Balmain Accountants in Lilyfield, New South Wales, Australia | Accountant

Balmain Accountants

Locality: Lilyfield, New South Wales, Australia

Phone: +61 2 9555 6057

Address: 2 Mary Street 2040 Lilyfield, NSW, Australia

Website: http://balmainacc.com.au

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25.01.2022 New tax rules for property sales over $2 million Australian residents buying or selling real property with a market value of $2 million or more need to be aware of new rules which come into effect on 1 July 2016. Assistant Commissioner Malcolm Allen said Australian residents who are selling a taxable Australian property with a market value of $2 million or more need to obtain a clearance certificate from the ATO, to confirm a 10 per cent withholding amount does not need to be... withheld from the transaction. The seller needs to provide a clearance certificate to the buyer by settlement, or the buyer will be required to withhold 10% of the sales price and pay this to the ATO, Mr Allen said. We encourage all Australian residents who are looking to sell property with a value of $2 million or more to apply for a clearance certificate as early as possible. Clearance certificates are valid for 12 months from issue, and must be valid at the time it is made available to the buyer. Penalties apply where sellers make false or misleading declarations to the ATO, or where the buyer fails to withhold when they should. The new rules have been introduced to ensure foreign residents meet their capital gains tax liabilities. Amounts withheld will be credited against their final income tax liability assessed on foreign residents’ income tax returns.

19.01.2022 Covid Stimulus Help.... Covid Stimulus and Banking Support Taxation Return Lodgement Centrelink... Rent negotiation The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses. JobKeeper payment Boosting cash flow for employers Temporary relief for financially distressed businesses Increasing the instant asset write-off Backing business investment Supporting apprentices and trainees JobKeeper payment If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees. Under the JobKeeper program, you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months. This assistance will help you keep staff and will help you restart when the crisis is over. Temporary relief for financially distressed businesses The economic impacts of the Coronavirus and health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress. It is important that these businesses have a safety net to make sure that when the crisis has passed they can resume normal business operations. One element of that safety net is to lessen the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business. The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. The package also includes temporary relief for directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis. The ATO will tailor solutions for owners or directors of business that are currently struggling due to the Coronavirus, including temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups. If you are unsure of your business or personal future. We are more than happy to help you through the Federal and State governments support and stimulus programs. We can help you with getting your eligibility right for the programs and help negotiate banking and landlord support. There are many people throughout the country experiencing the same anxiety and worries that you are also. We are more than willing to discuss your options and try to help where we can.

18.01.2022 Negative Gearing needs to be examined. Is it right that huge residential profits are not taxed as other ordinary income. Australian use the residential market as an investment tool - not as a housing requirement. When reviewing property investment and its tax consequences.... We need to examine, the reasoning/motive behind the investment decision, and why did they invest in a second property. If it is not for housing or divesting capital to members of their direct family, (helping the kids, or an elderly parent). Then there is no other motive then wealth creation or Tax minimisation. So please get rid of Negative Gearing deductibility against Ordinary earned income. The losses on the property, over the term of ownership, could be capitalised within the cost base of the property and only used to offset a capital gain on the sale of the property. Capital gains exemptions should remain, but yearly losses on rentals properties being deducted against normal ordinary earnings should be excluded. This does not affect the commercial property sector or the delivery of new housing. Comments today: Malcolm Turnbull has ruled out cutting the 50 per cent capital gains tax discount and effectively narrowed the government’s reform options on negative gearing, claiming Labor’s crackdown is a reckless policy’’ that would smash’’ housing prices. The Prime Minister used question time to attack Labor’s plans to limit negative gearing to new homes from July next year and cut the capital gains discount from 50 per cent to 25 per cent on assets held for more than 12 months.

15.01.2022 NSW Small Business Support Fund Small Business COVID-19 Support Grant - Guidelines 1. About the program...Continue reading