BANTACS Gold Coast in Gold Coast, Queensland | Business consultant

BANTACS Gold Coast

Locality: Gold Coast, Queensland

Phone: +61 435 437 586

Address: L1/2B/14 Carrara St, Benowa 4217 Gold Coast, QLD, Australia

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

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• Tax preparation service
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22.01.2022 Virtual Tax Returns - No PPE Required! Our 13 offices Australia wide are still open for business offering personal services in a COVID aware environment. ... But we have introduced a great alternative!. Preparing your tax returns via a zoom meeting and using electronic signatures. This process is as simple as clicking on an email link we send you. Still the same personal service just on on your computer screen. You can still use your local office and see the same Accountant you have always dealt with. And of course we welcome new clients from anywhere in the world. For more information and a short video showing you how the process works go to https://www.bantacs.com.au/virtual-tax-returns/ See more

22.01.2022 We’re getting lots of questions from people regarding the $550 per fortnight Coronavirus Supplement so we thought we’d share some important information with you.... We’ll start paying this supplement to eligible people from 27 April 2020. This additional amount is on top of your normal payment and you’ll receive it at the same time. The supplement will be paid for up to 6 months. Please be aware the supplement may not appear in your future payments until 26 April onward. You must get at least $1 of your eligible income support payment in order to receive the full supplement. If you get an eligible payment, there’s no need to call or do anything - we’ll pay you automatically. More information on the Coronavirus Supplement here: https://www.servicesaustralia.gov.au//coronavirus-supplem/

21.01.2022 New Home Office Rates https://www.ato.gov.au//Suppo/Employees-working-from-home/

21.01.2022 https://www.ato.gov.au//enrol-and-apply-for-the-jobkeepe/

20.01.2022 Rounding Up Jobkeeper Business Participants We just want to make it perfectly clear. To qualify for you Jobkeeper payment each month you must provide the ...ATO with your turnover for that month and an estimate of the following month's turnover. This is also the case for Jobkeeper Employee payments but hopefully your STP software prompts you for this information. This post is to round up all those followers who are receiving Jobkeeper Business Participant payment of $3,000 every 4 weeks for having an ABN before 12th March, 2020 and experiencing a drop in turnover of at least 30%. You must report every month or you will miss out! It does not matter how much your report, once you have experienced a drop in turnover for 1 month or quarter, you qualify. See more

19.01.2022 Some of the ladies from the BAN TACS Accountants group got together to record a webinar on the Coronavirus stimulus package. This webinar gives you the answers... damn straight and combined with our blog, invest two hours and you will have a very thorough understanding of what is available. Take some time to consider your business’ circumstances then make an appointment to check with us on the best course of action. See more

17.01.2022 Soap Box Sunday - Job Keeper Again. The ATO keep moving the goal posts to qualify even after wages have been paid for no work by already cash strapped e...mployers. For example the original legislation said that the turnover in the 2020 month that you first claim job keeper, normally April, is calculated in accordance with section 188-15 of the GST Act. This means the earliest of being paid or issuing an invoice depending on how you do business. That is how the month of April started out. The first wage payment period ended on 12th April. On the 20th April, the first date employers could apply to register for Job keeper for April the ATO gave a concession that you could measure just on a cash basis if you lodge your BAS on a cash basis. This being a matter of how much cash you received in the month not how much you sold. At least this was just optional but on 29th April, 3 days after the end of the final wages pay period for April the ATO changed its web site to say that if you have previously lodged your BAS on a cash basis then you must measure your drop in turnover on a cash basis. This means that any business that runs accounts probably no longer qualifies even though they may have had no work in April while paying employees JobKeeper to stand down. Another example of changing the rules is that all eligible employees must be paid at least $1,500 per fortnight, including those that have been stood down, previously without pay. This was a wonderful windfall for the student working a few hours a week. The legislation specifically said eligible employees just had to be 16 years or older. On Friday 24th April Josh Frydenberg announce that this was an oversight and full time students, 16 to 17 years of age that were not independent would not qualify. He recognised that many employers had already paid each employee $3,000 so said the government would honour their commitment for April. But how do employers find out about this before they pay their 17 year old employees $750 for 10 hours work for the week straight after the announcement? Which by the way has not actually been followed up with any rules or guidelines on what independent means. An unprecedented level of diligence required of a local shop keeper to not be out of pocket thousands of dollars The rules change daily, it is a huge risk to fork out a months wages in the hope you still qualify by the time the ATO is due to reimburse you. A risk I think is not worth taking if you can't gainfully employ the workers you are paying wages to. Yet Sco Mo has made clear his disdain for employers who do not offer JobKeeper.

