Acumen Accounting & Business Services in Toowoomba, Queensland | Business service

Acumen Accounting & Business Services

Locality: Toowoomba, Queensland

Phone: +61 7 4633 9800

Address: Suite 1, 195 Hume Street 4350 Toowoomba, QLD, Australia

Website: http://acumenaccounting.com.au/

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• Business service
• Accountant
• Business consultant
• Financial planner

25.01.2022 Stimulus help for Employers

24.01.2022 applying for the Centrelink sole trader and casuals payments https://www.acumenaccounting.com.au//applying-for-the-cen/

24.01.2022 How to upload files in Microsoft Teams

24.01.2022 Key dates for JobKeeper 2.0 and updated information.

24.01.2022 Working out which payment each employee is entitled to, the maximum payment or the lower payment.

24.01.2022 JobKeeper 2.0 how does it work https://cstu.io/da2554

23.01.2022 Key dates for JobKeeper 2.0

23.01.2022 If you have commercial or residential property and pay land tax this may be of interest to you. https://cstu.io/6ed71c

23.01.2022 It is time to call China out for blatant political interference in trade between our countries. What are your thoughts, is it time we get disgruntled and do a little tit-for-tat? We import an enormous number of goods from China, should we be looking elsewhere, or applying tariffs selectively to non-essential goods imported from China.

23.01.2022 The Federal Government and the state premiers reach a compromise at the national cabinet, allowing some flexibility for farmers and people needing medical treatment to cross closed boarders. It is a challenging time for the state premiers, they are damned if they do and damned if they do.

22.01.2022 The jobless rate is not a rosy picture, given the figures in this article. I am not sure if it is a better representation or not, but the Government in an attempt to provide a better picture of the jobless rate have moved to using an effective unemployment rate, which now includes those who have lost their jobs since March but are not looking for work. Whichever, jobless rate we look at though, it is going to take time for us to recover economically from this.

21.01.2022 In the current economic climate, it is interesting to see this discussion about increasing the Superannuation Guarantee from 9.5% to 12%. We all have an opinion, but for my 2 cents worth. I think it is crazy to be talking about increasing the SG, we all need money for retirement and the more the better. But, in my mind the extra 2.5% will come at the expense of wage increases and employment opportunities. The cost of superannuation to employers will be getting closer to a tip...ping point, where employers will be making decisions on the size of any pay rise, if any. There is a large possibility the increase will reduce employee’s real disposable income, as wage increases will not keep pace with inflation. This push from industry and retail super funds is nothing more than greed on their part, there are a lot of CEO’s and large investment houses that make money off of industry funds, and we don’t need to talk about retail funds as we have seen how much power they wield in the economy. Times are tuff, we don’t need any more economic pressure to depress wages growth and push more people into the gig economy. If push comes to shove there is a good possibility contracting will become even more popular amongst employer groups. Which will affect retirement saving exponentially. See more

21.01.2022 JobKeeper 2.0 alternate tests released.

20.01.2022 If you are thinking of making any significant business investment in the next week it may be worth hanging off for a little while. The government will announce a multi billion dollar stimulus package focusing on cashflow, investment and jobs shortly, according to treasurer Josh Frydenberg. It is in response to the Coronavirus, which is expected to have as much as 0.5% affect on GDP.

19.01.2022 The proposed changes to the insolvency rules for small business should put the fate of many small businesses back in the hands of the owners. https://www.acumenaccounting.com.au//proposed-new-insolve/

19.01.2022 JobKeeper Payment - Massive government support to keep employees attached to employers during the Covid-19 outbreak https://www.acumenaccounting.com.au//jobkeeper-payment-ba/

19.01.2022 Important information for employers, changes to how SG is calculated for employees with a salary sacrifice arrangement https://www.acumenaccounting.com.au//super-guarantee-loop/

18.01.2022 Politicians and industry wannabe’s with personal agendas go after Australia’s superannuation again. When will they learn that superannuation is for our retirement not to dip into every time the Government can’t figure out how to run the economy.

17.01.2022 If you really need help during Covid-19 outbreak you maybe able to access some of your super.

15.01.2022 In this unprecedented time of need for our client's and the community in general we are using as many means as possible to keep our client's up to date with how the various local and federal government support packages work. To this end we are sending out information to all our client's using our email contact software MailChimp, Facebook, website, twitter and LinkedIn. If you are a client or a past client in our database, we will be sending you information via email using MailChimp. If you don't want to receive future updates you can unsubscribe to the special mail list, if you want to join our regular newsletter and alerts mail lists I encourage you to update your mail list profile in MailChimp. We are thinking of you, best wishes and be safe from the Acumen Team.

