Capita Business Advisors & Tax Consultants in Coburg, Victoria, Australia | Tax preparation service

Capita Business Advisors & Tax Consultants

Locality: Coburg, Victoria, Australia

Phone: +61 3 9386 6373

Address: 1/2 Sydney Rd 3058 Coburg, VIC, Australia

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

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24.01.2022 ATO to send text messages if bank account details incorrect The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details were included in their tax returns and they were entitled to a refund. The SMS will advise impacted taxpayers that:... their refund cannot be processed due to incorrect bank account details; and they should phone the ATO on 13 28 61 to correct their details. If impacted taxpayers contact the ATO with their correct details within seven days, any refund due will be issued electronically. In the wake of an increase in recent tax fraud attempts, it is clear that taxpayers need to exercise additional caution when dealing with electronic messaging from (or purportedly from) the ATO. The authenticity of ATO correspondence can be verified by calling the ATO on 1800 008 540; however, if you are ever unsure about any correspondence received, please contact our Coburg Office or Greenvale office.

23.01.2022 More compliance requirements for Security, ICT and Transport Sectors In the past Taxable Payment Reporting System was introduced by ATO to control cash economy in Building and Construction industry. It was then extended to Courier and Cleaning businesses and now from 1st July 2019, businesses that provides road freight, security, investigation, surveillance or IT services will be required to report payments made to contractors if the payments are for road freight, security, i...nvestigation, or IT services. These payments must be reported to the ATO each year using the Taxable payments annual report. This is now very clear from the recent steps taken by the Government that in coming future Black Economy Task Force will put major pressure and focus on certain businesses to declare the income and expenses which might have been mistreated in the past. At Capita, we make sure that required resources and frameworks are in place to assist our clients to manage their compliance affairs on time, efficiently and keep our clients informed with all the required updates relevant to their industry they are doing business. We offer 30 minutes obligation free appointment to businesses at our Coburg and Greenvale offices to get better understanding about the services we offer tailored to the each industry. Feel free to visit our website www.capitabatc.com.au to make an appointment.

22.01.2022 ATO guidance regarding downsizer contributions The ability to make downsizer contributions effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to downsize and they want to contribute part or all of the proceeds to superannuation. ... Basically, these measures allow older Australians to make a downsizer contribution where: a) they are aged at least 65; b) there was consideration received for the disposal of an eligible Australian dwelling; c) the contract of sale for the property was entered into on or after 1 July 2018; d) a superannuation contribution is generally made within 90 days of settlement; e) the contribution does not exceed the lesser of $300,000 and the proceeds received from the sale of the dwelling; f) an ownership interest in the dwelling had been held for at least 10 years (usually by the individual making the contribution or their spouse); g) either a full or partial CGT main residence exemption applies to the disposal of the dwelling; h) a choice to treat the contribution as a downsizer contribution is made in the approved form; and i) broadly speaking, it is the first downsizer contribution the taxpayer has made.

20.01.2022 https://www.msn.com//ato-facing-investigation-/ar-AAxlset

20.01.2022 External collection agencies to enforce ATO lodgment obligations The ATO has finalised a trial relating to sending overdue taxpayer lodgment obligations to external collection agencies. As a result, it may now refer taxpayers to an external collection agency to secure tax return lodgment. ... The ATO has stated that it will only refer a taxpayer to an external collection agency where the taxpayer takes no action in response to its initial correspondence letters.

19.01.2022 Amnesty for historical underpayment of Super Guarantee The government announced that it is introducing a one-off, 12 month amnesty for historical underpayment of super guarantee. To access use the amnesty, employers must pay all that is owing to their employees, including nominal interest. However, penalties for late payment will not be applied during the amnesty.... Employers that do not take advantage of the amnesty will face higher penalties when they are subsequently caught in general, a minimum 50 per cent on top of the SG Charge they owe. In addition, throughout the amnesty period the government has stated that the ATO will continue its usual enforcement activity against employers for those historical obligations they do not disclose voluntarily. Subject to passage of the Bill, the amnesty will run for 12 months from Thursday 24 May.

