BlockChain Accountants in Melbourne, Victoria, Australia | Tax preparation service

BlockChain Accountants

Locality: Melbourne, Victoria, Australia

Phone: +61 3 9579 4450

Address: Level 10, 30 Collins Street 3000 Melbourne, VIC, Australia

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

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24.01.2022 The Panasonic i-PRO VIX solution is a tower based video network recorder ideal for most small to mid-market surveillance installations. With Video Insight Expre...ss pre-installed in both the VIX16 and VIX32 solutions, you are ready for deployment out of the box for a quick start to recording and viewing of your cameras. With pre-installed Video Insight Express, there is no need for expensive additional camera licenses, no ongoing SMA or version upgrade costs. Contact Innotec Security for all your Panasonic surveillance requirements. See more

22.01.2022 Victorian Government to launch $8 million in grants for small businesses in the CBD, Southbank and Docklands. Plus an additional $2 million in support services ...is coming soon. Transformation grants of up to $5000 are now available for small businesses located in the CBD, Docklands, World Trade Centre and Southbank, These grants focus on supporting bricks and mortar businesses impacted by decreased foot-traffic, enabling them to respond to challenging new circumstances and contribute to the vibrancy of the Melbourne CBD. Grants are open to all sectors, excluding hospitality. Hospitality businesses are eligible for the Victorian Governments CBD Hospitality Grant, also open now. Small business transformation grants are available through the City of Melbourne as part of the Victorian Governments $534 million business support package, which includes $20 million for CBD business support. Stay tune for more info and apply today. For more info email us: [email protected] A: Level 10, 30 Collins Street MELBOURNE VIC 3000 PO: PO Box 18258 MELBOURNE VIC 3001

22.01.2022 WE NEED YOUR HELP!! Details in video but please we need everyone to get letter writing and send them to us ASAP. Long story short council wants to close Springv...ale dojo. What we need: If you train( or trained in the past) at Springvale address your letters of support detailing the reasons you think the dojo should stay open, the positive impact it has had on your life or your childrens lives and get them to us by MONDAY 3rd dec. (our meeting is 4th) Email letters to [email protected] or print and hand to us at dojo. Please include your full name and a contact (phone or email) in the letter. A petition will be up later today and when you see that share and sign and get as many people to let council know how valuable this place is as possible!!! *** SIGN THE PETITION HERE: https://www.change.org/p/city-of-greater-dandenong-keep-aik Osu!

22.01.2022 As a courtesy, we writing to inform you of New Annualised Salary Award Provisions, introduced by Fair Work on the 19th November 2019. The new annualised wage award terms are very prescriptive and include a number of administrative requirements that many employers will find impractical and onerous. Since the passing of the legislation, @DOmkara Accountants Pty Ltd has reached out to Inzenius Pty Ltd (A HRM/Payroll specialist) to find a solution for Business Owners that meets ...the key changes to the award annualised wage provisions. Inzenius Pty Ltd, have developing an automated process that will facilitate duel processing with the salary paid in each pay period as well as calculating the pay as if the person was paid on the selected award for the preparation of any adjustment necessary. The system has the flexibility process or calculate annualised pay at any time. The process involves setting up the employee as a clone and process their pay again (Not paid at that time) and pay any necessary adjustments when desired. To do the calculation, Annualised Salary Employees will need to keep time & attendance records from 1st March 2020. If you are not sure what to do or like some help, please give us a call on 03 95794450 or email [email protected]

20.01.2022 D'Omkara Knowledge - Tax Round Up June 2020 The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate t...heir existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The grants will be distributed by the revenue office of the State or Territory where you live or plan to live. There are a few complexities to this grant that both home builders/renovators and the building industry need to be across before jumping in and signing a new contract on the expectation that the grant will apply. Eligibility Eligibility criteria apply to the individuals applying for the grant and the building project: Individual eligibility The HomeBuilder scheme is available to owner occupiers including first home buyers. It is not accessible to owner builders, developers or investors. To be eligible you need to be: An individual (not a company or trust); and 18 years of age or older; and An Australian citizen. And, you need to meet the income test. To be eligible, you cannot earn more than: Individuals - $125,000 based on your 2018-19 or later tax return Couples - $200,000 based on both of your 2018-19 or later tax returns The building project eligibility The building contract must be signed between 4 June 2020 and 31 December 2020. And, the construction or renovation must commence within three months of the contract date. The grants are available if you build a new home or renovate a home to live in (your principal place of residence) where: New home* The property value (house and land) does not exceed $750,000 Renovation** Substantially renovate your existing home, where: The renovation contract is between $150,000 and $750,000, and The value of your existing property (house and land) does not exceed $1.5 million * house, apartment, house and land package, off-the-plan, etc. ** renovation works must be to improve the accessibility, safety and liveability of the dwelling. It cannot be for additions to the property (such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages (unconnected to the property)). Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice . Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 10, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

