Can you believe we are almost at the end of yet another financial year!
Here is a list of things you as a business owner should be thinking of prior to 30 June 2015:
1. Is your projected taxable income higher this year than last? Consider bringing expenses forward if you are a small business. Prepay your rent for a year, purchase those office supplies, etc..
2. Consider your superannuation contributions? Is it worth making a tax deductible contribution up to your concessional age based limit?
3. The recent budget included a big motivation for small business to purchase capital assets. You can get an immediate deduction for all expenses less than $20,000 – is it time to do some renovations to the office or replace your vehicle?
4. PAYG Summaries for 2015 are due to employees no later than 14 July 2015. As soon as you have finished processing the last pay for June 2015, make a backup and prepare your PAYG summaries. Do not do this without the help of an experienced professional! Book your appointment with CloudCounting today!
5. Are you a business in the Building and Construction Industry that makes payments to subcontractors? If so you may have to issue a Taxable Payment Annual Report. These are due to the ATO no later than the 28th of August each year.
6. Have you lodged your tax returns for 2014? The due date can vary depending on whether you have a tax agent, and your lodgement history, but at the latest Companies and Trusts must lodge their 2014 tax returns by 15 May and 2015 and Individuals are due on 5 June 2015.
Would you like a financial health checkup? Book today with CloudCounting to schedule an appointment!!