Allison Forrest Accounting & Taxation Services in Ormeau, Queensland | Financial service

Allison Forrest Accounting & Taxation Services

Locality: Ormeau, Queensland

Phone: +61 407 575 377

Address: 16 Flaxton Street 4208 Ormeau, QLD, Australia

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

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22.01.2022 ******JOBKEEPER PAYMENT ACTION REQUIRED****** Make sure you log onto your business MyGov ID or MyGov Account (if sole trader) and continue the steps for JobKeep...er payments and report your Business' Income as required for April ASAP in order to start to receive your payments. Please note you need to log on monthly to declare your business income up until September 2020 to remain eligible. You don't need to satisfy the reduction in turnover rules in order to remain eligible, but you do need to report your business turnover each month to continue to receive JobKeeper payments.

22.01.2022 ****Tax Time Small Business Tool Kit ****** https://www.ato.gov.au///TaxTimeToolkit_small-business.pdf

21.01.2022 At 11pm last night the government released updates to the JOBKEEPER PAYMENTS for Employers & Self-Employed. Follow the link to read all about the latest provisions and how you can apply etc. JOBKEEPER UPDATE https://bit.ly/2wLuGzz... Allison Forrest 0407 575 377 16 Flaxton St PO Box 522 ORMEAU QLD 4208 #AAATaxation #AllisonForrest #Accountant #AllisonForrestAccountant

19.01.2022 If youre unsure which work-related expenses you can claim at tax time, remembering the three golden rules can help. 1. You must have spent the money yourself (...and not been reimbursed). 2. The expense must be directly related to earning your income. 3. You must have a record to prove the purchase. For more information on what you can claim, visit https:///www.ato.gov.au/deductions

17.01.2022 DID YOU KNOW: A tax invoice must include at least seven pieces of information to be valid? For sales of less than $1 000, the seven details are: 1. the words T...ax Invoice 2. your business name or trading name 3. your ABN or ACN 4. the date the tax invoice was created 5. brief description of the items sold, including quantity and price 6. the GST amount (if any) payable 7. the extent to which each item sold includes GST. Find out more about invoicing:

17.01.2022 *****Jobkeeper Reminder***** You need to complete your declaration of Income for the month of May 2020 and estimated income for the month of June 2020 in ord...er to keep receiving Jobkeeper payments. You don't need to qualify for the 30% reduction in turnover each month but you need to declare your income each month to remain eligible. Declarations are required by mid June 2020 or Jobkeeper payments will stop. The sooner you complete the declaration the sooner you will receive May's Jobkeeper payment. This procedure needs to followed up until September 2020 in order to receive the full 6mths of Jobkeeper payments. See more

16.01.2022 ATO announces new deductions for those working from home from 1 March 2020 as a result of Covid19.

16.01.2022 Coronavirus Government Assistance UPDATED 31/03/20 New stimulus for: > Individuals > Households... > Sole Trader Businesses > Business with employees > Employees > Jobkeeper payment information Check your updated status from the link below https://bit.ly/2WLK35z If you have any questions please use the contact forms on the webpages Always here ready to help Allison

16.01.2022 Important changes to claiming personal super contributions for employees prior to 30 June. Please read if your are an employee and wish to take advantage of extra tax deductions for the 2018 financial year. From 1 July 2017 the 10% employment income test that prevented many people from claiming a deduction for personal superannuation contributions was abolished. This was an important change for those who are unable to access salary sacrificing through their employer or those... that are part employed with other sources of income (e.g. small business, investment). To ensure that the contributions are deductible, what do we need to consider? Notice of intention to claim a tax deduction To qualify and claim the deduction, a notice of intention must be received and accepted by the superannuation fund prior to the lodgement of the member's income tax return or 30 June of the year following, whichever occurs first. In some circumstances it may be necessary to lodge a notice of intention earlier. If you have a member planning to rollover or withdraw their benefits or seeking to commence a pension, lodgement and acceptance of the notice must occur before these events take place. Timing In order for a contribution to be allocated in the current financial year payment must be received by the superannuation fund. This is important for ensuring deductibility and the allocation towards a members contribution cap in this financial year. CAUTION: 30 June 2018 falls on a Saturday! The timing of contributions is therefore crucial to ensure that they are received by the member's superannuation fund by no later than 29 June 2018. Some superannuation funds have a cut off date just prior to the end of financial year to ensure that contributions received are processed and allocated in the current year. Please check with the relevant superannuation fund. Also take into account the time required for electronic payments or transfers to be processed by the client's financial institution and received by the superannuation fund. Transfers within the same institution may not occur automatically or on the same day. Contribution Caps Caution is required to avoid excess contributions. Excess amounts are assessable at the members marginal tax rate, thus reducing the tax benefit obtained from the deduction claimed. The concessional contribution cap for all members, regardless of age, reduced to $25,000 on 1 July 2017. Do confirm employer contributions paid for the year to date. How frequently does the employer make its superannuation payments? Quarterly? Monthly? Check the members superannuation statement for prior year contributions received in the current financial year. June contributions will generally be received by the superannuation fund in July (e.g. the following financial year).

15.01.2022 As the new financial year approaches, this could save you time at Tax Time!

14.01.2022 Simplified BAS Statements from 1 July 2017 for small business!

14.01.2022 Dont get caught out! We wont phone you demanding immediate payment of a tax debt.

13.01.2022 Please be aware

13.01.2022 ****JOBKEEPER REMINDER**** Don’t forget to complete your declaration of Income for the month of June 2020 and estimated turnover for the month of July 2020, in order to keep receiving Jobkeeper payments. The sooner you complete the declaration the sooner you will receive June’s Jobkeeper payment. Declarations are due by mid July 2020. This procedure needs to be completed each month up until September 2020 in order to keep receiving your Jobkeeper payments.

