Firm News | 17/06/2021

EOFY is Fast Approaching


The end of the financial year is not just about tying up an interesting and challenging year, it’s also a chance to prepare for a successful year ahead! Below are some things you may want to consider.

Temporary Full Expensing or Instant Asset Write-Off
Small businesses with an aggregated turnover of less than $50 million can receive a full write-off for all assets. Both new and second-hand assets qualify, but these assets must be used or already installed by the end of the financial year. The immediate deduction for a car cannot exceed the cost limit of $59,136.

Pay all unpaid wages that have been processed and employee bonuses before 30 June. It’s also recommended to start reviewing and updating your employment contracts with your staff.

Consider paying Q4 (April – June) before 30 June to receive the tax deduction. The Superannuation Guarantee is scheduled to increase to 10% from 1 July, so be ready for this.

Ensure your FBT for company vehicles declaration has already been prepared and you’ve provided your odometer reading on vehicles as of 1 April.