Happy New Financial Year – 2019/20

Happy new financial year

Happy new financial year! Before we know it Christmas will be on our doorstep. Below are some of the changes now that we are in the 2019/20 tax year:

• The instant asset write off limit is $30,000.
• It’s possible to make a ‘downsizer’ contribution into superannuation.
• There are tweaks to the low- and middle-income tax offsets. This is an automatic change which you don’t have to apply for.
• You may not receive an Income Statement (the old payment summary or group certificate) as this could be in your prefill data depending on your employers systems.
• There are changes to the company loss tests to make them easier to pass.
• Changes to the Research and Development program.
• Changes to Family Tax Benefits and Childcare assistance.
• Your Private Health Insurance (PHI) statement may not be sent in sent in future. The information will be in your online profile.
• Changes to insurances in superannuation funds.

Please contact our office if you’d like more information regarding these changes or possibly some of the obscure changes such as thin capitalisation or hybrid mismatch rules.

Newsletter

I’m excited about this month’s newsletter. There aren’t any in-depth and complicated tax articles which us accounting nerds enjoy. Rather, this newsletter is filled with practical tips to help you improve your business.

It’s very rewarding to help a client implement a few of the small tweaks and watch how their business improves.

Below is a list of the short articles in the newsletter:

• Business succession to family members.
• Growing a small business.
• Selecting a business location.
• Increasing prices.
• Affordable employee benefits.
• Writing product descriptions.
• Startup essentials.
• Improving employee wellbeing.