15.01.2022 Help for first Home buyers https://www.acumenaccounting.com.au//more-help-for-first-/

14.01.2022 Access the Microsoft Teams web app from our website, to join a Teams meeting. https://www.acumenaccounting.com.au/teams-login/

14.01.2022 The 31st of March is the end of the FBT year, now is the time to think about any Fringe Benefits you provide to your employees. https://www.acumenaccounting.com.au//ato-scrutiny-on-car-/

14.01.2022 If I receive an insurance payout is it taxable, it depends! https://www.acumenaccounting.com.au//insurance-payouts-ar/

14.01.2022 Discretionary Trusts - States crack down on foreign beneficiaries http://ems.gs/GWm1fbKrbx

13.01.2022 https://buff.ly/2WJBLvc Will your business receive the governments Employer Cash Flow BOOST? read this article to see if you are entitled to a payment and when you may receive it.

13.01.2022 Thank you for your patience, our phones are back up and running.

12.01.2022 Coronvirus Stimulus Package The Government has finally released the initial details of its $17.6Bn stimulus package to combat the economic challenges of the Coronavirus. The stimulus is targeted at providing an immediate boost to the economy, with small and medium sized businesses the clear winners. The package has four parts: 1. Supporting business investment. The instant asset write........ read more...... https://www.acumenaccounting.com.au//coronvirus-stimulus-/

12.01.2022 Acumen have implemented some procedures to be able continue to services our client with as little disruption as possible during the Covid-19 outbreak. To stay up to date please visit our facebook page and the news page on our website regularly for updates. https://www.acumenaccounting.com.au//acumens-response-to-/

12.01.2022 While this is great news, it may not help as much as we initially thought with the new Mandatory Code of Conduct for Commercial Tenancies introduced by the government. Fund's may be forced to sell assets to make pension payments. If a SMSF is now getting half the rent it was before, or no rent for a period of time, and still has to pay member pensions.

12.01.2022 Interesting information on JobKeeper payments to corporate Australia. While the scheme may be helping large businesses, it has been the lifeline that many small businesses had to have. Nothing in life is perfect and when commentators look back at the scheme, I am sure they will find plenty to criticize. But without the speed with which JobKeeper was implemented our economy would be in much worse shape.

12.01.2022 The Government's economic outlook for the next 12 months is not very pretty. Most in the workforce have not experienced a recession before, but I remember the last one, the one we had to have, and it was not an easy time. But I feel this one is going to be even harder for some, particularly the younger ones in the workforce. Given we have not fully recovered for the GFC, and the rise of the gig economy.

11.01.2022 https://buff.ly/2UyRNVY If your business is in distress you may be entitled to benefits under the Governments Supplement payments for Sole Traders and Casuals. In response to the economic downturn caused by COVID-19, the federal government has made amendments to current social security rules for the six-month period 27 April 2020 to 27 October 2020. Essentially, sole traders and self-employed persons now become immediately eligible to receive benefit payments should their income go below certain thresholds for any particular fortnight. Waiting periods, liquid asset tests and mutual obligation requirements (ie looking for a new job) have been substantially relaxed or removed.

11.01.2022 Is the ATO ghosting you? Call centres are the bane of everyone’s existence, but what if you tried to call and was blocked? That’s what the ATO have been doing during peak periods to prevent what it says are excessive wait times. While it is unknown how long calls are being blocked, it seems more likely to occur during tax time when more taxpayers call up with queries. There also appears to a decline in standards... https://www.acumenaccounting.com.au//is-the-ato-ghosting-/

11.01.2022 Early access to superannuation for individuals affected by COVID-19 The second $10,000 superannuation withdrawal amount is available in the 2020/21 income year. To receive a payment in the 2020/21 income year you must apply before 31 December 2020. To qualify for the payment, you would need to satisfy one of the following three criteria:... Be made redundant. Had working hours reduced by 20% or more. Be a sole trader and have your business suspended or reduction of turnover by 20% or more. Applications for early release can be made directly to the ATO via your myGov account, and the ATO will contact your super fund to release the money. If you require assistance in any way, be it further questions, or ramifications of taking your retirement money early, do feel free to contact us.

10.01.2022 You might need to go back to hiding your money under the mattress! https://www.acumenaccounting.com.au//ato-tackling-interna/

09.01.2022 While I don’t agree with everything Rob Scott says, he has a valid point. Our tax system is getting old and outdated, it needs to be more flexible and responsive to the countries needs. For instance, the fringe benefit tax (FBT) system was introduced in the 1980’s, it is antiquated and well past its used by date. It should be modernised, it would be a great tool to encourage good corporate citizenship. For one, making private health FBT free to encourage corporate health plans. The tax system is more than just the collection of government revenue, it can encourage economic growth and social change.

