As the end of another financial year draws closer, it is now timely to consider what needs to be done before 30 June and any changes that are effective from 1 July.
- Superannuation contributions are deductible when paid, and therefore, must be received by the fund on or before 30 June 2013 to be deductible in that financial year.
- Bad Debts need to be written off before year end to be deductible in the 2013 year.
- Employee salary packaged arrangements should be reviewed prior to 1 July, and updated if necessary, to be effective in the 2014 financial year.
- Businesses in the Building and Construction Industry that pay contractors for building and construction services in the 2013 financial year are required to report these payments to the ATO by 21 July 2013.
- Small businesses (turnover less than $2M) are eligible for an immediate write-off of an asset (costing $6,500 or less) if acquired before 30 June 2013.
- Employer Superannuation Guarantee payments minimum rate increases from 9% to 9.25% from 1 July 2013.
- As from 1 July 2013, the ATO will deposit all refunds directly into a nominated bank account recorded in the Income Tax Return.