19.01.2022 Holiday home rentals are now on ATOs redar The ATO has recently advised that they are setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays. While it confirms that the private use of holiday homes by friends and family is entirely legitimate, the ATO states that such use reduces a taxpayers ability to earn income from the property, and therefore impacts on (i.e., reduc...es) the amount of claimable deductions. As a result, the ATO has reminded holiday home owners that: They can only claim deductions for a holiday home with respect to periods it is genuinely available for rent. They cannot place unreasonable conditions on prospective tenants/renters, set rental rates above market value, or fail to advertise a holiday home in a manner that targets people who would be interested in it and still claim that the property was genuinely available for rent. Where a property is rented to friends or relatives at mates rates, they can only claim deductions for expenses up to the amount of the income received. Property owners whose claims are disproportionate to the income received can expect greater scrutiny from the ATO. Need assistance in sorting out your taxation affairs, feel free to contact us. Details are on our website www.capitabatc.com.au

14.01.2022 Ban on electronic sales suppression tools From 4 October 2018, the Government has banned activities involving electronic sales suppression tools (ESSTs) that relate to people or businesses that have Australian tax obligations. The production, supply, possession or use of an ESST (or knowingly assisting others to do so) may attract criminal and administrative penalties. ESSTs can come in different forms and are constantly evolving, some examples include:... An external device connected to a point of sale (POS) system. Additional software installed into otherwise-compliant software. A feature or modification that is a part of a POS system or software. An ESST may allow income to be misrepresented and under-reported by: deleting transactions from electronic record-keeping systems; changing transactions to reduce the amount of a sale; misrepresenting sales records (e.g., by allowing GST taxable sales to be re-categorised as GST non-taxable sales); or falsifying POS records. Transitional arrangements are in place for six months starting from 4 October 2018 to 3 April 2019 for possessing an ESST. Taxpayers may avoid committing an offence for possessing an ESST if they: acquired it before 7:30pm 9 May 2017; and advise the ATO that they possess the tool. Importantly, the transitional provisions do not apply to the manufacture, development, publication, supply or use of an ESST. Depending on the offence and severity of the crime, taxpayers can face financial penalties of up to 5,000 penalty units, which currently equates to over $1 million.

14.01.2022 Update for our valued clients - Temporary Office Closure Due to new restrictions under Stage 4 lockdown imposed by the State Government Victoria, we will be unable to attend our offices from Thursday 6th Aug 2020 till the government allows us to resume the business, at this stage its after Sunday, 13th Sept 2020. During this time, we can still take only online appointments and our accountants are able to work as usual on your files from home.... We will be communicating all future updates via the Website, Google & Facebook page. To make an appointment, please visit the website https://www.capitabatc.com.au/ or call (0061) 0430 574 425 Thank you for your continued support and understanding though this challenging and constantly changing time. Stay Safe & Blessed! Management, Capita Business Advisors and Tax Consultants Mob: 0430 574 425 E: [email protected]

14.01.2022 Phony tax agent scam The ATO is reporting a variation of the ATO impersonation scam where people are contacted by someone claiming to be from the ATO and demanding payment of a debt. In the example provided by the ATO, the person pretending to be from the ATO dialled the victims tax agent into a three-way teleconference; however, it wasnt the victims tax agent, it was someone pretending to be from the agents practice. The person then instructed the victim to pay the de...bt on that day, and via bitcoin. The ATO reports that during July and August it received more than 7000 scam reports to its dedicated phone line, with close to $190,000 being paid to scammers, and more than 1600 people handing over their personal or financial information. Capita Business Advisors always recommend not to disclose your identity over the phone unless you verified the contact. If you believe the call from ATO you have received is not genuine please inform ATO on 1800 008 540

13.01.2022 Scammers impersonating tax agents The ATO has received increasing reports of a new take on the fake tax debt scam, whereby scammers are now impersonating registered tax agents to lend legitimacy to their phone call. The fraudsters do this by coercing the victim into revealing their agents name and then initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victims registered tax agent or someone from the agents pr...actice. As the phone conversations with the scammers appeared legitimate and the victims trusted the advice of the scammer tax agent, victims have been falling for this new approach. In a recent example, a victim withdrew thousands of dollars in cash and deposited it into a Bitcoin ATM, fearing that police had a warrant out for their arrest. The ATO is reminding taxpayers that they will never: Demand immediate payments; Threaten them with arrest; or Request payment by unusual means, such as iTunes vouchers, store gift cards or Bitcoin cryptocurrency. Taxpayers are advised that if they are suspicious about a phone call from someone claiming to be the ATO, then they should disconnect and call the ATO or their tax agent to confirm the status of their tax affairs and verify the call.

