ABC Taxation & Business Solutions in Soldiers Point, New South Wales | Accountant

ABC Taxation & Business Solutions

Locality: Soldiers Point, New South Wales

Phone: +61 2 4013 7001

Address: Suite 17, 12-14 Soldiers Point Road 2317 Soldiers Point, NSW, Australia

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

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25.01.2022 $150,000 Instant asset write-off now extended to 31 Dec 2020 Businesses will be able to claim accelerated depreciation on newly purchased assets for the remainder of the year under the latest extension to the $150,000 instant asset write-off program unveiled by Treasurer Josh Frydenberg today. After expanding the program from assets worth $30,000 to $150,000 in response to the COVID-19 pandemic in March, the federal government has now extended the deadline for making clai...ms from 30 June to December 31. Until today, the $150,000 write-off was due to expire at 30 June and then revert back to $1,000. https://www.smartcompany.com.au//instant-asset-write-off-/

24.01.2022 The NSW Small business COVID-19 support grant applications close for the Grant on 30 June 2020 (now extended) If you were not already aware, the NSW Government is providing financial support to ease the pressures on small business as a result of COVID-19. If your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for a small business support grant of up to $10,000.... This grant supports the ongoing operations of small businesses highly impacted from the COVID-19 pandemic following the NSW Public Health Order of 30 March 2020. To be eligible for this grant, you must as at 1 March 2020: * be based in NSW * be a small business (see guidelines in link) * be registered with an ABN * have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence) * be an employing business with less than 20 full-time equivalents (FTE), but more than the minimum employment requirement of 0.5 FTE * have experienced at least 75% decline in turnover compared to the same two-week period in 2019, as a result of COVID-19 (for businesses that have been in operation for less than 12 months, refer to the guidelines) * have unavoidable business costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures. For more information see link below: https://www.service.nsw.gov.au//apply-small-business-covid

24.01.2022 ** Reminder - last chance for eligible businesses to apply for the recovery grant of up to $3,000. Applications close 11:59pm Sunday 16 August 2020. Late applications will not be accepted.

22.01.2022 The ATO have released a helpful infograph with information on the JobKeeper extension. https://www.ato.gov.au//QC63444_Jobkeeper_extension_infogr

21.01.2022 Award rate increase from 1 November 2020 A reminder that from the first FULL pay period on or after 1 November 2020, new minimum rates and allowances apply for awards for the construction, manufacturing and a range of other industries. A 1.75% increase to minimum wages was announced to start in 3 staggered start dates for different groups of Awards. See the below link to confirm if your Award falls under the Group 2 Awards to increase from 1 November 2020.... https://www.fairwork.gov.au//the-commission-has-announced-

19.01.2022 Minimum wages to increase by 1.75% The Fair Work Commission has announced a 1.75% increase to the National Minimum Wage (NMW) following its 2020 Annual Wage Review. The increase applies to awards in 3 stages, which start from the first full pay period on or after:... 1 July 2020 1 November 2020 1 February 2021. The increase to awards is staggered with essential workers to benefit immediately, and industries harder hit by COVID-19 waiting until 1 February 2021. The increase will happen in the 3 groups as below: Group 1 Awards - from 1 July 2020 Frontline Heath Care & Social Assistance Workers Teachers and Child Care Other Essential Services Group 2 Awards - from 1 November 2020 Construction Manufacturing A range of other industries Group 3 Awards - from 1 February 2021 Accommodation and Food Services Arts and Recreation Services Aviation Retail Tourism See below link for a complete list of awards in each group: https://www.fairwork.gov.au//the-commission-has-announced-

