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24 Jun, 2020
You can claim from 1st July 2019 to 29th February 2020 a rate of .52c per hour of hours worked at home to cover for all expenses as well as assets under $300. Assets over that amount can be depreciated over the period. For those working from 1st March to 30 June 2020 due to Covid-19 from home you can claim a rate of .80c per hour in your tax return as a deduction. You will need to provide a diary of the working hours for that period to calculate the total amount of hours in order to claim. If you wish to claim the actual cost of expenses ie. gas, electricity, internet, land line, desk and computer accessories you will need to provide the actual receipts, diary of working hours for at least 4 weeks, the floor area of the home office, work out the cost of your phone or internet plan expenses – where you receive an itemised bill, you need to determine your percentage of work use over a four-week representative period. See, Claiming mobile phone, internet and home phone expenses. A copy of your latest phone, internet bill would be required with your workings etc.
18 Jun, 2020
We are now located at Suite 3/1020 Doncaster Road, East Doncaster, 3109 COVID 19 AND OFFICE CONTACT HOURS We have placed measures to help with health and safety for our Clients. Please ensure that you use the Sanitizer provided when you arrive for your appointment. ONLINE APPOINTMENTS We are now happy to announce an increase to our firms accessibility options, this year you can remove the hassle of travelling with an Email, Skype, or Facetime appointment. HOME OFFICE DEDUCTIONS As more people are working from home, we know it can be hard deciding what to claim when lodging your tax return so feel free to contact our office for advice.
By Ian Campbell 15 Jul, 2019
ATO and the myGov Inbox Most of your ATO mail will now come directly to your myGov Inbox, rather than through the post. This is to help you manage your taxation and superannuation affairs in one place and make record keeping easier and more secure. The types of ATO mail you may receive in your myGov Inbox include: notices, such as notices of assessment statements of account confirmation and reminder notices activity statements or instalment notices. ATO digital communications containing personal information, such as a tax file number, will be sent to your myGov Inbox, rather than your email account, due to legal and privacy requirements. If you don’t have a myGov account linked to us; you, or your tax or BAS agent, will continue to receive your ATO mail via the post. Tax Tables Update https://www.ato.gov.au/Rates/Weekly-tax-table/ https://www.ato.gov.au/Rates/Fortnightly-tax-table/ https://www.ato.gov.au/Rates/Tax-table-for-daily-and-casual-workers/ Using this table You should use this table if you make any of the following payments to payees on a daily or casual basis: salary, wages, allowances and leave loading paid to employees paid parental leave directors' fees salary and allowances paid to office holders (including members of parliament, statutory office holders, defence force members and police officers) payments to labour-hire workers payments to religious practitioners. About Single Touch Payroll Single Touch Payroll (STP) reporting is currently available through payroll, accounting and business management software. Most software providers are offering STP-enabled products ie. Xero, MYOB etc. As from 1st July 2019 all employers with 1 or more employees must start using STP through their software or via Tax Agent. How STP works STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. When you start reporting: you will run your payroll, pay your employees as normal, and give them a payslip your pay cycle does not need to change (you can continue to pay your employees weekly, fortnightly or monthly) your STP-enabled payroll software will send us a report which includes the information we need from you, such as salaries and wages, pay as you go (PAYG) withholding and super information You will be reporting super liability information through STP for the first time. Super funds will also be reporting to us. They'll let us know when you make the payment to your employees' chosen or default fund. This is an important step toward making sure employees are paid their correct entitlements. The way STP information is sent will depend on the software you use. STP reporting will be offered in one of the following ways with: an end-to-end solution, which allows you to run your payroll and send the STP information directly to us from your software a solution which allows you to run your payroll and send the STP information through a third party sending service provider (SSP) which is integrated into your software a solution that allows you to run your payroll and requires you to send the STP information through a third party sending service provider (SSP) outside your software. ATO systems will match the STP information to your employer and employee records. Your employees will be able to see their year-to-date tax and super information in ATO online services, which can only be accessed through myGov. Their data is updated every