20.01.2022 D'Omkara Knowledge - Tax Round Up June 2019. The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the... black economy. The ATO plan on visiting over 10,000 businesses in the new financial year, hunting out those hiding sales, paying cash in hand, or underpaying workers. And, they have a plethora of case studies to support the effectiveness of these visits, like the $2m in undeclared income for a series of nail salons owned by the one taxpayer. The ATOs interest was initially piqued by anomalies between the owners lifestyle and assets, and the income being declared from the salons. In another case a restaurant owner was only declaring eftpos payments and not cash payments received (the cash was kept in a shoe box). An audit revealed unreported income and overclaimed expenses of around $1.1m. So, what is it about a region that makes it a target? The ATO says they exhibit some statistical anomalies, for example, a higher number of businesses not registered for PAYG or GST. Other indicators include businesses that: Operate and advertise as 'cash only' or mainly deal in cash ATO data matching suggest dont take electronic payments Are part of an industry where cash payments are common Indicate unrealistic income relative to the assets and lifestyle of the business and its owner Fail to register for GST, lodge activity statements or tax returns Under-report transactions and income according to third-party data Fail to meet super or employer obligations Operate outside the normal small business benchmarks, or Are reported to the ATO by a member of the community. If ATO officers turn up at your business, they may ask you to show them how you record your sales and ask to see the records for the past day or so. If there appear to be anomalies in your reporting, further action might be taken. They may also check payroll records to ensure that staff are on the books and superannuation entitlements are being met. A classic problem area is cash payments or poor records for family working in the business. If a family member is employed, unless they are a Director of the business, you need to meet the same standards as if they were not related including minimum wage, PAYG withholding and superannuation guarantee payments. What you can do to prepare for an ATO visit: Have great records, particularly if your business predominantly uses cash. Make sure your paperwork is up to date - invoicing for services provided, recognition of expenses (with receipts), salaries and cash taken out of the business by the owners. Ensure staff are recording sales and expenses correctly. Ensure your business has a separate bank account it cannot be your personal bank account. Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 5, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

18.01.2022 As of 16 March 2020, Daniel Andrews has declared a state of emergency in Victoria. At DOmkara Accountants, whilst we remain vigilant on the COVID-19 situation,... preventive measures will also be taken to reduce the risk of spread of the virus during this crucial period. As a result, all staff will be working remotely. Our business continuity management plan will take effect, allowing us to remain fully operational and to continue providing high quality client services. Our team will remain contactable via phone and email, and are prepared to service our valued clients effectively. In line with official recommendations, face-to-face meetings will be reduced and will be replaced with video-conference calls. We are committed to providing the best to our clients, regardless of all situations. These steps are taken as a precautionary measure to reduce the risk posed to our people and community. To our knowledge, no staff of DOmkara Accountants has contracted COVID-19 or have been in contact with anyone with the virus. The health and wellbeing of our clients and staff remain our top priority. During this time, please do not hesitate to contact us at T: 03 9579 4450 or E: [email protected] if you have any questions about our services.

