Abercrombie Accounting Group in Townsville, Queensland | Accountant

Abercrombie Accounting Group

Locality: Townsville, Queensland

Address: 47-49 Ingham Road 4810 Townsville, QLD, Australia

Website: https://www.abercrombieaccounting.com.au

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• Business service
• Tax preparation service
• Accountant
• Business consultant

25.01.2022 JobKeeper Update Released 7 August 2020 https://abercrombieaccounting.com.au//jobkeeper-update-rel

24.01.2022 Check eligibility for small business tax regime Small businesses (sole traders, partnerships, companies and/ or trusts with a turnover of less than $10 million) may be eligible for a range of tax benefits including immediate write-off of assets costing less than $20,000; 27.5% company tax rate; simplified depreciation; and accounting on a cash basis. Broadly, the small business must carry on a business and its annual turnover (excluding GST) cannot exceed $10 million. Turnove...r will also be aggregated to include the annual turnover of certain affiliates and entities connected with the taxpayer. While meeting the $10 million turnover test automatically entitles small businesses to choose certain concessions such as simplified rules for both tax depreciation and trading stock, it is important to note that additional eligibility tests apply to claim the small-business CGT concessions and the small business threshold remains $2 million.

24.01.2022 Here are some reminders of items that may apply to your business: Reconciling all of your bank accounts, credit cards and loans in your accounting software Payroll Reconciling your wages for the year and issuing your PAYG Payment Summaries to your team. Also reporting these details to the ATO Submitting your end of year Workcover declaration Submitting your year end Payroll Tax reconciliation to OSR (if applicable)... Those in or related to the building and construction industry need to submit your Taxable Payments Annual Report for payments made to sub-contractors to the ATO. Those who employ 20 or more people should now be using Single Touch Payroll and reporting your payroll information in real time to the ATO. Please do not hesitate to contact us if you need any assistance with the above.

23.01.2022 Last night the team at AAG and Ruhl Family Law Centre took part in the Feast With Friends program at the Ronald McDonald House North Queensland The Feast with Friends Dinner Program invites teams of co-workers, community groups, friends and family members to prepare dinner for the families staying at the House. ... Our teams headed over to the House for a Mexican Fiesta night and boy did we have a blast! A huge thank you to everyone who was involved. It was lovely to sit down and meet some of the families and children staying at the House.

20.01.2022 Getting Ready for Tax Time 1. Review Debtors Listing identify any old/uncollectable amounts which need to be written off. Identify and correct any inaccurate amounts ask AAG if you need assistance. 2. Review Creditors Listing check the amounts listed are still owing and there are no double ups.... 3. Clear out the suspense account ask AAG if you are unsure where these items need to go 4. Obtain copies of all bank statements, loans, credit cards at 30 June and provide to AAG. Reconcile these to the balance sheet balances at 30 June. 5. Stock on hand and work in progress complete a physical count of stock on hand, record amounts, values and the date and time. 6. Fixed Assets ensure all assets included your ledger have enough detail for us to add to the fixed asset register. Review the Fixed Asset ledger in the prior year financials and identify any items to be scrapped/disposed of. 7. Reconcile Wages and Salaries per your general ledger to payroll reports. Ensure Superannuation expense in the profit & loss matches the amount on the payroll reports. 8. Review PAYG withheld and Superannuation liability accounts and ensure they only include the unpaid amount at balance date (30 June). 9. Review a detailed General Ledger and ensure all like transactions are coded to the same account. Ensure GST coding is correct. https://abercrombieaccounting.com.au/ #2020tax #taxtime

19.01.2022 Upcoming key dates to be aware of! Please contact our office if you require further information or assistance with tax preparations. 07 4431 0000

18.01.2022 New version of MYOB AccountRight For those of our clients who use MYOB AccountRight, please be advised that a new version (version 2018.1.1) has recently been released. We recommend upgrading to this new version as soon as possible (if you haven’t done so already), particularly for those of our clients with greater than 20 or more employees. MYOB has provided these instructions to help you get ready for Single Touch Payroll. Please contact our office if you require any assistance with this.

