Charltons Chartered Accountants in Sydney, Australia | Business service

Charltons Chartered Accountants

Locality: Sydney, Australia

Phone: +61 2 8267 6666

Address: Level 8, 261 George St 2000 Sydney, NSW, Australia

Website: http://charltons.com.au/

Likes: 1152

Add/Update information

Reviews

Tags

• Business service
• Accountant
• Business consultant

23.01.2022 OUR NEW WEBSITE IS LIVE https://www.charltons.com.au/

22.01.2022 ASIC chair steps aside pending investigation The chair of the corporate regulator has stepped aside effective immediately, pending an investigation into relocation expenses incurred by him and his deputy chair Appearing before a parliamentary committee on Friday, ASIC chair James Shipton revealed that the Australian National Audit Office (ANAO) had expressed concerns over $118,557 in taxation-related expenses paid to him to relocate from the United States. Deputy chair Daniel... Crennan had also received $69,621 for his relocation from Melbourne to Sydney. Both Mr Shipton and Mr Crennan have both agreed to repay the reimbursements. Treasurer Josh Frydenberg was informed of the concerns by the Auditor-General on Thursday. Specifically, the Auditor-General has indicated that during the 201920 financial statements audit of ASIC, the Australian National Audit Office (ANAO) identified payments made on behalf of the ASIC Chair, Mr James Shipton, relating to taxation advice and Deputy Chair, Mr Dan Crennan QC, relating to housing expenses that he considered may exceed the limits set in the Remuneration Determination made by the Remuneration Tribunal and that there were also identified instances where the Commonwealth Procurement Rules were not followed, Mr Frydenberg said. An independent Treasury-led review will now be undertaken, with a report due at the end of the year. In the interim, Mr Shipton told the House of Representatives standing committee on economics that he would step aside immediately. While I believe that I have acted properly and appropriately in this matter, I hold myself to the highest possible standard, Mr Shipton said. What matters is that I act with integrity and honour. That means I need to act in the best interests of ASIC and its vital purpose to build a fair, honest and efficient financial system for all Australians. I only took this position to serve the Australian community and to work to improve the corporate and financial system that should also serve it. If I in any way impede that purpose, the right thing for me to do is to step aside until such time that I can. See more

21.01.2022 The JobKeeper payment measure, first announced on 30 March 2020, was due to end on 27 September 2020. On 21 July 2020, the Commonwealth Government announced that the JobKeeper measure will be extended by a further period of 6 months. Dubbed "JobKeeper 2.0", the 2-tiered, watered-down JobKeeper extension will apply from 28 September 2020 to 28 March 2021. While the Legislative Instrument to give effect to the announcement of JobKeeper 2.0 has not been registered yet, Treasury ...has published a fact sheet to provide insight into how JobKeeper 2.0 will operate. When JobKeeper 2.0 was first announced on 21 July 2020, entities wishing to receive JobKeeper payments post 27 September 2020 would have had to be reassessed from 28 September 2020 based on their GST turnover for the June 2020 and September 2020 quarters, and be further reassessed from 4 January 2021 based on their GST turnover for the June 2020, September 2020 and December 2020 quarters. In light of the current situation in Victoria, on 7 August 2020 the Government announced further adjustments to JobKeeper 2.0. Entities will now only be required to have a decline in GST turnover for the quarter preceding the applicable extension period. In addition, the updated Treasury factsheet following the 7 August 2020 announcement states that from 3 August 2020, the JobKeeper wage subsidy will now be available for employees employed as of 1 July 2020, where they meet other eligibility requirements. Importantly, the factsheet states that this change will apply both to the current JobKeeper measure (i.e. the scheme that is in place until 27 September 2020) and JobKeeper 2.0. The key aspects of JobKeeper 2.0 are: Employers currently eligible for JobKeeper payments will have to be reassessed from 28 September 2020 and further reassessed from 4 January 2021 in order to benefit from JobKeeper 2.0. The new decline in turnover test will now be based on actual GST turnover as opposed to the current projected GST turnover test. For JobKeeper fortnights falling within the period of 28 September 2020 to 3 January 2021 (First Payment Extension Period), eligible employers will receive $1,200 per fortnight for all eligible employees who worked 20 hours or more, and $750 per fortnight for all eligible employees who worked less than 20 hours a week in the 4 weeks of pay periods prior to 1 March 2020. For JobKeeper fortnights falling within the period of 4 January 2021 to 28 March 2021 (Second Payment Extension Period), eligible employers will receive $1,000 per fortnight for all eligible employees who worked 20 hours or more, and $650 for all eligible employees who worked less than 20 hours a week in the 4 weeks of pay periods prior to 1 March 2020.