16.01.2022 The Stimulus Package: What You Need To Know! The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact o...f the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business: 1. Business investment *Increase and extension of the instant asset write-off *Accelerated depreciation deductions 2. Cash flow assistance for small and medium sized business *Tax-free payments up to $25,000 for employers *Wage subsidy of up to 50% of an apprentice or trainee wage 3. Targeted support for severely affected sectors, regions and communities For individuals: 4. Household stimulus payments to drive cash into the economy *Tax-free $750 payment to social welfare recipients Send us an email and we will send you summary of the Stimulus Package. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 10, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

16.01.2022 D'Omkara Knowledge - Tax Round Up September 2019. ATO take gloves off on overseas income: Five years ago, the Australian Taxation Office (ATO) offered a pen...alty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status its important to seek clarification. The residency tests dont necessarily work on common sense. For tax purposes: Australian resident - taxed on worldwide income including money earned overseas (such as employment income, directors fees, consulting fees, income from investments, rental income, and gains from the sale of assets). Foreign resident - taxed on their Australian sourced income and some capital gains. Unlike Australian resident taxpayers, non-resident taxpayers pay tax on every dollar of taxable income earned in Australia starting at 32.5% although lower rates can apply to some investment income like interest and dividends. There is no tax-free threshold. Australian sourced income might include Australian rental income and income for work performed in Australia. Temporary resident Generally, those who have come to work in Australia on a temporary visa and whose spouse is not a permanent resident or citizen of Australia. Temporary residents are taxed on Australian sourced income but not on foreign sourced income. In addition, gains from non-Australian property are excluded from capital gains tax Just because you work outside of Australia for a period of time does not mean you are not a resident for tax purposes during that period. And, for those with international investments, its important to understand the tax status of earnings from those assets. Just because the asset might be located overseas does not mean they are safe from Australian tax law, even if the cash stays outside Australia. Dont assume that just because your foreign income has already been taxed overseas or qualifies for an exemption overseas that it is not taxable in Australia. How your money is being tracked: A lot of Australians have international dealings in one form or another. The ATOs analysis shows China, the United Kingdom, Switzerland, Singapore and the United States are popular countries for Australians. The ATO shares the data of foreign tax residents with over 65 foreign tax jurisdictions. This includes information on account holders, balances, interest and dividend payments, proceeds from the sale of assets, and other income. There is also data obtained from information exchange agreements with foreign jurisdictions. In addition, the Australian Transaction Reporting and Analysis Centre (AUSTRAC) provides data to the ATO (and the Department of Human Services) on flows of money to identify individuals that are not declaring income or paying their tax. Its not uncommon for taxpayers to forget to declare income from a foreign investment like a rental property or a business because they have had it for a long time and deal with it in the local jurisdiction with income earned parked in that country. However, problems occur when the taxpayer wants to bring that income to Australia, AUSTRAC or the ATOs data matching picks up on the transaction and then the taxpayer is contacted about the nature of the income. If the income is identifiable as taxable income (for example, from a property sale or income from a business), you can expect the ATO to look very closely at the details with an assessment and potentially penalties and interest charges following not long after. There is no point telling the ATO the money is a gift if it wasnt, they can generally find the source of the transaction and will know its not from a very generous grandmother - misdirection is only going to annoy them and ensure that there is no leniency. What you need to declare in your tax return: If you are an Australian resident, you need to declare all worldwide income in your tax return unless a specific exemption applies, although in some cases even exempt income needs to be reported. Income is anything you earn from: Employment (including consulting fees) Pensions, annuities and Government payments Business, partnership or trust income Crowdfunding The sharing economy (AirBnB, Uber, AirTasker etc.,) Tips to make your business ATO proof: Tax reporting is up to date Systems are in place to manage your business, those systems are set up correctly, and you can explain how those system work Payroll records are up to date and accurate You can explain and provide evidence that your invoicing or receipts system works correctly and is well maintained Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 5, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

16.01.2022 AMTV AIRING IN MAY 2020! THE FIRST INTERNATIONAL MALAYSIAN COMMUNITY TV SERIES.

14.01.2022 We at Team DOmkara are delighted to announce the listing of CRONOS AUSTRALIA LIMITED on the ASX at midday today. We are proud to be part of this inaugural milestone for a long standing client and we look forward to the success of this listing.