11.01.2022 https://www.facebook.com/atogovau/posts/1284159224938054:0

10.01.2022 Be wary of tax arrangements with promises of zero risk, unnecessary complexity, or pressure to keep it a secret.

09.01.2022 *****IMPORTANT ANNOUNCEMENT******* YOU MAY NOT BE ACTUALLY ENROLLED TO RECEIVE JOBKEEPER If you receive or have received a text message from the ATO regarding ...JobKeeper, please DO NOT IGNORE IT and think it is just a blanket text to everyone. It is a call to Action. YOU NEED TO ACTUALLY ENROL FOR THE JOBKEEPER PAYMENT. Previously all you did was register for information. You need to physically go into your MyGovID (other than Sole traders) or your MyGov account (Sole trader - ATO) and click on the COVID-19 announcement and select ENROL, then answer the questions as required. !!! ENROL FOR JOBKEEPER BY 30 APRIL!!!

09.01.2022 ****PLEASE NOTE - IF CLAIMING JOBKEEPER****** Once you qualify for JobKeeper you are eligible for payments up to the end of September 2020, REGARDLESS of your t...urnover. You don't stop receiving JobKeeper if your turnover increases. The ONLY time you stop JobKeeper for certain employees is if you have any staff changes, ie: a staff member leaves or you stop employing all together. I have been receiving a large number of queries with clients thinking they no longer qualify as their turnover is back to normal. The INCOME DECLARATION due each month, is merely reporting to the ATO. It DOES NOT CHANGE your eligibility for payments. See more

08.01.2022 *****December 2019 BAS statements due 28th February 2020**********December 2019 BAS statements due 28th February 2020*****

08.01.2022 *** BREAKING NEWS *** The Federal Government has today 30 March 2020, announced a wage subsidy for businesses to continue to pay workers. The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. In Short the details are as follows:... $1500/fortnight to be paid to employers, to be passed onto employees to keep connected to an employer Available to full and part time workers, sole traders, and casuals employed for 12 months or more Will apply via ATO for workers that were on books as at 1 March Will flow from 1 May backdated to today If employee has been terminated since 1 March, then they will still be eligible for the JobKeeper payment Business turnover needs to have reduced by 30% or more to be eligible for the scheme Will be linked to STP lodgements for employers/employees You can register your business with the ATO by clicking on this link. This will then keep you informed of what you need to do to be eligible. https://bit.ly/3bBW8hM Please note: Legislation is yet to be passed - more detail will follow once the legislation has been passed. Allison Forrest 0407 575 377 16 Flaxton St PO Box 522 ORMEAU QLD 4208

08.01.2022 Friends dont let friends leave their money behind. If you know someone living and working in Australia temporarily, remind them to pack their superannuation wh...en they leave! Temporary residents can save time and money by claiming their super using our online system once theyve left the country. To learn more, go to https://www.ato.gov.au//temporary-residents-leaving-austr/ or find details in multiple languages at https://www.ato.gov.au/General/Other-languages

06.01.2022 *** UPDATED 30/03/20 *** Coronavirus Government Stimulus See what you could be entitled to from the link below #AAAtaxation #AllisonForrestAccounting... https://bit.ly/2WLK35z See more

06.01.2022 ***BUSINESS that HAVE EMPLOYEES PLEASE NOTE *** Single Touch Payroll will change the way you report your tax and super Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees. You'll report the following information through an STP ready solution - such as payroll software:... payments to employees such as salaries and wages pay as you go (PAYG) withholding super information. The way you pay your employees won't change, however you will be sending us this information each time you pay them. Start reporting any time from 1 July to 30 September 2019. If you cant start reporting by this time, you'll need to apply for a later start date. An online tool to help you do this will be available on our website in April. How to get started If you already use payroll software - check to see if it offers STP reporting by talking to your software provider or viewing their website. If you don't use payroll software - you can choose an STP ready solution or talk to your tax professional for advice on the best solution for your business. If you use a registered tax or BAS agent - you can ask them to report through an STP ready payroll solution on your behalf. If you have 1-4 employees - you can choose a low-cost STP solution. Find out more at ato.gov.au/STPsolutions For more information about Single Touch Payroll, visit our website ato.gov.au/STP

05.01.2022 You can register from the link below #AllisonForrestAccounting

04.01.2022 Please be aware .

04.01.2022 $150,000 immediate asset write off has been extended to 31 December 2020! Please see attached for conditions .

03.01.2022 The minimum income threshold for student loan repayments is changing on 1 July. If you have a study or training loan and earn $45,881 or more during the 201920... financial year, youll be required to make compulsory repayments. Start the new financial year on the right foot check your employer knows you have a student loan to help ensure youre taxed correctly. Read more at www.ato.gov.au//study-and-training-s/compulsory-repayments

01.01.2022 Anyone studying maths, science or nursing? If so read on for HECS savings

01.01.2022 Advice: When purchasing a rental property or a new residence and renting out your existing one, PLEASE speak to your accountant first. Please DO NOT rely on th...e bank's tax advice. I have seen so many clients told that they can claim interest on their old principal place of residence when increasing borrowings to pay for their new property. Regardless of whether the security is over your old home, the only interest on loans you can claim is that on the original/loan amount at the time of refinance. Banks cannot give tax advice so please don't rely on it. For the right advice talk to Allison 0407 575 377 or pm the page #AAAtaxation

01.01.2022 Shopping online? From 1 July, GST may apply to certain goods sent from overseas. So whether the items youre buying online are from Sydney Nova Scotia or Sydney Australia, the GST will be the same. Read more about this law change at ato.gov.au/lvigconsumers