Allied Taxation/Allied Consulting in Caroline Springs, Victoria | Financial service

Allied Taxation/Allied Consulting

Locality: Caroline Springs, Victoria

Phone: +61 412 505 258

Address: 1 The Strand 3023 Caroline Springs, VIC, Australia

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

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24.01.2022 Ready to lodge your tax return? If you lodge through a tax agent: -contact them before 31 October... -confirm your due date with them -check that they are registered with the Tax Practitioners Board. -Double check what you report and claim, as well as your bank and contact information before you lodge your return - its your responsibility to get your tax right, even if you lodge with a registered tax agent. See more

24.01.2022 Exempt income Exempt income is income you dont pay tax on. However, certain exempt income may be taken into account when calculating the: tax losses of earlier income years that you can deduct... adjusted taxable income of your dependants. Exempt income includes: certain Australian Government pensions, including the disability support pension paid by Centrelink to a person who is under age-pension age certain Australian Government allowances and payments, including the carer allowance and the child care subsidy certain overseas pay and allowances for Australian Defence Force and Federal Police personnel Australian Government education payments, such as allowances for students under 16 years old some scholarships, bursaries, grants and awards a lump sum payment you received on surrender of an insurance policy where you are the original beneficial owner of the policy generally these payments are not earned, expected, relied upon or occur regularly examples include mortgage protection terminal illness a permanent injury occurring at work.

23.01.2022 Dear Valued Clients As you are aware, Stage four restrictions have been introduced across metropolitan Melbourne from Sunday 2 August for six weeks. This means, for the next 6 weeks you are unable to visit our office in person, however the good news is that we are working from home preparing and lodging tax returns over the phone. We'd like to assure you that an over the phone tax return makes no difference to a physical appointment as your return will be prepared using the s...ame high standards, legally maximising your tax refund. Please be advised that for the most of you, your tax return is not due until March next year. If you'd like to see us in person, please call us to make an appointment after the Stage 4 restrictions have been lifted. We thank you for your patience and understanding as we work to find the balance between providing you with the same great experience, while maintaining safety standards at the highest levels. Please call 03 9363 7956 or 0412 505 258 to make an appointment to have your tax return prepared over the phone. We are open from 10 am to 8 pm, 7 days a week. Please do not send an email requesting for an appointment as we prefer to book you in over the phone.

23.01.2022 Home office expenses If you're an employee who works from home, you may be able to claim a deduction for expenses you incur relating to that work. These can be additional running expenses such as electricity, the decline in value of equipment or furniture and phone and internet expenses. Expenses you can't claim... There are some expenses you can't claim a deduction for as an employee. Employees who work at home can't claim costs: for coffee, tea, milk and other general household items your employer may otherwise have provided you with at work related to children and their education including setting them up for online learning, teaching them at home or buying equipment such as iPads and desks that you're reimbursed for, paid directly by your employer or the decline in value of items provided by your employer for example, a laptop or a phone. Employees generally can't claim occupancy expenses such as rent, mortgage interest, water and rates.

23.01.2022 Good news for instant asset write-off If you ’re looking to claim a deduction for assets purchased for your business, the $150,000 instant asset write-off threshold has been extended to 31 December 2020. This means, if eligible, you can claim an immediate deduction for the business portion of an asset first used or installed ready for use from 1 July to 31 December 2020, in your 2020-21 tax return. If the asset was first used or installed ready for use between 12 March to 30 ...June 2020, and your business is eligible, you can include it as an immediate deduction in you 2019-20 tax return. Eligibility depends on: aggregated turnover of less than $500 million the date you purchased the asset when the asset was first used, or installed, ready to use the cost of the asset being less than the $150,000 threshold. If you decide to use the simplified depreciation rules, the instant asset write-off applies to all eligible assets you own. Exclusions and limits apply in certain instances, e.g, passenger vehicles.

23.01.2022 Thinking of buying assets for your business? Using the instant asset write-off, you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different thresholds apply, so make sure you check which one applies to your asset: $30,000 from 7.30pm AEDT on 2 April 2019... $25,000 from 29 January 2019 until before 7.30pm AEDT on 2 April 2019 $20,000 before 29 January 2019. On your tax return, claim your instant asset write-off deduction under Small business entity simplified depreciation. The usual rules for claiming deductions still apply. You can only claim the business portion of the expense, and make sure you have records to prove it. Assets that cost more than the relevant threshold cant be immediately deducted. You can deduct them over time using the small business pool. From 2 April 2019, businesses with a turnover from $10 million to less than $50 million can also use the instant asset write-off. Remember, registered tax agent "Allied Taxation" can help you with your tax.