19.01.2022 Retesting will be required to continue to receive JobSaver and Microbusiness Grant fortnightly payments Businesses enrolled in the above payments are now receiving emails in relation to retesting eligibility. Service NSW has extended the payments but now provided some more clarification that businesses will need to reconfirm eligibility each fortnight to continue to receive the JobSaver Payment for the period commencing from 13 September to 26 September 2021, and for the M...icro-business Grant for the period commencing from 20 September to 3 October 2021. Each fortnight, the business or tax agent will need to confirm that: 1/ The employee headcount on 13 July 2021 (where applicable) as stated in the initial application has been maintained; and 2/ The business has continued to experience a decline in turnover of at least 30% due to the impact of the public health order. Becoming ineligible for one fortnight does not disqualify a business from becoming eligible again in a future fortnight where they meet the eligibility conditions. You will not need to re-apply. You will be given the opportunity to declare your eligibility every fortnight through email reminders. Service NSW website provides further information on reconfirming eligibility for: * the JobSaver payment (see also Common Questions); and * the Micro-business Grant (see also Common Questions). https://www.service.nsw.gov.au/jobsaver-payment-common-ques https://www.service.nsw.gov.au/2021-covid-19-micro-business

17.01.2022 Scammers alert Scammers are using the spread of COVID-19 (coronavirus) to take advantage of people across Australia. Below in the link are some examples of what to look out for.... https://www.scamwatch.gov.au//current-covid-19-coronavirus

17.01.2022 New PAYG Tax tables released for wage payments made on or after 13 October 2020. https://www.ato.gov.au//Weekly-tax-table-from-13-October-2

16.01.2022 JobKeeper extension The Government has announced it is extending the JobKeeper Payment until 28 March 2021 and is targeting support to those organisations which continue to be significantly impacted by the Coronavirus. From 28 September 2020, eligibility for the JobKeeper Payment will be based on actual turnover in the relevant periods, the payment will be stepped down and paid at two rates. Business eligibility changes ... From 28 September 2020, organisations seeking to claim JobKeeper payments will be required to reassess their eligibility for the JobKeeper extension with reference to their actual turnover in the June and September quarters 2020. Organisations will need to demonstrate that they have met the relevant continuing decline in turnover test in both of those quarters to be eligible for JobKeeper from 28 September 2020 to 3 January 2021. Organisations will need to further reassess their eligibility in January 2021 for the period from 4 January to 28 March 2021. Organisations will need to demonstrate that they have met the relevant continuing decline in turnover test in each of the previous three quarters to remain eligible for the March 2021 quarter. JobKeeper payment rates - reduced The JobKeeper payment rate is to be reduced and paid at two rates: From 28 September 2020 to 3 January 2021, the payment rate will be $1,200 per fortnight for all eligible employees who, in the four weeks before 1 March 2020, were working in the business for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $750 per fortnight for employees who were working in the business for less than 20 hours a week on average and business participants who were actively engaged in the business less than 20 hours per week in the same period. From 4 January 2021 to 28 March 2021, the payment rate will be $1,000 per fortnight for all eligible employees who in the four weeks before 1 March 2020, were working for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $650 per fortnight for employees who were working for less than 20 hours a week on average and business participants who were actively engaged in the business for less than 20 hours per week in the same period. Further Information is available in the JobKeeper Payment extension fact sheet. https://treasury.gov.au/coronavirus/jobkeeper/extension

15.01.2022 HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date. HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First... Home Loan Deposit Scheme and First Home Super Saver Scheme. You must meet one of the following two income caps: * $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or * $200,000 per annum for a couple based on both 2018-19 tax returns or later; For more information on further eligibility criteria, read: https://www.revenue.nsw.gov.au//covid-/homebuilder-program

15.01.2022 JobKeeper 2.0 ATO Fact sheet

14.01.2022 How lovely to receive two bottles of wine today from a grateful client, just in time for the weekend! It's not likely that they will still be in the office on Monday

