Beyond Taxation & Business Services in Parramatta, New South Wales | Financial consultant

Beyond Taxation & Business Services

Locality: Parramatta, New South Wales

Phone: +61 1300 552 993

Address: 611/118 Church St 2150 Parramatta, NSW, Australia

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

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• Tax preparation service
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25.01.2022 Finding the Right Bookkeeper For Your Business. It's Never Too Late!

24.01.2022 Single Touch Payroll (STP) How Much Do You Know About It? Single Touch Payroll (STP) currently provides a reporting framework for larger employers with 20 or more employees to deliver payroll and superannuation information to the ATO since 1 July 2018. This means an employer paying fortnight wages will report gross wages, tax withheld and superannuation contributions to the ATO every fortnight when the employee is paid. For those employers with 19 or less, STP timeframes ar...e as follows: * Small employers (5-19 employees) will have until 30 September 2019 to be submitting live pay data * Micro employers (1-4 employees) will be able to report quarterly by a registered agent for the first 2 years with appropriate software lodging solution * Employers with closely held payees only will have until 1 July 2020 to start reporting quarterly ....... For more details, please visit our website: https://www.beyondtaxation.com.au/news-blogs/

23.01.2022 11 EOFY resolutions for your small business!

22.01.2022 SMSF Basic - What is a SMSF?

22.01.2022 Are you currently receiving JobKeeper payment? Due to update in JobKeeper 1.0, it's important to re-visit your Employee List and identify any additional employees maybe eligible. Please read the full details about the update below.

21.01.2022 https://www.linkedin.com//urn:li:ugcPost:65397467750650675

20.01.2022 Can you claim tax deduction on directors fee and contractors payment? What conditions do you need to meet? There is more clarity on this issue from 1 July 2019.

20.01.2022 We are so excited to introduce our NEW website. Please browse and kindly let us know if there is any improvement needed. https://www.beyondtaxation.com.au/

20.01.2022 Watch out cash payment for employees wages without PAYG withholding!

18.01.2022 Finding the Right Bookkeeper For Your Business. Its Never Too Late!

17.01.2022 *** Single Touch Payroll for Employee *** Most employees are excited in newly legislated Low- and Middle-Income Tax Offset and want to lodge their income tax returns as soon as possible to access the tax offset. However, some employees will not receive PAYG Payment Summaries due to their employers reported via STP, which have until 31 July to make finalization declaration. Employees should wait to lodge their tax returns until Tax Ready is marked in Income Statement in th...eir MyGov accounts. If they lodge their tax returns with Not Tax Ready data, they may need to amend their tax returns and additional tax may be payable. In some occasions, employers may identify errors in original STP finalization and attend to amendment. If employees lodged tax returns prior to amendment and the amended data result in a refund, the ATO will amend the return and issue amended assessment; if the amended data result in additional tax payable, the ATO will contact the employees to let them know what they need to do. If employees do not have MyGov account, they can create one via my.gov.au. If employees have MyGov account but cant see their income statement, there may be inconsistency with STP data and the record hold with the ATO, such as different TFN reported via STP. If employee has more than one employer, they will still receive a payment summary from employers who are not yet reporting through STP. Employees can always speak with registered tax agent like us to access to their income information. For more information, please contact [email protected]

17.01.2022 Low- And Middle-Income Tax Offset (LMITO) Some of you may have already submitted your 2019 tax returns and had a nice but surprised tax refund. Do you know why you have those extra refund and how many more years the refund continues? You are about to find out the answer in a minute by clicking the link below. https://www.beyondtaxation.com.au/news-blogs/

17.01.2022 ***********Single Touch Payroll (STP)************ STP currently provides a reporting framework for larger employers with 20 or more employees to deliver payroll and superannuation information to the ATO since 1 July 2018. This means an employer paying fortnightly wages will report gross wages, tax withheld and superannuation contributions to the ATO every fortnightly when the employee is paid. For those employers with 19 or less, STP timeframes are as follows:... Small employers (5-19 employees) will have of until 30 September 2019 to be submitting live pay data Micro employers (1-4 employees) will be able to report quarterly by your registered agent for the first 2 years with appropriate software lodging solution Employers with closely held payees only will have until 1 July 2020 to start reporting quarterly If your business currently does not use payroll software, now is the time to act. If your business already uses payroll software, it is necessary to activate STP in order to remain compliant. Please contact us if you have any queries on STP at [email protected]