23.01.2022 Government to hand out $25k grants for housing construction, renovations to bolster industry The Federal Government will give eligible Australians $25,000 to build or substantially renovate their homes, in an effort to boost demand in the construction sector and keep builders employed. In an attempt to boost new projects between now and the end of the year, the Government will give $25,000 grants to owner-occupiers for certain works on their homes.... The scheme will give $25,000 grants to eligible homeowners, but recipients will need to spend at least $150,000 of their own money. The grants will be means-tested to exclude couples making more than $200,000 per year and individuals making more than $125,000 per year, while limits will also be placed on the value of the property the grants go towards. New builds will be capped at $750,000, while renovations can cost anywhere between $150,000 and $750,000, but will only be subsidised if the house being altered is valued at less than $1.5 million. The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders. They include requiring that all eligible builders be licensed or registered before the Governments announcement, keeping the timeframe for the scheme to six months, and having tighter eligibility for the program. Renovation work will not include structures separate to the main property, such as swimming pools, tennis courts and sheds.

22.01.2022 The ATO has warned that members who took money out of their superannuation accounts without meeting the eligibility requirements could face fines and prosecution.

21.01.2022 Offsets and rebates Low and middle income earners If you are an Australian resident for income tax purposes and you pay tax on your taxable income, you may be e...ligible for both the: low income tax offset low and middle income tax offset. You dont have to do anything to claim the offsets. We will work them out for you when you lodge your tax return. Tax offsets reduce the amount of tax payable on taxable income. These are non-refundable offsets, so the following applies: any eligible offset amount can only reduce your tax payable to zero, any unused offset amount cant be refunded it cant reduce your Medicare levy. If you are under 18 as at 30 June of the income year and you have unearned income, these offsets cant reduce the tax payable on this income.

21.01.2022 Family that refused to pay tax because it was against Gods will ordered to pay $2.3m A Christian family that refuses to pay rates and taxes because it is ag...ainst Gods will has been ordered to pay $2.3m by the Tasmanian supreme court. Fanny Alida Beerepoot and Rembertus Cornelis Beerepoot, who own the Melita honey farm in northern Tasmania, have refused to pay income tax since 2011. The pair, who represented themselves, told the court they didnt need to pay a $930,000 bill because everything they owned belonged to God, and Australian tax law fell under the jurisdiction of the Bible, the ABC reported. We dont own anything because we are his [Gods], Fanny Beerepoot told the court. Rembertus Beerepoot said the law of the almighty God was the supreme law of this land. On Wednesday, associate justice Stephen Holt disagreed. He told the pair that there was no passage in the Bible that said thou shalt not pay tax. I believe the submissions to be honestly and genuinely held beliefs rather than an attempt to avoid tax liabilities, he said. But in my view, the Bible effectively said that civil matters and the law of God operate in two different spheres. In court, the Beerepoots said they had sent letters to the prime minister and to the Queen, arguing that Australian tax law was invalid, and claimed the country was cursed by drought and infertility because it was turning away from God. We rely on the blessings we receive from God, which we give to him and not to an outside entity such as the tax office, Fanny Alida Beerepoot said. In 2017, some of the Berepoots property was seized by the local Meander Valley council after they refused to pay council rates over seven years. At the time, Fanny Alida Beerepoot said: This is a conversation between us and our heavenly father and the council. On Wednesday, Holt ordered Rembertus Beerepoot to pay $1.16m and Fanny Beerepoot to pay $1.166m, which included their income tax debt, interest and other administrative costs.

20.01.2022 JobKeeper and JobSeeker extended for months but rates cut and eligibility tightened Payments will be cut but unemployed Australians and workers on the Federal Governments coronavirus wage subsidy program will continue to receive support beyond the planned JobSeeker and JobKeeper end date. The JobKeeper wage subsidy will continue until March next year, but payments will fall from $1,500 to $1,200 a fortnight after September. People working fewer than 20 hours a week will rece...ive $750. The payments will fall to $1,000 a fortnight and $650 for people working fewer than 20 hours for the first three months of 2021. The JobSeeker coronavirus supplement will continue for another three months but fall from $550 to $250 a fortnight, meaning people on the program will receive $800 a fortnight after September.

