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OMNIBUSiness Tax Planning Edition

May's Federal Budget has been postponed to October but it's still tax time.

We hope that you’re well and starting to develop strategies for your business to emerge from the COVID-19 coronavirus lockdowns reinvigorated!

Many of our clients have availed themselves of the opportunity of asking us to perform a wider range of duties over recent months – why not discuss with our team the broader range of services and support we offer to help you survive in your business beyond the end of government support in September? 

Have you given serious consideration to the following for the new Financial Year:
  • Budgets and forecasts to 30 June 2021
  • Any additional bank funding required and assistance with loan applications 
  • Government loans and subsidies
To allow yourself enough time to prepare a Budget, Cash Flow Forecast, Projected Balance Sheet, Business Plan or to scope out other opportunities so that your strategies are well-established prior to 30 September 2020, it is best to start this process now.

Our team can help you put pen to paper or work in a Virtual CFO role - it's up to you. Timing-wise, the next few months offer significant opportunity to work on your business as we all know how long the planning and application process can be.

In time for the EOFY, we have collated a handy checklist that keeps you organised at tax time with straightforward summaries of what businesses and individuals should know. Go to our blog to read or download and let us know if you have any questions at all.

Our office has re-opened. We are committed to providing a safe, clean and healthy workplace and we are happy to have client meetings in person or via Zoom, so let us know if you have any queries about the topics we've covered.


Justin Flavel
Managing Director

Instant asset write-off extended
The Government has extended the $150,000 instant asset write-off for six months to 31 December 2020. Call us to factor this into your year-end tax planning. Read more
COVID-19 working from home deductions
To make it easier when claiming a deduction for additional running costs incurred as a result of working from home, special arrangements have been announced. Read more
Unused concessional cap carry forward
Potentially top-up super 2020 concessional contributions with any unused gap from the 2019 year. Normal eligibility to make contributions requirements applies, so check with us first to determine if this strategy is suitable. Read more
As part of the economic response to COVID-19, HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. Read more
Xero price rise paused
For Xero users in regions that were due for a price increase on 18 March, Xero has delayed their proposed price increase until further notice. Plus users now have Hubdoc included in their Xero Business Edition plans. Read more
COVIDSafe Work Principles
Following an incredibly challenging period, we’re starting to see COVID-19 restrictions ease and a widespread reopening. Find out what the COVIDSafe return-to-work regulations could mean for WA business. Read more
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Omnis Group Pty Ltd
1 Alvan Street, Subiaco WA 6008
p. 08 9380 3555   f. 08 9380 9515

ABN 13087542658​

The greatest compliment we receive from our clients is the referral of their friends, family and business colleagues. Thank you for your support and trust.

Disclaimer This newsletter is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098. Omnis Financial Planning Pty Ltd ATF OFP Unit Trust ABN 79331585748 is a Corporate Authorised Representative (ARN 1006949) of NEO Financial Solutions Pty Ltd AFSL 385845 ABN 64 141 607 098

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