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.

SINGLE TOUCH PAYROLL IS ABOUT TO LAUNCH

Single Touch Payroll (STP) is a new way of reporting payroll information to the ATO and commences from 1 July 2019. Employers need to start STP reporting before 30 September 2019. It is mandatory for all businesses with 1 employee or more.

My Books & Payroll is here to help! Our bookkeepers can assist with software setup, training and help your business to meet reporting obligations and deadlines.

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.

WHAT DOES THE FEDERAL ELECTION RESULT MEAN FOR PERSONAL TAX CUTS?

The Morrison government has proposed a number of personal tax cuts which would mean for some tax payers they would receive up to $1,080 back when preparing their 2019 Income Tax Return. The proposed change will benefit more than 10 million workers that will receive the tax offset.

To read more click on the link below:


https://www.abc.net.au/news/2019-05-19/election-2019-over-what-now-for-scott-morrisons-government/11128158

Please contact Chris Mercieca, 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.      

 

ACCOUNTANT - BUSINESS SERVICES & TAX - MACEDON RANGES

Looking for the next step to progress your career Langley McKimmie Chartered Accountants is seeking an experienced Accountant to join our dynamic business services and taxation team.  Our business environment encourages input and ideas.  Candidates will need to possess an enthusiastic, self starting approach to their work, as well as a desire for continuous learning and skills development.  On-going training and professional development will be provided to help you build your career. This position will provide an excellent opportunity for career development to an individual who demonstrates drive and initiative towards personal and professional growth. Ideally, candidates will be CA or CPA qualified, experience in MYOB Accountants Office and Class Super software will be highly regarded. If you would like to know more please forward your application to nicki@lmck.com.au