18.01.2022 Homebuilder Stimulus Scheme Grant amount: $25,000 Purpose: To build a new home or substantially renovate an existing home. Time Limit to access: From 4 June 2020 and 31 December 2020....Continue reading

17.01.2022 Salary and wages The most common type of employment income is salary and wages. Salary and wages includes: your normal weekly, fortnightly or monthly pay... JobKeeper and stand-down payments your employer paid due to COVID-19 commissions bonuses including retention bonuses to remain with your employer money for part-time or casual work parental leave pay dad-and-partner pay payments from: an income protection policy a sickness or accident insurance policy a workers compensation scheme pay and allowances for continuous full-time service in the Australian Naval, Army or Air Force Reserve foreign employment income if you are an employee of an Australian Government agency (and not a member of a disciplined force), include income earned from delivering Australian official development assistance.

17.01.2022 FBT on home phone and internet expenses An expense payment fringe benefit may arise when an employer pays a third party or reimburses an employee for their home phone and internet expenses. Working out the taxable value... To work out the taxable value of the fringe benefit, youll need to know: the amount the employee is reimbursed by the employer or the amount the employer pays a third party the percentage of the business use of the phone and internet the employee would otherwise be entitled to claim as an income tax deduction, to reduce the taxable value. Record keeping There are different record-keeping requirements, depending on the amount the employer pays or reimburses an employee for their home phone or internet expenses during the fringe benefit tax (FBT) year. Where the payment or reimbursement of home phone or internet costs: is up to $50 the employee will need to provide a declaration to the employer detailing the percentage of business use exceeds $50 both the employer and the employee must keep records of the actual expenses and the employee will need to provide their employer with a declaration detailing the percentage of business use and the purpose of incurring the expense.

17.01.2022 Enrolments still open for JobKeeper Payment If youre still assessing your eligibility for the JobKeeper Payment, the good news is enrolments are still open. If you and your employees meet the eligibility requirements, you still have until the scheme closes to enrol. You only need to enrol and identify your eligible employees once, but these two steps must be completed in the same month that you are claiming fortnightly payments. For example, 31 May was the final date to enro...l for JobKeeper fortnights in April and May. 30 June is the final date to enrol for JobKeeper fortnights in June. Once you have enrolled and identified your eligible employees, you will need to make a monthly business declaration. The monthly declaration must be completed from the 1st to the 14th day of each month to receive reimbursements for the payments made to employees in the previous month. The sooner this declaration is made, the sooner you will be reimbursed. For example, to claim for JobKeeper fortnightly payments made to your employees in July, you must enrol and identify your eligible employees in July. You will then need to make a monthly business declaration the following month from the 1st to 14th of August.

17.01.2022 Including all your income is important When you complete your tax return you need to declare all your income to the ATO. For many this is simply a matter of ent...ering the income listed on your payment summary or income statement. But what if you have multiple streams of income? Below are some of the forms of income that people commonly forget to declare. Foreign income If youre an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare any foreign income in your income tax return. This includes things such as foreign pensions, foreign employment income and capital gains on overseas assets. Second job You need to make sure all of your employment income is included on your tax return, regardless of whether you have one job or more, are full-time, part-time or casual. Employee share scheme If you participate in an employee share scheme ESS to receive discounted shares or rights to acquire shares, you must declare the discount you received as income on your tax return. Interest If you receive interest, you must declare it as income. This includes interest from all of your financial institution accounts and term deposits. Capital gains If you make a capital gain or loss from the disposal of an asset, such as real estate, shares, managed investments or cryptocurrency, it must be recorded in your tax return. Sharing economy Money you earn from the sharing economy needs to be reported in your tax return. Sharing economy activities can include ride-sourcing (for example, through platforms such as Uber or Taxify), renting out a room or house (for example, through platforms such as Airbnb or HomeAway), caravan or car sharing, and renting out a car space. Remember to keep records of all income you earn and declare it in your tax return.

17.01.2022 Offsets and rebates-5 Australian super income stream tax offset If you receive income from an Australian super income stream, you may be eligible for a tax offset equal to:... 15% of the taxed element 10% of the untaxed element. The tax offset amount available to you on your taxed element will be shown on your payment summary. There is now a limit on the amount of tax offset youre entitled to on your untaxed element. This is generally limited to $10,000 and will not be shown on your payment summary. Use the Defined benefit income cap tool to work out if youre entitled to a tax offset on your untaxed element. Youre not entitled to a tax offset for the taxed element of any super income stream you receive before you reach your preservation age unless the super income stream is either a: disability super benefit death benefit income stream. Youre not entitled to a tax offset for the untaxed element of any super income stream you receive before you turn 60 years old unless: the super income stream is a death benefit income stream the deceased died after they turned 60 years old.

