The tax office have made a few crucial notes for small businesses and taxpayers before they lodge their tax return.
Assets will need to be used or installed ready for use from Budget night until by 30 June 2020 to qualify for the higher threshold.
Starting from 1 July 2019, all individuals younger than 66 will be able to receive the tax-free component for redundancy and early retirement scheme payments.
New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments.
If you engage contractors, it is essential to get the facts of the relationship right. Business owners need to take a proactive approach to reviewing arrangements to ensure that the business is not exposed to material liabilities.
The tax office will soon begin sending letters and notifications to small businesses, encouraging them to begin early use of Single Touch Payroll (STP).