Are You Ready for End of Financial Year?

By May 20, 2019Blog

Let’s Get You Ready for the EOFY

It’s that time of year again. The team here at Advivo are busy preparing Strategic Tax Plans and Forecasting for many of our clients in preparation for the new financial year (EOFY).

EOFY Reminders & Highlights

We have put together some reminders and highlights to help you in preparation for 30 June:

New Shifts/Changes

With the federal election just around the corner, tax planning is super important so you can stay on top of potential changes to franking credits, Capital Gains Tax (CGT) etc.

As an example, the 2018 capital gains tax rate is holding steady through 2019, but the income required for each rate has changed. For example, a single person won’t pay any capital gains tax if their total taxable income is $39,375 or below.

We welcome you to work with us to understand the changes that may impact your personal and your business tax position.

Another important shift in 2019 is the mandatory implementation of Single Touch Payroll (STP). If you are after more information about STP check out: Single Touch Payroll (STP) – The new GST!. Stay tuned for more as we roll out the Advivo Single Touch Payroll solution to make it as easy as 123!

Use Our EOFY Checklists

There are many things both Pre and Post 30 June you will need to consider that can potentially save you tax and compliance costs. Check out our complimentary checklists below and make sure your business is ready for the EOFY.

Bear in mind that not everything on these lists will apply to everyone. They are generalised lists designed to provide you with a reminder of what may apply to you and your business.

If you’re unsure on what does or doesn’t apply to you and your business, or if you have any queries, please don’t hesitate to contact us!

Plan for Success

Review your full budget Vs actuals for the financial year to identify and explain any variances; this will form a key part in confirming your budget forecast for the next 12 months. Make sure you set goals and targets that you communicate to everyone. People need to know what they’re aiming for, including you. Don’t forget to set a monitoring and review process for these goals and targets at the same time. This way you and everyone else can stay up to date with the progress being made.

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