17.01.2022 NSW Small Business Grant ends on 30 June 2019! Only 24 days left! Any new jobs created before 1 July 2019 may be eligible up to $2,000 grant for a full-time employee and proportionally for part-time or casual employees. ... https://www.revenue.nsw.gov.au/grants-/small-business-grant

17.01.2022 1st day of 2021 financial year! Would like to get your tax done ASAP? Please check out answers to frequently asked questions regarding a rental property.

17.01.2022 A very good article to read for those investing in the share market. Here is the link: https://www.livewiremarkets.com/wir/danger-flags-are-waving

15.01.2022 Our current topic is about retirement planning. A question for everyone. You should exam the following issues: 1. Find out how much you have in your super fund now.... 2. Have a time frame when you want to or can afford to retire. 3. Estimate how much you need for your retirement. 4. Look closely your super funds performance and switch super funds in need. 5. Boost your super balance by salary sacrifice and other governments tax concession means. 6. Do you want to or can you manage your own self managed super fund? It may work better for your retirement. There are lots of tax saving strategies that you may not know. Why not seek a SMSF specialist to help you? Enjoy our March comic....

15.01.2022 Time is running out if you want to include super contribution in the 2019 financial year! Remember, this year, 30 June falls on Saturday and there is potential delay if payments are made via clearing account system or EFT payments. Unless a contribution is made by 30 June, a deduction may be denied if it is a concessional contribution, or the contribution may count towards the next financial years contribution caps. This may result in excess contributions or other issues.

15.01.2022 Jobkeeper Payment - Time to Act We have summarised in great details of Jobkeeper Payment to help you understand the complexity of the Act and not to mention the continuing updates from the ATO! The latest update was on Friday, 17 April.

15.01.2022 Are you entitled to Cash Boost? Here are the summaries for you.

14.01.2022 Are you currently receiving JobKeeper payment? Due to update in JobKeeper 1.0, its important to re-visit your Employee List and identify any additional employees maybe eligible. Please read the full details about the update below.

12.01.2022 Watch out cash payment for employees' wages without PAYG withholding!

11.01.2022 May 2016 Budget changes in Super area. Concessional contribution Cap reduced to $25,000 Personal concessional contribution deductions extended without restriction up to age 75 Catch-up Concessional Super Contributions available for members with balance < $500K... Annual $180,000 or 3 Year Bring Forward Rule of $540,000 will be replaced by $500,000 lifetime cap. Earnings on Transition to Retirement Income Stream (TRIS) will be taxed at 15% $1.6 million transfer balance cap for amounts transferred into pension phase. Further details, please refer to our website in Newsletter section. A good investment strategy of your super fund includes appropriate asset mix accommodated your tolerance of risk and desired rate of return for your investment funding. Enjoy our May comic

11.01.2022 *** LOW- AND MIDDLE-INCOME TAX OFFSET (LMITO) *** From the 2018-19 financial year, the Low- and Middle-Income Tax Offset for Australian resident taxpayers is up to $1,080 per annum. The LMITO is a non-refundable offset.... The LMITO directly reduces the amount of tax payable but does not reduce the Medicare levy. The ATO automatically calculate and apply the non-refundable offset. The amount of the offset and the amount of any refund will differ depending on individual income level and tax paid during the year. Taxable income range ($) LMITO 0 37,000 (Up to $255) 37,001 48,000 ($255 plus 7.5 cents per dollar of income above $37,000) 48,001 90,000 ($1,080) 90,001 126,000 $ ($1,080 less 3 cents per dollar of income above $90,000) 126,000 and above ($0) The LMITO will cease at the end of the 2021-22 financial year and be replaced by the Low-Income Tax Offset. For further information, please contact 1300 552 993 or [email protected]

09.01.2022 The NSW $10,000 COVID-19 Support Grant applications are available now until 1 June 2020. If you are eligible, please dont miss the deadline. Main criteria: employ 1-19 staff, have more than $75k turnovers and require 75% drop in turnover, etc.

