AA Business Services in Bakewell | Financial service

AA Business Services

Locality: Bakewell

Phone: +61 418 277 970

Address: 17 Landsborough Street 0832 Bakewell, NT, Australia

Website: http://www.aabusinessservices.com.au/

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• Tax preparation service
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25.01.2022 This year the ATO are paying close attention to what people are claiming as 'other' work-related expense deductions. Before you include claims for work-related expenses this year, make sure you can show: that you spent the money yourself and were not reimbursed the expense was directly related to earning your income... you have a record to prove it. If the expense is for work and private use, you can only claim a deduction for the work-related portion. Your are not automatically entitled to claim standard deductions. You need to be able to show how you worked out your claims, so keep records when incurring expenses or be able to provide evidence on how you calculated your claim. You can keep track of your deductions using the myDeductions tool in the ATO app then email me the data for inclusion in your tax return.

25.01.2022 Tax time is just around the corner and I'm looking forward to seeing all my clients old and new and finding out what they have been up to during the year. Catch up on all the holidays, weddings, babies and other exciting events. I expect it's going to be a busy time. I'm sure that all of us have been affected in some way by the crazy times that we are currently experiencing.

24.01.2022 The Australian Taxation Office (ATO) is urging taxpayers to avoid a simple mistake that could keep them and their tax refunds apart. Assistant commissioner Tim Loh said that leaving out income is the number one reason tax returns and refunds are delayed in the middle of July. We know people are eager to get their hands on their tax refund, as we had over 172,000 individual 2021 tax lodgments on 1 July. We understand the rush to get a refund as fast as possible but racing to ...lodge your return can often lead to easily avoidable mistakes, Mr Loh said. Waiting until the end of July to lodge allows the ATO to add information into your tax return from employers, banks, private health insurers, and government agencies into your tax return. Agents can access this information too. Taxpayers are being advised to check that employers have finalised their income statement and it is tax ready before lodgment. This is usually done by 14 July, but this year, some employers impacted by COVID-19 have until 31 July. By allowing more time, your return will be easy, speedy and importantly, more accurate. By avoiding mistakes, we’ll be able to process your refund faster, Mr Loh said. Four out of five people get refunds at tax time. While we usually get these out in under two weeks, it may take longer if we need to address any mistakes and potentially adjust your return. Each year, the ATO typically adjusts more than 230,000 returns using third-party data. Many people that lodge before this data is available fail to include all their income and as a result need to repay part or all of their refund. According to the tax authority, the next most common delay to paying a tax refund is that we simply don’t know where to send the tax refund. That’s because, in the rush to lodge, taxpayers can forget to check and update their bank account details. To avoid errors and delays, we ask that you double check all the information in your return before hitting submit, Mr Loh said. People have until the end of October to either lodge their return themselves or get on the books of a registered tax agent

24.01.2022 On 1 July 2021, the super guarantee (SG) rate will rise from 9.5% to 10%. If your small business has employees, you'll need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. For salary and wage payments made on or after 1 July 2021, the new superannuation guarantee contribution rate of 10% will apply.... Super guarantee contributions for the quarter ending 30 June 2021 should be calculated at the old rate of 9.5%. If you require help to work out how much super you need to pay your employees after 1 July, you can use the ATO SG contributions calculator. It’s important you pay your workers the correct amount of super. The ATO SG eligibility decision tool will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes. The super rate is scheduled to progressively increase to 12% by July 2025. The scheduled rate increases and dates are on the ATO website.

