Business advice
and accounting

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

Your partners for Business Service and Advisory, Taxation, Audit, Business Valuation, Forensic Accounting and Business Valuation Services.

Whatever your business, industry or family office, from local or international institutions we bring extensive expertise.

We're one team with a purpose and passion for what we do. Learn about our culture and career opportunities available to you.

Uncovering insights, trends and inspiration to help business grow in an ever-changing world.

We are always looking for ways to engage and give back to our community.

Telephone: +612 9283 1666
Email: admin@esvgroup.com

Level 13, 68 York Street,
Sydney NSW 2000

Why us

Our purpose is to help you on your journey as you grow. Learn more about our history, partners and purpose.

What we do

Your partners for Business Service and Advisory, Taxation, Audit, Business Valuation, Forensic Accounting and Business Valuation Services.

Who do we help

Whatever your business, industry or family office, from local or international institutions we bring extensive expertise.

Work with us

We're one team with a purpose and passion for what we do. Learn about our culture and career opportunities available to you.

What we think

Uncovering insights, trends and inspiration to help business grow in an ever-changing world.

Working to give back

We are always looking for ways to engage and give back to our community.

Contact us

Telephone: +612 9283 1666
Email: admin@esvgroup.com

Level 13, 68 York Street,
Sydney NSW 2000

Election run on Labor’s Proposed Tax Plan

7 February 2019

by Chris Kirkwood

It’s that time of year again and for many, the end of the financial year can feel busy and frantic with so many things to complete before 30 June. To help, we have put together a checklist of the key items to complete and tax planning opportunities to consider before 30 June:

For Businesses:

  • Bad debts: Review outstanding debts prior to year end and identify any debts that are not likely to be recovered. On the basis that you have done everything practically possible to recover the outstanding debt, consider writing off the outstanding amount as a bad debt and recover the relevant GST in your next BAS.
  • Superannuation: Ensure all super contributions are paid across to the complying super fund or retirements savings account prior to 30 June 2019. By doing so the associated cost qualifies as a tax deduction in the 2018-2019 year as opposed to waiting until the next financial year.
  • Fixed Assets: Review your fixed asset register, and write off any depreciable assets identified which are no longer being used. Also, noting that from 2 April 2019 (7:30pm AEST), the immediate asset write off has been increased to $30,000 for small businesses with an aggregated turnover less than $50m.
  • Bonuses: Employee bonuses are an area where changes to internal processes can change your tax position. By aligning your employee contracts, timing of personnel reviews and communication of results, accrued employee bonuses that would otherwise not be deductible until the following year can be claimed as a deduction in the current year.

Key due dates are as follows:

Activity Due by
Staff Superannuation – 9.5% Gross Wages 30 June 2019*
June Quarter Business Activity Statement 28 July 2019
PAYG Summaries distributed to staff 15 July 2019
Payroll Tax 2018-19 Annual Reconciliation lodgement 22 July 2019
PAYG Annual Reconciliation forwarded to the Australian Taxation Office 14 August 2019

*Note that superannuation contributions for employees need to be received by the respective superannuation funds prior to 30 June 2019 in order to obtain a tax deduction in the year ended 30 June 2019. The latest due date for superannuation guarantee contributions for the quarter ended 30 June 2019 will be 28 July 2019, to avoid potential penalties and additional tax consequences.

For Individuals / Trusts:

  • Superannuation: If your superannuation is in pension phase, please ensure that your minimum pension amounts have been withdrawn before 30 June 2019. Please advise if you require assistance in determining the minimum pension payments to make.
  • Motor Vehicle: Motor vehicle log books are only valid for 5 years. If your log book is 5 years old, please complete a new logbook for a continuous, representative 12-week period.
  • Trusts: If you have a trust, to comply with relevant trust legislation, distribution minutes must be completed before the end of the financial year. This will ensure that the income of the trust for the year is distributed in accordance with the trust deed.

If you would like personalised assistance with preparing for year end, or would like to book in a planning meeting, please contact your engagement partner on 02 9283 1666.