Bray & Associates Chartered Accountants in Sydney, Australia | Consultation agency

Bray & Associates Chartered Accountants

Locality: Sydney, Australia

Phone: +61 2 9233 4833

Address: Level 2, 23-25 O’Connell Street 1225 Sydney, NSW, Australia

Website: http://bray.com.au/

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24.01.2022 Attention Small Business! As a COVID-19 support measure, the NSW Government have made available a grant of up to $3,000 for eligible small businesses directly impacted by COVID-19. The Small Business Recovery Grant is designed to assist businesses in re-opening or up-scaling operations. The grant can only be used to cover eligible expenses* made from 1 July 2020 and applications for the grant close on 16 August 2020.... In order to be eligible, businesses must: - Have an ABN as at 1 March 2020 registered in NSW - Have total Australian wages below $900,000 as at 1 March 2020 - Have less than 20 full-time equivalent staff as at 1 March 2020 - Have an annual turnover of more than $75,000 as at 1 March 2020 - Have experienced a decline in turnover of at least 30% from March to July 2020 compared to the same period (of at least 2 weeks) in 2019 - Are in a highly impacted industry (industries impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020) as at 1 March 2020 - Have eligible expenses* from 1 July 2020 For more information on the specific industries impacted by the Restrictions on Gathering and Movement Order 2020, please see https://www.service.nsw.gov.au/small-business-covid-19-reco. *Eligible expenses include (but are not limited to) fit-out changes and temporary physical changes, staff training and counselling, business advice and continuity planning, cleaning products and additional cleaning services, additional equipment necessary to comply with social distancing, marketing, communications and advertising. Please dont hesitate to get in touch with your usual contact at Bray & Associates should you wish to discuss eligibility.

22.01.2022 31 March is right around the corner! Don't forget to record your motor vehicle/s odometer reading tomorrow, 31st March 2020. Fringe Benefits Tax ("FBT") returns are due for lodgement by 25 June 2020 through your tax agent, with payment of any FBT liability being due by 28 May 2020.

20.01.2022 Deduction for Super Contributions in 2020 - Don't be too late Super contributions are only regarded as being paid (and therefore deductible for income tax purposes) once the Super Fund has received them - this may be days or weeks after you have made the payment from your account. To ensure any super contributions you intend to claim a deduction for in the 2020 financial year are regarded as paid before 30 June 2020 you should check the cut-off date for the Super Fund you a...re paying to or the Clearing House you are using. If you use the ATO's Small Business Super Clearing House for example, the cut-off date for payment of super contributions is 23 June 2020 - payments made after this date may not be processed until after 30 June 2020 and therefore not deductible until the 2021 financial year.

20.01.2022 Are you working from home? The Australian Taxation Office (ATO) have implemented a new shortcut method for calculating deductions for taxpayers working from home. The shortcut method will apply for working from home claims from 1 March 2020 to 30 June 2020 (claims for expenses prior to 1 March 2020 must be calculated using the existing rules*).... The shortcut method will allow people to claim a flat rate of 80 cents per hour for all their running expenses (instead of calculating amounts for specific costs). Taxpayers will be required to keep a record of the hours they have worked from home as evidence of their claim. Under the shortcut method, the ATO have also removed the requirement to have a dedicated work space. *Under the existing rules (applicable to 30 April 2020), working from home claims are limited to those employees with a dedicated work area in their home and, the claim must be calculated by one of two ways: 1 - claim a rate of 52 cents per work hour for heating, cooling, lighting, cleaning and the decline in value of office furniture, plus calculate the work-related portion of their phone and internet expenses, computer consumables, stationery and the decline in value of a computer, laptop or similar device ~or~ 2 - claim the actual work-related portion of all their running expenses, which needs to be calculated on a reasonable basis. Taxpayers may choose to continue to use the existing method for calculating their claim post 1 March 2020. Further information on the existing and new methods can be found at: https://www.ato.gov.au//Me/New-working-from-home-shortcut/ Alternatively, please get in touch with your usual contact at Bray & Associates for any queries on how this may apply to you.

