APL Accounting News May 2018
MAY we give you some tax time reminders?
With the end of the financial year quickly approaching your superannuation should be reviewed to make the most of any tax deductions available to you by topping up your super. The superannuation threshold for everyone now is $25,000 per annum regardless of age. This amount includes any superannuation guarantee that goes through payroll, as well as any extra contributions that you may choose to make. The amount must hit your super fund before 30 June 2018. Keep in mind any contributions paid pre 30 June 2017 that may not have made it to your fund until after 1 July 2017 will be included in the 2018 threshold limit.
If you are a SBE (small business enterprise) it may be worthwhile taking advantage of the immediate tax deduction for any equipment you might be thinking of purchasing if the amount is under $20,000 (excl GST). This simply means that the full deduction can be made in the 2018 financial year instead of being written off over the life of the asset.
Amounts over $20,000 will still be depreciated over the life of the asset.
Single touch payroll
Single Touch Payroll is a reporting change for employers. It will start from 1 July 2018 for employers with 20 or more employees. This will be expanded to include employers with less than 20 employees from 1 July 2019 (this is subject to legislation being passed in parliament.)
You will need to report payments such as salaries and wages, PAYG withholding and superannuation information from your payroll solution each time you pay your employees.
You will need to ensure that your payroll solution will be ready for this if you employ 20 or more employees.
We have checked with our preferred payroll provider (Xero) and they have stated that they will be ready in line with the new ATO requirements for 1 July 2018.
For more information visit: ATO – Single Touch Payroll
It has come to our attention recently that there are spam emails (containing malware) allegedly coming from the “ASIC” doing the rounds again. Yes, the ASIC does email you now for business name renewals. However, these are legitimate emails and contain their logo that will appear blue and white.
The spam version that we have seen is just black typing advising the business name renewal is due, but it has a fluoro green writing at the bottom advising to consider the environment before printing, and it will not have an ASIC blue and white logo. If you click any of the links attached it will install malware on your computer.
If you are in doubt, please let us know and we can advise if the email is from ASIC or somewhere else.
This month we have celebrated all things “dog” following on from our last quarterly theme “Top Dogs”. We have been rewarded with a BBQ lunch of hot dogs and an afternoon of playing with the office dogs. Everyone enjoyed the BBQ, even the sausage dog, as sacrilege as it was.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the informations applicability to their particular circumstances. In particular, please note that the APL dogs who often prepare this newsletter do not have opposable thumbs so have to type with their noses.