DFK Benjamin King Money

Business Potential instant asset write off for purchases up to $150,000This has been extended to 31 December 2020 Small businesses can prepay expenses up to a year in advance Superannuation contributions for staff made prior to 30 June are deductible in this financial year. To make these contributions deductible the payment needs to be made before 30 June Check your stock for any obsolete items Check your debtors for any debts that may have gone bad Make sure all your…

Federal Government Measures: The Government has released an updated stimulus package aimed at easing the cost of retaining staff during this difficult period. The features of the stimulus measures being taken by the Government are as follows: Relief for Small Businesses: Boosting Cash Flow for Employers: The main feature of the stimulus package is in the form of a credit payment made to the activity statement account of businesses with employees. This amount is equal to 100% of the PAYG…

With the 2019/20 Fringe Benefits Tax (FBT) year end approaching on 31 March 2020, now is the time to take note of the updates and changes that have occurred. If your business provides any benefits to your employees or spouses (director’s included), this could create an FBT liability that needs to be addressed. A common example is motor vehicle benefits. The odometer reading must be taken on the 31 March 2020 Logbooks must be done per employee every 5 years…