14.01.2022 D'Omkara Knowledge - Tax Round Up August 2019. Why the Government does not want your business accepting cash payments of $10,000 or more Payments of $10,000 o...r more will need to be made electronically or by cheque. Well, easy enough you say, just break it up into smaller amounts! But, the law has already thought of that. The cash payment limit will apply to the total price of a single supply of goods or services, regardless of whether the price is split into a series of payments over time. If a customer is making cash payments over time, for example instalment payments on a car, the total cash component cannot equal or exceed $10,000 payments above this amount will need to be made using alternative payment methods If a genuine mistake has been made, you will need to be able to prove that you, reasonably believed that a payment did not include an amount of cash that was equal to or exceeded the cash payment limit. Making a mistake does not stop the breach being an offence, it merely limits the fault element. Recklessness is not a genuine mistake. Why the change? The cash limit initiative came out of the Black Economy Taskforce and targets untraceable payments. The concern with large cash payments is that cash can be anonymous and untraceable. Making payments in cash makes it easier for businesses to underreport income, and to offer consumers discounts for transactions that reflect avoided obligations, gaining a competitive advantage over businesses that either cannot or will not offer such discounts. In other words, under the counter deals. Interaction with AUSTRAC reporting entities Dovetailing into the new cash payments limits are changes to AUSTRAC reporting. At present, financial services, trading in bullion, and gambling services generally need to report to AUSTRAC for transfers of physical or digital currency of $10,000 or more. From 1 January 2021, certain AUSTRAC reporting entities will not be required to report physical cash transactions of $10,000 or more as they will be unable to make or accept them. The cash payments reform was originally announced in the 2018-19 Federal Budget and were due to commence from 1 July 2019 but pushed back to 1 January 2020. The reforms are not yet law and are currently before Parliament. *120 penalty units for individuals. Entities face 300 penalty units per offence (currently $63,000). Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 5, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

12.01.2022 D'Omkara Knowledge - Tax Round Up September 2020 Has COVID-19 devalued your business? If you are selling your business, merging, acquiring, or inviting in new... investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that were going to come out of it eventually? Fair market value is the price that would be negotiated in an open market between a knowledgeable, willing but not too anxious buyer and a knowledgeable, willing but not too anxious seller dealing at arms length within a reasonable time frame. Value and price may not be the same thing. The price you are offered (or offer), will often depend on the anxiousness of the parties. For example, a seller that does not need to sell where the business being sold adds synergy value to the purchaser, may look to obtain a premium on value. And, even where a quick sale is required it may not be discounted if the liquidated asset value of the business remains high (i.e., the assets of the business are worth more broken up and sold off than as a whole). However, to understand the value of a business, the pandemic necessitates a depth of investigation beyond the norm. You cannot simply ignore the pandemic and rely on pre-pandemic performance and financials, even if you are enthusiastic about the future. Previously, anyone looking to buy or sell a business would likely analyse the past three years trading figures to help determine a value but this historical analysis may no longer present an accurate picture. For some businesses, history is no longer a reliable predictor of fair value Forecasting during a pandemic: How do you plan for uncertainty when every assumption is subject to change? Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, its likely your customers, your supply chain, and your workforce will be to some extent. Understand where you stand now: Businesses fail (or fail to thrive) for a myriad of reasons, but the precursor is often a failure to understand what is occurring and what to monitor. Strategically, managers need to be on top of their numbers to identify and manage problems before they get out of hand. If you do not know what the key drivers of your business are - the things that make the difference between doing well and going under - then its time to find out. Understanding your cost structure: Do you know what your real cost of doing business is? Your breakeven point is the level of sales activity where your business is neither making a profit or a loss. Calculate your breakeven point by dividing your fixed expenses by your gross profit margin. This figure represents the level of sales income you need to breakeven. Understanding your breakeven point is crucial particularly when supply chains are impacted. Not only will your breakeven point assist you to monitor business performance, its critical when deciding whether or not to offer a discount. If your breakeven point is well below your current operating level then you have a good buffer in your profits to manage growth, invest in further capital opportunities, and to protect yourself against further downturns in operating Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice . Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 10, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

11.01.2022 The Australian Taxation Office has commenced a new data-matching program in collaboration with Services Australia in relation to the use of Single Touch Payroll data. What a great initiative! http://ow.ly/ALnU50Bw8B0