16.01.2022 Monday Money Talk with Noel Whittaker I wrote recently about withdrawing money from your superannuation under the emergency regulations, and pointed out that it... should only be done as a last resort. This was because of the compounding effect on a sum like $20,000 over 30 years. But this week a reader questioned the logic. He said if the choice is to spend $20,000 today, or $50,000 in 37 years time, surely there is no difference because of the loss in value of money over time. He figured the sums were the same in today’s dollars so you may as well enjoy spending the $20,000 today. It raises the question of the depreciating value of money due to inflation. Let’s assume that inflation runs at 2% over the next 37 years. If that’s correct $10 today would be worth $21 in 37 years. To put it simply, the purchasing power of your money would halve in 37 years if inflation runs at 2% per annum. So our reader is not too far off when he says the $20,000 today is almost equivalent to $50,000 in 37 years. However, it would be a very bad investment that produced a return equal to inflation. In fact, most superannuation funds aim at inflation plus six percent over the long haul. By changing the expected rate of return from 2% per annum to 8% per annum, and using the Compound Interest Calculator on my website www.noelwhittaker.com.au we find that $20,000 invested today becomes $345,000 in 37 years. This is a graphic illustration of the way the rate of return affects the outcome of your investment strategy, and a warning to all of us to examine our superannuation in detail to make sure the money is invested in an asset allocation that fits your goals and your risk profile. Also be aware of the importance of time. If your fund is earning 8% per annum it is doubling every nine years. In the example above the $20,000 was worth $40,000 after nine years, $80,000 after 18 years and $160,000 after 27 years - every time your money doubles there is more growth in the last double than in all the previous doubles. This is the power of compounding. Noel Whittaker is the author of Making Money Made Simple and numerous other books on personal finance. [email protected]

15.01.2022 Working From Home Don’t forget to keep all the records you will need to be able to claim the associated costs as a tax deduction. None of the claims listed below will affect the CGT main residence exemption on your house. The CGT main residence exemption is more a factor of whether you see the public there or that it is advertised as a place of business. Electricity and Wear and Tear on the Home Office:... The easiest way to claim these expenses is simply use the ATO per hour rate which was 52 cents for the 2019-2020 financial year. You will need to keep a diary record for at least one month to be able to justify your claim to the ATO. To help, or rather leave you with no excuses We have made our electronic diary available for download free of charge here https://www.bantacs.com.au/shop-2/diary-template/ Home Internet: You can use the diary referred to above to work out the ration of business to private use of the internet over a one month sample period. The catch is that you will have to record all the private use of all the members of the household. If you have children, give up now! Mobile Phone Use: Again you need a one month representative sample on which you can apportion the monthly plan fee. An easier alternative to the diary would be to go through your next phone statement and highlight the work-related calls. If your statement is not itemized then use the recent call log and print screen to create a list of the calls you have made over the last month. Keeping Receipts for Stationery etc Always remember to keep receipts. There will be some hidden costs you might not notice such as stationery, couriers, postage etc Car: If you home has now become your base of operations you may find you have to use your car more often. Make sure you don’t forget to record each trip in the diary as you should be able to claim 68 cents a kilometre. Record the reason for the travel, the kilometres travelled and the destination. There is a vehicle diary in the second tab of the diary you can download. Written by Julia Hartman. Bantacs National Accountants

13.01.2022 Jobkeeper Myth: Not worth the trouble because I will only qualify for 1 month. Wrong! Once you have qualified you stay in for the whole period, up to ...6 months as long as you have an eligible employee or eligible business participant. That is $19,000 per person. It is just that initial 30% drop in turnover that you are after. For just one month or if you business has long lead times you could measure the drop over a quarter to qualify. The important point is if you don't enroll before 30th May, 2020 then you won't get the maximum payment so it is worth asking the question of your Accountant. See more

09.01.2022 Info re the Job Keeper payment available here https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p Or just call me to talk it through. No legislation yet, but I doubt any changes from the treasury notes.

