Australian Tax Specialists | Finance

Australian Tax Specialists

Phone: +61 2 8091 4054

Address: 10 Kiriwina Pl 2167

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

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25.01.2022 Should you withdraw your super as part of COVID-19 Early access to super ? Quickly read our blog on the negative aspects of withdrawing your superannuation and the potential time it would take to reach the portfolio value before April 2020. http://www.australiantaxspecialists.com.au/blog

24.01.2022 Forecasts for 2019 indicate oil prices will hold at US $50 per barrel. However consumer level costs are relatively high at $1.70 per litre. Likely effect of this is Airfares will rise slightly world wide. In our Asia Pacific region lower Aud value to usd is good news for local exporters that are not involved in multinational operations

24.01.2022 Happy New Financial Year ! From 1 July 2018 Following will take place : - Power bills to fall slightly in NSW, QLD and SA - Plastic Bag Ban. Major retailers institute a nationwide Ban - Road Tolls increase in Sydney, Melbourne & Brisbane... - Passport Photos : Glasses not allowed - For Senior Citizens : if over 65, they can contribute $300k from the sale of their family home to Super - Banks to share detailed financial history with other lenders - Tax payers to receive modest tax relief for income range between #37k - $90k max tax offset of $530 - Parking Fines slashed in NSW. 25% discount on 10 most common fines. (we love this). - Minimum wage increase 3.5% contact us for more info : [email protected]

18.01.2022 Protect yourself from illegal phoenix companies. Illegal phoenix activity is when a new company is created to continue the business of an existing company which has been deliberately liquidated to avoid paying Creditors, Taxes and Employee entitlements. To protect your business and to find out who you are doing business with, always check ABN register on www.abr.business.gov.au

14.01.2022 Breakdown of the COVD-19 Stimulus package announced today: Investments - Instant asset write off up to $150k. If your business buys any new assets. Where your annual Business turnover per year is below $500m... Support for Employers - If your business turnover is less than $50m per year and you employ people as employees, then you may be eligible for a tax free payment of max $25k from the government. If you are a sole trader then it does not qualify. - If you have existing apprentice you could potentially get 50% of the apprentices wages paid to you. One off payments - If you receive any kind of Centrelink benefit then you may be entitled to a one off payment of $750. Other measure - $1b fund has been setup. This is assist casual workers who do not receive sick leave. all the above has to be passed in the Senate first. Source:https://www.9news.com.au//2cbe24f7-20d1-4b91-9244-6238e7ab

13.01.2022 In other news following the ex prime ministers defeat the bill proposed in 2016 (enterprise tax plan 2) to reduce all company tax rates progressively to 27.5% by 2024 for all companies regardless of turnover, has been defeated in the Senate by 36-30 votes. So where does this leave us in the current financial year ? 2018/2019 : Businesses with aggregated turnover of $50m and under qualifies for tax at 27.5%. All other Companies at 30%.

13.01.2022 First most we hope everyone is keeping safe during this challenging times. Secondly we have had a spate of enquiries from Small/medium business owner on How the governments Cash flow boost work in response to COVID-19. Below breakdown for businesses only. 1.First is eligibility requirement (important to note, just because you are a small business does not mean you are eligible). 2.BAS: The payment is made to your business bank account by ATO, when you lodge your Quarterly o...r monthly BAS. The maximum amount is $50k and minimum amount is $10k. So for example you lodge you BAS and you should you have $3k PAYG withheld. ATO will credit you $10k. so you receive $7k in credit. Taking into account of your BAS position with GST. 3.BAS: The other maximum $50k PAYG credit works in this manner; if you have PAYG withheld in your BAS over $10k, E.g. $11k, then you will be eligible for 3 x $11k = $33k as a credit. In the next BAS lodgement you will receive a credit of $17k for your maximum $50k limit. 4.BAS: There is a second round of $50k cash flow boost. Much like the first round. 5.Business Loan from BANK: Because the federal government will guarantee 50% of the loan amount a small/medium business want to borrow from a bank, it will be easier for you to receive business finance without lot of red tapes. 6.$150k asset write off: if your business turnover is less than $10m, You can write off business assets up to the value of $150k either purchased after 12 May 2020 or you pre-owned it since 12 May 2015. 7.Temporarily relief for Statutory demands: Because of the situation many businesses will owe money to their creditors, the gov has increased the minimum amount to $20k. Meaning if your business owes money to a creditor for less than $20k, they cannot initiate legal proceedings against you for a statutory demand and initiate bankruptcy proceedings against you. This will last for 6 months from 12 March 2020 to 12 September 2020. Also temporarily directors will not be personally liable for trading while insolvent for a period of 6 months. Once again as well always say, these are not remedy but just a system to slightly reduce the damage we are all facing. Give us a call on 02 8091 4054 or leave us a message if you require assistance with any of the above.

04.01.2022 Reserve Bank Of Australia has cut interest rate by 0.25 to 1.25. What does it mean for you ? - rates were reduced to give the economy a boost, to increase investment in the economy which will result in increased employment. - If you have a bank loan, your banks may pass on the reduced rate savings to you if you are on variable interest. - If you have large savings deposits, you may now see less interest income.... - Share markets should rally, and if you have investments that would be a positive. - Australian dollar may now fall a little, great news if you sell or export in the international market. But if you import for business or have plans to travel on holidays you may see your dollar go less further. https://www.rba.gov.au/media-releases/2019/mr-19-15.html

02.01.2022 Federal Government delivered a strong budget for 2019 Financial year. The economy is projected to grow 2.7% in the coming year. Q: The big question is what does it mean for you ? A: WIth federal election only weeks away, this was always going to be a political move. So middle income earners will have some tax relief through an increase in low income tax offsets rising from $580 to $1,080 . you will not see this changes in your payslip, but rather when you lodge your tax retu...rn at end of a financial year. Other measures that includes raising the top marginal rate from $180k to $200k will take effect from 1 July 2024. For our business clients with aggregate revenue under $50 million, The instant asset write off has increased to $30k. Meaning business assets under $30k is instantly deductible. No changes to FBT regimes, so depending on what your businesses purchases FBT regime could apply on items such as passenger vehicles. Speak to us for more details on 02 8091 4054. Here is a summary: https://www.abc.net.au//federal-budget-2019-winne/10939098