Bean There Tick That Accounting | Financial service

Bean There Tick That Accounting

Phone: +61 7 5517 5231

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24.01.2022 FTB (Family Tax Benefits) and CCS (child care subsidy) recipients & partners MUST LODGE 2018/2019 Tax Return BEFORE 30 June 2020 Even if there's no income

24.01.2022 What the Grant funds can pay for:

24.01.2022 The ATO will be closed this evening until Monday the public holiday.The ATO will be closed this evening until Monday the public holiday.

21.01.2022 Appointments are booking out fast Book your appointment * 07 5517 5231 *[email protected] * Message us via FB Appointments are booking out fast Book your appointment * 07 5517 5231 *[email protected] * Message us via FB

21.01.2022 JOBKEEPER PAYMENTS ARE IN In times like these it is important to appreciate those going above and beyond, who weren't provided with upfront training and spent many unexpected long days to make sure clients and their families are provided with the best advise during these unprecedented times. On behalf of our practice, we would like to thank all of the Accoutants, bookkeepers & advisors for your ongoing support and commitment during this fast-paced-legislative -changing w...orld of 2020. BEAN THERE TICK THAT ACCOUNTING THANKS & APPRECIATES YOU

21.01.2022 2020 TAX RETURN LODGEMENTS AVAILABLE NOW

20.01.2022 $10,000 QLD Government Grant OPEN NOW To apply: https://www.business.qld.gov.au//advice-su/grants/adaption

20.01.2022 JOBKEEPER ATO portal now openJOBKEEPER ATO portal now open

20.01.2022 JOBKEEPER - IMPORTANT INFORMATION Once you are eligible you receive ALL payments for ALL months. No such thing that you lose it if you earn more income in another month. ... If you qualify once, you get ALL payments. If you have heard otherwise you have been misinformed. There is no penalties for receiving the whole stimulus package if you qualified initially. If you have any questions, please ask us.

18.01.2022 JOBKEEPER - Can I back pay wages so we can top up to get this payment? Absolutely, yes you can. Directives have allowed this to happen until 30th April 2020.... Unsure how, ask us!

17.01.2022 JOBKEEPER - DO BUSINESS OWNERS NEED TO DRAW A WAGE TO QUALIFY? No. The ATO have advised that: Businesses owners, including sole traders do not need to pay themselves to receive their job keeper payments. ... Businesses owners do not have to be included in STP as an employee. Sole traders do not need to have a separate bank account for business and personal income. Partnerships / trusts do not need to distribute profit to to the eligible business participant each period

17.01.2022 JOBKEEPER DECLARATION - BUSINSS PORTAL OPENED 1. Log on to your business portal (visit ATO.gov.au) 2. Enter the tax file numbers and date of birth of each eligible employee 3. Confirm number of eligible employees and turnover for the month... Step 3 will need to be performed each month until Jobkeeper payments stop

17.01.2022 We can do your tax return via email. It is so simple to do! 1. You can email or send a message via FB biz page your wish to lodge your tax return online ([email protected]) ... 2. We email you a fillable checklist to send back 3. We send your tax return for review & signature 4. We lodge to the ATO DONE

16.01.2022 SOME QLD RESTRICTIONS EASED In addition to leaving your house for essential purposes, from Saturday 2 May 2020, Queenslanders may also leave for recreational purposes, while social distancing rules are followed. This means you can go on a picnic, go for a drive, take a boat or jet ski out, shop for an outfit or a book but you can only go out with one other person or the people you live with, and you must stay within 50km of home. Ms Palaszczuk said:... "If we do see mass gatherings, I will not hesitate to clamp back down." See more

16.01.2022 JOBKEEPER ALTERNATE TEST Circumstances where an alternative test applies: * the entity recently commenced business (the business did not exist in that period)... * the entity acquired or disposed of part of the business after the relevant comparison period (the business is not the same business in that period as it is now) * the entity undertook a restructure after the relevant comparison period (the business is not the same business in that period as it is now) * the entitys turnover substantially increased by: 50% or more in the 12 months immediately before the applicable turnover test period; or 25% or more in the 6 months immediately before the applicable turnover test period, or 12.5% or more in the 3 months immediately before the applicable turnover test period. * the entity was affected by drought or other declared natural disaster during the relevant comparison period * the entity has a large irregular variance in their turnover for the quarters ending in the 12 months before the applicable turnover test period EXCLUDES * entities that have cyclical or regular seasonal variance in their turnover or * the entity is a sole trader or small partnership where sickness, injury or leave have impacted an individuals ability to work which has affected turnover.

15.01.2022 HAPPY NEW FINANCIAL YEARHAPPY NEW FINANCIAL YEAR

15.01.2022 ACCIDENTALLY WITHDREW YOUR SUPER?? If you have applied and think you were ineligible and may have made a mistake, or you’re just not sure, it’s much better to give the ATO a call and make a voluntary disclosure on 13 10 20 than waiting to be audited. If you disclose this firstly, the ATO said "We’ll work with you to remedy your position.... Failure to do so will result in severe consequences as the auditing process begins.

