Cannon Accounting | Financial service

Cannon Accounting

Phone: +61 404 664 357

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25.01.2022 If you are needing any help with these newly implemented measures, please give us a call, we are happy to help.

21.01.2022 A little more information on the governments coronavirus stimulus package. If you are receiving a payment from Centrelink there will be a one off payment of $750 to boost the currant down turn in the economy, this payment will not be deducted to recoup any outstanding Centrelink debts, as they have been doing with tax refunds for the past few years. Centrelink have also put it in place measures for anyone that needs to self isolate or go into quarantine to not have to meet jo...b requirements and they can apply for a 14 day exception. Anyone that is diagnosed and needs to take longer time off work can apply for sickness allowance which will be granted straight away. This may be particularly useful for those in the arts who have had gigs/performances cancelled due to the new laws around social events and gatherings of more than 500 people. Attached is some more information as to who is eligible and what steps to take if you are affected by quarantining

20.01.2022 A quick explanation on part of the financial package thats been announced.

19.01.2022 Businesses owners If youre enrolled and eligible to utilise jobseeker, its again time to make a monthly business declaration for the JobKeeper payment. You have from June 1st-14th to receive last months payments made to employees, this can be done in the business portal of the ATO using your GovID. Sole traders need to go in through their MyGov accounts. If you have any queries just give us a call at cannon accounting.... If youve enrolled and identified your eligible employees, you have from the 1st to the 14th day of each month to receive payments made to employees in the previous month. You can complete this step through this Business Portal using myGovID or our online services via myGov if youre a sole trader. If you have any queries, give us a call at cannon account

18.01.2022 As work starts to pick back up on site rather than at home, the ATO have revised the fringe benefits tax to include ride sharing services such as uber to fall under the taxis travel services. As long as the ride starts or ends at your place of business these fares are now claimable.

17.01.2022 With the constant changes to what is currently available, it can be a little bit overwhelming to know where you stand in regards to what financial help is available to you at this time, if you have any concerns or need to discuss your options contact us at cannon accounting and we can look at what is available for you or your business.

15.01.2022 There has been a rise in ATO scams being run at the moment targeting those affected by fires or floods, If you receive a call from someone saying they are from the ATO but arent sure, the best course of action is to hang up and call the ATO back on the appropriate number listed on its website, or call your tax agent on their listed number to seek advice. While the ATO does send SMS, emails and calls taxpayers, remember, the ATO would never: send an SMS or email asking you to... click on a hyperlink to log into myGov or other government websites; ask for personal identifying information in order to receive a refund; use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation; project its number onto caller ID; request a payment of a debt via cardless cash, iTunes or Google Play cards, pre-paid Visa cards, cryptocurrency, or direct credit to a personal bank account. If youve fallen victim to this or other tax-related scams, theres no shame, with increasingly sophisticated scams in play, last year over 15,000 people reported to the ATO that they provided scammers with their personal identifying information. The sooner you notify the ATO, the better the outcome. See more

15.01.2022 Are you the trustee of a SMSF? The ATO runs webinars which are available for trustees of their own SMSF as well as professionals, here is a link to some previous webinars that are still available to watch and another to sign on for upcoming ones. https://www.ato.gov.au//in-d/smsf-resources/smsf-webinars/... https://www.ato.gov.au//SMSF-reso/Past-webinar-recordings/

12.01.2022 The Federal Government have announced an economic stimulus package in response to the coronavirus outbreak to hopefully help stimulate the economy. The measures will include incentives to fast track investment, apprentice wage subsidies and cash payments of up to $25,000 for small and medium businesses to save jobs and help businesses battle supply disruptions. In addition to the business measures there will be one-off cash payments to pensioners and Newstart recipients in a ...measure aimed at helping stimulate consumer demand. Business Payments Up To $25,000 The government will include a $6.7 billion funding assistance package for small and medium businesses to assist with; the payment of wages, put on extra staff and invest or prepare for the downturn. Under these measures, eligible businesses with turnovers of up to $50 million will be eligible for tax free payments of up to $25,000. Businesses that pay the ATO income tax (PAYG Withholding Tax) on employees salary and wages either monthly or quarterly will receive a payment equal to 50% of the amount withheld up to a maximum of $25,000. Business Asset Write-Off Scheme The current business instant asset write-off scheme will be significantly expanded. The expanded instant asset write-off is expected to operate from today to the 1 July 2020 to help stimulate business investment. Under the present scheme, businesses with turnovers of up to $50 million can instantly write-off assets valued at up to $30,000. Under the changes announced the business turnover threshold will increase to $500 million and the asset value that can be written-off will increase to $150,000. Apprentice Wage Assistance Wage subsidies will be provided to small businesses who employ apprentices. The package will offer up to $7,000 each quarter as a wage assistance for each apprentice so small businesses can retain existing apprentices & trainees or re-employ apprentices & trainees who lose their position from a small business because of the coronavirus downturn. Cash Payments to Pensioners & Newstart Recipients within the stimulus package there will be one-off cash payments to both pensioners and Newstart recipients If you have any questions or concerns as to how this may affect your business, contact us at cannon accounting and we can go over the finer details with you.

