Cassells Chartered Accountants in Buderim, Queensland | Tax preparation service

Cassells Chartered Accountants

Locality: Buderim, Queensland

Phone: +61 7 5477 1100

Address: 3/19 Main Street 4556 Buderim, QLD, Australia

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

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• Tax preparation service
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24.01.2022 **Coronavirus Stimulus for Pensioners For those of you who are a retiree, if you are in a position that you do not need to be drawing your minimum pension payments, i.e. you are saving money outside of your allocated pension on a regular basis, you may wish to consider availing of the option to reduce your pension payments to help preserve your pension balance. This will allow you to be in a position to rebalance and be ready to get the upside when the market starts to pick u...Continue reading

23.01.2022 Just a friendly reminder that the 2019 tax is due on the 15th May 2020 Please note, emailing the documents to [email protected] at this point in time would be preferable

23.01.2022 **Issues for Small Business regarding Coronavirus** 6 Month deferment of Business loan Repayments. The Government has just announced an initiative that there is a deferment of payment of business loans for a period of 6 months. This is a great initiative but we need to wait for some more clarification on this in the next 48 hours. The announcement says ‘small business Loans’ So if you have a business loan that is on business interest rates because when you took the loa...Continue reading

22.01.2022 Employers! If you have not switched to Single Touch Payroll (STP) it is now a compulsory requirement. Need help making the switch? Contact the office on 07 5477 1100. For more information on STP, click on the link below: https://www.ato.gov.au/b/single-touch-payroll/what-is-stp-/

22.01.2022 The ATO has profiled the most common mistakes taxpayers are making when lodging their Income Tax Returns! The top mistakes include: claiming deductions when no money was spent claiming deductions for private expenses... not correctly apportioning expenses between work-related and private purposes not having records to prove claims The best way to avoid these mistakes is to know what you can legitimately claim. There are three golden rules for work-related expenses. You must have spent the money yourself and not have been reimbursed, it must be directly related to earning your income, and you must have a record to prove the expenses you are claiming. For more information contact one of our qualified Accountants on 07 5477 1100.

22.01.2022 Happy Cup Day! Remember bets are not tax deductible #gambleresponsibly #giddyup

21.01.2022 **The Impact of Stress on Negotiations** Unless you are in solitary confinement, as humans we negotiate many times every day of our lives. Most of these negotia...tions are small and we don’t even notice we are doing them like who is doing the grocery shopping or who is mowing the yard through to the larger negotiations, like a major purchase or to a much larger and challenging negotiation like a commercial dispute. As the impact of the outcome becomes greater and therefore more important to the individual, there are circumstantial factors that are directly correlated to the importance of outcome the main one is stress. The more important the negotiation, the higher the level of stress will be evident and this will affect the way the individual interacts in the negotiation. Different personality types will handle stress differently some can adapt and be driven to increased performance under stress whilst others will not like negotiating anything other than the most basic requirements. Everyone is different and that’s ok. But what happens when there are major external stresses, like serious financial stress present? When these external stresses come to play the ability of the person negotiating can be severely affected and behaviours in the negotiation process can become unpredictable and irrational. Covid 19 is creating a serious amount of stress at the personal level, as well as financial and economic stress for small business and these stresses are clearly impacting on the way people are acting. The ugly impact of stress impacting on behaviour is showing itself in many ways who would have thought that we would be witnessing physical abuse by everyday people over a relatively basic commodity like toilet rolls? The fundamentals of negotiation are based in an exchange of information. Depending on personality types and communication preferences, people gather and process information differently. Some people will want information in varying degrees of detail and prefer to make structured logical decisions based on that information and others requiring the same level of detail will place more importance on the humanitarian aspect of the decision. That does not mean that a person cannot make decisions across this entire spectrum, it’s about their preferred way of doing things. There is a lot of really good research and learning available on this topic. What is clear from the research is that when extreme stress comes into play, people tend to loose the ability to make rational decisions and they gather and process information in a manner that is not necessarily the way they would normally do so. When extreme external pressures come to play, someone who would normally want the big picture information and make a logical decision based thereon will tend to unknowingly revert to wanting absolute detail and start coming to conclusions in what they think are a humanistic manner. But unless they are practiced at exercising decision making in ways they would not normally choose to, then there is a high risk that they will implement the decision making in an irrational and immature way. This has diabolical outcomes in any negotiation situation. My observations are that this is what is happening in so many situations now due to the unprecedented stress being caused by Covid 19. Take for example Landlord and Tenancy negotiations. The government recognised that there is currently a major issue with commercial leases due to the impact on small business during Covid 19, and as an interim measure placed a moratorium on lease termination, calling for parties to talk to each other and negotiate a solution that assisted both parties to get through these times so that the national outcome was we have an economy where business has a chance to regain normality reasonably quickly. Some parties, be it Landlord or Tennant, took this advice and embarked on a negotiation process with varying degrees of information gathering from the other party. In a lot of instances this was as simple as a request from the tenant to the landlord for rent relief, in others it was simply a Landlord taking the initiative and contacting the tenant and offering relief. The trouble is the unknown level of stress each of the parties are personally under and the unknown influence this stress this is having on the individual and thus outcomes are ranging from success to rage. The initial advice and direction from the government was great, but the impact of stress on behaviours is so great that the success curve is quite flat! This inability to act rationally calls for adjudication and when the inability is widespread then adjudication is called legislative direction. Thankfully there is imminent legislative direction by way of state based codes of conduct for Small Business leasing during Covid 19. This code is expected to mandate rent relief for small business tenants and will set the scene for how both Landlords and Tenants are to behave, place a level of direction as to what the outcome of negotiations can and can’t be and provide for formal mediation process where necessary. My advice for commercial landlords and tenants is that if they have attempted to negotiate a mutually beneficial outcome with the other party and you have not been able to achieve this then don’t make hasty decisions help is on its way. Do what you need to do in order to put the interaction in a holding pattern in the short term and when clear mandated direction is available, those parties with the inability to make rational, mutually beneficial decisions will be forced to do so. The fundamentals outlined here apply to all commercial negotiations. If you need some direction or interpretation of rules as they come in, some help in setting a strategy to achieve rational outcomes, or some insights into your own reactions in this stressful period of time we are here to assist. Stay Safe, Act Humanly and strive to make Rational Decisions! Frank Cassells