17.01.2022 Rental income you must declare You must include all rent and rent-related income you receive in your tax return whether paid to you or your agent. Rent and rent-related income is any payment cash or otherwise that you get when you rent out your property. This includes goods and services, which means you need to work out their monetary value to include in your tax return.... Other examples of rent-related income include: bond money you become entitled to keep letting and booking fees insurance payouts, in some circumstances reimbursement or recoupment for deductible expenses for example payment from a tenant to cover the cost of repairing property damage government rebates for purchasing of a depreciating asset lump sum payments of rental income any assessable amounts relating to limited recourse debt arrangements involving your rental property. Generally, goods and services tax (GST) doesnt apply to rental payments you receive. You also cant claim credits for the GST included in any costs relating to the rental, such as agents commission or repairs and maintenance on the premises. This is true whether youre registered for GST or not.

17.01.2022 Exempt income Exempt income is income you don't pay tax on. However, certain exempt income may be taken into account when calculating the: tax losses of earlier income years that you can deduct... adjusted taxable income of your dependants. Exempt income includes: certain Australian Government pensions, including the disability support pension paid by Centrelink to a person who is under age-pension age certain Australian Government allowances and payments, including the carer allowance and the child care subsidy certain overseas pay and allowances for Australian Defence Force and Federal Police personnel Australian Government education payments, such as allowances for students under 16 years old some scholarships, bursaries, grants and awards a lump sum payment you received on surrender of an insurance policy where you are the original beneficial owner of the policy generally these payments are not earned, expected, relied upon or occur regularly examples include mortgage protection terminal illness a permanent injury occurring at work.

16.01.2022 INCOME AND DEDUCTIONS: Travel between home and work and between workplaces Trips between home and work are generally considered private travel. In some circumstances, you can claim a deduction for travel between home and work, as well as for some travel between two workplaces.... If your travel was partly private, you can only claim what you incurred in the course of performing your work duties. What you can claim You can claim the cost of travelling: directly between two separate workplaces for example, when you have a second job (if one of these places isnt your home) from your normal workplace to an alternative workplace that is not a regular workplace (for example, a clients premises) while still on duty, and back to your normal workplace or directly home if your home was a base of employment youre required to start your work at home then travel to a workplace to continue your work for the same employer if you had shifting places of employment you regularly work at more than one site each day before returning home from your home to an alternative workplace that is not a regular workplace for work purposes, and then to your normal workplace or directly home. This doesnt apply where the alternative workplace has become a regular workplace if you need to carry bulky tools or equipment that your employer requires you to use for work which you cant leave at your workplace for example, an extension ladder or a cello. What you cant claim You cant claim the cost of driving your car between work and home just because: you do minor work-related tasks for example, picking up the mail on the way to work or home you have to drive between your home and your workplace more than once a day you are on call for example, you are on stand-by duty and your employer contacts you at home to come into work there is no public transport near where you work you work outside normal business hours for example, shift work or overtime your home was a place where you ran your own business and you travelled directly to a place of work where you worked for somebody else you do some work at home.

16.01.2022 Income you must declare You must declare the income you have received for each financial year on your annual tax return. Employment income... Super pensions and annuities Government payments and allowances Investment income (including interest, dividends, rent and capital gains tax) Business, partnership and trust income Foreign income Other income including compensation and insurance payments, discounted shares under employee share schemes, and prizes and awards. You also need to declare any money or earnings you receive from: Crowdfunding The sharing economy and tax.

15.01.2022 Keeping you safe at tax time This tax time, the Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are... not registered with the Tax Practitioners Board (TPB). Assistant Commissioner Karen Foat is concerned about a number of people claiming to be tax agents, often promising refunds that sound too good to be true, or providing discounted services much cheaper than legitimate registered tax agents. These unregistered preparers pose a threat to vulnerable taxpayers and risk the reputation of registered tax agents Ms Foat said. They pretend to offer legitimate services to the community, but in reality they pose a serious threat not only to the people that use them, but to the broader community and the tax system as a whole. Unfortunately, we see too many instances where people have unwittingly used an unregistered preparer, which has resulted in a significant tax debt and loss of money. We also see instances where people do not receive their refund, or where fraudulent claims are lodged in their name without their knowledge. Unregistered preparers often use a taxpayers personal login details to access their ATO Online account through myGov to lodge tax returns. A legitimate tax practitioner will never ask for your myGov credentials they use dedicated ATO online services to lodge returns for their clients. The ATO is working closely with the TPB, as well as law enforcement agencies throughout Australia, to identify and put a stop to unregistered preparers. To protect yourself and keep your personal information safe, it is important to check with the TPB to see if an agent is registered. You can easily check an agents registration online at TPB.gov.auExternal Link. Remember, only registered tax agents can charge a fee to prepare and lodge your tax return Ms Foat said.