time you report (each pay day for most employers). Without STP reporting, employee data is only reported at the end of the financial year. If you make mistakes in your STP report, you can correct it in your following report. The ATO will not penalise you for making mistakes you correct. New Fuel Rebate Rates: Used in heavy vehicles for travelling on public road cents per litre 15.8 All other business uses (including to power auxiliary equipment of a heavy vehicle) (see note 1 ) cents per litre 41.6 For other Fuel rates please visit the ATO website https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits---business/Rates---business/From-1-July-2019/ PREPARING FOR TAX TIME 30 JUNE 2019 What to bring at the meeting: · Group certificates, dividend statements, interest earned from banking institution or investments · Out of pocket expenses incurred for earning income ie. protective clothing and other work related expenses. · Log book showing odometer readings from 1st July to 30 June 2019 with calculation of KM travelled for work related · Rental statements, expenses associated with your rental property and depreciation schedules (for new properties), bank statements for interest paid on loans. Please note that the ATO are still undergoing Work Related Expenses audits on a random basis so please ensure that you have all the receipts when claiming – DON’T RISK GETTING CAUGHT OUT…… SUPERANNUATION PERSONAL CONTRIBUTIONS Minimize your tax by making a personal contribution and claiming it in your personal tax return. BUSINESS INCENTIVES Instant write off for assets up to $30000. Purchase a vehicle, plant and equipment up to the value of $30000 and you can claim an instant 100% write off in your tax return.
By katerina Gkekas 05 Dec, 2018
ATO steps in to protect honest workers and suppliers The Australian Taxation Office (ATO) has successfully applied to the Federal Court for the appointment of a provisional liquidator for eight labour hire businesses providing services to the meat processing and abattoir industry. Deputy Commissioner Will Day said the appointment of a provisional liquidator ensures the business operations are managed transparently by a qualified professional accountable to the Court, while broader enforcement action is underway. “The appointment of a provisional liquidator provides greater certainty to key stakeholders, including staff, suppliers and customers, that the risk of disruption to business operations will be minimised,” he said. The appointment of a provisional liquidator allows for the immediate preservation of assets and records and ensures that these companies are now controlled by an independent party. Provisional liquidators have been appointed for Ausmart Services Pty Ltd, Ezyrol Trading Pty Ltd, Gamma One Pty Ltd, Goyx Pty Ltd, Mondex Group Pty Ltd, Newing Glacier Pty Ltd, Rocube Holding Pty Ltd, and Spark Labour Solutions Pty Ltd. Separate to the appointment of the provisional liquidator, the ATO was supported by the Australian Federal Police (AFP) and AUSTRAC in the execution of warrants in Sydney yesterday. This was undertaken to obtain information relevant to a range of tax mischief in excess of $100 million. The ATO will also refer matters to other Commonwealth agencies as appropriate. Mr Day said the ATO takes its responsibility to protect the tax and super systems seriously. “The ATO had been carefully planning yesterday’s concurrent activity for some time. “It should serve as a timely reminder that we will take determined action where we suspect complex and sophisticated schemes designed to rip-off employees and evade tax in Australia. “We will not be making further comment at this time as these investigations are ongoing.” The ATO is working with the provisional liquidator – FTI Consulting – to put a range of help and support measures in place. “We encourage any worker, employer or business affected by today’s action to contact FTI Consulting for advice or assistance in their individual circumstances,” Mr Day added. Get prepared and make your claim now for 2019 Listen 26 November 2018 You can claim now if you’re planning to do full time study or an Australian Apprenticeship next year. It’s a good idea to get yourself sorted before the start of the school year. You can submit your claim for Youth Allowance or Austudy 13 weeks before you start studying. This means you’re more likely to have your student payment ready to go when you need it. Don’t forget to check if you’re eligible before you claim. Once you’re ready, you can read how to: · claim Youth Allowance · claim Austudy . You can also read 5 totally top tips for help with your Youth Allowance or Austudy claim. AGE PENSION Are you at Age Pension phase and want to Claim Centerlink payment. Please read below as the Age Pension is Asset tested as well as Income Tested : Standard pension income test These are the income rules for most pensioners. Single person If your income per fortnight is your pension will reduce by up to $172 $0 over $172 50 cents for each dollar over $172 Couple living together or apart due to ill health If your combined income per fortnight is your combined pension will reduce by up to $304 $0 over $304 50 cents for each dollar over $304 Transitional pension income test These are the income rules for transitional rate pensioners and Disability Support Pension customers who are under 21 years, with no dependent children that had affecting income as at 19 September 2009. Single person If your income per fortnight is your pension will reduce by up to $172 $0 over $172 40 cents for each dollar over $172 Couple living together or apart due to ill health If your combined income per fortnight is your combined pension will reduce by up to $304 $0 over $304 40 cents for each dollar over $304 Transitional rate with dependent children You can earn up to an extra $24.60 per fortnight for each dependent child without reducing your pension. Couples living together and both getting a pension can each earn an extra $12.30 per fortnight each for each dependent child. Cut-off points If your income in a fortnight goes over the limit you reach the cut off point. This is the point when we pay you $0 for that fortnight. Your cut off point may be higher if you get Rent Assistance . All payments may be lower if you don’t live in Australia. Disability Support Pension cut-off points per fortnight If you're we can’t pay you when your income reaches 21 or older, single $2,004.60 21 or older, couple living together $3,066.80 combined 21 or older, couple living apart due to ill health $3,969.20 combined 18–20, single, no children, at home $1039.00 16-17, single, no children, at home $938.60 16-20, single, no children, independent $1,348.40 18-20, couple, no children $2,644.40 combined under 18, couple, no children $2,644.40 combined Other pension cut-off points per fortnight These cut-off points are for: · Age Pension · Wife Pension · Widow B Pension · Bereavement Allowance · Carer Payment Your Age Pension cut-off point will be higher if you get the Work Bonus . If you're we can’t pay you when your income reaches single $2,004.60 a couple living together $3,066.80 a couple living apart due to ill health $3,969.20 a transitional rate pensioner - single $2,092.00 transitional rate pensioners - couple living together $3,402.00 combined transitional rate pensioners - couple living apart due to ill health $4,144.00 combined Assets test limits Most pensions and allowances have asset limits. We use these limits to work out if your assets will affect your payment rate. We calculate the payment rate under both the income and assets tests. The test that results in the lowest rate, or nil rate, will apply. Your limits are higher for pensions if you get Rent Assistance with your pension. We update assets test limits in January, March, July and September each year. Payment allowances and Parenting Payment single From 1 July 2018, your payments cancel if your assets are more than the amounts below. If you're Homeowner Non-homeowner Single $258,500 $465,500 A couple, combined $387,500 $594,500 A couple, 1 partner eligible, combined $387,500 $594,500 Full pension From 1 July 2018, pensions reduce when your assets are more than the amounts below. If you're Homeowner Non-homeowner Single $258,500 $465,500 A couple, combined $387,500 $594,500 A couple, separated due to illness, combined $387,500 $594,500 A couple, 1 partner eligible, combined $387,500 $594,500 Part pensions From 1 July 2018, part pensions cancel when your assets are more than the amounts below. Your limits are higher if you get Rent Assistance with your pension. If you're Homeowner Non-homeowner Single $564,000 $771,000 A couple, combined $848,000 $1,055,000 A couple, separated due to illness, combined $998,500 $1,205,500 A couple, 1 partner eligible, combined $848,000 $1,055,000 Transitional rate pensions From 1 July 2018, transitional rate pensions cancel when your assets are more than the amounts below. Your limits are higher if you get Rent Assistance with your pension. If you're Homeowner Non-homeowner Single $512,500 $719,500 A couple, combined $797,500 $1,004,500 A couple, separated due ti illness, combined $895,500 $1,102,500 A couple, 1 partner eligible, combined $797,500 $1,004,500 Disability Support Pension under 21 with no children From 1 July 2018, Disability Support Pension cancels when your assets are more than the amounts below. Your limits are higher if you get Rent Assistance with your pension. If you're Homeowner Non-homeowner 16 to 17 years, single dependent $386,500 $593,500 18 to 20 years, single dependent $403,000 $610,000 16 to 20 years, single independent $454,750 $661,750 16 to 20 years, couple combined $778,000 $985,000 FAMILY TAX BENEFITS – ESTIMATING INCOME FOR 2019 UPDATE If you don’t give us an income estimate We’ll estimate your income for you to reduce your risk of being overpaid. There are different ways we can do this. We may update your income estimate based on: · your or your partner’s actual income information from the ATO, or · the latest income estimate you’ve given us. We may also increase your estimate in line with changes to the Australian Average Weekly Earnings. For Child Care Subsidy purposes you must provide an income estimate for the 2018-19 financial year. We’ll use this information to assess you for Child Care Subsidy. What to know before