20.01.2022 Congratulations to Emma Casey who successfully completed her final module of the Chartered Accountants program. Emma has shown great commitment to her studies since commencing work with Bray & Associates at our Bowral office in 2016. Emma is a valued member of our team, providing accounting and taxation services to a range of our clients including small size businesses, self managed superannuation funds and provides assistance on various audits.... We at Bray & Associates are extremely proud of Emmas achievments in her study whilst working full time.

20.01.2022 Do you use your own car for work related travel? You may be entitled to an income tax deduction for the work related use of your car. There are two methods available to calculate your car deduction:... 1. Cents per kilometre method or; 2. Logbook method dont forget that this method requires a logbook be kept for a period of 12 continuous weeks (and is valid for 5 years). If you intend to use the logbook method for 2018 and you dont yet have a logbook now is the time to begin recording your business trips. Have a look at our webpage for more information on each of the methods: http://bray.com.au/news.html

19.01.2022 JobKeeper Payment Scheme Be sure to head on over to our website and have a look at our latest Newsletter covering the JobKeeper Payment Scheme: https://bray.com.au/news.html#newsletters ... Please get in touch with your usual contact at Bray & Associates if you have any questions on how this scheme may apply to you.

18.01.2022 Attention Employers! Did you know that if you pay your Employees June 2018 Quarter Super entitlements prior to June 30, you will be able to claim the payment as an income tax deduction in the 2018 financial year? Cant pay before June 30?... Dont stress! If paid after 30 June, but prior to 28 July 2018, the June 2018 quarter super payment will still be deductible - just not until the 2019 financial year.

18.01.2022 Work Christmas parties and Fringe Benefits Tax (FBT) With Christmas right around the corner, it is important for employers to plan for any FBT that may be payable on gifts or parties provided to their employees during the festive season. Whilst benefits such as food, drink and gifts may attract FBT there are a number of exemptions available to employers (where certain conditions are met). Such exemptions include:... - Exempt property benefits generally, the costs of food and drink associated with Christmas parties are exempt from FBT where they are provided on a working day and on the employers business premises (and consumed by current employees); - Exempt minor benefits where the cost of the benefit is less than $300 per employee, the benefit may be exempt from FBT (provided certain conditions are met); Have a look over this summary provided by the ATO on common Christmas party scenarios: https://www.ato.gov.au//In-deta/FBT-and-Christmas-parties/

18.01.2022 Quarterly Practice Update: Please see below a link to our latest newsletter covering some of the new developments and issues in the accounting world: http://www.bray.com.au/news.html#newsletters... Be sure to have a look over the rest of our website for further updates and information.

16.01.2022 Happy New Financial Year! Thank you to our friends at the Gumnut Patisserie for our festive cake - as always, it was delicious! Here are some of the key dates to keep in mind for July and August 2020:... 14 July 2020 - June 2020 JobKeeper declarations are required to be lodged by this date where claiming JobKeeper payments for June. . . 31 July 2020 - Employers with fewer than 19 employees are required to finalise their Single Touch Payroll (STP) data by this date. For those employers with 20 or more employees, the finalisation due date is 14 July 2020. Employers with only closely held employees are not required to report through STP and will be required to issue PAYG Payment Summaries to their employees by the due date of their business tax return. . . 28 July 2020 - Any June 2020 quarter superannuation guarantee that was not paid prior to 30 June 2020 is required to be paid before 28 July 2020. . . 28 August 2020 - Taxable Payments Annual Reports (reporting amounts paid to contractors) are due by this date. These reports apply to businesses within the building and construction, cleaning, courier or road freight, information technology and security, investigation or surveillance industries. Please get in touch with your usual contact at Bray & Associates should you have any questions on your upcoming obligations.

15.01.2022 Reminder! Superannuation Guarantee ("SG") is due to be paid by 28 April 2018! Employers - SG must be paid on behalf of your employees at least four times a year. You may pay weekly, fortnightly or monthly as long as your total SG obligation for the quarter is paid by the due date:... - 31 March 2018 = Due 28 April 2018 - 30 June 2018 = Due 28 July 2018 - 30 September 2018 = Due 28 October 2018 - 31 December 2018 = Due 28 January 2019 Dont be late! Paying late, or not at all means lodging an SG Charge Statement, paying interest and admin charges and losing an income tax deduction for the late or missed amount of SG (which effectively means you wont be able to claim a tax deduction for the late paid superannuation).

