THE start of the financial year is a crucial time for business owners to finalise their end of year reporting requirements to the Australian Taxation Office (ATO) and get their information ready for the accountant.
Holmans Accounting and Taxation principal Wayne Staal shares his top tips for business tax as the new financial year gets underway.
“To help local businesses, Holmans Accounting and Taxation has put together a short checklist of things businesses need to be considering right now,” Wayne said.
Stocktake – complete your stocktake now.
PAYG Summaries – Also known as group certificates, PAYG summaries must be issued to all employees by 14 July.
Minimum Wage Increase from 1 July – Check your employee salaries to ensure wages are compliant.
Wages and Superannuation – Upgrade your accounting system to ensure you are applying the current rates.
Payroll Tax Annual Return – If you are liable for Payroll Tax (over $1.1 million in wages) then attend to your OSR Payroll Tax Return by 21 July.
Get ready for your accountant – Holmans has checklists available on its website for you to download.
“At Holmans, we prefer to meet with our clients and discuss their business’s performance and goals, not just taxation,” Wayne said.
“Ask yourself these questions – Do you know your breakeven point? Have you ever wondered where that “profit” went? Do you know if your business is under-performing and why?
“Do you consider your business part of your superannuation, retirement or wealth creation goals? If so, you need to understand how to make the most out of your business. You may be surprised what affect small changes can have. Holmans can help you with all of the above.”
Holmans Accounting and Taxation specialises in business tax, accommodation industry needs, health professionals and high net worth individuals, plus self-managed superannuation funds.
Drop in and see Wayne and the team at the Noosa office at 97 Noosa Drive, Noosa Heads, phone 5430 7600 or visit online at www.holmans.com.au.
