Happy new financial year!
Have you got your taxes organised yet? We are happy to chat to clients about their tax time needs or head to the website and do the individual checklist.
Asset write-off period extended
The instant asset write-off period has been extended to 31 December for businesses with an aggregated turnover of less than $500M.
Both new and second-hand assets can be claimed, provided each asset costs less than $150,000. For items up to $500,000, a 50 per cent deduction can be claimed but the item must be new.
Super guarantee contributions
The due date for superannuation guarantee contributions for the period 1 April to 30 June is 28 July. Please remember that if you are using a clearing house, this deadline needs to be a week earlier, on 21 July to allow for this additional process.
A Single Touch Payroll authorisation is now required by the ATO to assist with lodgement. For those with Xero Payroll, we will send out an authorising letter via Practice Ignition.
The ATO requires us to renew this authorisation each year now that STP is in place.