The Federation of Hong Kong Business Associations Worldwide is a unique network of 41 Hong Kong Business Associations in 30 countries and regions with over 13,000 individual associates.
These Hong Kong Business Associations were started by overseas traders, buyers and professionals, who have strong business links to Hong Kong in their respective countries, for the purpose of networking and exchanging of business information and ideas.
Our very own Isabella Li is a member of this Association and made a captivating speech at their latest networking event in Northbridge last week. The main focus for Isabella was 3 helpful tips to reduce small business tax liabilities.
- From 2 April 2019, you can claim an instant deduction for each asset that cost less than $30,000 (inclusive of GST) when the asset was first used or installed ready for use. The business turnover threshold has also increased from $10 to $50 million.
- As for super contribution, you are allowed to carry forward any unused concessional contributions cap from 1 July 2018. For example, if you sold some shares this year and made a capital gain, you could possibly make $25,000 concessional contributions plus any unused contributions from the 2019 financial year to reduce your tax bill. However, this is only available to the individual who has a total superannuation balance of less than $500,000 at the end of 30 June in the previous year and this can only be carried forward up to five years.
- With single touch payroll, this is a new requirement to report employee’s information to the Tax Office electronically. If you are new to business and employing people for the first time or the accounting software you currently use is not Single Touch Payroll compliant, we at Thorntons are able to assist in the transition
If any of these topics interest you please contact us for further information.