23.01.2022 It's almost tax time again. That means that this is the last weekend that I get to relax until about the middle of October. I've booked a fantastic cabin at Lake Bennett for the weekend. I'm so looking forward to seeing all of my existing clients again and hoping to meet a few new ones. HAPPY WEEKEND EVERYONE

23.01.2022 https://www.facebook.com/Peter.D.Spencer/videos/10216032310307532/

23.01.2022 Employees working from home The ATO has brought out new rules. To claim a deduction for working from home, all of the following must apply:...Continue reading

22.01.2022 STP changes the way you finalise your reporting Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes. You'll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you've already reported and finalised through STP.... Advise your employees you won’t be giving them a payment summary because they will now get their new income statement in their ATO online account via myGov or through their tax professional. Encourage your employees to check their personal details with you and in ATO online before tax time. Out-of-date or incorrect details may prevent their information from appearing in their ATO online account. You must make a finalisation declaration for each employee after your last payment for the financial year. For the 201920 financial year the finalisation declaration deadline is: 31 July if you employ 19 or fewer employees 14 July for businesses with 20 or more employees. The sooner you finalise, the sooner the income statement will display as 'tax ready' in your employees’ ATO online accounts and be ready to use in their tax returns. If you have what we call ‘closely held (related) payees’, you may have a later due date for those payees.

22.01.2022 Tax tip: Remember to meet all three golden rules when claiming work-related expenses on your tax return: Gold star emoji You must have spent the money yourself (and not been reimbursed). Gold star emoji The expenses must be directly related to earning your income. Gold star emoji You must have a record to prove it.... Check the deductions you can claim at ato.gov.au/deductions See more

20.01.2022 Tax time is just around the corner and Im looking forward to seeing all my clients old and new and finding out what they have been up to during the year. Catch up on all the holidays, weddings, babies and other exciting events. I expect its going to be a busy time. Im sure that all of us have been affected in some way by the crazy times that we are currently experiencing.

20.01.2022 Tell-tale signs of a tax scam Lifes busier than ever for small business owners. Scammers hope youre too busy to check what theyre saying so youll hand over your personal or financial information. While were supporting you through the COVID-19 (coronavirus) environment, scammers are trying to steal your money or identity while youre most vulnerable.... Look out for these tell-tale signs of tax scams if you get a suspicious call, message or request. The ATO will never: send an email or SMS with a hyperlink to our online services such as myGov request personal identifying information via a return email unless youve agreed to engage with us this way threaten you with immediate arrest and insist you stay on the line until you make a payment prevent you from discussing your tax affairs with your registered tax professional request payment of a debt via iTunes, Google Play cards or other vouchers, cryptocurrency, cardless cash transfer, offshore wire transfer or into a bank account not held by the Reserve Bank of Australia ask you to pay a fee to receive a refund. If youre ever unsure about an ATO communication, do not reply. Phone the ATO scam hotline on 1800 008 540, visit ato.gov.au/scams, or speak to your agent or trusted adviser.

20.01.2022 Are You In Business ? You should apply these three golden rules when claiming business expenses to help get it right: The expense must have been for your business not for private use.... If the expense is for a mix of business and private use, you can only claim the portion that is used for your business. You must have a record to prove it. Tips for claiming business expenses When claiming business expenses do not include private expenses such as private rent, fines, travel, food, or renovations of a private residence. For expenses that are a mix of business and private use, claim only the business portion. When upgrading accounting software, check business and private expense codes are correct. When claiming business expenses, ensure it is at the GST exclusive rate if you are registered for GST, not the GST inclusive rate. Make sure you have the right records to prove your business expenses. If you operate your small business as a company or trust, paying private expenses from these accounts may have other tax implications such as fringe benefits tax and shareholder loans. Remember, registered tax agents can help with your tax.

19.01.2022 Did you receive JobKeeper this financial year? JobKeeper payments are taxable, so you need to include them in your tax return. If you’re a sole trader, partnership, company or trust that's received JobKeeper payments, the ATO will contact you or your registered tax agent by early July to let you know:... the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out where to report JobKeeper payments in your tax return. From early July, sole traders who've received JobKeeper payments for themselves and any eligible employees will also be able to find the total amount of JobKeeper payments they’ve received through Online services for business and myTax. Their registered tax agent will also get this information. The amount will be provided as ‘information only’ and will not be mapped to a label. Here are some important points about including JobKeeper payments in your return: You don’t need to include any JobKeeper payments that you’ve already repaid (or are repaying to us) in your return. You should review and cross-check the payment amounts against your own records to make sure they're accurate. Remember, registered tax agents can help you with your tax.