14.01.2022 JOBKEEPER - BUSINESSES NOT LODGED BAS OR 2019 TAX RETURN "TAXABLE SUPPLY ELIGIBILITY" To be eligible, the business must have lodged its 2019 income tax return or a business activity statement which reported a taxable supply for GST purposes between 1 July 2018 and 31 December 2019 for quarterly lodgers or 1 July 2018 to 29 February 2020 for monthly activity statements showing that it had an amount included in its assessable income in relation to it carrying on a business. H...OWEVER, the ATO have the discretion to give further time, but only in limited circumstances, including if you: 1. Did not have a requirement to lodge your 2018-2019 return until after 12 March 2020 (see example 1 below) 2. Deferred your lodgment under an extension of lodgment date which the ATO initiated. Examples include: 1. You actively engaged a registered agents by 31 October 2019 or the date your business began (whichever is later) whereby your lodgment due date is after 12 March 2020. 2. You have an automatic ATO lodgment deferral in place as you were affected by the Australian bushfires in late 2019 3. You are not registered or required to be registered for GST, so will not have lodged a BAS before 12 March 2020. (Example 1 still applies)

14.01.2022 JOBKEEPER - APRIL PAYMENT - LAST DAY TO CLAIMJOBKEEPER - APRIL PAYMENT - LAST DAY TO CLAIM

13.01.2022 * PUBLIC HOLIDAY UPDATE * GC Council has confirmed that the Show Day (Aug 28) has been moved to August 14* PUBLIC HOLIDAY UPDATE * GC Council has confirmed that the Show Day (Aug 28) has been moved to August 14

12.01.2022 * Due Date today to lodge single touch payroll finalising year-end ** Due Date today to lodge single touch payroll finalising year-end *

11.01.2022 ** JOBKEEPER 2.0 **

10.01.2022 Another happy client. Glad to have assisted you and your business again

08.01.2022 COVID-19 SUPPORT FOR ALL We recognise the difficulty your business is going through and its impact on your lives. We continue to strive forward with our continued support and services around the clock to ensure you are provided with up-to-date quality advice. We will get through this together.... You are not alone. Coronavirus Mental Wellbeing Support Service Call 1800 512 348 Suicide and crisis support: Lifeline 13 11 14 Suicide Call Back Service 1300 659 467

08.01.2022 ATO SITE SHUTDOWN The ATO website will be shut down Friday 1st May 1130pm reopening Monday 4th May 7am Once opened, the ATO will be ready for the Jobkeeper declaration process

08.01.2022 AUSTRALIAN ACCOUNTING HEROS

07.01.2022 $10K BONUS - ACTIVITY STATEMENT How this works for those with January to March quarter activity statements for eligible businesses (Not individuals or those without employees) The min $10K cashflow is deposited in to your ATO account.... The ATO use this to pay your ENTIRE BAS AMOUNT not just the PAYG WH portion. Any left over balance from the $10K will be deposited in to your business bank account. For example, if your net GST is $3K and PAYG withholding is $1.2K than your while BAS debt will be paid and the remaining amount of $5.8K will be available in your bank account. There has been a slight glitch in the system where eligible businesses have not received the bonus. Please ensure the ATO is contacted so that this can be escalated for payment. This process can take up to 20 business days.

07.01.2022 JOBKEEPER CHANGES

07.01.2022 JOBKEEPER 2.0 If you are already receiving jobkeeper and are unsure if you can continue we can assist in assessing your eligibility. If your circumstances haven't changed and you have 30% decline in income for the three month period of July, August & Sept 2020 compared to the same quarter in 2019 you may be eligible to continue receiving payments.

06.01.2022 ENERGY GRANT OPENED - SMALL BUSINESS $5 - $20K - replace existing equipment - Install / replace existing inefficient systems ... More info: https://business.gov.au//Energy-Efficient-Communities-Prog

06.01.2022 Activity Statement Cashflow Boost Only eligible businesses will have their PAYG WITHHOLDING paid for by the government with the excess remainder of the $10K to be deposited in to your business bank account. This is NOT FOR PAYG INSTALMENTS for individuals or sole traders who do not have employees.... The scheme is for those businesses who have employees only.

05.01.2022 1 July $10,000 QLD Business Grant

05.01.2022 JOBKEEPER BRIDGING FINANCE FOR BUSINESSES To assist cashflow before the Jobkeeper reimbursement there is a hotline set up with the banks to provide you with BRIDGING FINANCE. Those Hotline numbers are: ... Westpac - 1300 731 073 NAB - 1800 562 533 (1800 JOBKEEPER) CBA - 13 26 07 ANZ - 1800 571 123

04.01.2022 JOBKEEPER - IMPRISONMENT FOR FALSE CLAIMS We strongly urge those who are unsure of eligibility or how to view their reporting on whether they can claim Jobkeeker to seek professional advise. The penalties are very steep & is not worth it.... For those who think fudging information just enough to not get caught - there is no such thing! The government has the right to audit you and your business at any point. BE AWARE

03.01.2022 $10,000 QLD SMALL BUSINRSS GRANT AVAILABLE FROM 1 JULY A second round of grants to support the regions, over half of these grants will be for small businesses outside South East Queensland. ... Prepare your quotes and have your tax returns up to date now to ensure your application can be immediatley submitted. We can prepare free quotes for coaching, training etc. to assist you in your application. Full details here: https://www.business.qld.gov.au//advice-su/grants/adaption

02.01.2022 **JOBKEEPER UPDATE (as at 07/08)** *CASUALS CAN NOW CLAIM* Eligible employers will receive the payment for each eligible employee that was on their books on 1 July 2020 and continues to be engaged by that employer including full-time, part-time, long-term casuals (12 months at 30 June 2020) and stood down employees.

02.01.2022 Shout out to all of our amazing clients. Our family appreciates your support, constant referrals and patience during the high demand tax season / COVID-19 pandemic. We continue to work hard to provide you all with quality work & advice etc. whilst attending to the needs of our tiny team.

01.01.2022 HAPPY END OF FINANCIAL YEARHAPPY END OF FINANCIAL YEAR

01.01.2022 We saw this on FB and felt proud to share