ASAP Accounting & Taxation 02 4578-6088 in Richmond, New South Wales | Tax preparation service

ASAP Accounting & Taxation 02 4578-6088

Locality: Richmond, New South Wales

Phone: +61 2 4578 6088

Address: 30 Paget Street 2753 Richmond, NSW, Australia

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

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25.01.2022 The team at ASAP Accounting & Taxation will be taking a short break over the Christmas and New Year period. We’d like to take this opportunity to thank all of our valued clients and wish you all the very best for the holiday season. Our office will be closed from 1pm Wednesday December 23 and will re-open at 9am on Monday January 11th.... Happy Holidays! From the team at ASAP Accounting & Taxation.

25.01.2022 The clock is ticking...the October 31 deadline for lodging your return is approaching fast! Contact us today on 4578-6088. We can also serve you via phone appointments.

24.01.2022 If your business produces or purchases stock for the market, youll likely need to do at least one stocktake at the end of the financial year for tax reasons. You should do your stocktake as close to the end of the financial year as practical. If you choose not to stocktake, your records should still include what you estimated your stock variation to be and how you arrived at your estimate.

23.01.2022 Time to dust your shoe-box full of receipts off!.....Tax Time is here www.asaptax.com.au

22.01.2022 Employers have up to 16 November 2020 to update their payroll systems to reflect the changes to the personal income tax thresholds for the 2020-21 income year. The ATO has published the updated PAYG withholding tax tables to be used to work out employees’ take home pay. These apply to payments made on and from 13 October 2020, but employers have been given additional time to adjust their processes.

22.01.2022 PRACTICAL TIP Gathering information on decline in turnover. One of the primary tests for determining whether a business qualifies for the JobKeeper Scheme and, hence JobKeeper Payments, is the decline in turnover test . Ultimately, it is up to each business to self-assess whether it satisfies this test. In most cases, businesses will be required to make a reasonable estimate of their turnover for a month or a quarter.... To assist with this process, the ATO (according to Treasury) will be providing guidance in this regard shortly. In the meantime, it would be prudent for businesses to start collating relevant information (e.g., interim accounts, monthly sales reports and prior year BASs) to get ready for comparison calculations. Please Note: Many of the comments are general in nature and anyone intending to apply the information to practical circumstances should contact us on 45786088 to verify their interpretation and the informations applicability to their particular circumstances.

19.01.2022 Employers: The JobKeeper Payment is changing, so more employees can qualify. There are changes to: 1. the eligibility criteria 2. a payment extension to 31 August, and 3. employers can nominate different employees if their employment has changed.... For more details on the changes, see https://www.ato.gov.au//JobKeeper-Payment/Employers/Your-/ See more

19.01.2022 HECS/HELP Loan Repayment. New repayment rates and thresholds have been legislated to commence for the 2020-21 financial year. Please see the below table for further details.

18.01.2022 Another one of our talented clients. Congratulations Caitlin Harnett and we're excited for the new album due out in November.

17.01.2022 Resident tax rates 201920 These rates apply to individuals who are Australian residents for tax purposes.

16.01.2022 Employers: This is the final call to apply for the super guarantee amnesty. Catch up on past unpaid super once and for all! Payment plans are available if you want to apply but dont have the funds to pay right now. Any amnesty payments you make before it ends on 7 September 2020 are tax deductible. To make payments youll need the payment reference number the ATO will send you once theyve processed your application.... To learn more about the benefits of the amnesty and to apply, visit www.ato.gov.au//Super-fo/Superannuation-guarantee-amnesty/

16.01.2022 The lodgement due date for the 2019 Income Tax Return is fast approaching. Your Tax Return must be lodged by 15th May 2019 to avoid penalties. If you are unsure of your lodgement due date please call ASAP Accounting & Taxation on (02) 4578-6088.