14.01.2022 Offsets and rebates- 3 If you maintained an invalid or invalid carer You may be entitled to a tax offset if you maintained an invalid who was your:... spouse child aged 16 years or older sibling aged 16 years or older spouses child aged 16 years or older spouses sibling aged 16 years or older parent spouses parent and they must have received one of the following: a disability support pension under the Social Security Act 1991 a special needs disability support pension under the Social Security Act 1991 an invalidity service pension under the Veterans Entitlement Act 1986. You may be entitled to a tax offset if you maintained an invalid carer who was, your: spouse parent spouses parent and they cared for your or your spouses invalid child aged 16 years or older, or your or your spouses sibling aged 16 years or older and they: > received a carer payment or carer allowance under the Social Security Act 1991 for the care they provide for that person, or > been wholly engaged in providing care to a person receiving -a disability support pension under the Social Security Act 1991 -a special needs disability support pension under the Social Security Act 1991, or -an invalidity service pension under the Veterans Entitlement Act 1986.

14.01.2022 Business or company registrations If youre applying for an Australian business number (ABN), you can also apply for a business name and register for secure online authentication and taxes, like GST and PAYG withholding, at the same time. As not everyone is entitled to an ABNExternal Link, you will be asked a series of questions when applying for one to determine your entitlement.... If youre setting up business as an individual (a sole trader), it will speed things up if you provide your tax file number (TFN) when you apply. Companies should provide their Australian company number (ACN). Australian business number An ABN is a unique 11-digit identifier that makes it easier for businesses and all levels of government to interact. You will need an ABN to: operate in the GST system, including claiming GST credits avoid pay as you go (PAYG) tax on payments you receive confirm your business identity to others when ordering and invoicing connect to Manage ABN Connections or get an AUSkey to transact online with government agencies be endorsed as a gift deductible recipient or an income tax exempt charity. Ensure you keep your ABN details up-to-date in the Australian Business Register. If you cease business, you will need to cancel your ABN. Before doing this, make sure youve met all your lodgment, reporting and payment obligations such as as activity statements and PAYG withholding reports How to apply for or cancel an ABN You can apply for or cancel an ABN, or apply to have an ABN you previously held reissued: -online using the Australian Business Register External Link -through your registered tax agent or BAS agent.

14.01.2022 Offsets and rebates-1 Health insurance Your entitlement to a private health insurance rebate or tax offset depends on:... >the age of the oldest person covered by your policy, and >your single or family income depending on your family status. If you have private health insurance, the amount of private health insurance rebate you can receive is reduced if your income is more than a certain amount. Your Tax agent will calculate the amount of private health insurance rebate you are entitled to receive when you lodge your tax return. You can claim your private health insurance rebate as a: >premium reduction, which lowers the policy price charged by your insurer >refundable tax offset through your tax return. This may result in you receiving a private health insurance tax offset or a liability, depending on: >how you claim your rebate >the level of rebate you have claimed for your policy >your income for surcharge purposes.

14.01.2022 Reminder: Fuel tax credit rates have increased Fuel tax credit rates increased on 4 February, so make sure you use the new rates to calculate your claims on your next business activity statement (BAS). If you claim less than $10,000 in fuel tax credits each year, you can use the rate that applies at the end of the BAS period. This simplified method will make it easier to calculate your claim.... You can also use our fuel tax credit calculator, its easy to use and applies the right rates, even if they change during the BAS period. You can also save a copy of the calculations for your records. Record keeping Keeping accurate business records will help you claim all the fuel tax credits you are entitled to and support your claims. Check out our record keeping guide as it provides examples of the records you need to keep. Remember, registered tax agents and BAS agents can help you with your tax.

12.01.2022 Do you pay for your employees taxi travel? Every time you provide a non-cash benefit to your employees, you need to work out if that benefit attracts fringe benefits tax (FBT). However some benefits may be exempt from FBT, such as taxi travel. Taxi travel is exempt from FBT where the travel is:... a single trip to or from work, or due to sickness or injury of the employee for travel between work, home or other place the employee has to go as a result of the sickness or injury. The exemption only applies to travel in vehicles licenced to operate as a taxi. It does not extend to travel in ride-sourcing vehicles or other vehicles for hire.

