This is the first edition of our new monthly newsletter, The AAG News. Over the past 6 weeks, we’ve posted lots of articles on social media on our Facebook and LinkedIn pages, covering topics such as our top personal and business Tax Tips leading up to the 30th of June 2019, making a valid Will and Aged Care planning.
We’ve summarised the articles below and encourage you to click on the links to the full details of any or all that interest you.
Please contact us on (08) 9227 6300 or email clientservices@ww2.austasiagroup.com if you have any questions, or would like more information on the topics we’ve posted on, or any other matters that are keeping you awake at night – we’re here to help you!
If you haven’t seen what we’ve been posting on social media yet, please like us on Facebook and follow our AAG page on LinkedIn to keep up to date with the latest news!
And lastly, although we’ve not included a summary in this Newsletter, for those who’d like to see our commentary on what the 2019 Federal Election result could mean for you, click here.
Tax Planning for Small Business
We appreciate that small business owners have so much to consider at this time of year. So, to help get you organised and make sure you swim – and don’t sink! – before 30 June 2019, we’ve put together a fact sheet detailing 11 strategies and tips you should consider – including:
- Bringing forward staff super payments to increase your tax deduction.
- Prepaying expenses to reduce your tax.
- Reviewing stock and equipment on hand to see what can be written off this FY.
- Making sure you’re 100% across Single Touch Payroll.
Be prepared, start planning and get more out of the EOFY for your small business!
Our Top 5 Personal Tax Strategies
The countdown is on!
It’s exactly one month away until June 30, which means the end of yet another financial year. If you’re like many of our clients, you may find preparing your tax return a little confusing and daunting. To help you out, the AAG team has put together a ‘Preparing for 30 June’ fact sheet series with advice, hints and tips that aim to help individuals be as organised – and educated! – as possible.
In Part 1 of 3, we guide you through our Top 5 Personal Tax Strategies to take advantage of and implement before the 30 June deadline. These strategies need a longer lead-time than others, so we’re bringing them to your attention early. Included are the benefits of pre-paying a year’s worth of expenses in advance and why it’s important to double check the ownership of your investments.
Our Top 5 Superannuation Strategies
We’re inching closer to the end of the financial year, and in the second instalment of our ‘Preparing for 30 June’ series the AAG team focuses on the all-important area of… Superannuation!
Many individuals don’t realise how important tax time is when it comes to boosting their super. Our Top 5 Superannuation Strategies fact sheet goes through the approaches you can take to use your super to its advantage, potentially save tax, and maximise your overall financial position when heading into the new financial year and beyond.
Even if retirement isn’t remotely on your horizon, you do have control over your superannuation now – and now is the time to understand it better.
Work-Related Tax Deductions
Are you in the dark about what work-related deductions you may be able to claim… or shouldn’t be claiming? Surely coffee is an integral part of work – right?
Now’s the time to dig out those receipts from your pockets, shoeboxes and glove compartments! In the final part of AAG’s ‘Preparing for 30 June’ series, we focus on work-related tax deductions and what to consider when getting everything together for your accountant – including motor vehicle expenses, deductible donations and mobile phone/internet usage.
Peace of Mind When Facing Challenges of Aged Care
It’s human nature to want to be as prepared as possible for our future. Whether it’s ensuring our superannuation is in safe hands, that our mortgage looks set to be paid off when it’s due (or sooner – fingers crossed!), or that dream retirement plan is set in motion. The peace of mind that comes from knowing our affairs are in order can make it easier to sleep at night.
But how often do we allow for Aged Care in our planning? And not just aged care for you… but aged care for a parent or other loved family member? Until it’s a stage of life that directly affects you, understanding what needs to happen when preparing for aged care isn’t widely known. And as you’ll read in our latest AAG In Action Case Study, for one family the process of moving a parent into a facility was anything but simple and stress-free.
Click the link below to read our Case Study about the challenges they faced and how the AAG team helped them through the process.
Single Touch Payroll for Businesses
TAX TALK: Did you know that from 1 July 2019, the ATO will enforce legislation that requires all employers to begin using Single Touch Payroll (STP) reporting? While it’s been in place for 20+ employee businesses since 1 July 2018, the STP regime will need to be implemented by all sized organisations – including micro businesses with just 1-4 staff.
We’ve summarised the steps your business needs to take to get this up and running in your organisation.
Leave a Legacy, not a Mess
Wills. It’s a topic that many of us avoid discussing or even contemplating. In fact, over 40% Australians will never think about it at all – meaning the assets they have worked so hard to protect in their lifetime may be handed over to court administrators for distribution.
And not everyone will have the right will in place either. If it’s unclear, over complicated or lacks sufficient detail, the outcome could be the same: a legal nightmare for your loved ones during what will be an already emotional time.
We’ve put together a Case Study of how our expertise resulted in a positive outcome for a client who had an incorrectly-prepared will.
Important information and disclaimer
This publication has been prepared by AustAsia Group, including AustAsia Accounting Services Pty Ltd (Registered Tax Agent No 7587 3005), AustAsia Financial Planning Pty Ltd (AFSL License No 229454), AustAsia Finance Brokers Pty Ltd (Australian Credit Licence No 385068) and AustAsia Legal Pty Ltd (ACN 123 160 476).
AustAsia Accounting Services Pty Ltd and AustAsia Legal Pty Ltd – Liability limited by a scheme approved under Professional Standards Legislation.
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.
Information in this publication is accurate as at the date of writing, 14 June 2019. Some of the information has been provided to us by third parties. Whilst it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.
Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.