Action Accounting in Balmoral | Accountant

Action Accounting

Locality: Balmoral

Phone: +61 7 3899 1781

Address: 222 Riding Road 4171 Balmoral, QLD, Australia

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

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• Business service
• Tax preparation service
• Accountant

25.01.2022 TAX TIP Act quickly: on instant write-off The instant asset write-off has been a boon for small businesses across Australia, but with the tax break set to become much less generous from July 1, 2018 theres limited time left to take advantage of it. ... As a reminder, the law allows businesses to obtain an immediate tax deduction for the whole cost of capital items purchased for use in their business provided the cost of the asset is less than $20,000. That could include computer equipment, office furniture, plant and machinery or even a new car. Only small businesses can claim the deduction. So to qualify, your business needs to have an aggregate annual turnover of less than $10 million. Only assets valued at $20,000 or less qualify for the instant deduction. So if the value of the asset is greater than $20,000, the asset must be depreciated over a number of years. To claim the full deduction, the asset has to be used in the business. If there is personal use of the asset, such as a computer that you use privately as well as in your business, the deduction needs to be pro-rated to reflect this. From July 1, the cost threshold for the instant asset write-off will fall from $20,000 to $1000. So if your business needs to invest in capital assets, make sure the purchases are made by June 30. MARK CHAPMAN. DIRECTOR OF TAX COMMUNICATIONS

24.01.2022 This coming May budget we may see ordinary work related expenses to be scrapped and replaced by an allowance say $500. Whos going to win from this? I hope it wont get through even though the government had this idea on an agenda for a long long time.

24.01.2022 Speaking about penalties...

24.01.2022 Ever wondered how the whole concept of AirBnB works? Below article explains it brilliantly...

24.01.2022 Healthcare, hospitality and retail workers will be entitled to claim facemasks, gloves and hand sanitisers as tax deduction for 2020!!!

23.01.2022 Well... yes, that is true. Approaching 2020 EOY will bring higher than usual refunds due to: $1080 still in place (ScoMo Low and Middle Income tax offset) Job losses (your annual tax adjustment for not working the whole year) Working From Home WFH (allowing you to claim home office at higher rate)... Please contact Action Accounting 07 38991781 for further clarification if required. See you shortly for your 2020 tax return!!!

23.01.2022 On an opposite side this time... Genius but sad

22.01.2022 Just a little bit of fun...

22.01.2022 31st October is approaching as is the deadline for lodging your individual tax return. You can engage the tax agent before that date and the deadline will extend automatically to mid-May next year. We can help. Please get in touch with our professional staff 07 38991781 or [email protected] www.actionaccounting.com.au

21.01.2022 Tax savings are coming to pretty much all households. On average, a family with working husband and wife can save up to $5000 in tax cut. Please refer to below article for recent 20-21 budget announcement

21.01.2022 Just because someone offers to deliver a large tax refund or has been recommended to you by a friend or colleague doesn’t mean that the person will deliver a competent and legal service. If anyone asks for your myGov details, it should raise an immediate red flag. Do your research on who is preparing your tax!!!

20.01.2022 We definitely advise not too be too tempted to do their tax asap, but rather wait at least a fortnight for the ATO's complete prefilled info on the portal. This tax season is going to be extremely busy

20.01.2022 Excellent retirement plan!!!

19.01.2022 This article is about some common myths I hear everyday regarding tax claims, even more than mentioned in here, worth reading. If in doubts please get in touch with us because we know for sure :)

17.01.2022 The ATO advised they will highly likely audit individual tax affairs rather than SME. It is true though... For the last 14 years of working in this industry I had been through multiple individual audit cases and never had any SME audits

17.01.2022 Dont risk it!!! See the professionals. It will help you to save money and time on any possible audit the ATO may have on you. We are an established practice that have been on a market for 30+ years and saw an ugly face of an audit initiated by the ATO. Especially, if you are a small business owner, dont tempt to DIY or try to find a cheaper online version of tax return preparation. It will cost you more at the end!!! https://www.accountantsdaily.com.au//11834-ato-set-to-cont

17.01.2022 More to come. Waiting for 20/04/2020

17.01.2022 Just a quick look into claiming '"working from home" expenses for 2020 year. Worth to read

17.01.2022 Just a quick look into claiming "working from home" expenses for 2020 year. Worth to read

15.01.2022 The ATOs tactic to nudge people with "we watch you" letters and txt looks like has been very productive!!!

15.01.2022 Cash stimulus are available for small business owners (subject to eligibility) For more information please contact Action Accounting 38991781

15.01.2022 Yes, so true. Happened a lot here in the office when some people tried very hard to claim something they think is very relevant to the work they do...like drinking water, for example (sigh)

14.01.2022 Even Google cant get away from mighty ATO

14.01.2022 Once again - it is a tax offset, not a refund, compared to K Rudds $900 cash cheque. Only those earning between $48K and $90K (and importantly paying tax) will get the maximum available $1080. Below or above - on pro-rata basis. Talk to your tax agent for a better explanation.

14.01.2022 Not only accountants have to perform due diligence on potential clients but the same process is for picking up the right accountant. So many dodgy advisors out there.

14.01.2022 Little bit of a laughter for Friday

13.01.2022 New cash stimulus packages have been announced by the Australian Government as of 23rd March 2020. Cash handouts to small businesses, casual employees and sole traders will be delivered as early as April. If you would like to get more information or see if you or your business will qualify, please get in touch with Action Accounting 38991781

12.01.2022 Please make sure you are using only registered tax agent as we are fully insured and have a proper education and knowledge to advise you.