11.01.2022 Offsets and rebates- 2 If you receive Government benefits The beneficiary tax offset is available if you receive certain Australian Government allowances and payments.... You pay no tax for the year if you: > only receive any of the qualifying benefits and allowances, and > have no other taxable income. If you have other assessable income you may still need to pay some tax. If you have no tax payable, the beneficiary tax offset is not available to be used. To claim the offset, you must declare the payment you receive at the correct item on your tax return.

11.01.2022 Dear Valued Client It’s Tax Time Again! We take this opportunity to thank you for using our services for your taxation compliance. We would like to invite you again to have your 2021 Income Tax Return prepared and lodged by a Registered Tax Agent. As very limited COVID-19 restrictions continue in the state of Victoria, we have changed the way we work and operate. We are taking all necessary steps to ensure the ongoing safety of our clients.... As a result, this year, you can lodge your tax return the following ways: 1. See us in our office face to face - face mask is mandatory, or 2. Have your tax return prepared and lodged over the phone and email - In this case, an appointment is still required for the accountant to call you during your scheduled time slot. We'd like to assure you that an over the phone tax return makes no difference to a physical appointment as your return will be prepared using the same high standards, legally maximising your tax refund. We thank you for your patience and understanding as we work to find the balance between providing you with the same great experience, while maintaining hygiene and safety at the highest levels. Please call 03 9363 7956 or 0412 505 258 to make an appointment. We are open from 10 am to 8 pm, 7 days a week. Please do not send an email requesting for an appointment as we prefer to book you in over the phone.

10.01.2022 Heres what changes on June 1 in Victoria Up to 20 people allowed in peoples homes, including primary residents Up to 20 people at outdoor gatherings Overnight stays allowed at private residences, accommodation, campgrounds and caravan parks... Up to 20 people allowed at weddings, plus the celebrant and couple Up to 50 people allowed at funerals, plus those running the ceremony Up to 20 people allowed at other religious ceremonies, plus those needed to run them Libraries, youth centres and other community spaces to open, with no more than 20 people in a single area Galleries, museums, drive-in cinemas, zoos, outdoor amusement parks and historic sites can reopen, with 20-patron limits Swimming pools to reopen with limits of 20 people Community sports allowed with up to 20 people in undivided spaces, provided physical-distancing is observed Beauticians, nail salons, spas, tattoo parlours can open with up to 20 customers per space Auctions and open for inspections allowed with up to 20 people Non-food and drink market stalls allowed to open See more

10.01.2022 Lodging prior years tax returns If you havent lodged a previous years tax return, its important to get up to date as soon as possible to avoid penalty. Your tax agent can prepare and lodge prior year tax returns for you, so contact them for advice.

09.01.2022 Rental income you must declare Rent and other rental-related income is the full amount of rent and associated payments you receive or become entitled to when you rent out your property. This includes payments in the form of goods and services. You will need to work out the monetary value of these. You must include in your tax return the full amount of rent and any other rental-related income you receive whether paid to you or your agent.... Rental-related income includes: >rental bond money you become entitled to retain such as when a tenant defaults on the rent, or damage to your rental property requires repairs or maintenance >insurance payouts in some circumstances such as where you receive an insurance payment to compensate for damage to your property or for lost rent >letting and booking fees you receive >associated payments you receive, or become entitled to, as part of the normal, repetitive and recurrent activities through which you intend to generate profit from the use of your rental property (if these payments are in the form of goods and services youll need to work out their monetary value) >reimbursement or recoupment for deductible expenditure for example: -if you receive an amount from a tenant to cover the cost of repairing damage to your rental property and you can claim a deduction for the cost of the repairs, you need to include the whole amount in your income -if you receive a government rebate for the purchase of a depreciating asset, such as a solar hot-water system, you may need to include an amount in your income >any excessive deductions for capital allowances involving your rental property where a limited recourse debt is terminated without you paying it in full. >lump sum payment, where the nature of the payment is a substitute for or prepayment of rental income (and thus ordinary income). Goods and services tax GST doesnt apply to rent on residential premises. If you rent out residential accommodation, youre not liable for GST on the rent you charge.