14.01.2022 It's almost that time of year again! Don't forget to record your motor vehicle/s odometer reading on Saturday 31st March 2018. Fringe Benefits Tax ("FBT") returns are due for lodgement by 25 June 2018 through your tax agent, with payment of any FBT liability being due by 28 May 2018.

13.01.2022 Attention Employers! If you believe that you may be eligible for the Job Keeper payment there are things you need to be doing in April 2020 to qualify. Information in this space is being added to daily. Much of it can be found at https://www.ato.gov.au/general/JobKeeper-Payment/.... Of course, as always, please give us a call if you have any questions.

11.01.2022 HomeBuilder HomeBuilder is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis. HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.... HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealths First Home Loan Deposit Scheme and First Home Super Saver Scheme FREQUENTLY ASKED QUESTIONS (Homebuilder stimulus) https://treasury.gov.au//HomeBuilder_Frequently_asked_ques

11.01.2022 Congratulations to Caitlin Ford who graduated this week from the University of Wollongong with a Bachelor of Commerce. Caitlin has completed her degree part-time since commencing work with Bray & Associates at our Bowral office in 2011. Caitlin is a valued member of our team, providing accounting and taxation services to a range of our clients including primary producers, small and medium size businesses and self managed superannuation funds.... We at Bray & Associates are very proud of the commitment that Caitlin has shown in completing her studies whilst working full time - no easy feat!

11.01.2022 Deduction for Super Contributions in 2020 - Dont be too late Super contributions are only regarded as being paid (and therefore deductible for income tax purposes) once the Super Fund has received them - this may be days or weeks after you have made the payment from your account. To ensure any super contributions you intend to claim a deduction for in the 2020 financial year are regarded as paid before 30 June 2020 you should check the cut-off date for the Super Fund you a...re paying to or the Clearing House you are using. If you use the ATOs Small Business Super Clearing House for example, the cut-off date for payment of super contributions is 23 June 2020 - payments made after this date may not be processed until after 30 June 2020 and therefore not deductible until the 2021 financial year.

11.01.2022 We are all set for our quarterly training day!

11.01.2022 Is your superannuation balance approaching $1.6 million? Individuals under 65 years of age (and also some aged between 65 and 75 depending upon their circumstances) may make non-concessional (undeducted) contributions to their superannuation fund, but only if their total superannuation balance on the previous 30 June was less than $1.6 million. From 1 July 2017, these contributions are limited to $100,000 per year, or a three year prepayment of up to $300,000, depending upon... your age and the amount of your non-concessional contributions made in the preceding two years. Timing is critical and errors may be costly. Please seek advice from your usual financial adviser to ensure that you are making the most of your superannuation opportunities.

10.01.2022 What is your non-concessional superannuation contributions cap? From 1 July 2017, this will depend upon your age, your work status and your Total Superannuation Balance (TSB)* at 30 June 2017. If your Total Superannuation Balance at 30 June 2017 was $1.6 million or more, you are no longer eligible to make non-concessional contributions to your Fund.... If your Total Superannuation Balance at 30 June 2017 was less than $1.6 million, then the contribution cap varies depending upon your circumstances. It is critical that you get this right! So have a look at your 30 June 2017 Total Superannuation Balance and then call your financial adviser or call us and we will make sure you get the right information. *Your TSB is the sum of all of your super and retirement savings accounts (both accumulation and pension accounts).

10.01.2022 Christmas Break Office Closure: Bray & Associates will be closed from Friday, 21 December 2018 at 5:00pm and will reopen on Wednesday, 2 January 2019 at 8:30am. We would like to wish you and your family a Merry Christmas and Happy New Year!

