Are you TAX ready for the 2018 Financial Year?
With the end of the 2018 Financial Year approaching fast, ensure you are aware of your Tax Position
Be sure of your tax status for the year.
We like to take a ‘no surprises approach’ when it comes to your tax.
Reviewing your records before June 30th, allows us to advise any tax planning that may assist in reducing your tax.
Take action now to ensure you don’t get any costly surprises come tax time.
We may have already reviewed your records at the end of the March quarter, however a lot can happen in a couple of months, if you are unsure what the end of the year will result, please send us your information – email, post, drop your information at one of our offices or let us know if your online file is ready for review.
For Tax Planning we will need information up to May 31st, 2018, including, where applicable, Accounts Receivable, Accounts Payable, copy of finance contracts (if new in this 2018 year), stock value on hand (at cost), bank & loan statements and a backup of your accounting file (or online access). To ensure sufficient time for us to review your records, please send your information to us asap, to ensure we can advise BEFORE June 30th.
Some Tax Tips to Consider
Small Business with a turnover of less than $10m have access to SBE Concessions - immediate write off of equipment up to the value of $20,000.
Pay Employee Superannuation before June 30th, 2018 (superannuation is only claimable in the year it is paid, not accrued).
Top up your superannuation (beware of the caps - $25,000 per annum – includes employer super and salary sacrificed super.
Prepay interest or rent or other business expenditure – up to 12 months
Defer invoicing until July where possible
Attend to any repairs on business vehicles & equipment that are necessary, now.
With continual technological development, ABF Partners are able to service both Rural and Metro clients, being completely mobile with all requirements at our fingertips.
We are committed to providing continual support and assistance to meet all out clients' requirements, from small to medium size business, SMSF, individuals, investors, pensioners and estates.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advise to independently verify their interpretation and the information's applicability to their particular circumstances.