5 July 2021
As we approach the start of a new financial year, it’s a good time to reflect on your record keeping over the past year. For example:
You can claim the cost of record-keeping software as a deduction, so if it’s something you'd like to implement, consider setting it up soon for the coming financial year.
Check if there are any concessions you can access before 30 June. For example, you may be eligible for the small business restructure rollover concession and save on capital gains tax.
You can also find out more about the latest changes to concessions, such as different tax depreciation incentives (temporary full expensing, instant asset write-off, backing business investment and general depreciation rules), loss carry back and lower company tax rate changes.
Employers: don't forget the Single Touch Payroll (STP) finalisation declaration for 2020-21 is due 14 July 2021. If you need additional time, you can complete your STP finalisation up until 31 July. It's important that you finalise your employees' data by 14 July if you can, and let your employees know when you have so they can lodge their income tax returns. If you have any closely held payees, you have a later due date for those payees only.
Remember, registered tax and BAS agents can help you with your tax.
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