• If eligible, apply for $10,000 NSW small business grant
  • Record hours worked from home during COVID-19
  • Complete a stocktake
  • Repay all shareholder/director loans
  • Pay all superannuation (super) contributions before 24 June to obtain the deduction
  • Ensure all relevant motor vehicles have logbooks if using the logbook operating method
  • Check whether your business has a payroll tax liability. (wages + super + certain contractor payments, exceeding $900,000 for NSW – threshold varies in each state)
  • Make early purchase of assets costing up to $150,000 to obtain immediate deductions if SME
  • Review the company’s or the trust’s depreciation schedule and write off all eligible assets
  • Ensure Directors Fees declared last year are paid and Declare Directors fees and employee bonuses before the end of June. Even if not paid, PAYGW must be deducted
  • Check your list of debtors and write-off any that will not be collected
  • Defer selling an investment, remember it’s the date of the contract, not the date of settlement  that determines in what year it is taxable
  • If you are an individual who makes personal super contributions, notify your superfund trustee of an intention to claim a deduction of your super contributions. Make sure your super concessional contributions do not exceed $25,000
  • Trust Income distribution resolutions for the income year to be made, and committed in writing, on or before 30 June
  • Prepay any tax-deductible expenses before 30 June to obtain a tax deduction e.g. paying 12 months’ car lease repayments

 OTHER ACTION POINTS

  • Reconcile wages paid and superannuation contributions
  • STP finalisation declaration is due by 14 July 2020 for employers with 20 or more employees and by 31 July 2020 for those with 19 or less employees
  • Finalise June quarter BAS
  • Prepare an annual reconciliation of GST to balance for the full year
  • Reconcile superannuation payments for all employees and ensure all superannuation is paid by 28 July
  • Do an annual payroll tax reconciliation and pay by 30 October 2020
  • Enrol and identify employees for JobKeeper payments where the eligibility criteria are met

For more information and advice contact us on 1300 QUINNS (784 667) or 9223 9166 to arrange an appointment or visit our website www.quinns.com.au and submit an enquiry.

 

 

Enquire today and we will get back to you next business day.