19.01.2022 End-of-year finalisation through STP Just a reminder that if you are reporting through Single Touch Payroll (STP) this financial year to tell your employees you will not provide them with a payment summary for data reported and finalised through STP. You should advise your employees they can access their income statement from their tax agent or in ATO online via myGov, and to wait until their information is marked as Tax-ready before they lodge their tax return to ensure their information is correct.

18.01.2022 Work Christmas parties and gifts Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewarding your employees with gifts or parties this Christmas, as fringe benefits tax may apply when providing all the trimmings. So you dont get your tinsel in a tangle for your work Christmas party, consider:... 1) how much it costs 2) where and when it is held - a party held on work premises on a normal work day is treated differently to an event outside of work 3) who is invited - is it just employees or are partners, clients or suppliers also invited? Similarly, where you provide Christmas gifts, youll need to consider: 1) the amount you spend 2) the type of gift - gifts such as wine or hampers are treated differently to gifts like tickets to a movie or sporting event 3) who you are giving the gift to - there are different rules for employees and clients/suppliers. Find out about: Fringe benefits tax and Christmas parties https://www.ato.gov.au//in-deta/fbt-and-christmas-parties/ Fringe benefits tax and entertainment for small business https://www.ato.gov.au//fbt-and-entertainment-for-small-b/

17.01.2022 Tell-tale signs of a tax scam Life's busier than ever for small business owners. Scammers hope youre too busy to check what theyre saying so youll hand over your personal or financial information. While were supporting you through the COVID-19 (coronavirus) environment, scammers are trying to steal your money or identity while youre most vulnerable.... Look out for these tell-tale signs of tax scams if you get a suspicious call, message or request. The ATO will never: send an email or SMS with a hyperlink to our online services such as myGov request personal identifying information via a return email unless you've agreed to engage with us this way threaten you with immediate arrest and insist you stay on the line until you make a payment prevent you from discussing your tax affairs with your registered tax professional request payment of a debt via iTunes, Google Play cards or other vouchers, cryptocurrency, cardless cash transfer, offshore wire transfer or into a bank account not held by the Reserve Bank of Australia ask you to pay a fee to receive a refund. If youre ever unsure about an ATO communication, do not reply. Phone the ATO scam hotline on 1800 008 540, visit ato.gov.au/scams, or speak to your agent or trusted adviser.

17.01.2022 This year the ATO are paying close attention to what people are claiming as other work-related expense deductions. Before you include claims for work-related expenses this year, make sure you can show: that you spent the money yourself and were not reimbursed the expense was directly related to earning your income... you have a record to prove it. If the expense is for work and private use, you can only claim a deduction for the work-related portion. Your are not automatically entitled to claim standard deductions. You need to be able to show how you worked out your claims, so keep records when incurring expenses or be able to provide evidence on how you calculated your claim. You can keep track of your deductions using the myDeductions tool in the ATO app then email me the data for inclusion in your tax return.

16.01.2022 Single Touch Payroll Single Touch Payroll (STP) changes how you report your employees' end-of-year information to your employees and to us. What you need to know... If you're reporting through STP you no longer need to: provide payment summaries to your employees for amounts reported and finalised through STP - employees will get an 'income statement' in myGov instead. lodge a payment summary annual report to the ATO for amounts reported through STP, as long as you complete the finalisation declaration by the due date. You have until 31 July to finalise your employees' STP information by making a finalisation declaration through your STP-enabled solution. What to tell your employees They will have an income statement in their ATO online services account (through myGov) for the amounts you have reported through STP. If they use a registered agent to lodge their income tax return, their agent will be able to access their STP information. When their income statement is tax ready they'll get a notification in their myGov Inbox - they should wait for this to occur before they lodge their tax return. Remember, registered tax agents and BAS agents can help you with your tax.