11.01.2022 Small business owners and sole traders. The ATO are trying to keep up with the fast pace that covid19 is causing problems and concerns for businesses across the range from sole traders to large scale nationals. We have been researching what is available for our clients that are being affected at this time, here is a little more info but as always if you have questions or concerns give us a call.... Payment deferrals If you or your business has been affected by COVID-19, we can work with you to defer some payments and vary instalments you have due. These include your income tax, activity statement, pay as you go (PAYG) instalments, FBT and excise payments by up to six months. PAYG instalments If you are a quarterly pay as you go (PAYG) instalments payer you can vary your PAYG instalments on your activity statement for the March 2020 quarter. You can do this by lodging a revised activity statement before your instalment is due and before you lodge your tax return for the year. Taxpayers that vary their PAYG instalment rate or amount can also claim a refund for any instalments made for the September 2019 and December 2019 quarters. Where you choose to vary your PAYG instalments we won't apply penalties or charge interest to varied instalments for the 201920 financial year.

10.01.2022 Accessing your superannuation at this time. The government is allowing individuals in financial stress as a result of COVID-19 to access up to $10,000 of their superannuation in the 2019/20 financial year and a further $10,000 in 2020/21. These withdrawals will be tax-free and available to those who are eligible for the coronavirus supplement as well as sole traders who have seen their hours work, or income fall, 20 per cent or more as a result of the coronavirus.... As for information comes in we will try to stay on top of this for you. There is more to the stimulus package here

10.01.2022 Are you aware that you can co-contribute to your super? there are different rules around this depending on what the co-contribution is but if you were to contribute as little as $10 a week to your super and NOT claim it as a tax deduction the ATO will match it up to $500 per financial year. If you were wanting to co-contribute more you could make a one off payment up to $500 and not claim it and still have this matched by the ATO https://www.ato.gov.au//Growing-yo/Super-co-contribution/ Any questions Im regards to your super and how to best make it work for you, contact us at CannonAccounting.

08.01.2022 Another post re scams. Unfortunately with the announcements of the stimulus packages the scams have started coming thick and fast and are quite believable looking. Centrelink will not email you in regards to the $750 payment if you are entitled to it, it will just appear in your account.... Centrelink and the ATO will not email or text you and ask you to log in from an attachment. Centrelink and the ATO will always address you by your full name. Centrelink and the ato will not ask personal details over the phone unsolicited and will not become abusive. If you receive an email or text and you are unsure of, call or log in through your usual Chanels and do not click into or open any attachments sent. Please share this information with older friends and relatives who may not be aware and are often more heavily targeted at these times. Any questions please give us a call.

07.01.2022 More information in regards to the job keeper payment. Sole-traders can apply for the Jobkeeper allowance as well Businesses without employees, such as the self-employed, can register their interest in applying for JobKeeper Payment via the ATO from 30 March 2020. Businesses without employees will need to provide an ABN for their business, nominate an individual to receive the payment and provide that individuals Tax File Number and provide a declaration as to recent business activity. People who are self-employed will need to provide a monthly update to the ATO to declare their continued eligibility for the payments. Payment will be made monthly to the individuals bank account. Further details for the self-employed will be provided at the ATO.

