2019 Year End Tax Planning Guide

The end of another financial year is fast approaching and as your accountant, we believe part of our client brief is to help you minimise your tax liability within the framework of the Australian taxation system.

The purpose of this newsletter is to highlight some end of year tax planning opportunities but you need to act quickly and we encourage you to schedule a meeting as soon as possible to assess your options and the steps you need to take well before the 30th June, 2019.

Please note, this is a pre-Federal Election Guide and things may change after May 18, 2019.

You can download the full copy of the tax planning guide HERE

To assist you we have put together a list of strategies to consider and note:

  • To maximise benefits for the current financial year, we suggest you prepare a preliminary calculation of your taxable income for the year ending June 30, 2019 to establish if you have a tax 'problem' and identify the size of your likely tax debt.
  • Review all tax deductible expenses and assessable income in the latest available figures to determine the possibility of pre-paying some expenses before June 30 or deferring some revenue until after July 1st.

The following list of tax planning opportunities is certainly not exhaustive and depending on your circumstances (including your turnover and whether you are on a cash or accruals method of accounting), terms and conditions may apply to some of these tactics. If you would like to discuss your tax planning options we urge you to contact us today and most importantly, don't leave it until the last minute as some of these strategies require some time to implement.

Pre June 30 Tax Minimisation Strategies :

To minimise your tax liability there are several general strategies to consider before the end of the 2018/19 financial year including delaying income and bringing forward losses.
Read More...

Round Up of Other Year End Tax Issues

Other things that need to be addressed before the end of the financial year including motor vehicle log book, superannuation rates and other issues for small business owners.
Read More...

Other Tax Effective Strategies for Businesses to Consider

In addition to the tax planning opportunities, there are a number of reporting requirements regarding stock valuation options, writing off bad debts, etc. for businesses to consider.
Read More...

Superannuation Tax Planning Opportunities

Before making any superannuation contributions please discuss this with our office. There are strict eligibility requirements. Most importantly, regardless of the type of contribution being made, transfers and deposits must clear before June 30.
Read More...

Immediate Write Off For Individual Small Business Assets

Details of what's required to obtain the immediate write off for individual small business assets valued lower than $30,000. 
Read More...


Disclaimer: This newsletter contains general information only. No responsibility can be accepted for errors, omissions or possible misleading statements. No responsibility can be accepted for any action taken as a result of any information contained in these articles. It is not designed to be a substitute for professional advice and does not take into account your personal circumstances.


Upside Accounting is moving as from the 15th October, 2018.

Our new business address will be;

Waterman Business Centre, Suite 52, Level 2

UL40/1341 Dandenong Rd, Chadstone VIC 3148

Enter from the Ground Level outside David Jones/Capital Kitchen



…


Facebook remains every marketer's dream, with access to around 15 million users Australia wide. Advertising on Facebook may provide your business with the opportunity to expand your customer base without costing an arm and a leg.   …


Aretha Franklin, the Queen of Soul, recently passed intestate (no Will) leaving a purported estate worth US$80 million. A number of claims from interested parties have already been lodged against the estate, which highlights the importance of having a Will. Let’s look at the administrative taxation process involved when you’re left to deal with a loved one’s estate. …


The ATO has indicated they are casting a wider net when it comes to claims for home office expenses, work-related expenses and ride-sharing income. Find out what’s under the microscope this financial year.   …


Our valuable e-book, The 1 Simple Secret to Growing Your Business has moved from our Home Page to our Marketing Services page to make way for our new e-book The New Business Starter Kit. But we don't want you to lose track of this valuable free resource. We hope you find these videos and resources valuable because they have the potential to give your business a serious competitive edge in your industry. …


As a business owner and employer there are a number of legislative changes that came into effect on July 1, 2018 which you need to be aware of including Single Touch Payroll, the continuation of the Superannuation Guarantee Charge Amnesty, increased Minimum Wage Rates as well as changes to Penalty Rates and the Unfair Dismissal Threshold.   …


The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.

This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.

If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents. …


It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those importance issues is making sure you carry out the right business registrations.     …


Profit is the way we keep score in business. It is achieved through making the right management decisions and it impacts on your business valuation. You simply can't afford to leave any profit on the table.   …


The Federal Treasurer, Scott Morrison, handed down his third Budget on the evening of Tuesday May 8th. We provide a round-up of the changes that may impact you or your business.      …


The end of another financial year is fast approaching. Our 2018 Tax Planning Guide for the end of  the 2017/18 financial year highlights some end of year tax planning opportunities which you may wish to consider before June 30, 2018.  …


It’s exciting when you have that light bulb moment and you’re hit with an idea for your new business. Before you can open your doors, there are numerous issues to consider and you must navigate your way through a maze of rules, registrations and regulations. One of those issues is the right business structure.    …


All employers need to perform a headcount as at 1 April 2018 to determine when they need to implement the latest ATO digital initiative - Single Touch Payroll. Employers with 20 or more employees will need to start reporting through Single Touch Payroll from 1 July 2018. Let’s look at what employers need to be doing right NOW.    …


