Accountants Point in Lakemba, New South Wales, Australia | Business consultant

Accountants Point

Locality: Lakemba, New South Wales, Australia

Phone: +61 2 9750 5091

Address: Suite 3, 129 Haldon Street 2195 Lakemba, NSW, Australia

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

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• Tax preparation service
• Accountant
• Financial service
• Business consultant

24.01.2022 Simplification of CGT system could hurt SMSF trustees: SMSF trustees who are small-business owners may have limited time to maximise their CGT concession contributions into super, with the government poised to overhaul the concession system and potentially introduce a lower, simplified contribution cap. Addressing the recent SMSF Association National Conference 2020 on the Gold Coast, Insyt chief executive Darren Wynen said the Board of Taxation report released by the governm...ent late last year could have significant implications for those looking to contribute the proceeds of the sale of their business to their SMSF. The report focused on small-business CGT concessions and what it said was that theyre way too complex for example, when youre looking at conditions like the $6 million maximum net asset value test, that test is way too complicated, Mr Wynen said. What the report recommends is we ditch the small-business concessions and basically replace them with a simplified $1 million cap. The reasoning behind that is at the end of the day, the tax breaks they are giving from these concessions are increasing very rapidly. Mr Wynen said while the government hadnt taken any specific action following the release of the report, the clock was ticking on the CGT concession system as it existed currently. As a result, it was important for SMSF professionals to use every possible avenue for their small-business clients to maximise their contributions to super using the current concession rules, as it was possible that larger businesses or former business owners could also access the concessions. For example, if our client is over the $2 million turnover, they do have the option of the $6 million maximum net asset value test as well, Mr Wynen said. You may have clients as well who have ceased to carry on a business, maybe they are renting their shop out, and in that case they can still potentially access the concessions under the $6 million maximum net asset value test as well. The active asset test was another factor for SMSF professionals to be aware of when it came to the sale of their clients business, following recent rulings over what constituted an active versus a preparatory asset. There was a case handed down by the Federal Court just before Christmas last year and the ATO was arguing a builders block of land behind their house, which they used to store pavers and other incidentals, was not an active asset because it was preparatory to the actual business activities conducted, Mr Wynen said. In some circumstances, you need to be careful to ensure that asset was genuinely active and was genuinely used in the business. - SMSF Adviser.

23.01.2022 Clients be careful. Please check your Super balances as soon as possible.

22.01.2022 Attributes and qualities of an accountant to help and grow small businesses.

21.01.2022 Accountants Point - A1 Financial Services Group is the Awards winner Accounting firm. They are providing the world class financial services in Australian finance industry.

19.01.2022 Partners, execs give tip looming changes will fall through: Less than a fifth of business leaders believe that measures announced in the upcoming federal budget... will be implemented, despite a majority agreeing that the current government was managing the economy well. The annual pre-budget survey by Pitcher Partners of chief executives, accountants, and business owners found that just 18.5 per cent believe that this years budget measures will be implemented, signalling the business sectors confidence in the incumbent governments ability to hold office when the nation heads to the polls in May. Despite the lack of confidence, 64 per cent of respondents believe the current government is performing well in managing the economy. A straw poll on Accountants Daily had earlier shown that 82 per cent of respondents believe that a Liberal government will deliver better tax policies for Australia. Speaking to Accountants Daily, the Institute of Public Accountant general manager of technical policy Tony Greco said that while he could understand the sentiment shared by business leaders, he cautioned against writing off the government before the election. If people think the government have got no hope then I suppose thats a reaction to that thinking but in this uncertain world, I wouldnt be ruling anything in or out, said Mr Greco. If something does get announced and it has merit, then a new incumbent government might also be under pressure. I wouldnt necessarily rule anything out despite what the polls say. Simplify the tax system: When asked what the governments priorities should be in preparing this years budget, 58.6 per cent of respondents called for the tax system to be simplified. This follows calls from the Tax Institute, a Parliamentary committee, and most recently, law firm Gilbert & Tobin for the government to set about a review to simplify the tax system. Unsurprisingly, 65.4 per cent of respondents said that any measure that would help reduce red tape would make the most difference for businesses, with 60.7 per cent calling for the government to introduce measures to promote small- to medium-sized businesses. Treasurer Josh Frydenberg is set to deliver his first budget on 2 April. The federal election is set to take place in May, with the exact date yet to be announced. Accountants Daily - Katarina Taurian 13 March 2019

