Then please take note of the below information. During the 2019/2020 financial year there will be 53 weeks instead of the normal 52 weeks. As the tax tables in the software and also manually are based on 52 pays, the extra pay may result in insufficient amounts being withheld from your employees pays. You should let your employees know when this occurs so if they are concerned about a shortfall,… Read more
In January, it was announced that the Small Business Instant Asset Write-Off would be increase to $25,000 (currently $20,000) and be applicable until 30 June 2020. Prime Minister Scott Morrison announced that the new law would apply from 29 January 2019, when passed, and apply to all businesses with turnover under $10 million. While the legislation was introduced into Parliament on 13 February 2019, it was passed on 4 April… Read more
The 2018 Financial Year Is coming To An End This special edition of the Business Plus+ newsletter contains commentary on many of the items you may encounter as part of your end of financial year deliberations. Please contact us for a copy of our End of Year Tax Planning paper and checklist. Both will assist you in identifying items that you might like to discuss with us. This article does… Read more