13.01.2022 JobKeeper applications are now available and process involves 3 steps through either the Business Portal or Tax/BAS Agent Portals. STEP 1 Enrol business for JobKeeper wage subsidies from 20 April ... STEP 2 Identify and maintain employees eligible by: Completing STP payroll software requirements -by 30 April or manually enter employee details if the business does not have STP payroll software - from 4 May STEP 3 Business Monthly declaration for JobKeeper Payment- from 4 May confirm eligible employees and turnover each month Only one eligible employer can claim the subsidy for individuals

13.01.2022 ATO data matching and ASIC share transactions The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive share data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million records obtained. ... The ATO will use the information to identify taxpayers who have not properly reported the sale or transfer of shares as income or capital gains in their income tax returns. It seems share transactions are high on the ATOs priority list, given more than 5 million Australian adults (almost one-third) now own shares.

12.01.2022 Are you using Business Cars for personal use? ATO contact regarding business cars and Fringe Benefits Tax (FBT) The ATO has recently advised that it will be contacting taxpayers (and tax agents on behalf of their clients) that have been identified as having cars registered in their business name who have not lodged an FBT return. The ATO has reminded businesses that:... i) a car fringe benefit will occur when a business owns or leases a car and makes it available for an employees private travel or use (including garaging the car at or near an employees home and making it available for private use); and that ii) business directors are also employees for FBT purposes.

11.01.2022 Growth and personal development only happens under pressure and stress.

11.01.2022 Inquiry into financial and tax practices of for-profit aged care providers The Senate has referred an inquiry into the financial and tax practices of for-profit aged care providers to the Senate Economics References Committee for report by 14 August 2018. The terms of reference for the inquiry are the financial and tax practices of for-profit aged care providers, with particular reference to:... the use of any tax avoidance or aggressive tax minimisation strategies the associated impacts on the quality of service delivery, the sustainability of the sector, or value for money for government the adequacy of accountability and probity mechanisms for the expenditure of taxpayer money whether current practices meet public expectations any other related matters.

10.01.2022 Improvements to employee share schemes announced The Government has announced it intends to introduce legislation to improve the ability of small businesses to offer employee share schemes by simplifying the current regulatory framework, and reducing the time and cost burden for businesses by (amongst other things): a) increasing the value limit of eligible financial products that can be offered in a 12-month period from $5,000 per employee to $10,000 per employee;... b) creating an exemption for disclosure, licensing, advertising and on-sale obligations in the Corporations Act; and c) allowing small businesses to offer (in most instances) employee share schemes without publicly disclosing commercially sensitive financial information.

09.01.2022 14 Days Office Closure Notice COVID-19 Precautionary Measure! To Our Clients & Community, As the COVID-19 crisis continues, we have been working through how we can best serve, communicate and update you during this challenging time. ... Our greatest priority is the health and safety of all of our team members, you our valued clients and the wider community. Firm has decided to voluntarily shut down physical offices in Coburg and Greenvale to maintain social distancing till 4th April 2020. All of our staff members are working from home and able to serve you. If you like to have a telephonic or video meeting please contact on 0430 574 425 or email us on [email protected] To those who are not feeling well, we extend our heartfelt wishes for a full recovery. And to our clients keeping society running, you have our full admiration. Best Regards, Management Capita Business Advisors and Tax Consultants

08.01.2022 GST and Property Development Legislation has been passed to clamp down on GST evasion in the property development sector. From 1 July 2018, purchasers of new residential premises and new residential subdivisions will generally be required to withhold the GST on the purchase price at settlement and pay it directly to the ATO. ... Property developers will also need to give written notification to purchasers regarding whether or not they need to withhold. The new obligations are primarily aimed at ending the practice of some developers collecting GST on new properties before dissolving their business prior to remitting such tax to the ATO. If you need further information please feel free to contact us at our Greenvale or Coburg Office

08.01.2022 When problems are due to mistakes you made, learn from them so that you dont make the same mistakes twice.

08.01.2022 3 Rules for claiming work related expenses ATO has provided guidelines to claim legitimate work related expenses. Taxpayer need to satisfy that: 1. One must has spent the money by oneself,... 2. Money have not been reimbursed and 3. expense must be directly related to taxpayers earning and taxpayer must have a substantiation to prove it. It is advisable to claim only those expenses which fulfil aforementioned requirement. Capita Business Advisors and Tax Consultants have two offices in Coburg and Greenvale. Firm is serving public since 2012. If your taxation and accounting matters require professional assistance feel free to contact us by visiting our website www.capitabatc.com.au