16.01.2022 Home office expenses Are you working from home, remember to keep records and receipts for your home office expenses, along with a record of the hours that you work from home. Keeping good records now will help you to get your deductions right at tax time. The ATO has put out a poster that explains what deductions you can claim and what evidence you need. If you would like a copy of this poster in PDF format please send me your email address & I will send you a copy.

16.01.2022 Employer Essentials Do you have employees, or are you thinking of employing workers? Understand your tax and super obligations as an employer. ... The ATO are offering FREE introductory workshops run by ATO staff. Youll learn about: what to do when you hire workers, and how to determine whether theyre employees or contractors pay as you go (PAYG) withholding annual reports and payment summaries how to report fringe benefits for your employees superannuation reporting and due dates. taxable payments reporting for the building and construction industry. They will show you online tools and resources and youll have the chance to ask questions. This is a great opportunity for you to network.

16.01.2022 Thinking of purchasing assets for your business? The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020. If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.... Different thresholds apply for assets purchased before that date: from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000 before 29 January 2019, the threshold is $20,000. You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold. Assets that cost $30,000 each or more cant be immediately deducted. You can continue to deduct them over time using the small business pool. The instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million. Remember, registered tax agents can help you with your tax.

15.01.2022 Did you dig deep and donate to charity last financial year? emoji with halo You may be able to claim a deduction on your tax return if you donated to a Deductible Gift Recipient (DGR). Check the list of approved DGRs and read more about claiming gifts and donations at ato.gov.au/giftsdonations

15.01.2022 Work Christmas parties and gifts 'Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewarding your employees with gifts or parties this Christmas, as fringe benefits tax may apply when providing all the trimmings. So you don't get your tinsel in a tangle for your work Christmas party, consider:... 1) how much it costs 2) where and when it is held - a party held on work premises on a normal work day is treated differently to an event outside of work 3) who is invited - is it just employees or are partners, clients or suppliers also invited? Similarly, where you provide Christmas gifts, youll need to consider: 1) the amount you spend 2) the type of gift - gifts such as wine or hampers are treated differently to gifts like tickets to a movie or sporting event 3) who you are giving the gift to - there are different rules for employees and clients/suppliers. Find out about: Fringe benefits tax and Christmas parties https://www.ato.gov.au//in-deta/fbt-and-christmas-parties/ Fringe benefits tax and entertainment for small business https://www.ato.gov.au//fbt-and-entertainment-for-small-b/

15.01.2022 There are three golden rules to follow which will help you to get your deductions right. 1) you have to have spent the money yourself and cant have been reimbursed 2) the claim must be directly related to earning your income 3) you need a record to prove it

14.01.2022 DO YOU HAVE A BUSINESS TRADING NAME? The Australian Business Register (ABR) is working with Australian Securities & Investments Commission (ASIC) in preparation for the retirement of trading names. To continue trading under a specific name, you need to register it as a business name. After a business name is successfully registered it will appear on ASICs business names register and the ABN Lookup.... From November, all trading names will be removed from ABN Lookup. Only registered business names will continue to be listed, so check you have registered your trading name as a business name with ASIC by then.

14.01.2022 Bankruptcy law changes to provide relief The Australian Government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19. If youre a sole trader, or operating a business as a partnership, you could face personal bankruptcy if you cant pay your debts.... If youre in financial difficulty you can now apply for temporary debt protection; this prevents recovery action by unsecured creditors for six months. You can use the time to: seek free advice from a financial counsellor negotiate payment plans with creditors consider whether you require a formal insolvency option. In addition, the temporary debt relief measures have increased the: minimum amount of debt that can trigger bankruptcy (from $5,000 to $20,000) time an individual has to respond to a Bankruptcy Notice (from 21 days to six months). If youre concerned about your finances, help is available. You can access advice from an insolvency practitioner registered with the Australian Financial Security Authority (AFSA), or get free support through the National Debt Helpline by calling 1800 007 007. Next step: Visit Coronavirus and changes to the bankruptcy lawsExternal Link on the Australian Financial Security Authority website.

