• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Shuriken Consulting

beyond the numbers

  • Pay your Bill
  • Tax Calculator
  • Contact Us
  • About
    • Privacy
  • Webinars
    • ATO Targets Cash Business
  • Services
    • Setup
    • Company Setup
    • Education
    • Finance
    • Insurance
    • Compliance
    • Bookkeeping
    • Tax and Accounting
    • Cloud Accounting
    • SMSF
    • Growth
    • Advice
    • Business Structure
    • Business Valuations
    • Wealth Team
  • Digital
  • International
  • Locations
    • Sydney CBD
    • Hornsby
    • Dural
    • Manly

Andrew Jeffers CEO / August 23, 2017

The New Financial Year Is Upon Us: Are You Ready For Q2?

financial-year-updates

Did you have time to get your financial situation in order in time for the new financial year?

If your answer is “yes”, you’re clearly a type-A personality (competitive, time urgent, proactive). Congratulations on your efficiency!

For the remaining of you who still have some financial work left, don’t worry. I have a few helpful suggestions.

How to get ready in time for Quarter 2 of this financial year?

Here are a few useful things to consider…

1. Organise all your tax records

It may seem too soon to talk about this… but is it really?

It’s always best to prevent a messy chaos of receipts and invoices at the end of your financial year!

How? By organising them ahead of time.

For example, let’s say you want to claim a deduction for your work clothing expenses. You will need records to back up all your expenses (from the last 12 months).

Tip: Get a journal and make a habit to record all your expenses.

[ctt template=”7″ link=”gD2UI” via=”no” ]Get a journal and make a habit to record all your expenses.[/ctt]

Don’t forget to keep all your receipts and invoices. It will make tax time so much easier for you…

We have a few suggestions for a few apps that will make recording tax receipt easier for you. Find out which one works best for you here.

2. High-income tax cut

Starting with July 2017 there will be a 2% tax cut on all income over the $180,000 limit.

Just sit back and enjoy the tax cut!

3. Attention! All Uber drivers need to be registered for a GST

At the start of this year, the ATO announced they will penalise Uber drivers who aren’t compliant with the latest tax regulations.

If you’re an Uber driver, make sure you get all your tax reports and GST registrations up to date. You don’t want an inopinate visit from the ATO, I suppose.

4. Small business owners, here’s what you should know…

Remember last month, when we announced the $20,000 instant asset write-off? (refresh your memory here)

What does this mean for your small business?

You can buy items and equipment for your business up to the point of $20,000 and you can immediately deduct the business portion in your 2017 tax return.

NOTE: Assets that cost $20,000 or more can’t be immediately deducted. They will continue to be deducted over time using a small business asset pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.

5. Are you up to date with the latest superannuation changes?

Starting from 1 July 2017, the ATO announced some important superannuation changes:

  • The concessional contributions cap will fall to $25,000 for all age groups
  • The non-concessional contributions cap will fall to $100,000

Did you read our July Tax And Accounting Roundup? You can find out more information about the new superannuation changes and how will they affect you and your business.

I can give you a hand with organising your financial situation in time for Q2. There’s no better time to start than right now! Let’s get in touch here.

contact-shuriken-today

Filed Under: Tax, Tax Year End Tagged With: accounting updates, financial year, Tax

Primary Sidebar

Recent Posts

  • August 2021 Tax And Accounting News: All You Need To Know
  • Exclusive Probians Offer
  • Tax & Accounting Questions Answered Free for Probians
  • Government support for your business
  • Succession Planning for Small Businesses

B1G1

“Imagine if every time you made a step forward in your business, it had an unimaginable impact on the lives of others…”

Footer

Services

  • Company Setup
  • Education
  • Finance
  • Insurance
  • Bookkeeping
  • Tax and Accounting
  • Cloud Accounting
  • SMSF
  • Advice
  • Business Structure
  • Wealth Management
  • Business Valuations
  • Digital Marketing
  • Shuriken International
  • Events

About

Shuriken is at the forefront of accountancy, providing clients with a broad range of services, coaching and mentoring.

Contact Shuriken if you want to launch or grow a business or if you want to get a clear action plan on how to achieve your financial goals. We can help with benchmarking, cashflow forecasting, payroll and much more.

Learn More

NSW Business Chamber Member

Contact Us

Sydney CBD

T: 1300 886 066 or (02) 9114 8544

Hornsby

T: (02) 9485 3400

Dural

T: (02) 9651 2288

Endorsal

  • News
  • Events
  • FAQs
  • Contact Us
Terms of Use Privacy Policy Disclaimer