you estimate your income There are some things you need to know about the income estimate you provide. If the income estimate you give us is too low, you may get a debt which you'll have to pay back. If it's too high, you may miss out on some payments during the year. If this is the case you may receive the amount you missed out on when we balance your payments . You can reduce your risk of getting a debt by choosing a payment option that suits you. Read more about payment options for Family Tax Benefit . Your income estimate must include your and your partner's estimated income for the whole financial year. This should include income you've already earned. Remember, if you're paid weekly or fortnightly the number of pay days in a financial year can vary. You must update your income estimate as often as your circumstances change. This is to avoid an overpayment. What to include in your income estimate You need to tell us about your and your partner’s adjusted taxable income for the whole financial year. If you and/or your partner pay child support, you will need to subtract the full amount paid from your income estimate. A number of things could affect your and your partner’s income. When you update your income estimate, think about: · overtime or extra hours · any taxable payments you get from us · Farm Household Allowance (FHA) Supplement (lump sums) · casual work, shift work or contract work · pay rises · redundancy payouts · paying child support · changing jobs · starting or returning to work · work bonuses · income from business or self-employment · reportable fringe benefits – talk to your employer first, because how we assess these depends on the type of employer you work for · foreign income · taxable lump sum payments · early released superannuation – this doesn’t include withdrawals made under the First Home Super Saver Scheme · other income, such as capital gains or commissions You don't need to include any child support or spousal maintenance , FTB, Child Care Benefit or Child Care Subsidy you or your partner receive. However, any child support or spousal maintenance you receive may affect your payment rate when Child Support notify us. How to update your income estimate The easiest way to update your income estimate is by using your Centrelink online account through myGov , or the Express Plus Centrelink mobile app . Make sure you've downloaded the latest version of the app first. Read the guide to updating your family income estimate with your Centrelink online account . When you need to report income for other payments If you receive an income support payment You’ll need to report your earned income separately. This is different to updating your income estimate for family assistance.
By Kathy Gkekas 25 Oct, 2018
Miranda Brownlee 25 October 2018 Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $850 million in unpaid super entitlements. ATO deputy commissioner, superannuation, James O’Halloran said that during the 2017-18 financial year, the ATO received around 31,000 employee notifications and contacted approximately 24,000 employers. “We also completed 19,000 employee-generated cases. Additionally, we initiated a further 13,000 SG audits and reviews based on our risk modelling. Total liabilities raised by this casework were approximately $850 million,” said Mr O’Halloran. Contributions: 10% rule repealed PERSONAL SUPERANNAUTION CONTRIBUTIONS CLAIMING A TAX DEDUCTION With the end of the financial year fast approaching, it is time to start thinking about income tax deductions. Under the new Government changes to super, effective 1 July 2017, the 10% maximum earnings condition for personal superannuation contributions was removed for the 2017-18 and future financial years. This rule provided that an individual must have earned less than 10% of their income from their employment related activities to be able to deduct a personal contribution. This change ensures that individuals receiving employment income are not dependent on whether their employers offer salary sacrifice arrangements. Self-employed individuals and individuals in receipt of passive income can make deductible personal contributions regardless of the amount of salary or wages they earn. This means most individuals under 75 years old can now claim a tax deduction for personal contributions to their SMSF (including those aged 65 to 74 who meet the work test). Before the end of the financial year you need to: Review if you have income available to contribute to your SMSF. Review your total concessional contributions to ensure they are below the annual cap of $25,000. Review any current salary sacrifice arrangement you may have for its necessity and benefits. To be eligible for the deduction, you need to provide a valid notice of intention to deduct and have received acknowledgement of this notice from the fund. Splitting amounts to your spouse If you are planning to split all or part of your personal contributions with your spouse, you should give your trustee the notice of intent to claim a deduction first. If your trustee has accepted your application to split your contributions, they cannot accept the notice to claim a deduction. This change may require you to adjust your contribution strategies going forward. This will most likely be the case if you are under 75 and the previous 10% rule prohibited you from making personal superannuation contributions. 