13.01.2022 Havent don your tax return yet? Its not too late, contact me for an appointment.

13.01.2022 Claiming motor vehicle expenses for your business You can claim motor vehicle expenses that are part of the everyday running of your business, such as travelling between different business premises and visiting clients. Common expenses include:... fuel repairs lease payments insurance registration depreciation. If you operate your business as a sole trader or partnership and use a car as part of the everyday running of your business, you can work out your claim using the: cents per kilometre method or logbook method The rates for the cents per kilometre method are: 68 cents from 1 July 2018 to 30 June 2020 72 cents from 1 July 2020. It applies for a maximum of 5,000 business kilometres per car. For the logbook method, you need to keep a logbook for at least 12 continuous weeks and work out the percentage of business use for each car expense. You can only claim the actual costs of expenses based on receipts if you: operate your business as a sole trader or partnership and use an ‘other vehicle’, such as motorcycles or vans designed to carry loads of at least one tonne operate your business as a company or trust. Always keep records showing how you calculated your claim. Remember, if you use your vehicle for both business and private use, you can only claim the business portion of the expenses.

13.01.2022 Confused by motor vehicle expenses? Working out motor vehicle expenses for your business can be tricky. Download the ATO Small business motor vehicle expenses fact sheet here, it is short and easy to use https://iorder.com.au/publication/publicationdetails.aspx... The Small business motor vehicle expenses fact sheet will help you answer common questions about: 1) types of motor vehicle expenses you can claim 2) methods you can use to calculate your claim private use of a business car 3) whether your vehicle is considered to be a car, and how this affects your claim 4) records you need to keep. The fact sheet - download it now! Remember, registered tax agents and BAS agents can help you with your tax.

12.01.2022 Are you in business or do you have a hobby? It is important to understand the differences between a hobby and a business for tax and other purposes. Your tax and other obligations start once you are in business.... Characteristics of a business There is no single factor that determines if you are in business, but some of the factors you need to consider include: * You've made a decision to start a business and have done something about it to operate in a business like manner, such as registered a business name, or obtained an ABN. * You intend to make a profit or genuinely believe you will make a profit from the activity even if you are unlikely to do so in the short term. * You repeat similar types of activities. * The size or scale of your activity is consistent with other businesses in your industry. * Your activity is planned, organised and carried out in a business like manner. This may include # keeping business records and account books # having a separate business bank account # operating from business premises # having licenses or qualifications # having a registered business name. If you aren't in business yet, it is important to keep these factors in mind as your activities change or grow, so you'll know when you need to register for tax and other business responsibilities. Hobby If you determine your activities are a hobby then you do not have any additional tax or reporting obligations. If your activities are a hobby but you supply goods or services to businesses, they may request your ABN when they pay you. Because you do not have an ABN and your activity is done as a hobby, you should use the 'Statement by a supplier' form. This will avoid the business you are supplying having to withhold an amount from their payment to you.

12.01.2022 Employee V's Contractor Deciding if your worker is an employee or contractor for tax and super comes down to asking all the right questions and weighing up the circumstances of your working arrangement with them. But sometimes there's nothing to ask - some workers are always employees. Apprentices, trainees, labourers and trades assistants fall into this category.... The nature of their agreement with you is one of employee to employer. They aren't running their own business and you provide both instruction and supervision for the work they perform for you. Even if they have an ABN, or have been a contractor before, you'll risk charges and penalties for your business if you treat them as a contractor. You'll need to meet the same tax and super obligations for them as you do for any other employees of your business - we can help you understand what these are with our handy checklist.