08.01.2022 Still waiting on Paper Work to Complete your Tax Return? It might never come! Much of what we need to prepare your tax return is now available direct o...n the ATO portal. We can access it for you. The portal will give us interest earned but not interest paid so you will still need to get this if you have a rental property. Your PAYG summaries, dividends and health insurance details should also be on the portal. Here is a link to our checklists to help you prepare https://www.bantacs.com.au/media-library/checklists/ If you prefer social distancing and avoiding travel we also do virtual tax returns over zoom. https://www.bantacs.com.au/virtual-tax-returns/ For the contact details of your nearest BAN TACS office go to https://www.bantacs.com.au/aboutus/locations/ See more

07.01.2022 SUPERANNUATION EARLY RELEASE Eligibility To apply for early release you must satisfy any one or more of the following requirements: * you are unemployed; or... * you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or * on or after 1 January 2020: you were made redundant; or your working hours were reduced by 20 per cent or more; * or if you are a sole trader your business was suspended or there was a reduction in your turnover of 20 per cent or more. People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

07.01.2022 Happy New Year! Forget about celebrating the calendar year, the real fun is in your tax refund cheque. If you have had a bad year there is even a better ...chance of a good refund due to the inconsistency of your income. Our offices are taking all the necessary COVID precautions but there are also many other ways to have your tax return prepared by a BAN TACS Accountant. In Person https://www.bantacs.com.au/aboutus/locations/ Through the Mail https://www.bantacs.com.au/topics/mail-in-tax-returns/ Zoom Meeting and electronic signing https://www.bantacs.com.au/virtual-tax-returns/

04.01.2022 More Money For Qld Small Business There is another round of grants available to help Queensland businesses adapt. Applications open 9am Wednesday 1st July, 2020. More information here. https://www.business.qld.gov.au//advice-su/grants/adaption

03.01.2022 Self Employed? Then you probably qualify for the the $750 per week Job Keeper payment for up to 6 months, if your turnover has dropped by 30%. You don't need t...o have employees to receive this payment and you can still continue to work in your business. Simply go to https://www.ato.gov.au/general/gen/JobKeeper-payment/ to register. See more

02.01.2022 Monday Money Talk with Noel Whittaker Today I will talk about to issues which are of major importance to retirees. The first concerns the minimum pension paymen...ts which must be made each year from the superannuation account in pension mode. The two relevant factors are the balance at June 30 last, and the age of the member. For example, a person aged between 65 and is 74 is required to draw at least 5% of their balance at the end of last June. This works well in normal circumstances, but retirees don’t want to be forced to cash in valuable superannuation assets during a market downturn. When the GFC hit the government promptly acted to reduce the percentages, and I’m pleased to announce that minimum requirements have just been reduced by 50% in response to a financial crisis that is far worse than the GFC. You can’t do much if you’ve already drawn your minimum pension for the year, but, if possible, you should delay drawings between now and June 30 as long as you satisfy the new minimum limits. The other major question from age pensioners is whether they can increase their pension if the value of their financial assets drops due to the present market conditions. Centrelink advise that they automatically revalue market linked managed investments, shares and securities every March and September. Market linked managed investments unit prices are collected at the end of month and ASX listed shares are collected fortnightly. These updated unit and shares prices are used for the processing of new claims and when a customer asks for a revaluation. You can ask Centrelink to revalue your investments at any time. After they are revalued Centrelink may change your payment rate, meaning you could get a higher payment rate or become eligible for a payment you didn’t receive previously. Just keep in mind that at all investments are revalued at the same time, which could mean no change if some have gone down and some have gone up in value. The easiest way to update any changes to your income and assets is through your Centrelink online account where you can remove or add managed investments and superannuation and update your shares. If you remove a managed investment from the list will need to state the reason why it has disappeared. Possibly it may simply be a redemption. The deeming rates are changing from 1 May as well. More on that next week. Noel Whittaker is the author of Making Money Made Simple and numerous other books on personal finance. [email protected]

01.01.2022 Received Your Cash Flow Boost Yet? Unless your circumstances fit perfectly you will not receive anything. It is up to you to chase it up and argue your case. Th...ere are plenty of legitimate cases that will not automatically receive the cash flow boost. If you have not received your boost with in a few days of lodging a BAS with an amount in W1, no point in waiting, you need to take action. So here is what you need to do. Start by ringing 132866 to find out why, then argue your case. If that does not work you will need to apply for a review of your circumstances by emailing [email protected] Do not accept that you do not qualify because you did not previously have employees or notify the ATO that you had employees before 1st March. That is only relevant to the Job keeper payment. Cash flow bonus is about having an ABN before 12th March, 2020, having an amount in W1 on your BAS and having previously reported income to the ATO between 1st July, 2018 and 12th March, 2020. This latter condition is extended if you haven't yet lodged any documents due to your tax agents lodgement program. Don't give up its worth at least $20,000 to you!