21.01.2022 The more you know... Centrelink - Urgent warning about MyGov scam Australians have been warned to look out for a convincing MyGov scam asking customers to hand over their bank details. A number of people have received text messages from a phone number claiming to be the government agency, asking them to update their personal information on a fraudulent website. The text message reads: 'Last warning to update your payment details', followed by a link to a fake site that then... has a message reading 'All citizens must update their bank detailed by 30 Jan 2020 in accordance with Treasury Laws Amendment Act No. 52 2019,' ATO SMS scam - tax refund notification Scammers are texting people asking them to click on a link and provide personal identifying information to receive a refund. To make the text messages seem more legitimate, scammers are using technology that causes them to appear in your genuine ATO message feed. The website asks users to provide their bank details, along with other personal identifying information, for ‘verification purposes’. DO NOT click on any links and do not disclose the information requested. If you have any queries please contact the office on 07 5477 1100 and we can assist you.

19.01.2022 Please note we are closed today, reopening tomorrow Tuesday the 28th January

19.01.2022 Don't let tax time scare you! The tax return deadline if you're lodging your tax return yourself is October 31st, 2019. Lodging your tax return through a tax agent can mean you have until May 15th, 2020! Contact the office to find out more

16.01.2022 After 1 January 2020 it will be a criminal offense to both make and accept business payments for goods and services in cash of more than $10,000. Making multiple payments of under $10,000 for an item over $10,000 will also be caught under the new legislation. The government has released a factsheet addressing what it terms "common myths" about the cash payment limit. See it in the link below: https://treasury.gov.au//28454_factsheet_addressing_the_my For more information please contact the office on 07 5477 1100

13.01.2022 Happy Wednesday!!! We are getting super excited as there are only 8 sleeps until Santa comes! A reminder that we are closed from Friday (20th) at 1:30pm until the 6th January 2020!

