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Welcome to the June 2018 Bongiorno newsletter

A MESSAGE FROM OUR DIRECTORS

Hello and welcome to the June issue of the Bongiorno (NSW) newsletter.

This month, we’re taking a closer look at the imminent introduction of Single Touch Payroll and what it means to employers, the changes to Superannuation contributions you should consider before 30 June 2018, a reminder regarding building allowance claims and the 100% small business asset write-off, two areas of ATO focus for next financial year and upcoming tax dates.

If you’d like to know more, our team is always happy to help.

Bongiorno (NSW) Group

A MESSAGE FOR ALL EMPLOYERS – ARE YOU READY FOR SINGLE TOUCH PAYROLL?

If you’re an employer, you are about to be significantly affected by a change to how the payment of wages is reported to the Australian Taxation Office. It is called Single Touch Payroll (STP).

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SUPERANNUATION

Now is the time to consider superannuation.

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BUILDING WRITE-OFF ALLOWANCES

The removal of depreciation claims for existing assets in an investment property acquired after 9 May 2017 does not include the building allowance claims.

The 2.5% building allowance remains available on newly acquired investment properties and needs to be supported by a quantity surveyor report.

SMALL BUSINESS 100% ASSET WRITE-OFF

Any small business (a gross revenue of less than $10m) can claim a 100% deduction in the year a business asset was purchased. The cost of the business asset must be less than $20,000.

This tax concession was recently extended from 30 June 2018 to 30 June 2019.

ATO CRACKDOWN ON WORK-RELATED EXPENSES

Before an employee can claim a deduction for a work related expense, the employee must substantiate the expense by obtaining written evidence.

UPCOMING TAX DATES

Business Activity Statements

If you prepare your own BAS, your June BAS is due 30 July 2018 and September BAS is due 28 October 2018.

If we prepare your BAS, your June BAS is due 25 August 2018 and September BAS is due 25 November 2018.

Income Tax Returns

The last date for lodgement of ALL 2016/2017 income tax return is now. Please contact us if this is outstanding.

The next income tax return is due depending on your net tax payable situation. Either 31 March 2019 or 15 May 2019.