Can’t I use my superannuation? This is a very common question we get asked and in this post we look at what the government restrictions are on accessing your super and the impact of preservation age.   …


According to a recent Telstra survey, only 50% of Australian small businesses have a website. Surely this can't be true! With the same report finding that 62% of customers will stop considering a small business if they can't find information about it online - there can be no doubt that having a website is a fundamental weapon in your marketing arsenal.  …


The ATO recently conducted a blitz in specific suburbs such as Box Hill, Glen Waverley and Werribee in Melbourne where it identified a suburb as having 'high cash economy risk behaviours'. Due to its success, the Tax Office will maintain its audit focus on cash-based businesses. Could yours be next?  …


Franchising is big business in this country and while buying into a franchise can often be promoted as a ‘gold mine’, the reality is, franchises can also fail. Let’s examine some of the most important things you need in place when buying a franchise.  …


Cash is King, make no mistake, but managing cash flow remains a constant challenge for today's small business owners. In this article we examine the differences between cash flow and profit and the importance of understanding your numbers to maintain a positive cash flow.    …


Cash flow is the life blood of any business. In fact, it can be the difference between success and failure with a lot of business owners walking a tightrope. Let’s briefly examine some of the most common causes of a cash flow crisis. …


There has been a fundamental shift in the way consumers make their purchasing decisions. The availability of free, high-quality information online has changed the way consumers buy and Inbound marketing has replaced traditional Outbound marketing methods.    …


As a savvy business owner, it’s important to use email marketing. The benefits of Email Marketing almost sound too good to be true – a 4300% ROI for starters! This article will guide you through the first step – how to build your email marketing subscriber list. …


Video is no longer an option for businesses looking to grow, it’s essential. These are the video marketing trends that you need to be aware of in 2017 to stay ahead of your competitors. …


Over the past five years, claims for uniform and laundry tax deductions have increased. The ATO had sat up and take notice. The ATO AC, Kath Anderson has stated that too many taxpayers’ beliefs around how to claim clothing deductions are wrong. Here, we provide helpful advice and tactics to ensure you're getting your tax deductions right. …


You might be surprised to know the range of assets you can actually finance. While cars, trucks and equipment are items commonly financed, it is possible to finance boats, buses, planes, computers, dental chairs and office fit outs. …


Australians claimed about $23 billion of work-related expense deductions in 2015/16, however, the ATO believe a significant proportion of this amount is the result of over claiming of expenses.
As a result, the ATO have stated that they will be monitoring higher than expected claims. These are the areas you should brush up on to keep your work related expenses clear. …


Your website looks good, but it’s not getting visitors, generating leads and converting to sales.
The primary difference is that the brochure style websites are all about the company, while lead generation websites are all about the customer.
Let’s examine the seven must-have online marketing tools that can help you turn your old website into a lead generation machine. …


Airbnb is big and getting bigger. We answer the most common questions on the taxation implications, deductions and declarations around renting out all or part of your property on this very popular service. …


When building a new website or investing in a website makeover or upgrade, it’s important to understand that not all website expenses are immediately fully tax deductible. …


Uber is looking for more drivers and Airbnb is seeking more hosts, but what are the implications of becoming part of this new 'sharing economy'? …


There is clear evidence that business owners continue to struggle to complete their Business Activity Statements (BAS). To help you we have identified three common errors... …


Starting a business can be a maze of research, registrations and red tape. No amount of passion can guarantee your business success but the proverb, ‘failing to plan is planning to fail’ serves as both great advice and a warning for new entrepreneurs. …


Your website should effectively be your home base on the internet but how does it actually work and what is hosting and domain names? …


Creating wealth through purchasing a negatively geared investment property is a well established practice in this country.  We have identified some common areas where property investors often trip up including claiming interest on loans. …


Starting a business can be a mine field and the risks are high which explains why so many budding entrepreneurs look to buy an existing business or franchise operation rather than start from ‘scratch’. …


Monaghan McLean & Co is now Upside Accounting as of 1 July 2016. Thank you for your ongoing support. If you need to contact us, our phone number remains the same on 03 9575 3800. Our general email has changed to info@upsideaccounting.com.au. …

Show More

Arrange Your FREE
No-Obligation Meeting

Either phone us on (03) 9575 3800 or complete the form below

We Respect Your Privacy

NICHE INDUSTRIES

Download now and get your
business off to a flying start!

FREE DOWNLOAD

Latest Blog

View All >
  • How late invoice payments can put your business at risk
    28 Apr '23 How late invoice payments can put your business at risk Late payments hurt more than just your bottom line. Learn how to avoid them and free up cashflow with expert accounting advice. More >
  • Part 2: More key performance indicators for your business
    14 Apr '23 Part 2: More key performance indicators for your business Read the second in our series on the KPIs that underpin business success and how a trusted accountant can keep you on track. More >