Can you believe Monday is 30 June? It has come around so quickly. Please take a few minutes to read the following reminders:
1. If you wish to take a full tax deduction for superannuation expense incurred to 30 June, you must pay any outstanding super no later than Monday. If that sounds too hard, don’t worry, you will still get the deduction in the next tax year when the superannuation is paid.
2. If your business owns a motor vehicle and that vehicle is also used for personal travel, please take note of the closing odometer balance and ensure you have a log book to support the percentage business kilometres driven.
3. If your business sells inventory, you will need to do a stock take on Monday. In MYOB, you should use the Count Inventory feature of the Inventory command centre to do this. Ensure that you pick a 5-xxxx code (generally this is called Inventory Adjustment) to post the adjustment to.
4. Planning on any capital expenditure – i.e. a new computer or tool? If you are a small business and make the purchase prior to the end of Monday and the asset costs less than $6,500, you can take a full deduction for this in the 2013-2014 year.
5. If your annual revenue is less than $2,000,000 and you make any prepayments on behalf of next financial year no later than Monday 30 June 2014 (i.e. rent, interest on loans or subscriptions) you can take the full deduction in the 2013-2014 year.
6. Don’t forget to update your statutory superannuation rate in MYOB to 9.5% effective 1 July 2014.
7. Also please remember that PAYG summaries are due to employees on 14 July, the annual PAYG summary is due to the ATO on 14 August, superannuation for June quarter is due on 21 July, June BAS is due on 28 July (if lodged by business owners) or 25 August (if lodged by a BAS/Tax agent).
If you need any help with year end issues, please do call us here at CloudCounting. We would be happy to assist!
Happy end of financial year!
Tracey, Karen and Moana