14.01.2022 Wow where did that year go?! Happy EOFY from the team at ABC Taxation! #eofy #taxtime #newyear #hello2021

12.01.2022 Eligible NSW small businesses with an annual turnover of more than $75,000 can apply for NSW State Government recovery grants of up to $3000. This grant helps small businesses get back to business by meeting the costs of safely reopening or upscaling operations. The grant can be used to make fit-out changes, provide staff training and counselling, for business advice and continuity planning, cover advertising and communications expenses and purchase cleaning products or serv...ices. This grant can only be used for purchases of eligible expenses made from 1 July 2020, and only where no other government support is available. To be eligible for this grant, you must as at 1 March 2020: * be a small business or a not-for-profit organisation (see guidelines) based in NSW * have an ABN registered in NSW (make sure all your business details are up to date on the Australian Business Register - this is used to determine eligibility) * have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence) * employ less than 20 full-time equivalent (FTE) staff (non-employing businesses can apply) * be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000 * be in a highly impacted industry by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 (see guidelines) * have experienced at least 30% decline in turnover from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019 * have costs associated with safely reopening or up-scaling your business from 1 July 2020. Note: If you have received a COVID-19 small business support grant of up to $10,000, you may also be eligible to apply for the $3000 COVID-19 small business recovery grant. Check eligibility and apply online at Service NSW before 11:59pm AEST on Sunday, 16 August 2020. https://www.service.nsw.gov.au//apply-small-business-covid

11.01.2022 To all those wonderful men in our lives, we hope you had a relaxing Father’s Day with loved ones

11.01.2022 Scam alert The ATO are receiving reports of email scams about JobKeeper and backing business investment claims. The fake emails say the ATO are investigating your claims. They ask you to provide valuable personal information, including copies of your driver’s licence and Medicare card. The image below is one example of an email scam currently circulating.... Don’t provide the information requested, and delete the email straight away.

08.01.2022 JobKeeper 1.0 employee eligibility date changes The ATO have announced changes to the relevant date of employment for employees eligible for JobKeeper, to be effective from 3 August 2020. Employees are now eligible for the JobKeeper 1.0 payment Scheme if employed on 1 July 2020 rather than the previous eligibility date of 1 March 2020. Other existing employee eligibility criteria remains unchanged.... The relevant date of employment will move from 1 March 2020 to 1 July 2020, increasing employee eligibility for the existing scheme as well as JobKeeper 2.1 scheme. This means for the EXISTING JobKeeper 1.0 scheme, that employees are eligible if they were employed by the eligible employer (or another entity in their wholly-owned group) either on: a full-time, part-time or fixed-term employee at 1 July 2020; or a long-term casual employee (employed on a regular and systematic basis for at least 12 months) as at 1 July 2020 and not a permanent employee of any other employer. were aged 18 years or older at 1 July 2020 (if you were 16 or 17 you can also qualify if you are independent or not undertaking full time study). Only one employer can claim the JobKeeper Payment in respect of an employee. More information is available in the attached Fact Sheet. **Note the above information is not yet legislated and could be subject to change. https://treasury.gov.au//Fact_sheet-JobKeeper_Payment_exte

08.01.2022 Apprentice & trainee wage subsidy extended Any business that engages a new Australian Apprentice or trainee on or after 5 October 2020 may be eligible for a subsidy of 50 per cent of wages paid to an apprentice between 5 October 2020 and 30 September 2021, to a maximum of $7,000 per quarter. The subsidy is available for wages paid from 5 October 2020 to 30 September 2021.... See the below link for more information: https://docs.employment.gov.au//boosting_apprentices_and_t

08.01.2022 Extension of time to enrol for the JobKeeper scheme UPDATED The original ATO cut-off times for JobKeeper has now changed. Late Friday 24th the Commissioner extended the time to enrol for the initial JobKeeper periods from 30 April 2020 until 31 May 2020. If you enrol by 31 May, you will still be able to claim for the fortnights in April and May provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the ...appropriate date for each fortnight. For the first two fortnights (30 March 12 April, 13 April 26 April), we will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by you by the 8th MAY You can enrol and claim for JobKeeper earlier if you choose. For example, you can enrol by the end of April to claim JobKeeper payments for the two fortnights in April. This means you can also be confident that your 'projected' drop in April is more accurate. #betterlatethannever https://www.ato.gov.au/General/JobKeeper-Payment/Employers/

07.01.2022 Introducing our newest team member Elise McKinnon who has been employed as our trainee accountant. Elise started with us a few of weeks ago and she has already shown herself to be a valuable team member in the rush to 30 June!! Welcome aboard Elise, we can't wait to share our love for numbers with you

