For many, the end of the financial year means getting your receipts and documents organized in preparation to lodge your annual tax return. However, it’s important that as a business owner, you are thinking about tax all year round – not just in June as deadlines start to approach.
There are many benefits for business owners who take the time to plan their tax and look at it through the scope of a marathon rather than a sprint.
- Plan early and maximise your business deductibles, ultimately saving you tax
- Forward planning helps you to know your tax liabilities, meaning you can reinvest funds that may have been set aside for tax
- The earlier you start planning, the more strategies you can put in place to maximise the benefits and look into opportunities that present
- By taking the time to plan throughout the year, you give yourself the opportunity to learn as you go, rather than rushing any decisions
- Tax planning also allows you to consider superannuation optimisation and look into options such as salary sacrificing or making extra after-tax deductible super contributions to super and self-managed super funds.
Dates you need to be aware of over the coming couple of months
30 June 2020
If you’ve made use of the instant asset write-off, to claim the deduction of a single asset up to the value of $150,000 – the asset must be installed and ready for use by 30 June.
14 July 2020
Employers need to have made their Single Touch Payroll annual finalization declaration by 14 July.
14 July 2020
JobKeeper monthly declaration due – 14th of each month.
21 July 2020
For business owners who lodge their BAS monthly, your June BAS is due by 21 July.
28 July 2020
Super guarantee contributions for April – June 2020 due by 28 July.