09.01.2022 Do you think we are headed for a recession? It’s is hard to be sure, however, in my opinion there is a good chance of a recession unless the government starts stimulating the economy. With the fires and the Corona Virus many businesses are suffering. Between lost sales and supply chain issues businesses are facing significant sales declines, this could continue for many months. https://www.acumenaccounting.com.au//do-you-think-we-are-/

08.01.2022 How to join a Microsoft Teams meeting from your phone

08.01.2022 Covid-19 insolvency measures extended. Know your customers and suppliers to avoid issues. Read some practical steps to limit your exposure. https://www.acumenaccounting.com.au//insolvency-measures-/

08.01.2022 Big thanks to Clifford Gouldson Lawyers for writing this article https://buff.ly/3dYIB69 Link direct to their article: https://buff.ly/39PrfVN

08.01.2022 JobKeeper: The Government will release the JobKeeper payment application on the ATO website from tomorrow. The application process and payment rules are much better than we feared they would be. I think the Government has got the mix right between limiting rorting and making the process workable given the short time they had to get the legislation passed.

07.01.2022 The budget looks like it is going to be a huge deficit, but there is some hope, unemployment figures were not as bad as we thought they would be. Whether this is because the actual figure are harder to ascertain or whether employers are feeling more hopeful it is hard to know. We expect there to be a number of stimulus packages in the budget for businesses to boost employment, and it looks like the future tax cuts will be delivered early.

07.01.2022 ATO after businesses that continue to rise from the ashes https://www.acumenaccounting.com.au//new-measures-to-comb/

06.01.2022 The highlights of the 2020 Federal Budget, how the government intends to simulate the economy to push Australia out of recession.

06.01.2022 Don't forget to lodge your Taxable Payments Annual Report (TPAR) by 28 August. https://cstu.io/e3a3fa

06.01.2022 Thank you for your patience, our phones are back up and running. Please be advised we are currently experiencing interruptions to our phone service. We are working with our provider to fix the problem. Our internet service is still working so you can contact us via email. We apologise for the inconvenience

05.01.2022 Tax relief provided by the ATO during the Covid-19 crisis https://www.acumenaccounting.com.au//tax-relief-for-busin/

05.01.2022 What a crisis can do for a Prime Minister! Before Christmas he was on the nose, now I reckon Morrison is seriously thinking the next election can’t come fast enough based on this article.

05.01.2022 Some opportunities for small companies to get some if not all of their 2019 tax back. The government's loss carry back rules in conjunction with the asset write off rules could put a lot of small companies in a loss position in 2020 or 2021. https://www.acumenaccounting.com.au//news/carrying-back-l/

05.01.2022 What happens if you forget to pay your employee super? https://www.acumenaccounting.com.au//remission-of-additio/

05.01.2022 Court forces ATO to change their stance on how long you have to claim GST credits. https://www.acumenaccounting.com.au//ato-backs-down-from-/

05.01.2022 have an SMSF, do you need to update your investment strategy to comply with the ATO's latest advice http://ems.gs/GWm1hjJQus

03.01.2022 Superannuation guarantee amnesty Recently the federal government introduced legislation that will provide a one-off 6 month amnesty on unpaid superannuation guarantee amounts. Under the amnesty, the administration charge will not be levied against the employer. Also, the employer would be entitled to a tax deduction for the super guarantee charge amount.... To qualify for the amnesty: you must disclose to the ATO that there is a shortfall in super guarantee for a particular quarter for an employee the quarter in which there is a shortfall must have ended at least 28 days before the start of the amnesty period (including quarters ending up to 31 March 2018), and the ATO has not declared an investigation into SG compliance for that particular quarter. If you wish to discuss this further with us, please do not hesitate to contact us.

03.01.2022 JobKeeper eligibility changes https://cstu.io/1636ed

02.01.2022 JobKeeper payment, for all those waiting on news of how this payment will work, yesterday was a big fizzer. The Federal Government passed the JobKeeper payment frame work legislation (Coronavirus Economic Response Package (Payments and Benefits) Bill 2020) . Which was just legislation to say we intend to make a payment, but we have no idea what or how yet. So, this just sets some rules out under which the minister can determine what those payments might be, who gets them and how much they will be. But they have not actually made any decision yet. Why is the parliament not still sitting during this crisis, I mean they spend enough money on IT surely they can do it from home.

02.01.2022 View our February Newsletter http://ems.gs/GWm1ekJFyM

01.01.2022 Information on JobKeeper 2.0