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.
Read the full article https://www.mybusiness.com.au/finance/5922-eofy-warning-with-one-week-to-go