2019 Year-End Tax Planning & Urgent Deadlines

Morrows takes tax planning before year-end seriously. Many of our clients are provided with detailed analysis, tax advice/strategy and tax calendars. All clients have been alerted to some key changes and dates.

Here are a couple of important reminders:

  • The government has extended the Single Touch Payroll Reporting (STPR) provisions to cover businesses that employ less than twenty employees. These employers are required to start complying with STPR from 1 July 2019. STPR is a new system for electronic reporting of salaries and wages, PAYG withholding and superannuation information directly to the ATO.
  • Businesses with a turnover of up to $10m are eligible for accelerated depreciation deductions including:
    • Full deduction for capital expenditure up to the following thresholds at the point in time when the asset is first used or installed ready for use:
      • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
      • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
      • $20,000, before 29 January 2019
    • Depreciation pooling of assets claiming 15% in the year of acquisition and 30% in subsequent years
  • The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
  • To make sure that external (not necessarily applicable to Self-Managed Super Funds) super funds receive your payments before the 30 June end of financial year deadline, your payments must be received by the Small Business Superannuation Clearing House (SBSCH) no later than close of business 21 June 2019. Please note that due to some system maintenance scheduled between 11:30pm Friday 21 June 2019 and 7am Monday 24 June 2019 the SBSCH will be unavailable during that time.

When preparing final wage payments for the year, the superannuation entitlements can also be calculated at this time to the end of the year and as such make payment of these prior to 21 June 2019 to be able to claim the deduction this financial year.

Should you wish to read our standard client memo, click below:

Read Memo


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