Arrow Accountants in Newstead, Queensland | Business service

Arrow Accountants

Locality: Newstead, Queensland

Phone: +61 7 3071 7468

Address: Unit 30, 70 Vernon Terrace 4005 Newstead, QLD, Australia

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

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25.01.2022 WARNING! New phishing scam circulating. It will appear to have been sent from an official ato.gov.au email address and will display as being from the Australian... Taxation Office. If you receive this scam email, DON’T click on the attachment as it contains malware. Delete the email immediately. Tell your friends and family so they don’t get caught. Check out this and other scams currently circulating and read tips on how to protect yourself at http://www.ato.gov.au/onlinesecurity

23.01.2022 WARNING! New phishing scam circulating. It will appear to have been sent from an official ato.gov.au email address and will display as being from the Australian... Taxation Office. If you receive this scam email, DON’T click on the attachment as it contains malware. Delete the email immediately. Tell your friends and family so they don’t get caught. Check out this and other scams currently circulating and read tips on how to protect yourself at http://www.ato.gov.au/onlinesecurity

23.01.2022 Small Businesses may want to act now and bring forward their capital purchases if they still wish to utilise the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-2014. The details of the government's repeal of the Minerals Resource Rent Tax (MRRT) make it clear that some small business tax concessions put in place by the former government are to be wound back. If successfully legislated, repeal of the small business capital allowance concessions will apply from January 1 2014.

22.01.2022 2012 Federal Budget Summary The key new announcements include: tax may increase on certain employment termination payments the reduction in the company tax rate isn't going ahead... the increase in the concessional contribution cap for people aged 50 or over with less than $500,000 in super will be postponed until 1 July 2014 the tax payable on concessional super contributions by people earning $300,000 pa or more will increase from 15% to 30%, and a 'SchoolKids Bonus' of $820 a year for each child at high school and $410 for every child in primary school will automatically be paid to parents who are eligible for Family Tax Benefit Part A, replacing the Education Tax Refund. See more

22.01.2022 Small Businesses may want to act now and bring forward their capital purchases if they still wish to utilise the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-2014. The details of the government's repeal of the Minerals Resource Rent Tax (MRRT) make it clear that some small business tax concessions put in place by the former government are to be wound back. If successfully legislated, repeal of the small business capital allowance concessions will apply from January 1 2014.

22.01.2022 Last Minute Tax Planning Tips! 30 June is almost here once again! If you want to make sure you are doing everything you possibly can to minimise tax, consider our "last minute tax planning tips" 3. Get the Super Co-Contribution:... This year is your last chance to get up to $1000 of free money from the government if you make a non-deductible super contribution and claim the government co-contribution. Next year, the maximum co-contribution is being halved to $500. Many middle-income earners will also miss out on the benefit next year. At the moment, you can claim the full $1000 co-contribution if you earn up to $31,920 and a partial co-contribution if you earn up to $61,920. But next year that upper-income limit will fall to about $46,920.

19.01.2022 Watch out for this scam email everyone! If you come across it, don’t download the link. Delete the email immediately. Spread the word to ensure your family and... friends aren’t fooled. Check out the other scams currently circulating and read tips on how to protect yourself at http://ato.gov.au/onlinesecurity

19.01.2022 Melbourne Cup Luncheon 2012 at Arrow Accountants

17.01.2022 IMPORTANT MESSAGE FROM ATO!!! In a broadcast message sent 11 July 2012, the ATO alerted registered tax agents of an error in the payment slip barcode in activity statements for the period ending 30 June 2012. For clients making activity statement payments at Australia Post this error could result in their payment not being applied to the correct account when received by us.... The electronic funds transfer (EFT) code appearing on the payment slip is correct and can still be used to make payments through all other payment methods. Activity statements that were sent out individually are not affected by the print error. The ATO says that it has advised Australia Post of the error. They will use the EFT code to cross reference the correctness of the barcode, and if a mismatch occurs, they will enter the EFT code manually when processing activity statement payments. The ATO says that where possible, it recommends agents that they encourage their clients to pay electronically or use one of the other methods of payment listed on the back of their payment slip. For clients who must use Australia Post to pay, they need to ensure Australia Post staff manually key the payment details rather than scanning the barcode on the payment slip.

