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Get ready for End Of Financial Year with our handy checklist

Get ready for End Of Financial Year with our handy checklist

by Webmaster | Apr 11, 2024 | Blog

As we approach the end of the financial year, its time to get things sorted and make sure your affairs are in shipshape order this tax time. Here’s a summary of what we believe you should focus on as a small business. 1. Tidy up your financial records and ensure you...

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If you want to have a super contribution counted i If you want to have a super contribution counted in the 2025-2026 financial year, you need to ensure your super fund receives it by 30 June 2026. The key date for contributions is not when you make the payment, but when it’s received by your super fund. Keep in mind that electronic fund transfers and BPAY can take a number of days to appear in your super account.A reminder that the concessional contribution limit for 2025 - 2026 is $30,000, and this includes contributions your employer makes on your behalf (including super guarantee and salary sacrifice). You may be eligible to contribute more than your normal contribution cap if you have unused concession cap amounts accrued.  You can also contribute to your low-income earning or non-working spouse’s super and claim an offset.If you would like to review your super strategy before the end of the financial year, speak with our team. πŸ“ž (08) 9474 4505🌐 LINK IN BIO#SimpleSolutionsAccounting #perthaccountant #taxplanning #perthaccountant
Budget 2026 has been handed down, and there are a Budget 2026 has been handed down, and there are a few proposed changes worth having on your radar.Some of the key areas include:- Capital gains tax- Negative gearing and rental property- The $20,000 instant asset write off- Trust distributions- PAYG instalments- Electric vehicle FBT changesWe know many clients are already thinking about what the proposed capital gains and rental property changes mean for them.At this stage, these measures are not yet legislation, so it is hard to give firm advice until the final detail is released and passed.What we can do now is help you understand what has been announced, what might be relevant to your situation, and what to start thinking about before 30 June.June is the right time to review your position before the end of the financial year.Book your June tax planning discussion with Gillian via link in bio. #SimpleSolutionsAccounting #federalbudget #perthaccountant #taxplanning #businesssupport
Payday Super is on the horizon. While this is a c Payday Super is on the horizon.  While this is a compliance change, it also affects how you manage cash flow and plan for tax. Waiting until the last minute to adjust could create pressure on your business. Taking the time now to review your payroll processes and systems will make the transition much smoother.@accountantsdaily discusses how the timing will work in practice. Employers will need to ensure super is not only paid on payday, but also received by the employee’s fund within a short timeframe. Delays outside your control could still create compliance risks.The Government has acknowledged concerns around concessional contribution caps, with plans to introduce amendments so individuals are not impacted by unintended breaches during the transition year.Read more here: https://www.accountantsdaily.com.au/tax-compliance/22091-government-to-address-payday-super-snag-that-has-tax-agents-worriedIf you would like to talk through how these changes may affect your business, get in touch with our team.πŸ“ž (08) 9474 4505🌐 https://simplesolutionsaccounting.com.au/#SimpleSolutionsAccounting #paydaysuper #perthaccountant #taxplanning #perthaccountant
Climate change is affecting all of us. If you’re Climate change is affecting all of us. If you’re thinking about the long term stability of your business, this SBDC workshop is worth your attention.The Small Business Development Corporation WA is now offering Climate Ready Workshops designed to help business owners prepare for changing conditions.These sessions are practical and hands-on. You will develop a tailored Climate Adaptation Action Plan for your business, focused on real risks and realistic next steps.Western Australia’s climate is changing, and for small businesses this can mean disruptions to operations, stock, equipment and trading conditions - to name a few. Planning ahead helps reduce risk and build resilience.Read more and book your place here: https://www.smallbusiness.wa.gov.au/climate-ready#SimpleSolutionsAccounting #SBDC #climatechange
Tax Filing Deadline Reminder. The 15 May tax filin Tax Filing Deadline Reminder. The 15 May tax filing deadline is approaching quickly.If your return hasn’t been lodged yet, now is the time to get organised. To get started, gather your income details, expenses and any relevant documents required to submit your return.Your accountant needs time to review everything properly, and leaving it too late often leads to unnecessary stress.If your tax return still needs lodging, get in touch and we can try to  help you or at least apply for an extension in the meantime. πŸ“ž (08) 9474 4505🌐 LINK IN BIO#accountantsaustralia #australianaccountingfirm #perthtax #perthbusiness #bookkeeping #perthsmallbusiness #perthaccountant
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