It is the end of the financial year and in a ‘normal year’ there are two things we can count on: tax returns and stock-take sales. In the 2020 EOFY we have the multitude of COVID19 impacts to bring into the mix. There will be job keeper payments, deferred payment obligations, business operating model changes, staffing changes, immediate write-offs for depreciation, eligible employee deductions.
Start now to maximise returns before June 30.
A checklist Verity Partners have curated for you to contemplate before June 30:
- Compile a list of allowable deductions while you have worked from home and make sure you have the receipts as evidence
- Gather all paperwork for assets as these may be eligible for instant asset write-offs
- Make large asset purchases before June 30 to get the higher $150000 immediate write off – this is a one-off deal for this year
- Superannuation contributions that have been made or intend to be made before June 30
- Has your personal situation changed that may affect insurance policies held?
- You may be eligible for capital gains tax concessions on the sale of business assets
- Do you intend to access superannuation funds early?
- Make an early call to your accountant or bookkeeper to check how you are tracking for the financial year
Contact Verity Partners to help you prepare in the lead up to June 30. Get in touch to discuss your end of financial year planning as there may be additional EOFY strategies we can identify in your market and business.
