For Australian taxpayers:

1)  $20,000 Capital Expenditure write off.   Eligible Small Business can Purchase equipment up to $20,000, and claim the total cost as a tax deduction:

Note: Not applicable to those receiving investment income/salaries & wages and PSI income

2) Bring forward capital expenditure.    Eligible small businesses may be able to claim 15% of the purchase cost  - provided that the equipment is installed ready for use for at least one day in the year to 30 June 2018.   Note this needs to cover expenditure needed for your business - Purchasing unnecessary equipment may help at tax time - but the hurt in the hip pocket will be more (i.e. you are wasting your money!)

Note: Not applicable to those receiving investment income/salaries & wages and PSI income

3) Pay Superannuation Contributions prior to 30 June.  While most employers have until 28th July 2018 to pay contributions for the April to June quarter for Superannuation Guarantee purposes, to claim a tax deduction in 2018 the funds need to be in the fund prior to 30 June 2018

4) Check your superannuation contributions for the year.  New this year is the ability for employees to "top up" the concessional contributions, up to the cap of $25,000. This change arises for the removal of "10% rule", which limited the opportunity to claim personal contributions.

5) Prepay you expenses, such as insurance, registration materials. You may even be able to prepay interest on loans used in earning income, but you need to check with your bank first.  (this applies to small business taxpayers and property investors)

6) Check your work related expenses including receipts, diaries and log book(s). This applies to salaried employees, but also a good principle for self employed

7) Check the ATO Industry Benchmarks. This applies in particular to small businesses with cash income.Ensure you have systems and documentation in place to explain deviations. 

8) Be prepared for tax time:  Reconcile Bank Accounts, Reconcile Wages, take up credit cared purchases, write off bad debts, Check stock on hand.  Prepare for taxable payments reports, check for capital losses not elsewhere claimed.

9) Check you are paying the right tax rate.  Concessions available to small businesses.  This does not apply to PSI income earners.  Do you have the right business structure?

10) Single Touch Payroll is coming,  This is direct reporting to the ATO each pay period.

Superannuation reports (TBAR) for those drawing a pension from a Self Manages Super Fund, at 30 June 2017 are now due.




 

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