11.01.2022 WE HAVE MOVED OFFICE! As of 03 February 2020, DOmkara Accountants will be located at the following address: Level 10, 30 Collins Street, Melbourne VIC 3000. ... Our telephone, email and PO Box details will remain the same. T: (+613) 9579 4450 M: (+614) 021 30023 E: [email protected] W: www.domkara.com.au A: Level 10, 30 Collins Street MELBOURNE VIC 3000 PO: PO Box 18258 MELBOURNE VIC 3001

10.01.2022 WE HAVE MOVED OFFICE! As of 03 February 2020, D’Omkara Accountants will be located at the following address: Level 10, 30 Collins Street, Melbourne VIC 3000. ... Our telephone, email and PO Box details will remain the same. T: (+613) 9579 4450 M: (+614) 021 30023 E: [email protected] W: www.domkara.com.au A: Level 10, 30 Collins Street MELBOURNE VIC 3000 PO: PO Box 18258 MELBOURNE VIC 3001

09.01.2022 As of 16 March 2020, Daniel Andrews has declared a state of emergency in Victoria. At D’Omkara Accountants, whilst we remain vigilant on the COVID-19 situation,... preventive measures will also be taken to reduce the risk of spread of the virus during this crucial period. As a result, all staff will be working remotely. Our business continuity management plan will take effect, allowing us to remain fully operational and to continue providing high quality client services. Our team will remain contactable via phone and email, and are prepared to service our valued clients effectively. In line with official recommendations, face-to-face meetings will be reduced and will be replaced with video-conference calls. We are committed to providing the best to our clients, regardless of all situations. These steps are taken as a precautionary measure to reduce the risk posed to our people and community. To our knowledge, no staff of D’Omkara Accountants has contracted COVID-19 or have been in contact with anyone with the virus. The health and wellbeing of our clients and staff remain our top priority. During this time, please do not hesitate to contact us at T: 03 9579 4450 or E: [email protected] if you have any questions about our services.

06.01.2022 D'Omkara Knowledge - Tax Round Up March 2019. Removing the CGT main residence exemption for non-residents Currently, individuals are generally not subject to ...capital gains tax (CGT) on the sale of the home they treat as their main residence. If the home was your main residence for only part of the ownership period or if the home is used to produce income (for example, you use part of the home as business premises or rent out part of the property), then a partial exemption may be available. In addition, if you move out of your home and you dont claim any other residence as your main residence, then you can continue to treat the home as your main residence for up to six years if you rent it out or indefinitely if you dont rent it out (the absence rule). The main residence exemption is currently available to individuals who are residents, non-residents, and temporary residents for tax purposes. In the 2017-18 Federal Budget, the Government announced that non-residents and temporary residents would no longer have access to the main residence exemption under the CGT rules. The Government later confirmed that the exemption would still be available to temporary residents as long as they were residents of Australia under the normal residency tests. The proposed rules would prevent non-residents from claiming the main residence exemption even if they were a resident for some (or even most) of the ownership period. The proposed rules do not allow for partial exemptions. If, however, you are an Australian resident at the time you sell, then the normal main residence exemption rules apply, even if you were a non-resident for some or most of the ownership period. The draft laws become even more complex when dealing with deceased estates. Under the proposed new laws, the transitional period for non-residents to make arrangements to either sell their property or restructure their affairs, ends on 30 June 2019. The transitional period applies if the property was held at 9 May 2017 and is sold under a contract entered into on or before 30 June 2019. If there is no contract of sale in place by 30 June 2019, then the main residence exemption will not apply if the individual is a non-resident when the sale takes place. With the legislation stalled in the Senate, non-residents are in a precarious scenario. If the legislation is enacted with the current deadlines, it will now be difficult to sell any property in time to meet the transitional period requirements. We expect that the timing of the main residence exemption amendments will be addressed in the upcoming Federal budget. We will keep you posted! Employer Superannuation Guarantee amnesty: Back in May 2018, the Government announced an amnesty for employers who had fallen behind with their superannuation guarantee (SG) obligations. Under the amnesty, employers could catch up or self correct outstanding SG payments for any period from 1 July 1992 up to 31 March 2018. The intent was to reduce the estimated $2.85 billion owed by employers in late or missing SG payments Running from 24 May 2018 for 12 months, the amnesty was to provide relief from some of the punitive penalties that normally apply to late SG payments. To take advantage of the amnesty, employers were to make voluntary disclosures to the ATO about outstanding payments. But, the legislation enabling the amnesty has stalled in the Senate. Up until recently, the ATO was encouraging employers to make voluntary disclosures with the view that when the legislation passed Parliament, the amnesty would be applied. However, any employer who made a voluntary disclosure to the ATO will not benefit from the reduced punitive penalties unless the legislation passes, which at this stage, is highly unlikely in its current form Further, the Tax Commissioner has no discretion under the law to reduce the penalties applied to employers in this scenario, so if the legislation doesnt pass, then there isnt much the ATO can do to soften the blow. Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 9, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

