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Here are some things you should take note of before the end of the financial year.
PAYROLL
Tax time 2019 will see the first test of Single Touch Payroll. Single Touch Payroll is a reporting requirement for all businesses from 2019.
Payroll details will be sent to the ATO at the time each payroll is run. This means that 2019 will be the last year businesses issue PAYG Payment Summaries.
Those businesses who already report to the ATO will not issue PAYG Payment Summaries this year so don't panic if you do not get your group certificate. Your details can be found in your MyGov account and will pre-fill into your tax return.
If you are a business owner and you have not found a Single Touch Payroll solution yet, you need to speak to your accountant now. Jigsaw Tax have a number of cost-effective solutions available and our staff are happy to discuss this with any business.
Don't be caught out. You need to have a solution in place by July 1, 2019.
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DEDUCTIONS
There are no changes to the deductions individuals can claim this year.
However, we have noticed ATO audit activity increasing for individuals in recent times. If you are audited, you will need to substantiate all of your claims with receipts and justify how those expenses are connected to the income you have earned.
The ATO have identified that they are losing billions to false or unjustified claims. Fines will apply if you are caught out. Your tax agent should be able to advise what you can and cannot claim.
TAX OFFSETS
The federal budget announced new tax offsets which would apply to most taxpayers with incomes up to $125,333.
Assuming these pass through the parliament, many people will see a little more in their tax refund this year. If so, any such offsets will automatically calculate in your tax return.
ASSET WRITE-OFF
The immediate asset write-off for businesses with turnovers less than $10,000,000 has been extended to $30,000 from April 2, 2019 until June 30, 2020.
If you are considering using this deduction for your business we suggest you check with your accountant to make sure you are not spending money now unnecessarily.
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