16.01.2022 IMPORTANT WARNING Warning for Directors of Companies that owe PAYG Withholding - Urgent action should be considered, otherwise they may find they will no longer be able to avoid personal liability for their Company's Debt. There is currently legislation before the House of Representatives proposing amendments to the Directors Penalty Notice provisions.... These amendments, if passed, could have far reaching consequences on directors of companies that owe the Australian Taxation Office (ATO) outstanding pay as you go (PAYG) withholding deductions. It would appear that under the proposed legislation, a director will no longer be able to avoid personal liability if their company has a PAYG debt when the following applies: * The debt is older than three (3) months; and * The debt was not reported to the ATO within three (3) months of the lodgement date; and * The amendments become law. It is thought that the only way a director can avoid personal liability for the debt in these circumstances, and the action must be taken before the amendments become law, is to either: * Place the company into Liquidation; or * Place the company into Voluntary Administration; or * Cause the debt to be paid. It would seem that unless one of the above alternatives is actioned before the amendments become law, directors may not be able to absolve themselves of personal liability for their company’s existing outstanding PAYG debt.

15.01.2022 ATO COMPLIANCE PROGRAM 2012-2013 Over the coming year, the ATO's compliance program for individuals will focus on the following compliance risks: * incorrect or fraudulent refunds for over claims and deliberate fraud ... * review of work-related expenses for occupations with high levels of claims * people getting caught up in tax avoidance schemes * omitted income, including dividends and interest, capital gains, and foreign source income. INCORRECT OR FRAUDULENT REFUNDS The ATO's efforts to tackle incorrect and fraudulent refund claims include both pre-emptive action - warning taxpayers about the risk of potentially incorrect claims before they lodge their returns - and checking all returns for potentially incorrect claims before we issue a refund. The ATO identify potentially incorrect claims through data mining and other analytical tools. INCORRECT CLAIMS MAY INVOLVE * basic errors and oversights or misunderstanding of entitlements * a lack of documentation to support claims as required by the law * lodgment of deliberately false claims * identity crime. * Where a taxpayer makes incorrect claims as a result of an oversight or error the ATO will work with the taxpayer to reduce the level of errors in the future. Where it is apparent that deliberate fraud has occurred or the taxpayer has acted recklessly in making a claim, they may be prosecuted and penalties may be imposed. POTENTIALLY INCORRECT CLAIMS FOR WORK RELATED EXPENSES In the face of continuing increases in claims for deductions of work-related expenses the ATO will continue their targeted program of sending pre-lodgment advisory letters to people in occupations where they consider there is a higher risk of incorrect claims. In checking returns for 2011-12, the ATO will focus on claims made by individuals in the following occupations that have shown a pattern of relatively high levels of claims: * Defence Force - non-commissioned officers * Information technology managers * Plumbers The ATO review all claims for these occupations and, if necessary, will request additional information to substantiate them. Taxpayers must keep written records for all their work-related expenses if their claims total more than $300.

12.01.2022 Taxable Payments Reporting - Building & Construction From 1 July 2012 the ATO has introduced a new system to report taxable payments in the building & construction industry. The information will be used by the ATO to match up the data contractors report in their tax returns with the amounts reported to have been paid to them by the companies in the building & construction industry. Does this affect me?... You will need to report taxable payments if you meet the following criteria: * you are a business that is primarily in the building and construction industry * you make payments to contractors for building and construction services * you have an Australian Business Number (ABN) A business is primarily in the building & construction industry if any of the following criteria are met: * in the current financial year, 50% or more of your business activity relates to building and construction services * in the current financial year, 50% or more of your business income is derived from providing building and construction services * in the financial year immediately before the current financial year, 50% or more of your business income was derived from providing building and construction services If you think this affects you contact our office for more information on: * What do I report? * What don't I report? * When do I report? * What activities are considered building? The next step - we can provide an easy to use spreadsheet that will keep track of every reporting requirement.

