Small Business

July Monthly Newsletter

Welcome to our Monthly Newsletter! 

We, the team at Chesterton Accounting would like to wish you a Happy New Financial Year! Thank-you for supporting our business.

As you know, tax time is now upon us so we are busier than ever! If you would like to schedule a consultation with us then please hop on over to our website where you can see our availabilities and book a time that suits you.

Monthly tax tip:
Did you know that you can claim home office expenses if used for your business? You can claim a percentage of each expense as per the business use.

However, a much easier calculation is claiming the hours spent in your home when working. The hours can be claimed at a set rate of 52 cents per hour as per the ATO ruling for 2019.

Important Dates!
1 July
  • Single Touch Payroll is mandatory for all employers
  • Wages that are covered by an award must be increased by 3% as per the new national minimum wage
14 July
  • Issue employees with PAYG payment summaries for the year ending 30 June 2019
21 July
  • Lodge and pay June 2019 monthly business/instalment activity statement
28 July
  • Lodge and pay quarter ending 30 June 2019 activity statement if lodging by paper
  • Pay quarter ending 30 June 2019 instalment notice. Lodge the notice only if you vary the instalment amount
  • Make super guarantee contributions for quarter ending 30 June 2019 to funds by this date
31 July 
  • Finalise EOFY employment figures if lodging through Single Touch Payroll

Claim Employee Super this Financial Year⏳

As an employer, you claim superannuation payments when they are paid – not when they are accrued, even if you report on an accrual basis for tax purposes.

However, if you wish to claim a deduction for this financial year for superannuation (quarter 4), it will need to be processed in your software by the 20th of June to allow time for the payment to be received.

If you choose to pay in July by the due date then the deduction will be claimed in the next financial year.

If you would like us to process this then please contact us as soon as possible so we can arrange a time to get this processed for you.

If you have any questions then please contact our office by phone or email. 😊

 

Single Touch Payroll

Are you ready for Single Touch Payroll? As of the 1st of July, every employer will be required to use some form of payroll software to report to the ATO. Xero’s Payroll Only plan is just $10 a month, allowing you to efficiently report your payroll obligations to the ATO in a matter of clicks. If you are interested in learning more or would like assistance in your account set-up then please contact our office on 07 4179 0106.

https://www.xero.com/au/features-and-tools/accounting-software/payroll/payroll-single-touch-payroll/

Top Budget Announcements for Small Business

The Federal Budget was handed down on Tuesday evening with a few small changes for Australian tax payers. The most significant change which affects small and medium business, is the instant asset write-off increase to $30,000. This new measure is not a permanent one and is set to be extended through till June 2020, however this may change. Now is a great time to purchase those larger capital assets as a great tax planning strategy before it is removed. If you would like to know what else has changed then please read the below article and feel free to contact our office if you need any clarification on the changes.

https://www.publicaccountant.com.au/news/morrison-government-delivers-measures-favourable-to-sme-sector?fbclid=IwAR2QaZVutzOcjLdHEPAw8Ek-icxqvEzR7Onjw-COQOgV3AS6kEgqanvu59E

Small Business Instant Asset Write-Off Increase

The small business instant asset write-off is set to be increased from $20,000 to $25,000 and will be extended to 30 June 2020. The Prime Minister has announced this new measure and expects it to benefit more than 3 million small businesses across Australia. Legislation still awaits to be introduced by Parliament but it is set to commence from 29 January 2019, this means that any assets bought from this date that are under $25K can be instantly deducted. Link below posted by the Liberal Party.
https://www.liberal.org.au/latest-news/2019/01/29/stronger-economy-its-about-people?fbclid=IwAR1cxwxuI52roICxv0n6bZq3plZNmRfz1MEoQG8Oe1qqJT_gPMw7H1kd3dY

Podcast: First Year Frontiers

Are you in your first year of business and would like to hear others stories on their successes? Listen to the below podcast from Xero to hear Luke Buesnel and Richenda Vermeulen discuss how important having a robust idea is when starting a business. That includes testing your idea in the market, validating your idea with others, drowning out the doubters (because they’ll always be there), and what the next steps are once you decide to push the go button.

https://www.xero.com/au/campaigns/firstfrontiers/episode-1/?mkt_tok=eyJpIjoiTnpJeFpEUTFNRFZtT1RkaSIsInQiOiJxWUVpRmF5NVRHSmJBSzZoZGM3anI2Ym4wSHJrczFOekRPNldFRnVBY1FyeDVEc2RKSWFvak1YWWVDeGhxSzF6cGpRWGhsbmJlaENHUTllSWpUZkFFdERSSWtCUjVxVzh3a3I0SEwrSjl6QkhmOVZaTGVNQWpJOGp4Y29KV1RLeiJ9

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