17.01.2022 Please feel free to contact us if needed on 1800 23 78 10 or 02 97505091 for free assistance. Income support for individuals: The Government is providing support for individuals to assist them during the next six months....Continue reading

16.01.2022 ATO crackdown on sharing economy could take bite out of your income. The sharing economy started out as a promising way to make a few extra bucks by renting your spare bedroom. Since then, its grown into a $15-billion a year titan used by more than 10 million Australians, and is now a universally accepted method to generate a little more income. However, your sharing economy cash goldmine may soon leave you with a little less in your pocket....Continue reading

16.01.2022 Understanding your entitlements under the Federal Governments COVID-19 economic stimulus package: The JobKeeper Payment The JobKeeper Payment is the Governments lifeboat economic initiative to combat the economic downturn being caused by the Coronavirus. It is the follow up to the governments previous stimulus initiatives that were released in mid-March that you can read about here. ...Continue reading

15.01.2022 Changes announced in the 201819 Budget. The changes announced in the 201819 Budget that are now law, include: Changes to income tax rate thresholds in the 201...819, 202223 and 202425 income years a new low and middle income tax offset to reduce the tax payable by low and middle income earners in the 201819, 201920, 202021 and 202122 income years a new low income tax offset from the 202223 income year (to replace both the new low and middle income tax offset and the current low income tax offset). The following table outlines the rates and thresholds that apply, along with the offset entitlements related to these changes. Updated rates, tax thresholds and offset entitlements Rate Tax free From 1 July 2018 Income range ($) 018,200 From 1 July 2022 Income range ($)018,200 From 1 July 2024 Income range ($) 018,200 19% Respectivley: 18,20137,000 18,20141,000 18,20141,000 32.5% Respectivley: 37,00190,000 41,001120,000 41,001200,000 37% Respectivley: 90,001180,000 120,001180,000 45% Respectivley: >180,000 >180,000 >200,000 New low and middle income tax offset respectivley: Up to 530 Current low income tax offset respectivley: Up to 445 New low income tax offset respectivley: Up to 645 Up to 645 Increased income tax rate thresholds There are a number of new income tax thresholds for the 201819, 202223 and 202425 income years. These changes apply to residents, foreign-residents and working holiday makers. Pay as you go (PAYG) withholding rates and schedules will be updated to include these changes. The increased income tax thresholds are as follows: For 201819, 201920, 202021 and 202122, income years Increase the top threshold of the 32.5% tax bracket will increase from $87,000 to $90,000. For 202223 and 202324, the top threshold of the 19% tax bracket will increase from $37,000 to $41,000 the 32.5% bracket will increase from $90,000 to $120,000. For 202425 income year onwards, the top threshold of the 32.5% tax bracket will increase from $120,000 to $200,000. New low and middle income tax offset A new low and middle income tax offset applies for 201819, 201920, 202021 and 202122 income years. Australian resident individuals (and certain trustees) whose income does not exceed $125,333 are entitled to the new low and middle income tax offset. Entitlement to the new offset is in addition to the existing low income tax offset, and is available on assessment after you lodge your income tax return. If your income: does not exceed $37,000 you are entitled to $200 exceeds $37,000 but does not exceed $48,000, you are entitled to $200 plus 3% of the amount of the income that exceeds $37,000 exceeds $48,000 but not $90,000, you are entitled to $530 exceeds $90,000 you are entitled to $530 less 1.5% of the amount of the income that exceeds $90,000. New low income tax offset A new low income tax offset applies for 202223 and later income years. The new low income tax offset replaces both the current low income tax offset and the low and middle income tax offset. Consistent with the current low income tax offset, individuals with taxable income that does not exceed $66,667 (as well as certain trustees taxed on behalf of individuals) will be entitled to the new low income tax offset. The amount of the new low income tax offset is $645, reduced by: 6.5% of the amount by which your income exceeds $37,000 but does not exceed $41,000 a further 1.5% of the amount for income above $41,000.

14.01.2022 The right choice for your finance. Why use us? You get the real choice, from many lenders. We do the hard work for you making it speedy and easier for you. We are in your side, ensuring your requirements find a lender that understands your actual need... We work hard negotiating rates, fees and terms. And we will help take care of all the paperwork, from application, through to approval. We would love the opportunity to chat with you about how the right finance can help build your growth. LOANS POINT - 0433555818 See more

13.01.2022 Accountants Point; the best small business accountant in Sydney!!!

12.01.2022 Australias greediest granny. People be careful. Dont claim in Centrelink if you arent entitled to.

11.01.2022 Another exciting moment for us!!! Our principal M Akterul I Russel has been selected for the Australian Awards in following categories: 1. Auditor of the Year 2019 2. Superannuation Auditor of the Year 2019... Lets hope for the best!!!