16.01.2022 Scams are becoming more inventive and difficult to detect. New scams continue to emerge trying to retrieve personal information. We are urging our clients to be cautious of any emails or phone calls that they receive from people claiming to be from either Australian Taxation Office (ATO) or Australian Securities and Investments Commission (ASIC). Signs that an email is not from the ATO: - does not include official ATO logo;... - does not address the recipient by name; - is not sent from a legitimate @ato.gov.au sender; and is unexpected. Signs that an email is not from ASIC: - asks for payment to be made over the phone; - requests you make a payment in order to receive a refund; and asks for credit card or bank details directly. - Signs of scams are not limited to those indicators above. To read the full article or for further information, head over to our website https://www.abercrombieaccounting.com.au/inourwords/

15.01.2022 Personal income tax changes This years’ Federal budget saw the government introduce the low and middle income tax offset. The non-refundable tax offset will be available for the financial years ending 30 June 2019 to 30 June 2022 and will provide a benefit of up to $200 for taxpayers with taxable incomes of $37,000 or less. Between $37,000 and $48,000 the offset will increase at a rate of 3 cents per dollar to the maximum benefit of $530. The benefit of the Low and Middle ...Income Tax Offset is in addition to the Low Income Tax Offset The Government will also implement the following measures designed to protect middle income earners from bracket creep: From 1 July 2018, the top threshold of the 32.5% personal income tax bracket will be increased from $87,000 to $90,000, which will then be further increased from 1 July 2022 to $120,000. From 1 July 2022, the Government will extend the 19% personal income tax bracket from $37,000 to $41,000; and further increase the top threshold of the 32.5% tax personal income tax bracket from $90,000 to $120,000; and From 1 July 2024, the Government will extend the top threshold of the 32.5% personal income tax bracket from $120,000 to $200,000.

14.01.2022 How often should you reconcile your business accounts? Regular bank reconciliation allows you to check for any errors in your banking records and allows you to keep track of your business’ cash flow. It is recommended for businesses to reconcile their accounts weekly, this help in reducing the time it takes to prepare your activity statements or tax returns. Tip - always reconcile to your bank's statement, do not rely on the bank feed balance shown in your software.

14.01.2022 Rental property deductions Owners of rental properties that are being rented out or are held available for rent can claim immediate deductions for a range of expenses such as: - interest on investment loans;... - land tax; - council and water rates; - body corporate charges; - insurance; - repairs and maintenance; - agent's commission; - gardening; - pest control; - leases (preparation, registration and stamp duty); and - advertising for tenants. Please note there are changes surrounding claims for certain Depreciation and Travel. These are no longer deductible. You should speak with our office for specific advice in this area.

14.01.2022 https://abercrombieaccounting.com.au//job-trainer-annoucem

13.01.2022 mmm Sounds delicious. I know where we'll be on March 29th. #TownsvilleEats

12.01.2022 Motor Vehicle Expense Claims If you use your own car in performing your work-related duties (including a car you lease or hire), you may be able to claim a deduction for the work-related portion of car expenses. You can’t claim a deduction for travel between home and your place of work. There are two methods to calculate deductions for car expenses:... Cents per kilometer 68c/km for 2018/19 and 2019/20, 72c/km for 2020/21. With a maximum of 5,000 business kms per car. You are required to keep written evidence of how you worked out your business kms. Logbook method your claim is based on the business percentage of the expenses for the car. To work out the business percentage you need a logbook and record odometer readings for a minimum of 12 continuous weeks. We attach a sample of a valid logbook you may purchase to complete. You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee for example, to: carry bulky tools or equipment that your employer requires you to use for work and there is no secure storage available at work attend work-related conferences or meetings away from your normal workplace deliver items or collect supplies travel between two separate places of employment, but not if one of the places is your home (for example, when you have a second job) travel from your normal workplace to an alternative workplace (that isn't a regular workplace) and back to your normal workplace or directly home travel from your normal workplace or your home to an alternative workplace that is not a regular workplace for example, a client’s premises perform itinerant work. See more