07.01.2022 Accessing your annual Income Statement or Payment Summary Are you confused on how to access your end of financial year information from your employer showing your earnings for the year? It all depends on how your employer reports your income, tax and super to the ATO. You will be provided with either:... 1 / an 'Income Statement' if your employer reports your income, tax and super information to the ATO through Single Touch Payroll (STP) they are no longer required to give you a payment summary, this information will be made available to you through ATO online services via myGov and finalised by 31 July 2020 2/ a Payment Summary (formerly Group Certificate) if your employer is not yet reporting through STP they will continue to provide you with a Payment Summary by 14 July 2020. If you have more than one employer, you may receive both an Income Statement via myGov and a Payment Summary. You can access this information from your tax agent when you complete your tax with them, or via your myGov account. https://www.ato.gov.au//W/Accessing-your-payment-summary/

07.01.2022 Time to get our kids moving and having fun playing sport again. Claim your $100 Active Kids vouchers for 2020 now sporting restrictions are easing from COVID-19. https://www.service.nsw.gov.au/tr/apply-active-kids-voucher

04.01.2022 Have you had a COVID test recently and lost income due to having to isolate waiting on results? From 9 September 2021, the Test and Isolate support payment of $320 has been extended to be available to ALL eligible NSW workers. If you need to self-isolate and are unable to work while waiting for your coronavirus (COVID-19) test result, you may be eligible for the COVID-19 Test and Isolate support payment.... NSW workers can apply for the $320 payment if they: * meet the eligibility criteria * agree to follow NSW Health self-isolation guidelines while waiting for their COVID-19 test result. https://www.service.nsw.gov.au//apply-test-and-isolate-sup

02.01.2022 The Budget's package has been legislated, including personal tax cuts backdated to 1 July 2020. However the ATO will still need to release new PAYG Tax tables for the income tax cuts to be available in accounting software and take effect in an employee's pay. https://www.abc.net.au//budget-tax-cuts-pass-parl/12745618

01.01.2022 JobKeeper 2.0 is now legislated and split into two extension periods. The rates of payment are also split depending on hours an eligible employee works or eligible business participant is actively engaged in the business. The JobKeeper scheme will be extended from 28 September 2020 until 28 March 2021, split into two separate extension periods. For EACH extension period, an additional actual fall in turnover test applies and the rate of the JobKeeper payment is different. The... rates of payment will change and it will be split into two rates for each extension period. The extension periods are: Extension 1: from 28 September 2020 to 3 January 2021 The rates of Jobkeeper payment in Extension period 1 are: Tier 1 rate: $1,200 per fortnight (before tax) Tier 2: $750 per fortnight (before tax) Extension 2: from 4 January 2021 to 28 March 2021 The rates of Jobkeeper payment in Extension period 2 are: Tier 1 rate: $1,000 per fortnight (before tax) Tier 2: $650 per fortnight (before tax) Employers and businesses will need to nominate the rate they are claiming for each eligible employee and/or eligible business participant. You can be eligible for JobKeeper Extension 2 even if you were not eligible for JobKeeper Extension 1. Alternative tests for determining turnover and payment rates is yet to be made available. https://www.ato.gov.au//JobKeeper-Payment/JobKeeper-exte/

01.01.2022 2020 has been a really tough year! It is more important than ever to take the time to ask RU ok? A conversation could change a life. Learn what to say after RU ok at the below link:... https://www.ruok.org.au/join-r-u-ok-day #Ask #Listen #Encourageaction #Checkin

01.01.2022 Wishing the happiest of Mothers Day's to all the women in our lives and a special shout out to the wonderful ladies in our family during COVID-19 restrictions

01.01.2022 Annual 2020 Subcontractor reporting Your business may need to lodge a Taxable payments annual report (TPAR) to report payments they made to contractors if they provide: building and constructions services cleaning services ... courier or road freight services information technology (IT) services security, investigation or surveillance services. TPAR for the 2020 financial year are due to be lodged with the ATO by 28 August 2020.