12.01.2022 Even Google can't get away from mighty ATO

11.01.2022 It still amazes me a lot how stupid some claims can be but most of all, how stupid agents can be by allowing those claims. Claiming a pet dog as a guard dog or rubber soled shoes from PC static? No wonder, the ATO is getting aggressive in auditing taxpayers and their agents. Make sure to do you tax with a reputable agent, not a backyard one saying he can do magic for you. There is no magic in tax !!!

11.01.2022 Just about time to start teaching our kids at school basics of money language. Support 100%

10.01.2022 Attention to all small business owners who are doing it tough and struggling with staff wages and rent payments during virus lockdown. Please consider writing to your landlord and asking for rent reduction or abatement. The letter example is attached.

10.01.2022 91 unlodged tax forms!!! WOW, thats the record brake. And the business owner got a suspended jail sentence. I hope no one else is in her shoes...

09.01.2022 This year would be a good idea to wait maybe towards end-July to start lodging individual tax returns rather than rushing in to get it done straight after 1st July. We are waiting for the law to pass allowing extra refunds. Please read the article

09.01.2022 "Beware of little expenses. A small leak will sink a great ship" - Benjamin Franklin

08.01.2022 The ATO is shedding some light on tax treatment of AirBnB accommodation, holidays houses and rental income and expenses in general. Worth to read. Also, as always suggested, please talk to the professional if unsure.

08.01.2022 I guess the "storm is coming"... Morrison government is considering to introduce NEW aged care tax. High income earners - beware!!! It can be up to 5% for those who earns more than $180K a year... I would agree with most comments below this attached article, very interesting to read. So, who is going to foot the bill for our aging baby boomers...???

08.01.2022 Useful checklist created by the ATO helping small business owners to claim tax related expenses for 2020 (very strange year I should tell)...Especially the accent this year is on claiming home office running expenses. For any clarification and/or help, please get in touch with Action Accounting 07 38991781

07.01.2022 Well, as predicted, the ATO will keep looking over your shoulders with nearly $600M cash boost from May budget for more audits and checking. Dont risk it, see a professional to get your tax in order. https://www.accountantsdaily.com.au//11632-ato-work-relate

07.01.2022 Once again - it is a tax offset, not a refund, compared to K Rudd's $900 cash cheque. Only those earning between $48K and $90K (and importantly paying tax) will get the maximum available $1080. Below or above - on pro-rata basis. Talk to your tax agent for a better explanation.

07.01.2022 Well, at least some good news in nowdays mass media chaos. Small businesses will be able to defer any loans payments by 6 months. I hope the ATO will join the band and allow to defer GST and PAYG payments. Hold on there...!

06.01.2022 Back to basics. Brush up your knowledge on usual deductions list (Nurses, Flight Attendants, Teachers and Police Officers)

05.01.2022 Of course... Not only MyGov website but also the ATO tax portal - the busiest time of the year for us cant do much at this present moment

05.01.2022 I found this article pretty interesting and valuable. Changes in claiming some rental expenses. Being myself a brand new property investor I found it is unfair I cant claim fixtures and fitting installed second hand. So whats going to happen with second hand appliances market?? Now everything will go to the dump, what a waste, unless you buy it for your own use

05.01.2022 Funny story The Australian Tax Office sent a tax auditor to a synagogue. The auditor is doing all the checks, and turns to the Rabbi and says, "I noticed that you buy a lot of candles" ... "Yes." answered the Rabbi. "Well, Rabbi, what do you do with the candle drippings?" he asked. "A good question," noted the Rabbi. "We actually save them up when we have enough, we send them back to the candle maker and every now and then, they send us a free box of candles." "Oh," replied the auditor somewhat disappointed that hed been unable to catch him out. So he thought hed try another question, in his obnoxious way....."Rabbi, what do you do with the crumbs from the matzo?" "Ah, yes," replied the Rabbi calmly, "we actually collect up the crumbs, we send them in a box back to the manufacturer and every now and then, they send a box of matzo balls." "Oh," replies the auditor, thinking hard how to fluster the Rabbi. "Well, Rabbi," he went on, "what do you do with all the foreskins from the circumcisions?" "Yes, here too, we do not waste," answered the Rabbi. "What we do is save up all the foreskins, and when we have enough we actually send them to the Tax Department." "The Tax Department!," questioned the auditor in disbelief. "Ah, yes," replied the Rabbi, "The Tax Department. And about once a year, they send us a little prick like you."

04.01.2022 Rental property income and expenses. Basic of the basics

03.01.2022 Attention!!! If you earn income on car share drive platform, otherwise known as Car Next Door, Carhood or DriveMyCar Rentals, and never declare any income - be prepared to be queried by the ATO as the information eventually passed on to the government. Yes, they know your every single step...

02.01.2022 Worth to read...

01.01.2022 If you have not lodged your tax return for the previous year there are chances youre missing out on refund as per the ATO claim.

01.01.2022 Our government has a plan to remove 37% tax bracket for good leaving 32.5% tax for those earning between $40K and $200K by 2024. What do you think???

01.01.2022 As always be vigilant to suspicious emails, phone calls and even FB posts promising overnight wealth. NO. That is not going to happen. EVER