11.01.2022 Tell-tale signs of a tax scam Life's busier than ever for small business owners. Scammers hope you’re too busy to check what they’re saying so you’ll hand over your personal or financial information. While we’re supporting you through the COVID-19 (coronavirus) environment, scammers are trying to steal your money or identity while you’re most vulnerable.... Look out for these tell-tale signs of tax scams if you get a suspicious call, message or request. The ATO will never: send an email or SMS with a hyperlink to our online services such as myGov request personal identifying information via a return email unless you've agreed to engage with us this way threaten you with immediate arrest and insist you stay on the line until you make a payment prevent you from discussing your tax affairs with your registered tax professional request payment of a debt via iTunes, Google Play cards or other vouchers, cryptocurrency, cardless cash transfer, offshore wire transfer or into a bank account not held by the Reserve Bank of Australia ask you to pay a fee to receive a refund. If you’re ever unsure about an ATO communication, do not reply. Phone the ATO scam hotline on 1800 008 540, visit ato.gov.au/scams, or speak to your agent or trusted adviser.

11.01.2022 The ATO will be targeting claims for Work-related car expenses this year. There are three golden rules for taxpayers to remember to get it right when it comes to car expenses: 1) generally, trips between home and work cannot be claimed, unless you are required to transport bulky equipment;... 2) dont double dip by claiming car expenses paid for or reimbursed by your employer; and 3)make sure you keep records to prove how you worked out your claim.

10.01.2022 Good news for instant asset write-off If you ’re looking to claim a deduction for assets purchased for your business, the $150,000 instant asset write-off threshold has been extended to 31 December 2020. This means, if eligible, you can claim an immediate deduction for the business portion of an asset first used or installed ready for use from 1 July to 31 December 2020, in your 2020-21 tax return. If the asset was first used or installed ready for use between 12 March to 30 ...June 2020, and your business is eligible, you can include it as an immediate deduction in you 2019-20 tax return. Eligibility depends on: * aggregated turnover of less than $500 million * the date you purchased the asset * when the asset was first used, or installed, ready to use * the cost of the asset being less than the $150,000 threshold. If you decide to use the simplified depreciation rules, the instant asset write-off applies to all eligible assets you own. Exclusions and limits apply in certain instances, e.g, passenger vehicles.

10.01.2022 Importing or exporting goods or services? If you import or export goods or services in Australia, its important to be aware of your GST responsibilities so you can get your activity statement right the first time. Exports from Australia are generally GST-free, but be aware of special conditions. For example, if the goods arent exported within 60 days of purchase, then GST could be charged.... If you import goods and services you are generally required to pay GST (10% of the value of the taxable importation). It is paid to the Department of Home Affairs before the goods are released unless you are part of the deferred GST scheme. GST applies to: most imports over $1,000 consumer purchases of low value imported goods digital products or services from offshore. If youre charged GST incorrectly, speak with your supplier and seek a refund. If the price paid is less than $82.50, you can claim a GST credit on your next activity statement without needing a tax invoice.

10.01.2022 The ATO is going to be focusing on work-related clothing and laundry expenses this Tax Time. The $150 limit is there to reduce the record-keeping burden, but it is not an automatic entitlement for everyone. While you dont need written evidence for claims under $150, you must have spent the money, it must have been for uniform, protective or occupation-specific clothing that you were required to wear to earn your income, and you must be able to show how you calculated your cl...aim. Make sure your claim is for eligible clothing (occupation-specific, protective or uniform). Remember, you cant claim for plain or conventional clothing, even if your employer requires you to wear it and even if you only wear it to work. Calculate your claim for washing, drying and ironing at: $1 per load if the load is made up only of work-related clothing 50c per load if you include other laundry items

09.01.2022 #TaxTip: @ato_gov_au has industry & occupation guides to help determine the work-related expenses you can claim at #TaxTime. Assorted emojis representing people working in different jobs Find them at ato.gov.au/occupations