09.01.2022 Catch-up concessional contributions: If your total superannuation balance is less than $500,000 on 1 July 2018 you may be allowed to make additional concessional (deductible) superannuation contributions provided your total employer and personal concessional contributions do not exceed the annual cap amount (currently $25,000). After 1 July 2018, the catch-up amounts can be accumulated for up to five years a planning opportunity for years in which cashflow and taxable inc...ome support a larger concessional contribution. If this applies to you please seek advice from your usual financial adviser or our Authorised Representative of the SMSF Advisers Network.

07.01.2022 The results are in! Congratulations to both Emma Casey and Edward Stone on completing their CA Tax Module - another one down, only a few more to go. Keep up the good work!

07.01.2022 We are seeking a new graduate or in the final year of a degree course with a conscientious work ethic, creative mindset with a problem solving attitude. We invest resources in developing your skills and creating an environment that fosters your growth as a well rounded professional. We are interested in graduates with an accounting/commerce degree.... FIND OUT MORE: http://youunlimitedanz-guide.com/bray-associates-graduate-p

07.01.2022 Attention Businesses! The Government have announced an extension to the increased asset write-off threshold from 30 June 2020 to 31 December 2020! This means, eligible businesses will now also be able to claim an immediate deduction in their 2020-21 tax return for the business portion of an eligible asset installed ready for use from 1 July 2020 to 31 December 2020 costing less than $150,000.... See below for more information or get in touch with your usual contact at Bray & Associates.

07.01.2022 COVID-19 Small Business Support Grant The NSW Government have announced a financial support grant of up to $10,000 to help ease the pressure on Small Businesses within NSW that have been severely impacted by COVID-19. Small business owners will be eligible for the grant if they:... - Have between 1-19 employees (as at 1 March 2020) and an annual turnover of more than $75,000 - Have total Australian wages below the NSW 2019-20 payroll tax threshold of $900,000 - Have an Australian Business Number as at 1 March 2020 and are based in NSW - Are highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020* - Have unavoidable business costs not covered by other NSW or Commonwealth Government financial assistance measures *this is defined as a decline in turnover of 75% compared to the equivalent period (of at least 2 weeks) in 2019. The funding may be used to meet unavoidable costs, such as: - Utilities, council rates, telecommunication charges - Insurance payments, professional advice - Wages for an employee (not eligible for Job Keeper payments) - Franchise fees - Paying creditors, if your business is closing For more information and a more comprehensive overview of the eligibility criteria, please visit: https://www.service.nsw.gov.au//apply-small-business-covid Alternatively, please get in touch with your usual Bray & Associates contact for further information or to discuss your eligibility.

06.01.2022 Small Business Super Clearing House Changes: The Small Business Super Clearing House (SBSCH) login is no longer operational. If you have previously used the SBSCH for super reporting, here is a link that provides some information on how to access the SBSCH moving forward: https://www.ato.gov.au//Small-Busines/SBSCH-decision-tool/

04.01.2022 Our Bowral office were thrilled to have our newest (furriest) intern "Berto" visit on Friday for International Take your Dog to Work Day! Here he is learning the ropes with Alison Fenaughty...

03.01.2022 Employers! Companies! Trusts! Do you provide a vehicle to your employees? The ATO have recently issued guidelines relating to when a commercial vehicle will be exempt from Fringe Benefits Tax.... How your employee actually uses the vehicle is the main factor. For more information, please visit http://bray.com.au/news.html

03.01.2022 Superannuation Pension Payment or Lump Sum? Did your total superannuation balance exceed $1.6 million at 30 June 2017? Did you partially commute your pension so that you now have both a pension balance and an accumulation balance with your Fund? This will generally mean that the minimum amount of your superannuation pension will reduce for the 2017/2018 year and beyond.... Many commentators are recommending that, if you want to withdraw more than your new minimum pension amount, you should structure it as a lump sum from your accumulation account. This will help to preserve the balance in your pension account. Administration point: you should be able to identify which withdrawals are payments from your pension account and which are lump sums from your accumulation account. If this applies to you please seek advice from your usual financial adviser or our Authorised Representative of the SMSF Advisers Network.

