Carlita Buchanan Tax and Accountancy Practice in Beaudesert, Queensland | Accountant

Carlita Buchanan Tax and Accountancy Practice

Locality: Beaudesert, Queensland

Phone: +61 7 5541 2658

Address: 47-49 Brisbane St 4285 Beaudesert, QLD, Australia

Website: http://au.localize123.com/carlita-buchanan-tax-and-accountancy-practice-in-beaudesert-qld

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25.01.2022 How does the Loss Carry Back works? Say for 2020 your Business made a profit and pay tax. Then in 2021, particularly due to covid19 your business has a loss. Under Loss carry back you will be able to apply the 2021 tax losses against the 2020 tax profit ending with tax refund. See ATO website for further information.

24.01.2022 Sole Trader struggling to make income? Would you be eligible for Jobkeeper? Talk to your Advisor.

24.01.2022 Single Touch Payroll for Small Business Single Touch Payroll ( STP ) will be required for businesses with less than 19 employees from 1 July 2019. This includes micro businesses with 1-4 employees who might not be digital (yet)!

24.01.2022 Avoid paying Superannuation Guarantee Charge remit your superannuation contribution by the due date.

23.01.2022 Australian Residents Tax Rates 2018-2019 TAXABLE INCOME TAX ON THIS INCOME... $0 $18,200 Nil $18,201 $37,000 19c for each $1 over $18,200 $37,001 $90,000 $3,572 plus 32.5c for each $1 over $37,000 $90,001 $180,000 $20,797 plus 37c for each $1 over $90,000 Over $180,000 $54,097 plus 45c for each $1 over $180,000 Compulsory superannuation rate: 9.5%

22.01.2022 How the JobKeeper Payment will work. To be eligible , companies with less than 1B must have lost at least 30% of their turnover. those companies that have turnover of more than 1B must have their turnover down by 50%. The Employers must then use the payment to subsidise wages for those still working or pay directly to those who are stood down but still in the books. If a worker has been retrenched since March 1, the employer can put them back on the books so they become eligi...ble for the payment. This will disqualify the reinstated employees to claim Centrelink payments. The new $1500 per forthnight JobKeeper Payment is effective immediately, taxed accordingly but no super guarantee payments. Those eligible are full-time, part time and casuals who have been with the same employer for 12 months. Sole traders and non-for-profit sector are included. Go to ATO Website and lodge your interest. See more

21.01.2022 A season of new beginnings is just around the corner... We want to let our clients know we are taking an early Easter break and will be closed from the 30 March 2020 and plan to re-open on the 20 April 2020. We want to send all our valuable clients, friends and their families our best wishes for a safe, healthy and happy time during this break and look forward to seeing you when we return.

21.01.2022 So your business is enrolled for JOBKEEPER PAYMENT. Make sure you complete Step 2 and Step 3 to receive payment.

20.01.2022 Have you heard of Qld Government State Business Adaptation Grant? Its the Qld Govt initiatives to help those businesses affected by Covid-19. Check it out.

19.01.2022 Not yet set in stone, but take a look and follow the news so you dont miss out.

19.01.2022 Income Tax Cuts passed the Senate last night. Here is what is meant to you.

18.01.2022 Do you drive your children to school? Check this out. https://www.qld.gov.au//apply-for-school-transport-assista

18.01.2022 ATO suggested to wait lodging your 2019 Tax Return as much as August to implement the income tax cuts.

17.01.2022 Immediate Tax Deduction on assets purchase this end of financial year Asset bought from 1 July 2018 to 27 of January 2019 immediate write off for eligible asset $20K or less. From 28 January to 1 April 2019 immediate asset write off for eligible asset purchase $25k, After the budget 2 April 2019 the immediate asset write off increased to $30k.

15.01.2022 30 of June is just around the corner.

15.01.2022 Banks helping with your mortgage repayment. Its important to contact them for more details and how to apply for deferment. And NO they are not going to stop charging interest. All that is to happen is interest on your loan will be capitalised. Meaning it will be added to your loan balance. Have a read .

15.01.2022 Home Builder/Renovation Grant Check out the details at https://treasury.gov.au//2020-06/Fact_sheet_HomeBuilder.pdf Sorry its not for the outside structure like swimming pool and garages. And it has to be Owner/Occupied.

15.01.2022 Are you ready to switch to mygovid? Mygovid is not mygov.

13.01.2022 Single Touch Payroll finalisations are overdue As part of your Single Touch Payroll (STP) obligations, you were required to finalise your employees 201920 end-of-financial-year payroll information by: 14 July businesses with 20 or more employees, or 31 July businesses with 19 or fewer employees.

13.01.2022 ATO target this 2019 tax year Cars, travel, mobile phone, Internet, rental claims . For cars you must have kept a logbook for consecutive 12 weeks to show the business percentage.

13.01.2022 ECONOMIC RESPONSE TO THE CORONAVIRUS The Governments economic response addresses the economic impacts of the Coronavirus outbreak. It is intended to support confidence, employment and business continuity. It is designed to support business investment, help small businesses manage short-term cash flow challenges, provide targeted support to individuals and assistance to the most severely affected communities and regions....Continue reading

11.01.2022 Just so you are aware. Most Payment Summaries are available via MyGov. Your Tax Agent have their own way of downloading your Payment Summary. Do Not , repeat, Do Not give your MYGov details to anyone.

