Business

Get Lined Up For Tax Time

April 25, 2015
shutterstock_94525675 (1)

As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points to help you in a document which you can grab here

Key Changes from 1 July 2015

Businesses need to take note of a number of key tax changes that apply from 1 July 2015. These include:

  • SBE Company Tax Rate reduced to 28.5% and 5% tax discount for those unincorporated SBE tax payers
  • $20,000 Immediate Deduction for SBE’s
  • Removal of Tax Free Threshold for Temporary Residents
  • Zone Offset for some fly in/fly out employees abolished
  • FBT Exemption increased
  • Start-ups

Please urgently check these key things:

  1. Did your payroll software automatically updated for these changes last year? Or do you need to load these changes into your payroll software?
  2. Check your first pay run from 1 July 2015 to ensure the changes are correct.
  3. Review any salary packaging and calculations and make any adjustments to employee FBT contributions or other items where needed.

Last Minute Tax Minimisation Tips

Here’s a few final reminders about ways to reduce your tax for 2015

  1. Write-off Bad Debts
  2. Write-off any trading stock that is damaged or obsolete
  3. Review your asset register and scrap any obsolete plant and equipment
  4. Pay for repairs, consumables, office stationery, and donations before 30 June 2015
  5. Ensure employee superannuation contributions are made (and received by your employees superannuation fund) by 30 June 2015 to allow a tax deduction this financial year
  6. Realise any capital losses you have before 30 June 2015 to offset against any capital gains you may have made

In the document we also cover the important points that you need to know about the following:

  • SBE Company Tax Rate reduced to 28.5%
  • $20,000 Immediate Deduction for SBE’s
  • Removal of Tax Free Threshold for Temporary Residents
  • Zone Offset for some fly in / fly out employees abolished
  • FBT Exemption increased
  • Start-ups
  • 2% Debt Tax for High Income Earners
  • Medicare Levy Increase
  • 2% Fringe Benefits Tax Rate Increase
  • Superannuation Guarantee
  • Trust Distributions – Timing of Resolutions
  • You might not need to do a Stocktake
  • Fuel Excise Increase
  • Deadline for 2015 PAYG Payment Summaries
  • Building and Construction Industry Reporting
  • Payroll Tax
  • WorkCover/WorkSafe
  • Goods and Services Tax (GST)
  • ATO Audit Activity

Don’t forget you can just give me a call at any time if you need help!

You Might Also Like

No Comments

Leave a Reply