Some considerations for your businesses at EOFY

As June 30 falls on a Sunday this year businesses are advised to finalise EOFY matters early – within this working week.

In addition to this there are a number of important changes and coming into play for business from July 1st.

This article highlights six considerations for business including;

  • Single touch payroll for businesses with 19 or fewer employees
  • A 3 per cent increase to the minimum wage
  • Changes to certain tax deduction eligibility
  • Impending income tax cuts
  • Instant asset write off increase and extension.

As well as these, businesses and consumers from will have a one-year window (from July 1st) to submit complaints of financial misconduct against banks and other financial institutions.

EOFY is always a challenging time for business but being well prepared for June 30 and beyond could mean your business hits the ground running in FY 2019/20.

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