2018/2019 Contributions Guides You can make two types of superannuation contributions – concessional and non-concessional – to your super fund. For each type of super contribution there is a limit on how much an individual can contribute each year, before additional tax may be payable. The annual limit is known as a contributions cap, and there is an annual concessional (before-tax) contributions cap, and an annual non-concessional (after-tax) contributions cap. The annual contributions caps are adjusted periodically. You must follow the super contributions rules, or risk making excess contributions (which may trigger extra tax), or risk losing the tax benefits associated with super contributions. Depending on your age and your circumstances, there are some exceptions to these main contributions rules. For easy-to-understand explainers of the super contributions rules, see the following Super Guides: · Super concessional (before-tax) contributions: 2018/2019 survival guide · Your 2018/2019 guide to non-concessional (after-tax) contributions · Salary sacrifice and super: A guide for employees and employers · Who can make tax-deductible super contributions? · Super opportunity: Catch-up concessional contributions from July 2018 · Bring-forward rule: A definitive super guide · Cashing in on the co-contribution rules (2018/2019 year) · Boost your spouse’s retirement kitty: 10 things you need to know · Superannuation and employees: 10 facts about your super entitlements · Contributing super by downsizing your home: 10-point guide · Excess contributions rules: A quick summary Super vs mortgage tool This tool asks questions to help you decide whether you're more comfortable putting extra money into your mortgage or into super. Why contribute more? putting extra money into your mortgage means you can pay off your debt quicker and save interest. putting extra money into super builds your retirement nest egg. https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/super-vs-mortgage-calculator
By Kathy Gkekas 06 Jul, 2018
On 9 May 2017, the Government announced that from 1 July 2018 individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home. Voluntary contributions include: undeducted (non-concessional) personal contributions deducted (concessional) personal contributions salary sacrifice contributions. Up to $15,000 of voluntary contributions made in a financial year count towards the amount that can be released. The maximum amount that can be released is $30,000 of personal contributions plus associated earnings. Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset. Further details about eligibility and the amounts and types of contributions that can be made under this scheme can be found here .
By Kathy Gkekas 04 Jul, 2018
Ever needed a large sum of money for your business in a mad hurry, but you only need the money for a couple of months? The Questions are then.... 1. How can I borrow a large sum of money by TOMORROW? 2. How can I borrow money only for a short term of say 1 to 6 months? 3. What if my business is brand new, or my cash-flow is poor? 4. What if I have a bad credit history or no financial records? The Answer Is.... A Short Term Business Loan How Easy is It To get One? All we need to know is... What is the Business Purpose Details of the property being used as security How will the be paid back (eg: refinance, sale of an asset, etc) That's It!! We only need a rates notice and recent mortgage statement for the security property, and a copy of some photo ID for each person on title . Again, that's it! So easy!! Plus, in case you're wondering... · Loan arrears & bad credit history is ok! · No tax returns or financial records needed! · Irregular cashflow or a new business startup is ok! · Perfect for developers and builders! Contact our office and will show you how.
By Kathy Gkekas 04 Jul, 2018
The Reserve Bank of Australia decided to once again leave the official cash rate unchanged at 1.5% with the last rate move back in August 2016. I'd like to share today's rate announcement and the thoughts on why the Reserve Bank of Australia has made this decision. The economy appears delicately poised with slow wages growth, low inflation, a slowing housing market, tighter lending policies and high levels of household debt now leading some economists to believe that the next rate change could be down. Contrasting this, we have seen some lenders increase rates out of cycle, citing an increased cost of funds as the reason. Until the RBA sees a strong economic lead one way or the other it is highly likely to continue to leave rates as they are. Rates remain constant now but it is important that you are prepared if the next rate announcement is an increase. There may be different rates available from our wide panel of lenders and I'm always available to ensure you have the right financial solution for your current and future circumstances.
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