While we have just farewelled a financial year instead of a calendar year, our new fiscal year conversely brings significant changes both in Australia and abroad.
The nation’s new Government is still undecided after one of the closest election results in recent history, indicating a very polarised nation. Regardless of which party eventually governs the country and WA, change is ahead for all of us.
Added to this is uncertainty, challenges and changes on a global scale with Brexit and weakening international economies, especially those of our trading partners in Asia.
Business reporting, tax and legal changes
For those of you running a business this is a busy time of year with reporting obligations and lodgements, such as:
- Payment Summaries for employees due by 14th July,
- Taxable Payments Summaries for construction contractors due by 28th August,
- Business Activity Statement (BAS) reconciliations and lodgements, and
- State Payroll Tax lodgements – the one we all love to pay – due by 21st July.
Additionally, some new tax and legal changes come into effect in the new fiscal year such as:
- Increase in the minimum wage by 2.4%,
- Changes to country of origin labels
- Changes to SMSF rules for collectables and personal use assets
- CGT relief for those wanting to change business structure
- Additional four months for SuperStream compliance
Is that light at the end of the tunnel or an oncoming train?
A new fiscal year is the perfect time to take a close look at your business strategy and ensure you are still tracking in the right direction – that will ensure you are headed for the light at the end of the tunnel.
That light could mean achieving a short term goal or it could be a much longer goal like retirement. Either way, we all want to ensure we are on the right track for our business and our personal financial lives. You may need to reset some forecasts and strategies and put new plans in place to overcome foreseen challenges and risks.
This is where effective planning, goal setting and monitoring of key performance indicators (KPIs) will really set apart the successful businesses over the coming year and ensure you don’t come face to face with a locomotive!
Kennerlys Private Wealth
As you may have heard, our new financial planning division, Kennerlys Private Wealth, enables us to now provide a holistic taxation, accounting and financial planning offering to all clients.
Christine Ferguson, who heads up Kennerlys Private Wealth, is highly experienced in providing advice, strategy and management services for wealth creation, wealth protection and wealth distribution. If you’d like to learn how to improve your financial planning strategy to reach your financial goals, then catch up with Christine for a cuppa and chat.
We’re here for you
Sue, Christine and I look forward to meeting up with you as the year progresses. We know you are busy and so we are flexible outside general business hours. Feel free to drop us a line anytime….