04.01.2022 D'Omkara Knowledge - Tax Round Up October 2020 JobKeeper: The next steps - Wrapping up JobKeeper: If your business is no longer eligible for JobKeeper payment...s, there are a few things you need to do: Advise your employees and business participant. For anyone receiving JobKeeper payments from your business, you should advise them in writing that the business is no longer eligible, JobKeeper payments ceased on 27 September 2020, and their pay will revert to the conditions that apply under their employment agreement. This is particularly important for those who have been receiving top-up payments. Ensure payroll adjusts Double check your payroll to ensure that top-up JobKeeper payments have been removed from 28 September 2020 onwards. Make sure you keep all of your records relating to JobKeeper including your calculations and rationale for the decline in turnover test, your employee JobKeeper nomination forms, and any other records for at least five years. Do you have more questions like the below, then send us an email and we will send you a summary: 1. What’s the 10% decline in turnover test? 2. Is my business eligible for JobKeeper payments from 28 September? 3. My business has not received JobKeeper previously. Can we get it now? 4. My business can’t pass the decline in turnover test because we were impacted by a natural disaster/drought in 2019 5. My business fails the test because its turnover is ‘lumpy’ 6. My business is a new business without a 2019 comparison period. Can it receive JobKeeper payments? 7. What happens if a business restructure (or sale or acquisition) impacts on your numbers? 8. What happens if fast pre COVID-19 growth makes the comparison period unrealistic? 9. I am a sole trader (or partnership) impacted by illness, injury or leave 10. Does the business need to re-enrol? 11. What happens if the employee’s hours were different to normal in the reference period? 12. What happens if the employee’s salary is not linked to hours? 13. What about directors and partners in a partnership? 14. My employer is no longer eligible for JobKeeper. Can I receive JobKeeper from another employer? Temporary insolvency and bankruptcy protections: Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the threshold at which creditors can issue a statutory demand on a company (from $2,000 to $20,000) and the time companies have to respond to statutory demands they receive (21 days to 6 months); A temporary increase in the threshold for a creditor to initiate bankruptcy proceedings (from $5,000 to $20,000), an increase in the time period for debtors to respond to a bankruptcy notice (21 days to 6 months), and extending the period of protection a debtor receives after making a declaration of intention to present a debtor’s petition; Temporary relief for directors from any personal liability for trading while insolvent; and Flexibility in the Corporations Act 2001 to provide targeted relief for companies from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis. Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice . Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. D’Omkara Accountants Pty Ltd Tax Agents & Business Advisors Level 10, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