11.01.2022 EXAMPLE OF CASH FLOW STIMULUS Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings who each earn $89,730 per year. In the months of March, April and June for the 2019-20 income year, Sarah reports withholding of $15,008 for her employees on each Business Activity Statement (BAS). Under the Governments changes, Sarah will be eligible to receive the payment on lodgment of each of her BAS. Sarahs b...usiness receives: A payment of $22,512 for the March period, equal to 150 per cent of her total withholding. A payment of $2,488 for the April period, before she reaches the $25,000 cap. No payment for the May period, as she has now reached the $25,000 cap. No payment for the June period, as she has now reached the $25,000 cap. Sean owns a hairdressers salon on the Gold Coast. He employs one apprentice who earns $37,970 per year and two stylists who both earn $44,260 per year. In the March and June 2020 quarterly BAS, Sean reports withholding of $4,570 for his employees. Under the Governments changes, Sean will be eligible to receive the payment on lodgment of his BAS. Seans business will receive: A payment of $2,285 for the March quarter, equal to 50 per cent of his total withholding. A payment of $2,285 for the June quarter, equal to 50 per cent of his total withholding. Seans business will receive a total payment of $4,570. Sean may also benefit from the assistance for existing apprentices and trainees measure. Tims Courier Run Tim owns and runs a small paper delivery business in Melbourne, and employs two casual employees who each earn $10,000 per year. In the March and June 2020 quarterly BAS, Tim reports withholding of $0 for his employees as they are under the tax-free threshold. Under the Governments changes, Tim will be eligible to receive the payment on lodgment of his BAS. Tims business will receive: A payment of $2,000 for the March quarter, as he pays salary and wages but is not required to withhold tax. No payment for the June quarter, as he has already received the minimum payment and he has no withholding obligation. If Tim begins withholding tax for the June quarter, he would need to withhold more than $4,000 before he receives any additional payment.

10.01.2022 Just so you know the Income Tax cuts is a tax offset - it reduces your tax liability. Dont expect any if you did not pay enough tax on the first place. And if you happens to have a tax debt your refund if any will be applied against the debt.

10.01.2022 Qld Government has announced new stimulus package. Read up and apply if needed.

10.01.2022 Single Touch Payroll I think the ATO should have created a portal where we can report direct to rather than asking everyone to pay for software, additional unnecessary cost to businesses in my opinion. Nevertheless they didnt so lets get ready.

10.01.2022 Apparently the Tax Office has been inundated with questions relating to income tax cuts not to mention about the Single Touch Payroll. Tax Office admitted they are hanging up on the callers.

09.01.2022 EOFY Its just around the corner and it falls on Sunday, a non working, non banking day. If you want to claim for your personal or business superannuation contribution you must remit the payment well and truly before the 30 June .

08.01.2022 Paid a tradie? Taxable Payment Annual Reporting (TPAR) reporting is due 28 August In building and construction and pay contractors? You may need to lodge a TPAR.

08.01.2022 INCREASING THE INSTANT ASSET WRITE OFF From March 2020, the Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.

07.01.2022 CASHFLOW ASSISTANCE TO BUSINESS This assistance will support businesses to manage cash flow challenges resulting from the economic BOOSTING CASH FLOW TO EMPLOYERS The Boosting Cash Flow for Employers measure will provide up to $25,000 back to small and... medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff. The payment will be tax free. This will apply to businesses that employ people. Sole Traders that do not have employees may not qualify.

04.01.2022 Income Statement replaced Payment Summary replaced Group Certificate. With STP your Income Statement is now available through Mygov or with your Tax Agent. Dont give your Mygov access away. Your Tax Agent can access your Income Statement without your Mygov access.

03.01.2022 Grants for seniors To support smaller scale projects, a Seniors and Accessibility Renovations Grants program will provide grants of $5,000 for household repairs.... The grants are for seniors who are struggling to afford necessary maintenance. "This is a program that will help older Queenslanders make improvements to their homes that they may have been putting off due to financial constraints and, in turn, will give our tradies a shot in the arm," Ms Palaszczuk said. "It will support works of up to $5,000 to help with repairs to electrical works, plumbing, improving accessibility, smoke alarms, unsafe flooring and roofing," she said.

03.01.2022 To receive the cashflow stimulus you must lodge your business activity statements for the March Quarter.

02.01.2022 LOSS CARRY BACK On 6 October 2020 as part of the 202021 Budget, the government announced that it will target support to businesses and encourage new investment through a loss carry back regime. Eligible corporate entities that previously paid corporate income taxes in a relevant year and have subsequently made taxable losses can claim a refundable tax offset up to the amount of their previous income tax liabilities. The measure interacts with the government announcement on J...obMaker Plan temporary full expensing to support investment measure. This will allow new investment to generate significant tax losses which can then be carried back to generate cash refunds for eligible businesses. Eligible corporate entities with less than $5 billion turnover in a relevant loss year can carry back losses made in the 201920, 202021 and 202122 financial years to a prior financial year's income tax liability in the 201819, 201920 and 202021 financial years. The amount of the refund is limited by the corporate entity’s income tax liabilities in the relevant gain years and its franking account balance at the end of the year in which the entity files its tax return claiming the loss carry back tax offset (the 202021 or 202122 financial year). Check ATO website for further details.

01.01.2022 Super Guarantee Amnesty ends on 7 September 2020 This is an opportunity to catch up on any unpaid superannuation contribution on behalf of your employees WITHOUT THE NORMAL PENALTIES APPLYING. If this applies to you, ACT NOW.

01.01.2022 What is the instant tax write-off? As of 12 March 2020, small businesses can purchase eligible assets up to a value of $150,000 and claim them this year until 30 June 2020. ... Any single asset purchased under $150,000 from the 12 March, or $30,000 before 12 March, qualifies for the asset tax write-off.