16.01.2022 Tax Time 2020 is nearly here! Appointments are available in person or phone consult. We look forward to seeing you all soon.... Check out our handy checklist to get the most out of your 2020 return. https://docs.google.com/viewerng/viewer

16.01.2022 JobKeeper Stimulus Package - Help for employers. ASAP Accounting & Taxation is still open for business and weve been working hard to bring you the JobKeeper Stimulus Package update. Checkout our website at www.asaptax.com.au for all the latest updates.... https://docs.google.com/viewerng/viewer

15.01.2022 Reminder for employers Finalise STP data for 2020 Employers who report through Single Touch Payroll (STP) which should be all employers, unless an exemption or deferral applies that they will need to finalise payroll information for the 2020 income year by making a declaration. The due date for making finalisation declarations is:... 14 July 2020 for employers with 20 or more employees; and 31 July 2020 for employers with 19 or fewer employees. Employers that finalise through STP are not required to provide payment summaries to employees and lodge a payment summary annual report to the ATO. Instead, employees will be able to access their payroll information (for preparation of their 2020 tax return) through a registered tax agent.

14.01.2022 Jobkeeper Q&A - Question 2: Do businesses have to meet the decline in turnover test on an ongoing basis? The answer is No. Whilst a business must satisfy the decline in turnover test in order to be entitled to a JobKeeper Payment, once it is satisfied, there is no requirement to retest in later JobKeeper Payment fortnights.... That is, the decline in turnover test only needs to be satisfied once. As a result, if a business can demonstrate that its turnover has been adversely impacted by at least 30% (or 50%, as the case may be), then it will continue to meet this requirement even if its turnover subsequently recovers in later JobKeeper fortnights. Please Note: Many of the comments are general in nature and anyone intending to apply the information to practical circumstances should contact us on 45786088 to verify their interpretation and the informations applicability to their particular circumstances.

13.01.2022 Businesses: Dont forget, you have until 31 May 2020 to enrol for JobKeeper to claim April and May payments for your staff! Make sure youre ready to be reimb...ursed for JobKeeper payments by: checking both you and your employees meet the eligibility requirements, and paying your employees by the appropriate date for each fortnight. For more info, visit www.ato.gov.au//JobKeeper-P/In-detail/JobKeeper-key-dates/

12.01.2022 JobKeeper declaration due 14 June Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments.

11.01.2022 Scam Alert Heads up for everyone! Twice this week I have received a phone call saying that my tax file number has been revoked and I have a court case against... me in Federal Court, and to dial 1 to proceed to more details. Don’t press 1! I checked with my personal tax agent ASAP Accounting & Taxation 02 4578-6088 and they reassured me it’s a scam. Pass this around people. The elderly are so very vulnerable to these things. It made me question it!

11.01.2022 Do you have questions on JobKeeper Payments or how to apply to access your super early? See if we can save you a phone call by checking out our new web page, wh...ich lists all our most frequently asked questions over the last week. Find helpful information on: Sole traders having problems registering for JobKeeper Sole traders with zero employees Super balance is low Wrong bank account for early release of super Were updating this page regularly to help you find answers to common questions check it out at www.ato.gov.au/General/COVID-19/Top-calls-about-COVID-19/

10.01.2022 Taxable payments annual report (TPAR) You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year if you are a: business providing: ... building and construction services cleaning services courier services road freight services information technology (IT) services security, investigation or surveillance services mixed services (a business that provides one or more of the services listed above) See more

10.01.2022 A.S.A.P Accounting & Taxation are now a registered COVID safe business. Doing our part to keep our community COVID Safe.

10.01.2022 Instant asset write-off extended to 31 December 2020 The government will extend the $150,000 instant asset write-off for six months to 31 December 2020. Australian businesses with annual turnover of less than $500 million will be able to take advantage of this extended time frame to invest in assets to support their business as the economy reopens and coronavirus health restrictions continue to ease. Legislative changes will be made to give effect to this measure.