08.01.2022 Division 7A: Company loans to shareholders under review The Government has released a consultation paper outlining proposed reforms to simplify the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Broadly, where a private company makes a payment or loans funds to a shareholder and/or their associate, the amount will be treated as a taxable unfranked dividend paid to the recipie...nt. To avoid this, many shareholders enter into complying Division 7A loan agreements (basically agreeing to repay the relevant amount within 7 years, or 25 years if the loan is secured). With this in mind, Treasury is currently looking at (amongst other things): 1. simplifying the Division 7A loan rules by converting to a new 10-year model; and 2. clarifying that distributions from a trust to a bucket company that remain unpaid present entitlements come within the scope of Division 7A. The proposed amendments are intended to apply from 1 July 2019 and will arguably be the most significant tax reforms impacting business and investment clients over the next two years. At this stage of the consultation process, the Government is currently considering submissions made with respect to these proposals and it is expected that draft legislation, and further clarity, will be available early in the 2019 calendar year.

08.01.2022 Commercial Passenger Vehicle Service Levy registration process Government has imposed industry levy on businesses linked with road sharing services. A $1 per trip industry levy (the commercial passenger vehicle service levy) will apply to all commercial passenger vehicle trips, starting in 2018. Service providers not consumers will be required to pay the levy for each trip. It will be calculated on a total number of trips and booking service providers will be able to choo...se when and how they apply it in the new flexible fare environment. Please watch this video to have better understanding about the whole process involved in the levy registration process :) https://youtu.be/BRyYXo8XWkg

07.01.2022 Tax scammer alert The ATO has again warned taxpayers to be alert for scammers impersonating the ATO, as it appears they have changed tactics in 2019. Specifically, the ATO is seeing the emergence of a new tactic where: scammers are using an ATO number to send fraudulent SMS messages to taxpayers asking them to click on a link and hand over their personal details in order to obtain a refund. ... The ATO has received reports of scammers maliciously manipulating the calling line identification so the phone number that appears is different to the number from which the call originated. This is referred to as spoofing and is a common technique used by scammers to appear legitimate. It appears these scams aim to steal taxpayers personal details and identities. The ATO has advised it will not: Send an email or SMS asking a taxpayer to click on a link to provide login, personal or financial information, or to download a file or open an attachment; Use aggressive or rude behaviour, or threaten taxpayers with arrest, jail or deportation; Request payment of a debt via iTunes or Google Play cards, pre-paid Visa cards, cryptocurrency or direct credit to a personal bank account; or Request a fee in order to release a refund owed to taxpayers. Tip: If you are unsure about a call, text message or email purportedly received from the ATO, the best advice is not to reply. Dont disclose your tax agent details as Scammer now gets the details from taxpayers about their tax agent and then call them from a phone number similar to tax agency dealing with you. Should you have any concerns, please contact our office directly, or alternatively you can call the ATO on 1800 008 540 to check if the contact was legitimate or to report a scam. Capita Business Advisors and Tax Consultants never asked clients to pay ATO debt over the phone.

07.01.2022 Proposed deferral of STP to smaller employers Single Touch Payroll is a change to the way employers report their employees tax and super information to ATO. Using payroll or accounting software that offers STP, employers send their employees tax and super information to ATO each time they run their payroll and pay their employees. The information is sent to ATO either directly from the software, or through a third party such as a sending service provider.... Single Touch Payroll (STP) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees. There is currently legislation before Parliament to expand STP to all employers from 1 July 2019 and it is estimated that there will be more than 700,000 employers who will enter STP as a result. Even though the proposed expansion is not yet law, the ATO recommends that smaller employers consider voluntarily opting-in to STP early. The ATO acknowledges there is a large number of very small employers who have less than five employees (micro-employers) who do not currently use a payroll product and has indicated that they are not looking to force them to take up a product to do STP. Efforts are being made to work with industry to look at some alternate reporting mechanisms. It is being reported that software developers, and even some of the larger banks, have shown an interest in developing some kind of product that would enable micro-employers to provide the necessary data to comply with STP at a low cost. Employers who are in an area that has internet issues or challenges are reminded that there are potential exemptions available under STP. The ATO is currently consulting with focus groups to look at flexible options to transition micro-employers to STP over the next couple of years. Assuming the relevant legislation passes, the ATO does not realistically expect that everyone will start STP from 1 July 2019 and has indicated that it will be flexible with the commencement date, including the provision of deferrals to help stagger the uptake.