04.01.2022 D'Omkara Knowledge - Tax Round Up August 2020 What now? Where to get help if you need it Help for business:... JobKeeper 2.0: The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from 3 August if they meet the other eligibility criteria. If you have employees impacted by this change, you will still need to work through the eligibility requirements including providing JobKeeper Payment Employee Nomination, but just remember that these changes are not yet law. JobKeeper will also be extended beyond 27 September 2020. To receive JobKeeper from 28 September 2020, employers will need to reassess their eligibility with reference to actual GST turnover for the September 2020 quarter (for JobKeeper payments between 28 September to 3 January 2021), and again for the December 2020 quarter (for payments between 4 January 2021 to 28 March 2021). Most businesses will generally use their Business Activity Statement (BAS) reporting to assess eligibility. However, as the BAS is generally not due until the month after the end of the quarter, eligibility for JobKeeper will need to be assessed in advance of the BAS reporting deadlines to meet the wage condition for eligible employees. However, the ATO will have discretion to extend the time an entity has to pay employees in order to meet the wage condition. From 28 September 2020 the payment rates for JobKeeper will reduce and split into a higher and lower rate. Whether an eligible employee can access the higher or lower rate will depend on the number of hours they worked during a 4-week test period. The higher rate will apply to employees who worked at least 20 hours a week on average in the four weeks of pay periods prior to either 1 March 2020 or 1 July 2020. Between 28 September 2020 and 3 January 2021, the higher rate is $1,200 per fortnight, and $750 for the lower rate. Between 4 January and 28 March 2021, the higher rate is $1,000 per fortnight and $650 for the lower rate. JobKeeper payment rate 30 Mar to 27 Sept 2020 28 Sept to 3 Jan 2021 4 Jan 2021 to 28 Mar 2021: < 20 hours $1,500 $1,200 $1,000 > 20 hours $1,500 $750 $650 Cashflow boost payments: If your business received the first cashflow boost tranche, you will receive a further cashflow boost for the June to September quarters of the same amount. If you report quarterly, the cashflow boost will be paid in two equal payments for June and September. If you report monthly, the cashflow boost is provided in four equal payments. The cashflow boost is applied to reduce any liabilities in the same reporting period with any excess amount being paid as a cash refund from the ATO. Support for business employing apprentices and trainees: JobTrainer provides a 50% reimbursement to eligible employers for the cost of apprentice or trainee wages up to $7,000 per quarter. Originally only for small businesses employing less than 20 employees, the subsidy recently expanded to include businesses with under 200 employees. For small businesses (under 20 employees), the apprentice had to be employed on 1 March 2020 or on 1 July 2020 for claims after this date (claims are open now). For medium sized businesses (under 200 employees), the apprentice had to be employed on 1 July 2020 (claims open 1 October 2020). To access the subsidy, you will need to provide evidence of wages paid to the apprentice. The subsidy is also accessible to larger employers employing apprentices let go by a small/medium business where that apprentice was eligible for the wage subsidy. The subsidy is scheduled to end on 31 March 2021. Help for individuals? Email us ([email protected]) and we will send you some info on what is available. Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice . Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 10, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

02.01.2022 D'Omkara Knowledge - Tax Round Up March 2020 CGT & the family home: expats and foreigners excluded from tax exemption Capital gains tax (CGT) applies to gains... you have made on the sale of capital assets. Unless an exemption or exclusion applies, or you can offset the tax against a capital loss, any gain you made on an asset is taxed at your marginal tax rate. The tax triggers when a CGT event occurs. For residential property, the CGT event is generally the date the contract is signed. The main residence exemption prevents CGT applying to your family home (the home you treat as your main residence). If the home was your main residence for only part of the time you owned it, or if you use your home to produce income for example, you use part of the home as business premises or rent out part of the property), then a partial exemption may be available. In addition, if you move out of your home and you dont claim any other residence as your main residence, then you can continue to treat the home as your main residence for up to six years if you rent it out, or indefinitely if you dont rent it out (the absence rule). Previously, the main residence exemption was available to individuals who were residents, non-residents, and temporary residents for tax purposes. The new rules: The new rules exclude foreign residents from accessing the main residence exemption and apply to CGT events that occur from 9 May 2017 onwards. Under the new rules, if you are a non-resident for tax purposes at the time you sell your main residence, you will no longer be able to access the main residence exemption and you will need to pay CGT on any gain you make (subject to transitional rules and an exclusion). These new rules apply regardless of whether you were an Australian resident for part of the time you owned the property and no apportionment applies - the exemption simply does or does not apply depending on your residency status for tax purposes at the time the CGT event is triggered. However, if you are a resident of Australia at the time of the CGT event, then you may be able to access the main residence exemption, even if you have been a non-resident for some or most of the ownership period. For example, an expat who maintains their main residence in Australia could return to Australia, become a resident for tax purposes again, then sell the property and if applicable, access the main residence exemption (the new rules contain provisions that will deny the exemption where someone attempts to avoid the new rules by deliberately structuring their affairs to access the exemption for example, transferring the property to a related party). The transitional rules until 30 June 2020: Transitional rules are in place for non-resident taxpayers who would have been able to access the main residence exemption prior to the changes. The transitional rules enable someone who held property continuously from 9 May 2017 to apply the existing rules if the CGT event occurs on or before 30 June 2020. This gives non-residents a limited period of time to sell their property and obtain some tax relief under the main residence rules Exclusions to the new rules If you would have been able to access the main residence exemption under the prior rules, and have been a foreign resident for six years or less, there is a limited exclusion to the new rules where certain life events occur. A life event is generally: Your death or the death of your spouse or child (under 18 years) Terminal illness of you, your spouse or your child Marriage breakdown and divorce Under these circumstances, the taxpayer is able to access the main residence exemption. For example, if you or your spouse dies while living overseas, it has been six years or less since you became a non-resident, and the property is treated as your main residence. After six years however, the main residence exemption will not apply. That is, if you have been a foreign resident for tax purposes for more than six years, you or your beneficiaries cannot access the main residence exemption once the transitional period has ended unless you move back to Australia and become a resident again before the CGT event occurs. Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. ******************************************************************************************** ATO targets lifestyle assets: The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a three million dollar yacht then this is likely to raise some red flags, Deputy Commissioner Deborah Jenkins said. The ATO is looking for: under-reporting of income and mismatches between lifestyle assets and reported income, the purchase of assets in a company name but where those assets are used for private purposes (incorrect claims or non-reporting of GST credits, FBT, Division 7A, capital gains tax), and lifestyle assets purchased by self-managed superannuation funds that might breach the sole purpose test. The ATO has stated that the data matching will not result in automatic audits but will be reviewed by compliance officers to support the profiling of selected taxpayers. Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice . Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 10, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence

