Celebrating the End of the Financial Year

Celebrating your business achievements during the past year, Langley McKimmie wish you every success for the coming financial year.

END OF FINANCIAL YEAR TAX PLANNING

With 30 June 2019 just over a week away, small businesses should be giving some consideration to year-end tax planning strategies, including:

Write off bad debts: if you have debtors, that have been previously recognised as income, that you now know are not collectible, writing them off will enable a deduction to be recognised.

Consider pre-paying some expenses: If cashflow allows, prepaying some expenses like rent, insurance and office supplies for a period of up to twelve months provides an immediate deduction.

Review inventory: a physical stocktake should be conducted to quantify and value inventory. Slow moving, damaged and obsolete stock must be written off prior to 30 June to claim a tax deduction.

Pay superannuation: SGC for employees must be paid before 30 June 2019 to receive a tax deduction for the business in the 2019 year.

$30,000 instant asset write-off: the instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020, if you are thinking of purchasing assets for your business.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.      

 

REMINDER - MAY ACTIVITY STATEMENTS

Don't forget to lodge your May Activity Statement (IAS) by 21 June 2019.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers, Cate, Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.