business, however, there is no 'magic marketing bullet'. Fundamentally there are only four ways to grow a business including, increase the number of customers of the type you want. …


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons. In this edition we ask the question, should you swim with sharks? …


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of knowing your numbers. …


I must admit I don’t watch a lot of television but I did enjoy the latest Australian season of Shark Tank where budding entrepreneurs seek funding from a panel of wealthy investors (the sharks). While it’s another form of reality TV the show does provide business owners with some valuable business lessons including the importance of business planning. …


We have been inundated with queries regarding the accelerated depreciation write-off for assets up to $20,000 acquired by small businesses since it was announced in the May budget. …


Last night the Treasurer Joe Hockey handed down the federal budget and stated, “Our future growth will come from growing small business into big business” There is no doubt that small business was front and centre in this budget that according to the Treasurer, “empowers small business to invest, grow and create jobs.” …


At the start of 2013 we noticed about 10% of our website traffic was coming from hand held mobile devices. By late 2013 this figure had jumped to about 15% but in 2015 we find close to 25% of our website visitors are using mobile devices. Why is this important you might ask?

…


Starting a handyman business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting a plastering business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting a painting business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age.

…


Starting a plumbing business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age.

…


Starting a carpentry business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


Starting any business necessitates research, risk, passion and planning. However, a great idea, loads of talent or enthusiasm is not enough to guarantee business success in the digital age. …


In this blog I’m going to discuss the seven features your website needs to stand out in the crowd. These features have the potential to give your business a serious competitive edge in your industry. …


In this blog we are going to look at what you need to know before you select an accounting software program to use in your business. We will then look at specific software programs on the market including MYOB, Xero, Reckon, Saasu and Cashflow Manager. …


The types of business registrations you will require will depend on a number of issues including your type of business structure, your anticipated turnover and whether you also intend to employ staff. …


In this blog we are going to examine some of the most popular business structures used in Australia. Let me say upfront, it’s almost impossible to recommend a particular type of business structure without an understanding of your business, your industry, your family structure and your personal financial situation. …


When it comes to business registrations, a lot of business owners think like Pink Floyd, “All in all it's just another brick in the wall”. However, the right business registrations is a key part of your business foundations and you can’t afford to miss one …

…


When it comes to insurance, a lot of business owners think like Pink Floyd, “All in all it's just another brick in the wall”. However, your choice of insurance is a key part of your business foundations. For business start-ups, insurance can seem like just another expense in a long line of costs, however … …


Marketing and consumer behaviour has changed. You can now buy almost anything online and for most businesses, your website is your silent sales person working 24/7 to generate leads and sales. …


In the last few years consumer behaviour has changed. We now buy books, music, electronics, shoes and clothing online. In fact, you can buy almost anything online and people even buy professional services online including accountancy services. …


Once you have had that ‘light bulb moment’ and come up with that brilliant idea for your new business you want to get started in a hurry. However, before you make any big financial commitment you want to make sure the concept has ‘legs’. Your choice of business structure is a critical decision ... …


Are your networking skills up to speed ?  If not here’s some tips on to maximise your time invested in networking and gain the best results.

…


 

The first taxable payments annual report for clients in the building and construction industry are due with the ATO by August 25 if you are lodging through our office. For other businesses who pay contractors for building and construction services in the 2012/2013 financial year the due date of this report was July 21, 2013.

…


Over the years we have assisted numerous clients looking to start a business. In fact we are recognised as start-up specialists and along the way we have identified some of the key issues that every budding entrepreneur needs to address in the start-up phase. The press sometimes over simplify the issues but it may come as a surprise to learn that they extend way beyond your choice of business structure, accounting software selection and various business registrations. Before you pull the trigger on your business start up consider this ...

…


Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.

In this country we seem to have a recession-like economy happening every seven to nine years and almost 75,000 Australian businesses were wiped out in the last downturn. To survive business owners must find a way to plan their way past potential threats including rising interest rates and fuel prices plus declining consumer confidence.

…


Clients often ask us about the best way to acquire different types of assets in their business. In this article we’re talking about plant & equipment and depreciating assets like machinery and computers. …


McCrindle Research has done a study that examined the Australian Bureau of Statistics data on business start ups and failures. The purpose of the study was to identify which types of businesses have the best survival rates, where they are located and what industries they are in. The results are certainly not what we expected. …


Mobile gadgets continue to boom and currently just over half of Australia's population have a smart phone and that will increase as people upgrade their existing mobile phones. …


You may have been dreaming of starting your own business for years but there are so many road blocks including financial concerns, family issues or possibly your own self belief. There are also external factors like the economy and the lack of credit available for business start ups in the wake of the global financial crisis. However, there are a number of reasons why it could be the right time to start your own business. …


As part of the 2011/12 Federal Budget, the Government announced the introduction of taxable payments reporting for businesses in the building and construction industry. …


Business owners can now pay their tax by credit card and potentially gain reward points in the process. The ATO will accept tax payments of between $10 and $50,000. …


The internet and the technology revolution have changed the profile of the modern day customer. They have the internet in their pockets on their smart phones and they don’t rely on television, radio and print media to get their information anymore. …

Arrange Your FREE
No-Obligation Meeting

Either phone us on (03) 9629 6744 or complete the form below

We Respect Your Privacy

NICHE INDUSTRIES

FREE E-BOOK

SIMPLE SECRET TO GROWING YOUR
BUSINESS

It’s what separates the top
two percent of businesses
from the rest!

Download for FREE today

Latest Blog

View All >
  • How late invoice payments can put your business at risk
    28 Apr '23 How late invoice payments can put your business at risk Late payments hurt more than just your bottom line. Learn how to avoid them and free up cashflow with expert accounting advice. More >
  • Part 2: More key performance indicators for your business
    14 Apr '23 Part 2: More key performance indicators for your business Read the second in our series on the KPIs that underpin business success and how a trusted accountant can keep you on track. More >