06.01.2022 Non-compliant payments to workers ATO has changed the rules for claiming deductions for payments to workers. From 1 July 2019, businesses can only claim deductions for certain payments made to workers where theyve met the Pay As You Go (PAYG) withholding obligation for that payment.... Specifically, a business can only claim a deduction for the following payments if it complies with the relevant PAYG withholding rules: 1. Salary, wages, commissions, bonuses or allowances to an employee. 2. Directors fees. 3. Payments to a religious practitioner. 4. Payments made under a labour hire arrangement. 5 Payments made for a supply of services (except from supplies of goods and real property) where the contractor has not provided their ABN. Where the PAYG withholding rules require an amount to be withheld, the business must: 6. withhold the amount from the payment before they pay their worker; and 7. report that amount to the ATO. Importantly, a deduction will not be lost if an incorrect amount is withheld (or reported) by mistake. Capita business advisors and tax consultants has expert and qualified accountants and bookkeepers to look after your business interest. For professional and on time accounting and taxations services feel free to contact us on 03 9386 6373 (Coburg) or 1300 135 554(Greenvale)

05.01.2022 Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based on the previously legislated timeline). Similarly, the increase in the tax discount to 16% for unincorporated entities will apply from the ...2022 income year, rather than the 2027 income year. Feel free to make 30 minutes obligation free appointment with our offices to know how we can help your business achieving these cuts www.capitabatc.com.au See more

04.01.2022 A good #entrepreneur cures his/her obsession with control and learns to delegate.

03.01.2022 The "time to start" will never be perfect. The heavens wont open as your sign of a sure thing. Get up and get going now.

01.01.2022 At Capita business advisors and tax consultants (Firm hereafter), were taking measures to keep our valued clients and team safe. Following the requirements announced by the Victorian Government we now require that all clients and team members must wear face masks in both offices of the firm from Thursday 23 July. We understand majority of the taxpayers prefer to get their taxes sorted out ASAP and require appointments to fulfil their compliance obligations, contrary to prev...ious years arrangements we will encourage to have online appointments where possible. If you need to visit office, please make an appointment prior to visit. Firm has a policy to have one client at a time therefore we are not accepting walk in clients until further notice. For appointments, please visit https://www.capitabatc.com.au/ We thank you for helping to keep everyone safe. Management Capita Business Advisors and Tax Consultants

01.01.2022 ATOs Guidance on Handling with cryptocurrency With increasing interest in cryptocurrencies (such as Bitcoin or Ripple), the ATO has issued guidance regarding various tax consequences of transactions involving cryptocurrencies. Any capital gains made on the disposal of a cryptocurrency (including using the cryptocurrency or converting it to Australian dollars) may be taxed, although certain capital gains or losses from disposing of a cryptocurrency that is a personal use ass...et are disregarded. Cryptocurrency may be a personal use asset if it is kept or used mainly to purchase items for personal use or consumption (but the longer the period of time that a cryptocurrency is held, the less likely it is that it will be a personal use asset). Note: If the cryptocurrency is held as an investment, the taxpayer will not be entitled to the personal use asset exemption but, if they hold the cryptocurrency as an investment for 12 months or more, they may be entitled to the CGT discount. If the disposal is part of a business the taxpayer carries on, the profits made on disposal will be assessable as ordinary income and not as a capital gain. The ATO has also provided guidance regarding the tax consequences of the loss or theft of cryptocurrency, as well as of chain splits. Please Note: Aforementioned discussion is general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the informations applicability to their particular circumstances.

01.01.2022 Expansion of the TPRS The Taxable Payments Reporting System (TPRS) has been expanded to the cleaning and courier services industries from 1 July 2018. Businesses that have an ABN and make any payments to contractors for cleaning or courier services provided on behalf of the business must lodge a Taxable Payments Annual Report (TPAR) each income year.... The first TPAR for payments made to contractors from 1 July 2018 to 30 June 2019 will be due by 28 August 2019. Where cleaning or courier services are only part of the services provided by the business, they will need to work out what percentage of the payments they receive are for these services each income year to determine if a TPAR is required to be lodged. Specifically, if the total payments the business receives for the relevant services are: 10% or more of their GST turnover a TPAR must be lodged. Less than 10% of their GST turnover a TPAR is not required to be lodged, but the business can choose to lodge one.