08.01.2022 CPA Practice, Parramatta Accountants, Tax Agent, SMSF Specialist, Business Advisor, Bookkeepers If you are a time poor professional or business owner searching for reasonably priced, reliable and knowledgeable Accountants to assist you with your tax, investments and accounting, then look no further! Joy is the Founder and Principal of Beyond Taxation and Business Services, located in Parramatta, Sydney. She started Beyond Taxation after meeting many people who felt that they ...were not getting value for money or the level of service they wanted from their existing business accountants. Beyond Taxation offers streamlined and cost-effective accounting solutions for time poor professionals, executives and business owners with services ranging from business registration, family trust and Self-Managed Super Fund (SMSF) setup to asset protection, cash flow forecasting, bookkeeping and tax planning. Joy is a CPA, registered Tax Agent, CPA SMSF specialist and has over 15 years experience in accounting, taxation and SMSF accounting. She is also a certified XERO Advisor and holds a Master of Accounting from Macquarie University and Bachelor of Business (Financial Planning) from RMIT University. For more information or to request a meeting with Joy, email her at [email protected] or via phone on 1300 552 993.

06.01.2022 Have you taken advantage of the 30K Instant Asset write off opportunity yet? Dont miss your chance to purchase new equipment for your business and claim an immediate tax deduction. Contact Beyond Taxation today for an obligation free consultation and see if you qualify. https://www.ato.gov.au///$30,000-instant-asset-write-off/

06.01.2022 Why did we introduce franking credits at first place? To avoid double tax!

06.01.2022 Is your super account balance under $6,000 and inactive? From 1 July 2019, Super Package Act will come into effect. The inactive low-balance accounts may be transferred to the ATO, and insurance cover in the super fund may also be stopped. Your account is considered inactive if it hasnt received a super contribution for over 16 months and has a balance of less than $6,000. However, your super account is deemed to be active if any of the following occur,... made an investment switch; changed your insurance cover; made or amended a binding beneficiary nomination, If you are unsure if your super account is active or you wish to keep your insurance cover, you should speak to your super fund provider and find out the alternatives. See more

06.01.2022 Can you claim tax deduction on director's fee and contractor's payment? What conditions do you need to meet? There is more clarity on this issue from 1 July 2019.

05.01.2022 Another financial year end! How ready are you? Why not call for a free tax consultation?

05.01.2022 Knowing where your money should go is the key!

04.01.2022 *** Single Touch Payroll (STP) for Employer *** If the employers already use STP during 2019 financial year, they will no longer need to provide PAYG payment summaries to their employees or lodge annual report to the ATO, they will need to finalize declaration within STP software. Once the finalization is made, it will be called as Income Statement and displayed as Tax Ready via employees MyGov account linked to ATO online service.... Employers normally needs to make the finalization declaration by 14 July each year. However, the employers have extended due date until 31 July 2019 to finalize 2019 STP. If the employers identify the need to amend details after making a finalization declaration, they can amend the finalized STP data thought their STP software. The amended data will update Tax Ready Income Statement. If employers are unable to make a finalization declaration by 31 July, they will need to apply to the ATO for extension. For more information, please contact [email protected].

03.01.2022 *** Tax deductibility and PAYG Withholding & Reporting *** From 1 July 2019, if PAYG withholding rules require a business to withhold and report an amount from a payment to employees and contractors, and they fail to do so, they cannot claim tax deduction on the payments. Those payments are: Salary, wages, commissions, bonuses or allowances to ... employee Directors fees To a religious practitioner Under a labour hire arrangement To contractors who supply services and has not provided ABN. A business will not lose tax deduction if they correct their mistakes by lodging a voluntary disclosure form to the ATO as soon as possible. Those mistakes could be: Withhold incorrect amount by mistake Should have withheld a PAYG amount but didnt Withheld a PAYG amount but didnt report any amount to the ATO. If a business honestly believes their employee is acting as a contractor, and so believe they are not obliged to withhold PAYG tax from payments as the contractor has provided their invoices and ABN, a business will not lose their deduction on the payment. Again, the business can correct their mistake by lodging a voluntary disclosure in the ATO approved form. As Single Touch Payroll rolls in for majority small business owners from 1 July, a business must electronically report the PAYG withheld and super liabilities to the ATO every time an employee is paid. Dont be caught out by non-deductibility of payments and administrative penalties due to non-compliance of PAYG withholding and reporting obligation! We are Xero Certified Adviser and offer payroll tax advice and software set-up services. Please contact [email protected] for further information.