03.01.2022 Tax Tip: There have been changes to the personal concessional (deductible) superannuation contributions rules. From 1 July 2017, even if your employer is paying superannuation on your behalf, you may also be able to to make tax deductible superannuation contributions.... What does this mean for you? > If you make a personal, after-tax superannuation contribution to a complying super fund prior to June 30, 2018; > You meet the age and work-test restrictions; > You notify your fund in writing via a "Notice of Intent" form; > Your total superannuation contributions from all sources (including your contributions and your employer contributions) does not exceed $25,000; and > Your fund acknowledges your notice to claim a deduction You may be able to claim an income tax deduction in your 2018 income tax return for the super contribution! Get in touch with your usual contact at one of our offices to discuss your specific tax circumstances.

03.01.2022 Practice Update: COVID-19 continues to present challenges to all of us. Right now, Bray & Associates offices remain open, however should this change preparations are in place for us to continue to service our clients remotely. Calls to our usual telephone numbers will be answered as normal during business hours and our staff will continue to be contactable via e-mail. Please see below a link to our latest newsletter covering the tax-related measures available to small and med...ium size businesses recently passed by the Government: https://www.bray.com.au/news.html#newsletters Please get in touch with your usual contact at Bray & Associates with any queries or concerns and to discuss how any of these measures may apply to your business.

03.01.2022 31 March is right around the corner! Dont forget to record your motor vehicle/s odometer reading tomorrow, 31st March 2020. Fringe Benefits Tax ("FBT") returns are due for lodgement by 25 June 2020 through your tax agent, with payment of any FBT liability being due by 28 May 2020.

02.01.2022 MEET THE BRAY TEAM: From our Bowral office, Kristina Freire Kristina joined the firm in September 1999 with nine years experience in public practice and commerce. Her focus since joining Bray & Associates has been accounting and taxation services to small to medium size enterprises, investors and High Net Worth individuals.... Kristina is a Chartered Accountant and a graduate of the Australian Institute of Company Directors. She also serves on the Board of BDCU Limited.

02.01.2022 We hope that you all enjoyed the Easter break! There were a couple of key tax dates for employers over the Easter long weekend: 1. Recording your odometer readings on 31 March 2018 (for all vehicles available for the private use of an employee) and;... 2. Conducting a headcount on 1 April 2018 (to determine if you are a substantial employer for Single Touch Payroll (STP) purposes). If the festivities of the weekend allowed you to forget either of the above - be sure to do it now!

02.01.2022 Its almost that time of year again! Dont forget to record your motor vehicle/s odometer reading on Saturday 31st March 2018. Fringe Benefits Tax ("FBT") returns are due for lodgement by 25 June 2018 through your tax agent, with payment of any FBT liability being due by 28 May 2018.

02.01.2022 Employers - are you ready for Single Touch Payroll ("STP")? Single Touch Payroll (STP) is mandatory from 1 July 2018 for Substantial Employers. How do you know if you are a Substantial Employer?... You must do a headcount on 1 April 2018 for all employees* on your payroll as at that date. If you have 20 or more employees you are a substantial employer and must ensure you are STP enabled by 1 July 2018. *employees include; full-time, part-time, casual, seasonal, overseas and absent (on leave) employees. For more information call us or head to the ATOs website: https://www.ato.gov.au//Get-ready-for-Single-Touch-Payroll/ Dont forget to headcount !!

01.01.2022 Senior position available at Bray & Associates Sydney. Assist a growing and dynamic boutique accounting practice in the Sydney CBD to meet the taxation obligations of both its local and overseas clients. FIND OUR MORE HERE: ... http://bray.com.au/careers.html See more

01.01.2022 Attention Employers! Did you know that if you pay your Employee's June 2018 Quarter Super entitlements prior to June 30, you will be able to claim the payment as an income tax deduction in the 2018 financial year? Can't pay before June 30?... Don't stress! If paid after 30 June, but prior to 28 July 2018, the June 2018 quarter super payment will still be deductible - just not until the 2019 financial year.

01.01.2022 It is that time of year yet again! Our offices will be closed from Thursday, 21 December 2017 at 5:00pm and will reopen on Tuesday, 2 January 2018 at 8:30am. We would like to wish you and your families a safe and happy Christmas with all the best for the New Year!