12.01.2022 SOLD OUT A Taste of 30 Years of cooking with Matt Merrin Sunday 3rd March ... Join Matt and the Bridgewater crew to celebrate his 30 year career. Listen to his tales and tears of life on the pans while enjoying a 5 course menu. This culinary journey will be based around memorable and classic dishes which span his 30 year career as a chef and restaurateur. A selection of beautiful wines and Champagnes will be matched to each course. *Bookings Essential [email protected] 44204000

11.01.2022 The first extension of JobKeeper started on Monday 28 September 2020. To claim JobKeeper for the September fortnights business declarations are required to be submitted. For more information visit our website.

10.01.2022 North Queensland Disaster Assitance - https://mailchi.mp/b892/north-queensland-disaster-assitance

10.01.2022 Job Keeper Extension Businesses The Government's jobkeeper payment, which was originally due to finish in September 2020, has now been extended & will be available to eligible businesses until up to March 2021.... From 28 September 2020, businesses are required to reassess their eligibility with reference to their actual GST turnover in the June 2020 and September 2020 quarters and demonstrate that they have suffered an ongoing significant decline using the actual GST turnover details (rather than projected GST turnover). If businesses can prove they have suffered a decline they will be eligible for JobKeeper Payments from 28 September 2020 to 3 January 2021. From the 4 January 2021 businesses must once again reassess their eligibility for JobKeeper payments for the period 4 January 2021 to 28 March 2021 and prove they have suffered a decline in turnover during the June 2020, September 2020 and December 2020 quarters.

06.01.2022 Paul and the AAG team would like to wish everyone a Merry Christmas and a Happy New Year. We would like to thank you for your loyalty and support of our practice during 2019 and we look forward to working with you in 2020. Please note that our office will be closed from 12 pm, Tuesday the 24th of December and will re-open on Monday the 13th of January 2020. Paul will be returning on the 4th of February 2020. The Season of Giving... Rather than sending our Christmas Cards this year, we have chosen to give back to the community and put the money to a good cause. We hope our donation to the Althea Projects brightens the children's Christmas this holiday season.

03.01.2022 What is the difference between PAYG Instalments and PAYG Withholding? PAYG Instalments - are payments made in advance during the year toward your current year’s expected income tax liability for yourself or your entity. Paying instalments toward your estimated tax debt ultimately reduces the lump sum at the end of the year when the tax return is due. Any excess PAYG Instalments are refunded by the ATO upon lodgment of the income tax return. PAYG Withholding - is the tax you withheld from your team’s salaries or wages. These amounts are reported by your payroll software (single touch payroll) and on your BAS. The payments are made to the ATO monthly or quarterly depending on level of wages paid per year.

03.01.2022 The AAG team loves this beautiful piece of Townsville Art !!

02.01.2022 Stay safe on the roads everyone! It looks like the rain has set in for the day The AAG team aren't complain though http://www.bom.gov.au/qld/forecasts/townsville.shtml

01.01.2022 Please be aware that if you are required to lodge a Quarter 2 BAS or IAS (October 19 to December 19), there are no Tax Agent Lodgement Concessions for Quarter 2. The lodgement deadline for this quarter is the 28th of Febuary 2020. While our office doesn't envisage any issues meeting deadlines during this period, many people get caught out during the Christmas and New Year break.

01.01.2022 Legislation that passed in Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. The deduction is available if the primary producer first uses the asset or has the asset installed and ready for use on or after 19 August 2018. The immediate deduction can be claimed in the year the expense is incurred. Prior to this date, primary producers could generally only deduct the cost of these assets over 3 years. This is one of several measures announced as part of the Government’s package of drought assistance measures which are intended to aid drought-affected farmers.