01.01.2022 D'Omkara Knowledge - Tax Round Up November 2019. What a month has this been for us at DÓmkara Accountants with a client listed on the Australian Stock Exchang...e (ASX). This month, we are covering: CGT and the family home: expats and foreigners targeted again: The Government has resurrected its plan to remove access to the main residence exemption for non-residents a move that will impact on expats and foreign residents Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were introduced into Parliament but stymied. An election later, a recomposition of Parliament, and the Government has again introduced the reforms but in a modified form. That is, if you held a property from 9 May 2017 up until the sale date, the existing rules might continue to apply. If the measures pass Parliament, a non-resident taxpayer would be prevented from applying the main residence exemption to the sale of a property, regardless of whether they were a resident of Australia for some or most of the ownership period. For expats, there is a proposed exception to the new rules for situations where the individual has been a non-resident for 6 years or less and a specific life event occurred during the period of foreign residency. Life events refer to terminal medical conditions suffered by the individual or certain family members, the death of certain family members or a marriage or de facto relationship breakdown. That is, if you were working overseas for 5 years and your spouse died during this time, the exemption could still potentially apply to your former Australian main residence. For non-resident individuals, there will be a significant flow-on impact if the legislation passes Parliament as: They will miss out on a full or partial exemption under the main residence rules. They will generally be taxed at non-resident rates (i.e., no or only partial tax-free threshold). The CGT discount percentage could be less than 50%. The cost base reset rules that sometimes apply to provide an uplift in the cost base of the property to its market value at the time it is first rented out, are unlikely to apply, and The foreign resident withholding rules could impact on the cash flow position of the vendor. Currently, individuals are generally not subject to CGT on the sale of the home they treat as their main residence. If the home was your main residence for only part of the ownership period or if the home is used to produce income (for example, you use part of the home as a business premises or rent out part of the property), then a partial exemption may be available. In addition, if you move out of your home and you dont claim any other residence as your main residence, then you can continue to treat the home as your main residence for up to six years if you rent it out or indefinitely if you dont rent it out (the absence rule). The main residence exemption is currently available to individuals who are residents, non-residents, and temporary residents for tax purposes. Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 is currently before the House of Representatives and is not yet law. Are you worried? Need more info? Send us an email and one of our team members will send you the info. The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained. DOmkara Accountants Pty Ltd Tax Agents & Business Advisors Level 5, 30 Collins Street MELBOURNE VIC 3000 O: (03) 9579-4450 E: [email protected] Inspired by Passion Driven by Financial Intelligence