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This April has been a busy month for myself and the team at Box AS! I hope you find some of this to be of value to you so that you can apply some of these learnings in your own businesses. If you have any questions or simply just want to say hello, just reply back to this email!
Tip of the Month
A common issue I often hear from a lot of our clients is that they have a lot of trouble meeting their tax obligations. As a result, I have created a video to show you what you could potentially do to manage this situation.
2019 Federal Budget
Key impacts and points regarding the 2019 Federal Budget for Small Businesses are:
- Instant asset write off increasing to $30,000 and businesses with an annual turnover of up to $50 million can now access this
- The Company tax rate cut to 25% for small and medium-sized companies with an annual turnover of less than $50 million by 2021-22. Wow, this is great news!
- Employers will be eligible for a $4,000 incentive payment under the Additional Identified Skills Shortage Payment. Apprentices will be eligible for $2,000, paid at key milestones in their apprenticeship. For more information, click here
- Tax relief for low to medium-income earners of up to $1080 for singles or $2160 for dual-income families. The offset will be available from now up to 2022
Single Touch Payroll
Just a quick reminder that all businesses that have employees must be using a software that offers Single Touch Payroll and is reporting their payroll to the ATO from 1 July 2019. If you do not know what this is, I suggest you have a read of this article.
Important Upcoming Dates
15th May: Income Tax Returns Due for most Entities (Individuals, Companies, Superfunds, Trust)
21st May: Fringe Benefits Tax (FBT) Return & April Monthly BAS Due
26th May: March Quarter BAS Due
28th May: March Quarter Super Guarantee Charge Statement Due
What’s Happening at Box AS
We’ve just launched weekly videos on our YouTube Channel with the aim to educate businesses! These videos were created to help solve a lot of the issues that I noticed occurring amongst a lot of our clients’ businesses. I’m sure there is something in there that you will find useful!
I want to also take the opportunity to thank all of you for your support and faith in us.