09.01.2022 Keen to lodge your tax return? Only some of your income data will be pre-filled before August, so be sure to double-check youre declaring everything you earned in 201819. This can include income from multiple jobs, rental properties, shares, distributions from managed funds, foreign sources, government payments, and more. Find out more at ato.gov.au/Incomeyoumustdeclare

08.01.2022 The ATO are running Free small business workshops Do you want to learn more about tax basics, good record-keeping and employer essentials? Would you like to know about the tools the ATO have to help and support your small business? Youre invited to attend their small business workshops, designed to help make managing your tax and super responsibilities easier, freeing up valuable time to spend on your business and not on your books. Youll also be shown how to use their onli...ne tools and resources They hold a series of workshops across Australia. If they cant offer a workshop in your area at a time that suits you, they dont want you to miss out so they also offer online webinars you can watch in the comfort of your home or office. Remember, registered tax agents and BAS agents can also help you with tax advice. To register for one of the ATO workshops near you go to www.ato.gov.au or to their list of free online webinars you can watch. For enquiries, email them at [email protected]. See more

08.01.2022 JobKeeper payment enrolments now open If you and your employees meet the eligibility criteria for the JobKeeper payment, you can enrol for the JobKeeper Payment through: ATO online services for individuals and sole traders accessed through your myGov account (sole traders only) business Portal using your myGov ID your registered tax professional.... If you have employees you need to: ask them to complete the JobKeeper employee nomination notice and return it to you continue to pay at least $1,500 to each eligible employee per JobKeeper fortnight (the first JobKeeper fortnight is 30 March 2020 to 12 April 2020) for the first two fortnights, we will accept payment for each fortnight provided it is paid by 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights. JobKeeper payment enrolments are open until the end of May 2020. You can read our answers to the top call centre questions about JobKeeper. Remember, tax professionals can help you with your tax. Next step: Visit call centre top calls about COVID-19 for some information about frequently asked questions Visit JobKeeper payment for more information Eligible employers Your eligible employees JobKeeper payment employee nomination notice See also: JobKeeper guides Accessing online services with myGovID and RAM

07.01.2022 If you’re a sole trader or operate your business as a partnership, you may be able to claim some running expenses if your home is your main place of business. This can include the cost of electricity, cleaning and depreciation of business assets. You can use one of the following methods to calculate your expenses: * actual cost method... * 52 cents per work hour fixed rate, which covers heating, cooling, lighting, cleaning and depreciation of furniture and furnishings * 80 cents per work hour temporary shortcut method, available from 1 March 2020 to 30 June 2021 and covers all expenses. The methods cover different expenses so keep good records and check the details to see which works best for you. You may also be able to claim occupancy expenses if you have a specific area of your house with the character of a ‘place of business’ set aside. This would not include, for example, your dining room table. If your business is a trust or company, you should have a market-rate rental contract. This will determine what expenses you may be able to claim as a deduction. You can only claim deductions for the portion of your expenses related to running your business.

06.01.2022 Are you starting a new job? You can access and complete the following forms through ATO online services: Tax file number declaration... Superannuation (super) standard choice Withholding declaration Medicare levy variation declaration. To access these forms, you will need a myGov account linked to the ATO. Once you have access you will need the following information from your new employer * their ABN * details of their default super fund. These forms will be pre-filled with some your personal and tax details making it quicker to complete and improving the accuracy of the information submitted by you. You will need to print and submit the forms to your employer so they can input this information directly into their payroll software.

06.01.2022 Haven't don your tax return yet? It's not too late, contact me for an appointment.

06.01.2022 Single Touch Payroll Single Touch Payroll (STP) changes how you report your employees end-of-year information to your employees and to us. What you need to know... If youre reporting through STP you no longer need to: provide payment summaries to your employees for amounts reported and finalised through STP - employees will get an income statement in myGov instead. lodge a payment summary annual report to the ATO for amounts reported through STP, as long as you complete the finalisation declaration by the due date. You have until 31 July to finalise your employees STP information by making a finalisation declaration through your STP-enabled solution. What to tell your employees They will have an income statement in their ATO online services account (through myGov) for the amounts you have reported through STP. If they use a registered agent to lodge their income tax return, their agent will be able to access their STP information. When their income statement is tax ready theyll get a notification in their myGov Inbox - they should wait for this to occur before they lodge their tax return. Remember, registered tax agents and BAS agents can help you with your tax.