10.01.2022 Excellent initiative! It would reduce pressures from some of our small business owners.

09.01.2022 Be True, be fair.

09.01.2022 $158 billion tax cut plan passes through parliament!!! Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan. The Government announ...ced new changes to the Personal Income Tax Plan as part of the 201920 Federal Budget. From the 201819 income year: Increase the low and middle income tax offset from a maximum amount of $530 to $1,080 per annum and increase the base amount from $200 to $255 per annum Taxpayers with a taxable income which does not exceed $37,000 will receive a low and middle income tax offset of up to $255. Taxpayers with a taxable income which exceeds $37,000 but is not more than $48,000 will receive $255, plus an amount equal to 7.5 per cent to the maximum offset of $1,080. Taxpayers with a taxable income which exceeds $48,000 but is not more than $90,000 will be eligible for the maximum low and middle income tax offset of $1,080. Taxpayers with a taxable income which exceeds $90,000 but is not more than $126,000 will be eligible for a low and middle income tax offset of $1,080, less an amount equal to 3 per cent of the excess. From the 202223 income year: The top threshold of the 19 per cent personal income tax bracket will increase from $41,000 to $45,000 such that the rate of tax on the amount of the taxable income of a resident individual that: exceeds $18,200 but is not more than $45,000 is 19 per cent exceeds $45,000 but is not more than $120,000 is 32.5 per cent exceeds $120,000 but is not more than $180,000 is 37 per cent exceeds $180,000 is 45 per cent Increase the low income tax offset (LITO) from a maximum amount of $645 to $700 per annum Taxpayers with a taxable income which does not exceed $37,500 will receive a LITO of $700 Taxpayers with a taxable income which exceeds $37,500 but is not more than $45,000 will receive a LITO of $700, less an amount equal to 5 per cent of the excess Taxpayers with a taxable income which exceeds $45,000 but is not more than $66,667 will receive a LITO of $325, less an amount equal to 1.5 per cent of the excess. From the 202425 income year: The 32.5 per cent marginal tax rate will reduce to 30 per cent such that for a resident individual the rate of tax on the amount of their taxable income that: exceeds $18,200 but is not more than $45,000 is 19 per cent exceeds $45,000 but is not more than $200,000 is 30 per cent exceeds $200,000 is 45 per cent.

09.01.2022 Excited to introduce LOANS POINT - another added service for our clients.

08.01.2022 Despite property prices falling, now might not be the best time to buy. Here's why.

07.01.2022 Things you need to look at the accountant in lakemba before engaging:

04.01.2022 Stop fraud. Report properly.

04.01.2022 Understanding Government Initiatives to Mitigate the COVID-19 Economic Downturn: Cash Flow Boost Initiative Legislation in relation to the Governments stimulus package has now passed through parliament, so there is more clarity around how the measures announced are being implemented. ...Continue reading

04.01.2022 After hours accountant in Sydney Everyone is busy thats why the need for after hours accountants in Sydney is rapidly increasing! We respect your busy schedule, especially in this financial year end time. To meet your requirements Accountants point the awards winner accounting firm is operating late in the weekdays as well as in the weekends! So, do not delay! Make a booking today before it gets filled up! In this busy time Accountants Point will be open till 8:30 pm Monday ...to Friday! Even if you can not make it then you may contact us on the weekends! We are Open on Saturday as well! Please feel free to contact us on 0433555818 to make an appointment. Services we will be focusing on this busy time: 1. Individual Tax Return 2. Sole Traders Tax Return 3. Company Tax Return 4. Partnership Tax Return 5. Trust Tax Return 6. Self Managed Super Fund Tax Return 7. SMSF Audit 8. Real Estate Audit 9. Financial Preparations 10. Not For Profit Audit 11. Tax Compliances 12. Business Advisory 13. Business Consultancy 14. Corporate Tax Compliances 15. All audit & assurances. Accountants Point is making an impact in the industry where it matters. Lets build the Australian economy together, stronger! Please call us today on 02 9750 5091 or 0433555818. Alternatively, you may email us [email protected]. See more

01.01.2022 Boosting cash flow for employers: Legislation has been enacted to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with COVID-19 (novel coronavirus). This will be done through two sets of cash flow boosts delivered from 28 April 2020 to support employers to retain employees. We will provide tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesse...Continue reading