09.01.2022 Enrolments still open for JobKeeper Payment If you're still assessing your eligibility for the JobKeeper Payment, the good news is enrolments are still open. If you and your employees meet the eligibility requirements, you still have until the scheme closes to enrol. You only need to enrol and identify your eligible employees once, but these two steps must be completed in the same month that you are claiming fortnightly payments. For example, 31 May was the final date to enro...l for JobKeeper fortnights in April and May. 30 June is the final date to enrol for JobKeeper fortnights in June. Once you have enrolled and identified your eligible employees, you will need to make a monthly business declaration. The monthly declaration must be completed from the 1st to the 14th day of each month to receive reimbursements for the payments made to employees in the previous month. The sooner this declaration is made, the sooner you will be reimbursed. For example, to claim for JobKeeper fortnightly payments made to your employees in July, you must enrol and identify your eligible employees in July. You will then need to make a monthly business declaration the following month from the 1st to 14th of August.

07.01.2022 What an end to a year! Thanking all my employees & associates who attended our Christmas Party! You have all been a pleasure to work with. Thanks for being a part of the Allied Taxation family! As the New Year approaches us with hopes anew, hope it is filled with the promises of a brighter tomorrow. Until then, its goodbye.

06.01.2022 INCOME AND DEDUCTIONS: Car expenses 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 car expenses.... If the travel was partly private, you can claim only the work-related portion. This information relates to car expenses only. A car is defined as a motor vehicle (excluding motor cycles and similar vehicles) designed to carry a load less than one tonne and fewer than nine passengers. Many four-wheel drive vehicles are included in this definition. If you use someone elses car for work purposes, you may be able to claim the direct costs (such as fuel) as a travel expense (see Other travel expenses). For other vehicles (that are not cars), see Other travel expenses. Other vehicles include: motorcycles vehicles with a carrying capacity of one tonne or more (such as a utility truck or panel van) nine passengers or more (such as a minivan). When working out your claim, you need to use the actual costs of your motor vehicle expenses. You need to keep receipts for the actual costs you incur such as petrol and oil. You can use a logbook or diary to separate private use from work-related trips.

05.01.2022 The ATO has a list of items it will closely monitor this year, with unsubstantiated work-related expenses and rental deductions under watch

04.01.2022 Concessions to reduce your tax bill Check if youre eligible to use any of these concessions in your 2019 tax return: Small business income tax offset... This offset can reduce your tax bill by up to $1,000 if you run a business as a sole trader, partnership or trust, and it has a turnover less than $5 million. This is separate from the low and middle income tax offset, which you may also be eligible for. Lower company tax rate If you operate your business as a company, you may be eligible for the lower company tax rate of 27.5%. Before using this rate, check whether your business is a base rate entity. This depends on your companys aggregated turnover and how much of its income is passive. Deduction concessions There are a range of concessions you can use to deduct expenses in full that you would usually have to deduct over a number of years. For example, the Instant asset write-off and concessions for start-up expenses.

04.01.2022 Dear Businesses and Stakeholders, Please be advised that our practice will be closed from 2 December 2019 to 14 January 2020 for Christmas and Summer Holidays. During this time, we will have limited access to data. We would like to take this opportunity to wish you a Merry Christmas and a Happy New Year. ... Yours Faithfully Practice Manager Allied Taxation

03.01.2022 Home office expenses If youre an employee who works from home, you may be able to claim a deduction for expenses you incur relating to that work. These can be additional running expenses such as electricity, the decline in value of equipment or furniture and phone and internet expenses. Expenses you cant claim... There are some expenses you cant claim a deduction for as an employee. Employees who work at home cant claim costs: for coffee, tea, milk and other general household items your employer may otherwise have provided you with at work related to children and their education including setting them up for online learning, teaching them at home or buying equipment such as iPads and desks that youre reimbursed for, paid directly by your employer or the decline in value of items provided by your employer for example, a laptop or a phone. Employees generally cant claim occupancy expenses such as rent, mortgage interest, water and rates.

03.01.2022 Offsets and rebates-4 Medical expenses The net medical expenses tax offset is being phased out.... From 201516 until 201819, claims for this offset are restricted to net eligible expenses for disability aids, attendant care or aged care. Net expenses are your total eligible medical expenses minus refunds you, or someone else, received from: National Disability Insurance Scheme (NDIS) private health insurers. If you received a reimbursement amount as part of a compensation payment, you do not have to reduce your eligible medical expenses, unless the amount was received from a government, public authority, society, association or fund. This offset is income tested. If you are eligible for the offset, the percentage of net medical expenses you can claim is determined by your adjusted taxable income (ATI) and family status.