05.01.2022 It's nearly that time again and it is my favourite time of year. I look forward seeing all my clients old and new and finding out what they have been up to during the year. Catch up on all the holidays, weddings, babies and other exciting events.

05.01.2022 Are you starting a new employee? Your new employees can access and complete the following onboarding forms through ATO online services: Tax file number declaration... Superannuation (super) standard choice Withholding declaration Medicare levy variation declaration. To access these forms, your new employee will need a myGov account linked to the ATO. Once they have access they will need information from you, including your ABN and details of your default super fund. These forms will be pre-filled with some of the employees personal and tax details making it quicker to complete and improving the accuracy of the information submitted to you. Your new employee will need to print and submit the forms to you so you can input this information directly into your payroll software. In the future, this service can be integrated into your software and the information wont need to be entered manually. We anticipate software developers will have this feature available by the end of 2019.

04.01.2022 Check your deductions Most expenses incurred in running a business can be claimed as a deduction. This includes operating expenses, business travel expenses, home based business costs and costs of employing people. When working out what business deductions to claim this tax time its important to remember the three golden rules 1) the money must have been spent for your business not yourself 2) if you use something for business and private purposes, you can only claim the p...ortion that is related to your business 3) you need a record to prove it See more

04.01.2022 Did you know that you may be able to claim a tax deduction for personal contributions you make to your superannuation. This includes people who get their income from: salary and wages, a personal business (for example, self-employment), investments (including interest, dividends, rent and capital gains), government pensions or allowances, super partnership or trust distributions, a foreign source. To find out more go to the ATO website and look up... "Claiming deductions for personal super contributions" See more

03.01.2022 Its nearly that time again and it is my favourite time of year. I look forward seeing all my clients old and new and finding out what they have been up to during the year. Catch up on all the holidays, weddings, babies and other exciting events.

03.01.2022 Make the most of your deductions this tax time. The ATO has a range of occupation guides to help you get your work-related expense claims right Woman gesturing with rasied hands and money bag emojisDont miss out find info on deductions at ato.gov.au/occupations

02.01.2022 Employee Vs Contractor Deciding if your worker is an employee or contractor for tax and super comes down to asking all the right questions and weighing up the circumstances of your working arrangement with them. But sometimes theres nothing to ask - some workers are always employees. Apprentices, trainees, labourers and trades assistants fall into this category.... The nature of their agreement with you is one of employee to employer. They arent running their own business and you provide both instruction and supervision for the work they perform for you. Even if they have an ABN, or have been a contractor before, youll risk charges and penalties for your business if you treat them as a contractor. Youll need to meet the same tax and super obligations for them as you do for any other employees of your business - we can help you understand what these are with our handy checklist.

02.01.2022 Work out what business expenses you can claim This tax time, to work out what business expenses you can claim, apply these three golden rules: * The money must have been spent for your business not a private expense. * If its a mix of business and private use, only claim the portion related to your business.... * You must have a record to prove your expense. A mix of business and private use Some common expenses that can be both business and private include: * motor vehicle expenses; for example if you use your car for your family and business * travel expenses; for example if you combine a holiday with a business trip * home-based business expenses such as rent or mortgage interest, if your home is also your place of business. Keep good records to show how youve worked out the business use of an expense. For example, you can: * use a vehicle logbook * keep a travel diary * keep a floor plan to show the percentage of your homes floor space that you use as your place of business. Remember, registered tax agents can help you with your tax return.

01.01.2022 The best time to lodge your tax return is mid-August, when all financial information the ATO receives from employers, banks and government agencies will be pre-filled.