Accounting Business Solutions in Bundall | Tax preparation service

Accounting Business Solutions

Locality: Bundall

Phone: +61 7 5570 3139

Address: 92 Ashmore Road 4217 Bundall, QLD, Australia

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

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• Tax preparation service
• Accountant
• Financial service
• Financial consultant

15.01.2022 What's new for small business? 1. $30,000 instant asset write-off The threshold has increased to $30,000, and has been extended to 30 June 2020.... The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020. Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds: a) $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 b) $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019 c) $20,000, before 29 January 2019. 2. Lower company tax rate changes From the 201819 income year, a company must be a base rate entity to be eligible for the lower 27.5% company tax rate. A company is a base rate entity if both of the following apply: a) they have a turnover less than the turnover threshold which is $50 million for the 201819 income year b) 80% or less of their assessable income is base rate entity passive income (such as interest, dividends, rent, royalties and net capital gain). When working out the rate to use when franking your distributions, you need to assume that your aggregated turnover, assessable income and base rate passive income will be the same as the previous year. Send us a message so can help you with your tax :) Source: https://www.ato.gov.au/bu/small-business-entity-concessions

14.01.2022 10 mistakes that will raise a red flag with the ATO 1. You haven’t declared all of your income: The ATO knows about the money you received from Centrelink or earned on those occasional Uber rides or Airtasker jobs. 2. You have claimed all ‘receipt-less’ deductions to the max: Work-related deductions to $300, laundry expense to $150 and car expenses for 5000km. The ATO is paying special attention to work-related deductions this year.... 3. You are claiming substantially more than your peers: The ATO benchmarks all people in the same occupation against each other. If you’re claiming much higher deductions than average, the ATO might take a closer look. That doesn’t mean you shouldn’t claim all of the deductions you’re entitled to, but you should always make sure you have evidence to support your claims. 4. You have an existing ATO or other government debt: If you have an existing debt with the ATO, or Centrelink or the Family Assistance Office, or any other government agency, your return may be delayed as the ATO will often use your tax refund to pay down these other agency debts. 5. You haven’t updated your personal details: If you’ve changed your name since you last lodged a tax return for example, if you’ve married and changed your surname and you haven’t told the ATO, your return could be delayed while they verify your identity, as your name no longer matches their records. 6. Your employer hasn’t submitted your PAYG to the ATO: When your tax return is received by the ATO, they check the income information matches the data provided by your employer. If your employer doesn’t submit your PAYG to the ATO, then they don’t have a reference point to check against and can sometimes delay your return. 7. You have old overdue tax returns: If you’ve been dragging your feet and have old overdue tax returns to lodge, the ATO can sometimes delay processing of your return while they wait for you to get your affairs up to date. 8. You’ve haven’t declared a capital gain: If you’ve had a Capital Gains Event (CGT), you have to include Item 18 Capital gains on your tax return. If you’ve sold shares or a rental property, and didn’t declare it on your tax return, the ATO might flag your return for a closer look. Part of the ATO’s sophisticated technology allows it to data match with other government agencies and financial institutions. 9. You haven’t included your spouse, or their name is wrong: If you have a spouse, you need to include their details on your tax return. 10. You forgot to include bank interest: If you make any money from bank savings accounts, it needs to be included on your return. Leave it off and you run the risk of delays with the ATO.

14.01.2022 http://tv.ato.gov.au/ato-tv/media?v=bd1bdiunt8d1c9

06.01.2022 The team and I are taking a break over Christmas and new year. Please continue to email your concerns and we will get back to you as soon as we can once we reopen on Monday, 14 January 2019. We wish to thank you for your continued support throughout the year. Have a safe and happy festive season and a successful 2019,... Marsha & the Team at Accounting Business Solutions See more

05.01.2022 Merry Christmas from my family to your family for this joyous occasion and wishing you everything of the best for 2019. I would personally like to thank the team from Accounting Business Solutions for doing a wonderful job for 2018 and to all my clients thank you for continuing support. Look forward for a prosperous 2019. With lots of Love... Marsh