02.01.2022 Offsets and rebates-6 Tax offset for super contributions on behalf of your spouse If you make contributions to a complying super fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working, you may be able to claim a tax offset.... You will be entitled to a tax offset of up to $540 per year if you meet all of the following conditions: For income years prior to 201718 the sum of your spouses assessable income, total reportable fringe benefits amounts and reportable employer super contributions was less than $13,800. For 201718 the sum of your spouses assessable income, total reportable fringe benefits amounts and reportable employer super contributions was less than $40,000 and the contributions were not deductible to you. For 2018-19 and later income years, the sum of your spouses assessable income (disregarding your spouses FHSS released amount for the income year), total reportable fringe benefits amounts and reportable employer superannuation contributions was less than $40,000 and the contributions were not deductible to you. The contributions were made to a super fund that was a complying super fund for the income year in which you made the contribution. Both you and your spouse were Australian residents when the contributions were made. When making the contributions you and your spouse were not living separately and apart on a permanent basis. For 201718 and later income years your spouse had not exceeded their non-concessional contributions cap for the relevant year or had a total super balance equal to or exceeding the transfer balance cap immediately before the start of the financial year in which the contribution was made (the general transfer balance cap for 201819 is $1.6 million). You can claim the maximum tax offset of $540 if: you contribute to the eligible super fund of your spouse, whether married or de-facto, and your spouses income is $37,000 or less. The tax offset amount reduces when your spouses income is greater than $37,000 and completely phases out when your spouses income reaches $40,000. The tax offset for eligible spouse contributions cant be claimed for super contributions that you made to your own fund, then split to your spouse. That is called a rollover or transfer, not a contribution.

02.01.2022 The JobKeeper loophole you NEED to know Struggling Australians may be able to keep almost all of their welfare payments even after the government scales back coronavirus subsidies. JobKeeper recipients could become eligible to apply for JobSeeker payments too when their payments are cut from $1,500 to $1,200 a fortnight on September 28.... This is because their earnings will fall below the $1,256 a fortnight threshold required to receive the unemployment benefit. Currently those on a range of benefits are eligible for the coronavirus supplement payment, which is currently $550 but will fall to $250 a fortnight. From the end of September, those on JobKeeper will also be able to claim the $250 JobSeeker payment meaning their total benefits will amount to $1,450. Treasury officials have confirmed it will be possible for Australians to dip into both pools of funding. The federal government announced the extension of the JobKeeper supplement until March 2021 to help struggling Australians stay afloat during the coronavirus pandemic. But the welfare package is being cut on September 28 by $300 to $1,200 a fortnight for full time workers, and $750 a fortnight for part time employees working 20 hours or less. By January 3 the payment will be slashed again to $1,000 and $650 respectively until payments cease entirely at the end of March. The mutual obligation element of the welfare package will return next month. Anyone receiving JobSeeker will need to prove they have applied for four jobs a month in order to receive their payments. The government will also be conducting additional testing in October and January to verify if businesses will still be eligible for JobKeeper. Only businesses who continue to experience a 30 per cent drop in turnover will be able to keep claiming the support package for their employees. If they cant funding will be cut and theyll need to start paying employees from their business earnings.

02.01.2022 Small Business COVID Hardship Fund Providing $14,000 grants for eligible small and medium businesses that have experienced a reduction in turnover of at least 70%. Eligibility... Your business must hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021 Your business must have been registered for Goods and Services Tax (GST) on and from 28 July 2021. Your business must be able to demonstrate a reduction in turnover of at least 70% for a two-week period since 27 May 2021. Your business must not have received funding under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021. Closing date Closes on 10 Sep 2021 What you get Grants of $14,000. Read more https://business.vic.gov.au//small-business-covid-hardship

02.01.2022 Good news for instant asset write-off If you re looking to claim a deduction for assets purchased for your business, the $150,000 instant asset write-off threshold has been extended to 31 December 2020. This means, if eligible, you can claim an immediate deduction for the business portion of an asset first used or installed ready for use from 1 July to 31 December 2020, in your 2020-21 tax return. If the asset was first used or installed ready for use between 12 March to 30 ...June 2020, and your business is eligible, you can include it as an immediate deduction in you 2019-20 tax return. Eligibility depends on: aggregated turnover of less than $500 million the date you purchased the asset when the asset was first used, or installed, ready to use the cost of the asset being less than the $150,000 threshold. If you decide to use the simplified depreciation rules, the instant asset write-off applies to all eligible assets you own. Exclusions and limits apply in certain instances, e.g, passenger vehicles.