03.01.2022 *** One-Minute SMSF Basic What is SMSF? *** ATO SMSF quarterly statistical report March 2019 indicates that there are close to 600,000 number of SMSFs with 1.1 million total members. The total estimated SMSF assets are now $747 billion, made up of 30% of all super fund assets. SMSF are particularly popular among small business owners, high net worth individuals and retired (or soon to be retired) individuals with reasonable amount of super sum to invest. ... So, what is SMSF? SMSF stands for Self Managed Super Fund. As the name suggested, it is managed by yourself and you take control of investment decisions and your own retirement funding. An SMSF must be run for the sole purpose of providing retirement benefits for you, as a member or your dependants. Early access without meeting the requirements of SIS regulation/act is prohibited. SMSFs are regulated by the ATO. SMSFs need to lodge annual tax return to the ATO once its financial reports are audited by a registered SMSF auditor. There are two types of SMSFs: Single member SMSFs, Non-single member SMSF, up to four members. For a single member SMSF, it can be set up with a corporate trustee with a sole director also a member; or generally speaking, at least two individuals as trustees. For a non-single member SMSF, if the trustee is a corporate trustee, each director is a member. If the trustees are individuals, each individual trustee is a member. So, what are the benefits of using corporate trustee? Please continue following our One-Minute SMSF Basis next week. Further information, please contact [email protected] or call 1300 552 993.

02.01.2022 *** Taxable Payment Annual Report (TPAR) Are you in or out? *** TPAR reports the ACTUAL payments made by certain business to subcontractors, consultants and independent contractors, regardless what business structures the contractors use. If you are IN BUSINESS in the following industries, you are required to lodge TPAR by 28 August 2019:... Building and construction services Cleaning services Courier services The following are newly added industries required to lodge TPAR for 2020 financial year by 28 August 2020: Road freight services Information technology (IT) services Security, investigation or surveillance services However, TPAR reports can also apply to mixed services, such as florists or franchisees and retailers, etc., if the total payments that you make to the contractors are 10% or more of your GST turnover. Details that you need to report in TPAR includes: Their ABN, if known, Their name and address Gross amount, including any GST, you paid to them. TPAR can be lodged by paper form, online by business or online by tax professionals. Contact us for further information at [email protected]

02.01.2022 *** Tax deductibility and PAYG Withholding & Reporting (continued) *** Cash Payment From 1 July 2019 and for income tax returns yet to be lodged for the 2020 financial year onwards, as part of tackling the black economy, the ATO will not allow tax deduction for cash payments to employees that do not comply with pay as you go (PAYG) withholding obligations. ... The ATO recognise that transacting in cash is a legitimate way of doing business. However, it is illegal and unfair when cash is used to deliberately hide income to avoid paying the correct amount of tax or superannuation. Non-cash benefits If a business provides good or services instead of paying money for employees salary or wages, the business still needs to report and pay the PAYG amount to the ATO for the deduction to be claimable. As Single Touch Payroll kicks in for majority of small business owners from 1 July 2019, a business must electronically report the PAYG withheld and super liabilities to the ATO every time when an employee is paid. Dont be caught out by non-deductibility of payments and administrative penalties due to non-compliance of PAYG withholding and reporting obligation! We are Xero Certified Adviser and offer payroll tax advice and software set-up services. Contact us for further information at [email protected]

01.01.2022 JobKeeper Payment - How to Enrol and Apply From 20 April 2020, you can enrol with the ATO for the JobKeeper payment by a registered tax agent or by yourself using the Business Portal and authenticate with myGovID. You must do this by 30 April to claim the JobKeeper payments. If you are eligible, make sure you do not miss the deadline.