The Countdown is on for EOFY 2019
This year it’s more critical than ever for all businesses to be on top of End of Financial Year reporting. Why? It’s called STP! Single Touch Payroll becomes mandatory for all employers from 1 July 2019. That’s why it takes Top Spot on our recap on how to be ready for EOFY. We’ve also included a lot of links to reliable sources for extra support.
Our Top Tips for SMBs at EOFY
1. Adopt STP.
Stop fighting it. The days of paper record-keeping are over for employee payroll management. We’ve helped a lot of small business owners –particularly those working in the field with little or no experience on desktop or computer facilities –with adopting the mobile app and setting up myGov for employees.
Have a look at this recent ATO Newsroom summary on STP and get in touch with us to walk you through the whole process. It’s really not much different from mobile banking. And one of our clients practically burst into tears when she saw how much easier it will be to do payroll online rather than paper manuals.
2. Last year to create Employee Payment Summaries
With STP turning everything digital and automatic, you’ll no longer need to do this EOFY task from 2020. This year, however, we have a number of clients who need help with their lodgement. Go see the ATO Form for PAYG payment summary – business and personal services income.
3. Review Profits & potential spending to find a tax advantage
You could be eligible for a tax break with the Instant Asset Write-Off if you have purchased assets for your business this past year. With recent changes to the threshold, here’s the scale for deductions based on when you purchased them.
- Purchases before 29 January 2019 have a threshold of $20,000
- Purchases from 29 January to 2 April have a threshold of $25,000
- Purchases since 2 April have a threshold of $30,000, and has been extended to 30 June 2020.
- Eligible businesses have been expanded to those with a turnover from $10 million to less than $50 million.
There are also simplified depreciation rules that apply to assets. Check out this summary from the ATO on Depreciation for Small Business with details about trade-ins, exclusions and pooling purchases. All up it’s best to talk to us about how all this fits within your EOFY tax situation.
4. Use all kinds of digital & software Support
Everyday record-keeping and year-end documentation are so much easier with all kinds of resources available –many of which are FREE.
Online help: Review these offerings from the ATO and Service NSW…
- Cost of Living Savings – NSW Government rebates and savings on household energy, transport, health and more that relate to you with a personal questionnaire.
- No-cost & Low-cost STP – The ATO gives you options to adopt STP ready software or mobile apps, most of which are under $10/month.
- STP Factsheets – The ATO has PDF downloads you can review to walk you through steps and options. And of course, we’re happy to help.
- MYOB Checklist for EOFY – Here’s a whopper of a list that covers many details for small business. Have a look and if you have questions, call us.
Software support: We offer software packages, training and support to make your business financials as pain-free as possible. See our Support page and talk to us about:
- MYOB
- XERO
- Cashflow Manager
There’s a lot more to cover but these are our best suggestions to get sorted soon. Have a look at last year’s article Our Top Five Tips and keep track of our regular insights or ask us a question when you Follow us on Facebook.