11.01.2022 CHANGES TO PRIVATE HEALTH INSURANCE REBATE From 1 July 2012 individual and family entitlements to the private health insurance rebate will be income tested. In addition there are two new income thresholds where taxpayers will pay a higher rate of Medicare levy surcharge in cases where there is no private health insurance. To summarise these upcoming changes we have compiled a technical update that outlines the income thresholds and rebates. Contact us for a copy.

11.01.2022 WELCOME to a new financial year. The start of the new financial year coincides with huge changes to the tax scales and to superannuation, which makes it imperative to look at your financial affairs to ensure you're in good shape for the future. For years marginal tax rates have been dropping. That trend is being reversed and marginal rates are increasing for low income earners. The lifts in marginal rates are accompanied by an increase in the tax-free threshold, which gives a...n effective tax cut of about $6 a week for people earning less than $80,000. There is no tax cut for those earning over $80,000. Once income reaches $80,000 a year, the marginal rates and tax thresholds are unchanged. Last financial year the first $6000 was tax free and the next $31,000 was taxed at 15 per cent. Now, the first $18,200 is tax free and the application of the low income tax offset, or LITO, means no tax if your income is less than $20,542. This means a radical rethink for those who are trying to save for their retirement. No longer will it be appropriate for low income earners to invest after-tax dollars in superannuation where the earnings will be taxed at 15 per cent, when they can hold their funds outside the system and pay zero tax if total income, including investment earnings, is less than $20,542 a year. Lower income earners who are eligible (you need income from employment or business) should continue to make a non-deductible contribution to super to receive the government co-contribution. This year, the top co-contribution has been slashed to $500 but is still worth making the contribution of $1000 to qualify. It's a risk-free 50 per cent return on your money. For incomes between $37,000 and $80,000, the marginal rate is increasing from 30 per cent to 33 per cent, and the offset has been tweaked so it drops at 1.5c for each taxable dollar over $37,000, an effective rate 34.5 per cent on incomes from $37,000 to $80,000 a year. Deductible contributions will still be attractive for people in this tax bracket because such contributions lose just 15 per cent, whereas money taken in hand would lose 34.5 per cent. The amount that can be contributed to super as a concessional contribution is now $25,000 a year for everybody who is eligible, this includes contributions from all sources. Make it a priority to speak to your employer about your current salary sacrifice arrangements so you do not find yourself in excess benefits territory with penalties.

10.01.2022 TAX CHANGES TO COMPENSATE FOR THE CARBON TAX From 1 July 2012, the threshold for claiming an immediate deduction for depreciable assets (including cars) increases to less than $6,500 GST exclusive for small businesses and the depreciation rate for assets costing $6,500 or more GST exclusive included in the asset pool will be 30% (15% for the first year) even for assets with an effective life of 25 years or more. It may in some cases be better to acquire an asset in July 2012 rather than June 2012 to take advantage of this accelerated up-front deduction.

08.01.2022 Wishing everyone a Merry Christmas and a Happy and Healthy 2013. Arrow Accountants will close on Thursday 20 December 2012 and will return in the New Year on Monday 7 January 2013. We hope everyone has a happy and safe holiday.

03.01.2022 Important Update from Treasury Treasury has announced some proposed measures that will NOT proceed under the new Government - we have listed some of the more important ones below. 1. Cap on deductions for self education expenses... This means there will be no upper limit on the amount that can be deducted for self education expenses such as seminars, training courses and textbooks 2. Removal of the FBT statutory formula Removal of the FBT statutory formula would have required logbooks to be kept for every vehicle subject to FBT 3. Tax on superannuation pension earnings over $100,000 per pensioner Currently no tax is payable on earnings for superannuation balances used to pay pensions. This tax exemption will now continue unchanged Important Proposed Measures that WILL Proceed 1. Abolition of the net medical expense tax offset The last year for the tax offset on medical expenses will be the year ended 30 June 2015, and even then it will only be available if there were claims in both the 2013 and 2014 financial years