07.01.2022 If you're impacted by a disaster such as a cyclone, flood, bushfire, drought or storm, the ATO know your first priority is to focus on family and community. If you need assistance with your tax affairs, we can help you when you're ready. With the on going drought, the extensive bush fire season we are enduring and recent floods the ato have put several measures in place to help those affected. If you are one of those affected , have a quick look at the links provided, if ther...es anything you need help understanding or lodging we at cannonAccounting are here to help with that. https://www.ato.gov.au/individuals/dealing-with-disasters/ https://www.ato.gov.au//ATO-extends-tax-relief-and-assist/

06.01.2022 With the government having announced a ban on events with more than 500 people attending a lot of people that work in the arts- performers, sound engineers, production crews, technicians and operators have been heavily financially affected. This may be of some assistance to you at this time. Are you a special professional? ... A special professional includes an author of a literary, dramatic, musical or artistic work, an inventor, a performing artist, a production associate,sound engineer or a sportsperson. There are different tax laws and income averaging applied to these fields, this is an area we at cannonAccounting specialise in, having musicians, singers, actors and producers on our books we have vast experience with getting the best return possible for these professions. If you think this may apply to you give us a call and we can have a chat to discuss the best way to go about your next tax return. https://www.ato.gov.au//Income-averaging-for-special-prof/ https://www.ato.gov.au//Income-averaging-for-special-pro/ https://www.ato.gov.au//Income-averaging-for-special-pro/

06.01.2022 Bernie Cannon established his business in 1981 providing bookkeeping, accounting and taxation services to small business and individuals and the statutory audit of a Self Managed Superannuation Fund. Bernies knowledge and understanding of all tax matters is impressively extensive. With 35 years of small business success Bernie has been joined by his son Steve and the business name has changed to Cannon Accounting. Bernie has transitioned to part-time retirement, handing over... to Steve whos goal is to continue to provide a professional and knowledgeable service for a further 35 years. Our business clients are mainly small to medium businesses, families, partnerships and sole-traders plus individuals/employees. We maintain the bookkeeping and accounting records, keep the Business Activity Statements up to date and prepare the income tax returns. We are flexible on the type of records you keep and our clients range from the traditional shoe box method to those who keep their own accounting records on MYOB, Quickbooks or in the Cloud.

06.01.2022 Centrelink partner income test. If you have had your work affected or cut and previously could not apply for payment from centrelink due to the $48,000 partner income cap, this has now been lifted to 79,762 to allow for more people to apply.

05.01.2022 The treasurer has just announced a payment of $1500 a fortnight to keep as many people employed as possible and to try to keep businesses afloat, businesses that have been affected by a 30% or more downturn can apply. Employees that were employed on March 1st can apply this includes New Zealanders that arent eligible for centrelink and employers that had to let staff go are encouraged to rehire them. This scheme is set up for 6 months at this point.

05.01.2022 Claiming self contributions to your super fund as a tax deduction? If you are intending on claiming any self made contributions to your super fund that were not salary sacrificed, you will need to send your super fund a notice of intent to claim or vary a deduction for personal super contributionsform. Your superfund will then send you the appropriate paperwork for your tax agent to claim this back as a deductible expense for you. Without first lodging a notice of intent t...o claim form any self contributed funds do not become a legitimate deductible expense for you to claim. If you have any questions or concerns about self contributions towards your super, contact us at cannon accounting and we can go over these with you. https://www.ato.gov.au//Notice-of-intent-to-claim-a-deduc/ https://www.ato.gov.au//downl/n71121-11-2014_js33406_w.pdf

05.01.2022 Do you have a free standing investment property? Dont forget to claim your land tax as a deduction, if you are needing help with this contact us at cannonAccounting we are experts in navigating land taxs https://www.revenue.nsw.gov.au/taxes-duties-levies/land-tax

02.01.2022 Another sms scam to look out for

01.01.2022 Businesses owners If you’re enrolled and eligible to utilise jobseeker, it’s again time to make a monthly business declaration for the JobKeeper payment. You have from June 1st-14th to receive last months payments made to employees, this can be done in the business portal of the ATO using your GovID. Sole traders need to go in through their MyGov accounts. If you have any queries just give us a call at cannon accounting.... If you’ve enrolled and identified your eligible employees, you have from the 1st to the 14th day of each month to receive payments made to employees in the previous month. You can complete this step through this Business Portal using myGovID or our online services via myGov if you’re a sole trader. If you have any queries, give us a call at cannon account