12.01.2022 Do we think Jenny is a little bit excited for Christmas?

12.01.2022 Happy Valentine’s Day

12.01.2022 What our clients are saying ...

11.01.2022 myGov Scam Alert 'update your details' SMS Request Scammers are sending text messages asking people to update their details in myGov. If you click on the link in the text message, it will take you to a fake myGov website that looks like your secure log in. The ATO will NEVER send an email or SMS asking you to access online services via a hyperlink. You can make your myGov account more secure by opting to receive a security code via SMS each time you log in. ... Read more: https://bit.ly/327LoCM See more

11.01.2022 COVID-19 Stimulus Packages Webinar with Frank Cassells Join Frank tomorrow the 24th April at 3pm (AEST) as he talks about the COVID-19 Stimulus Packages.... Alternative tests were announced today along with clarification around payments which Frank will be discussing. He will take a deep dive into the key issues around accessing the COVID-19 Stimulus measures and provide you with practical guidance on interpreting the rules and guidelines. There will be an opportunity for you to ask questions at the end of the Webinar. If you would like to join: https://us02web.zoom.us/j/87966730851 Password required : 741944 Hope you can make it!

11.01.2022 Lest We Forget Anzac Day looks a little bit different this year, however that shouldn’t stop us from remembering those sacrificed so much for us.

11.01.2022 The ATO has completed an examination of Superannuation Guarantee (SG) Contributions, reviewing 75 million transactions for 400,000 employers. The ATO is set to notify 2,500 employers for paying their SG payments late during 2018-19. Please make sure you are paying your SG on time. Any late payments are non-deductible and incur a SG charge. For more information, contact the office on 07 5477 1100.

09.01.2022 Never forgotten, always remembered.

08.01.2022 Merry Christmas!

07.01.2022 Happiest of Happy Birthdays to Kathy Cassells! Wishing you a very special day Kath.

05.01.2022 QBCC Licensees If your annual turnover is more than $800,000 but no more than $30,000,000 you are required to provide your annual financial information to the QBCC by 31st December 2019. For more information about what you need to lodge, please contact the office on 07 5477 1100.

04.01.2022 Every year, it seems, they change the rules the retirement age, the contributions cap, and so it goes on. If you want to get ahead of the game, give the team a call on 07 5477 1100.

04.01.2022 **Small Business Payments from Stimulus** Below is some information about getting cash if you are a small business employer; The minimum payment is $20,000.00 and can be up to $100,000.00 per employing entity. It is broken down into two packages - half now, which is package 1 and the rest in package 2. ...Continue reading

04.01.2022 Great day out with the team! .

03.01.2022 Today is National Accountants Day! You know you can count on us at Cassells Chartered Accountants! 07 5477 1100

02.01.2022 Find us on Instagram! Jump on board and follow us at @cassells.buderim

02.01.2022 When planning your Christmas party, consider: -how much it costs -where and when it is held a party held on business premises on a normal work day is treated differently to an event outside of work -who is invited is it just for employees, or are partners, clients or suppliers also invited?... Christmas presents or gifts may also attract FBT. You’ll need to consider: -the amount you spend -the type of gift gifts of wine or hampers are treated differently to gifts like tickets to a movie or sporting event -who you are giving the gift to there are different rules for employees and clients or suppliers. Reference: https://www.ato.gov.au///Work-Christmas-parties-and-gifts/

02.01.2022 The ATO have announced they will grant an automatic two-month lodgement and payment deferral to taxpayers impacted by the disastrous bushfires in New South Wales and Queensland. https://www.ato.gov.au//ATO-grants-two-month-deferral-for/

01.01.2022 Are you a business that has an ATO debt of more than $100,000, that is older than 3 months and does not have a current payment arrangement in place? The ATO are now required to disclose this business debt to the credit reporting bureau. To avoid penalties and reporting, you can either contact our office today on 07 5477 1100, or phone the ATO on 13 28 61 to set up a payment arrangement.

01.01.2022 **Our response to COVIT-19** As Australia moves into the exposure phase of COVIT-19, over the next few months it is essential that we monitor and plan for the changes in our businesses in a structured, calm and rational manner. It is clear that we are going to experience an economic impact for 3 to 6 months, irrespective of what industry or profession we are in. Here are a few things that small businesses are already experiencing or might experience, and our tips for dealing...Continue reading

01.01.2022 SMALL Business COVID 19 Adaption Grant Program Round 2 Round two will open - 1 July 2020 The available grant amount is a minimum of $2,000 and up to a maximum of $10,000 per eligible small or micro business...Continue reading

01.01.2022 Happy New Year!! We are so grateful for our wonderful clients and cannot wait to see what 2020 is going to bring!