Welcome to our May monthly newsletter!

“The hardest thing to understand in the world is the income tax” – Albert Einstein

We are now nearing the end of the financial year with tax time approaching. Now is the time to assess your profits and apply any tax saving strategies that you can! We are now taking tax planning appointments and are happy to provide anything from a simple chat about your potential taxes to a full tax planning service which includes a detailed estimate of taxable income, income tax payable and a tax savings report which explains which strategies can be applied to reduce income tax this year and potentially in future years. If you are unsure if this service would be beneficial or would like to know more then please contact our office.


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Monthly tax tip:

Depreciation is a tax deduction whereby an asset is depreciated over its effective life. This makes sense as the asset will be used in multiple financial years and so the claim for it should also be spread over multiple financial years. Small businesses can choose to use these general depreciation rules or the simplified depreciation rules. If the small business chooses the simplified rules, then they can usually claim a higher deduction in the year of purchase, claiming the asset over less financial years. This can be a great option for small businesses that wish to pay less tax after spending money on new assets. However, the con to using the simplified rules is they must be applied to all assets, even if that results in a taxable loss. A small business can choose to stop using the simplified rules but then must use the general rules only for five income years before using the simplified rules again.

Due to the stimulus measures brought out by the Government, there are more options and more benefits for small businesses. The temporary full expensing measures mean that there is no write-off limit so the cost of a new asset can be claimed in the year of purchase up until 30 June 2023. The “lock out” rules have also been suspended to 30 June 2023 which allows a small business that has opted out of the simplified rules to re-enter before the five year period. These options should be discussed with us during tax planning or tax time to calculate the best taxable outcome.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

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Important Dates!

15 May:

  •       Lodge 2021 tax returns for all entities that did not have to lodge earlier
  •       Pay 2021 income tax for companies and superannuation funds

21 May:

  •       Lodge and pay April 2022 monthly business/instalment activity statement

26 May:

  •       Lodge and pay quarter ending 31 March 2022 activity statement

28 May:

  •  Lodge and pay quarter ending 31 March 2022 superannuation guarantee charge statement if the contributions were not paid on time*

*Superannuation guarantee charge is not tax deductible


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