10.01.2022 Jobkeeper Q&A - Question 1: Can a sole trader who has employees also qualify for the JobKeeper Payment? The answer is Yes. On the basis that the sole traders business has satisfied all the other requirements to qualify for the JobKeeper Payment, a sole trader can qualify for the JobKeeper Payment in relation to their eligible employees and also qualify for the JobKeeper Payment themselves (i.e., in their own capacity) as an eligible business participant.... In order words, a sole traders entitlement to the JobKeeper Payment as an eligible business participant arises independently of their entitlement to the JobKeeper Payment in respect of their employees. Therefore, whether a sole trader has any employees or not will not impact on their ability to personally qualify for the JobKeeper Payment. Please Note: Many of the comments are general in nature and anyone intending to apply the information to practical circumstances should contact us on 45786088 to verify their interpretation and the informations applicability to their particular circumstances.

08.01.2022 Are you able to Claiming Deductions for Personal Super contributions? You may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income, for example, from your bank account directly to your super fund. Before you can claim a deduction for your personal super contributions, you must have given your super fund a Notice of intent to claim or vary a deduction for personal super contributions form (Link below) and... received an acknowledgement from your fund. There are other eligibility criteria that you must meet (seek advice). The personal super contributions that you claim as a deduction will count towards your concessional contributions cap. When deciding whether to claim a deduction for super contributions, you should consider the super impacts that may arise from this, including whether: you will exceed your contribution caps Division 293 tax applies to you you wish to split your contributions with your spouse it will affect your super co-contribution eligibility. If you exceed your cap, you will have to pay extra tax and any excess concessional contributions will count towards your non-concessional contributions cap. This information is general in nature and we recommend you contact us 4578-6088 regarding your personal circumstances. Potential impacts on claiming maybe negative. https://docs.google.com/viewerng/viewer

07.01.2022 Private health insurance statement From 1 July 2019, health insurers are no longer required to send their members a private health insurance statement. It is optional for them to send you this information. If you lodge your tax return with a registered tax agent, your health insurance tax information should be available by 20 July. We access this information to save you time and help you to get your tax return right

07.01.2022 Jobkeeper Payment - Have you registered your interest? Take a look at your next step. https://www.ato.gov.au//enrol-and-apply-for-the-jobkeeper/

07.01.2022 Get ready to move those clocks forward. Daylight Saving Time is just around the corner. Those in the ACT NSW, Victoria, South Australia and Tasmania will have to turn their clock forward by one hour at 2am on Sunday, October 4.

07.01.2022 Family assistance payments Any clients receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia, must lodge their 201819 tax return by 30 June 2020. Lodgment deferrals do not alter this requirement. If you are entitled to family assistance but didnt receive any payments in the 2018-19 financial year, you will also need to lodge a lump sum claim with Services Australia by 30 June 2020.... Services Australia needs your income details to balance payments for Child Care Subsidy and Family Tax Benefit. If lodgment is not made by 30 June 2020: Child Care Subsidy; you may: lose their ongoing entitlement receive a debt and have to repay the amount received in the 201819 financial year Family Tax Benefit; you may miss out on additional payments receive a debt and have to repay the amount received in the 201819 financial year.

06.01.2022 The deadline to receive April JobKeeper payments is fast approaching (8th May).

06.01.2022 Registrations for the $1500 per fortnight Jobkeeper payment are open from today Monday April 20th. https://bp.ato.gov.au/ Find all the details about how to finalise applications, eligibility criteria on the ATO website.... https://www.ato.gov.au///enrol-for-the-jobkeeper-payment/

06.01.2022 TIP Jobkeeper ATO concession for the first two JobKeeper fortnights. In the event that an employer does not meet the wage condition (i.e., they have not paid an eligible employee a minimum amount of $1,500 in the fortnight), then they have not met all the requirements to be entitled to the JobKeeper Payment. However, the Commissioner does have the power to treat a particular event (e.g., a payment) that happened in a fortnight as having happened in a different fortnight i...f the Commissioner believes that it is reasonable to do so. In this regard, the ATO has advised that for the first two fortnights (i.e., the fortnights ending 12 April 2020 and 26 April 2020), it will accept the minimum $1,500 as being paid in each fortnight, even if it has been paid late, provided it is paid by the end of April. As such, the ATO has effectively granted businesses an extension of time to pay the required $1,500 per fortnight to their eligible employees for the purposes of meeting the JobKeeper Payment requirements. Please Note: Many of the comments are general in nature and anyone intending to apply the information to practical circumstances should contact us on 45786088 to verify their interpretation and the informations applicability to their particular circumstances.

05.01.2022 JobKeeper payment - Register your interest The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. The Government has announced its intention to pass additional legislation to introduce this new measure.... If legislation is enacted, support will be directed to employers to pass on to employees. You dont need to phone the ATO. You can register your interest with below link and they will send you updates. No further updates are available at this time. https://www.ato.gov.au/general/gen/JobKeeper-payment/

05.01.2022 Hippity Hop! Easter is on its way Happy Easter from all of us at ASAP Accounting & Taxation

04.01.2022 Changes to payment summaries You may not receive a payment summary from your employer this year. Many employers are now required to report their employees income, tax and super information directly to the ATO each payday, so you can find all your information in one place when you need it.... If you use a registered tax agent to prepare your income tax return, you dont need to do anything. The ATO provides agents with a direct link to this information so they are fully equipped to lodge your tax return as usual. Most employers have until 14 July 2020 to finalise their data. However, some employers have until 31 July to do this.

04.01.2022 JobKeeper Payment - Nominating new employees

04.01.2022 Client with robodebt refund? Services Australia may be sending several taxpayers refund amounts soon (repayments on debts it raised using averaged ATO income information aka robodebt). No action will be taken regarding these amounts. ... You will not be taxed on it. It will not be included in a tax return, and there is no need to submit an amendment for prior years.

04.01.2022 Dear valued clients, We would love to hear your feedback, and we would be incredibly grateful if you could take a couple of minutes to write a quick Google review for us. This will allow us to improve our service and let others recognise the value we provide. Our goal is to provide the very best service and we are always looking for ways to improve. We are looking to gain feedback on our service so that we can enhance your experience.... To submit your review, simply click the link below and let us know what you think. Thank you so much for taking the time to leave a review. Your feedback is highly appreciated and important to us and I look forward to reading your comments. Many thanks, Josie & Amanda

04.01.2022 Important information for anyone receiving the following payments: * Jobseeker * Youth allowance * Parenting payment... * Abstudy * Austudy * Farm household allowance See more

04.01.2022 Record Keeping! Taxpayers dealing with cryptocurrency need to keep good records. It's important you can show the intention behind each transaction.... Information that your records must show: * Date of transaction * What the transaction was for and the identity of the other party to the transaction * The value of the cryptocurrency in Australian dollars at the time of the transaction (from reputable online exchanges) An example of a record type is a receipt of purchase. Cryptocurrency is generally regarded as a CGT asset. The disposal of cryptocurrency to a third-party may constitute a CGT event.

04.01.2022 With so many Australians working from home to reduce the risk of coronavirus, were making it easier to claim your expenses this tax time. From 1 March until 30... June 2020, were allowing you to claim 80c per hour for each hour you spend working from home. This will cover all your expenses, including your: Heating and cooling Electricity Mobile phone Internet Depreciation of office equipment You can still use other methods to calculate your claim if you prefer; however, whichever method you choose, youll need to make sure you have records to support your claim. Find out more about the change at www.ato.gov.au//Support-for-i/Employees-working-from-home/

04.01.2022 Are you a contractor or employee? https://docs.google.com/viewerng/viewer

03.01.2022 We are super proud of our in-house Financial Adviser Ralph. Fantastic Effort and to pass and on your first attempt is incredible.

01.01.2022 Why Use a Tax Agent vs the Free ATO Service Tax time presents us with a dilemma hire an expert to take care of our return or use the ATOs free service. The new myTAX platform that the ATO has launched is undeniably an easy option to process a DIY tax return, but how effective is it? One in three Australians took the non-tax agent supported DIY route last year. However, by taking the free option were they better off? Did they actually cheat themselves out of a bigger return...Continue reading