14.01.2022 How to maximise your tax refund in the year of COVID-19 As well as ticking off your "to do" list before June 30, ensure you're making the most of ATO special concessions. There are only a few days left of this tax year to make the most of new personal and business concessions aimed at helping taxpayers through a tumultuous year of COVID-19, bushfires and financial disruption. But the Australian Taxation Office warns it is zeroing in on pandemic and other tax frauds through en...Continue reading

12.01.2022 HomeBuilder program The program is designed to provide eligible owner occupiers (not just first home buyers) with a tax-free grant of $25,000 to build a new home or substantially renovate an existing one. The program will run from 4 June 2020 until 31 December 2020 with construction required to be commenced within three months of the contract date. Eligibility criteria will apply including an income cap of $125,000 for singles or $200,000 for couples. In addition, the price...Continue reading

12.01.2022 Dont go too hard, too early: ATO cautioned as it eyes debt collection restart The ATO is set to recommence its debt and lodgement intervention activities ahead of the September cliff, as the industry calls for a measured and tailored approach. The Tax Office has earmarked August and September as potential time frames to restart its tax debt collection activities, after it hit pause on such matters earlier this year due to COVID-19. The timing of the recommencement of debt... and lodgement engagement is likely to coincide with the purported economic cliff in September, when the governments stimulus measures, such as JobKeeper, and a number of bank loan repayment deferrals come to an end. The ATO said it is cognisant of the September cliff and noted that it would adopt a sympathetic approach to its engagement. The focus of activities will be on assistance and support, reaching out to clients to see how they are, and to offer any help they may need, the ATO said. Small businesses currently account for the overwhelming majority of tax debts, which hit $16.5 billion in the 201819 financial year. Almost one in five small businesses entered into a payment plan with the ATO in 201819. One of the huge issues for the government is that most of the stimulus measures did not discriminate between viable and non-viable businesses. The ATO will have to tread carefully to ensure it does not push viable businesses too hard too early and allows these businesses to get back onto their feet. For non-viable businesses, some tough calls need to be made going forward. A tailored approach will be required and we hope that individual circumstances, together with working with the businesss tax agent, will be the best way forward. Australian Small Business and Family Enterprise Ombudsman Kate Carnell has urged the ATO to take a reasonable approach as it restarts its debt collection activities. We fully appreciate that it is the ATOs role to collect tax and continuing to put off those things for a lengthy period of time just means that people will have more to pay at the end of that time, Ms Carnell said. Its important the ATO take an approach that understands people are doing it tough right now and they will need, in many cases, to give a reasonable approach to those sorts of issues. It is also important for the ATO not to put people in a position where they end up with very large amounts to pay down the track somewhere without a plan around that. ref Accountants Daily

11.01.2022 In the past year, the Australian Federal Government has rolled out legislation to combat illegal phoenix activities by company controllers which included the requirement for company directors to obtain a Director Identification Number (DIN). After a failed attempt to introduce a DIN for all company directors in 2018, the Bill[1] has finally passed and awaits Royal Assent. The Bill will amend the Corporations Act 2001 (Cth) (the Act), to require all company directors, includin...Continue reading

03.01.2022 NSW Government announces transfer (stamp) duty changes for first home buyers The NSW Government has today announced that the threshold above which transfer (stamp) duty is charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million. The transfer (stamp) duty threshold on vacant land will also rise from $350,000 to $400,000 and will phase out at $500,000.... The new transfer (stamp) duty threshold will be in place for 12 months and will apply to contracts executed from 1 August 2020 to 31 July 2021. The changes are part of the NSW Governments COVID-19 Recovery Plan and will support the property and construction industry, which employs one in four people in NSW and is essential to keeping jobs and investment in the state. To be eligible for an exemption or reduction in the amount of duty payable you will need to be a first home buyer who purchases a new home or a vacant block of land on which you intend to build a new home. For the full exemption to apply, the value of the new home must be no more than $800,000 and the value of a vacant block of residential land must be no more than $400,000. A concessional rate of duty will apply to homes valued more than $800,000 but less than $1,000,000 and vacant block of land valued more than $400,000 and less than $500,000. For more information, visit the NSW Treasury website.

02.01.2022 New decline in turnover test Unlike the current JobKeeper rules which require businesses to satisfy the decline in turnover test only once for a single month or quarter between March and September 2020, the new rules will require businesses to continue to meet a modified decline in turnover test from September 2020 to March 2021. Under the new rules, to be eligible for JobKeeper: From 28 September 2020 to 3 January 2021, businesses will need to demonstrate that their actual...Continue reading

02.01.2022 Business Interruption Insurance class action starts

01.01.2022 JobKeeper 2.0 payments, eligibility revealed JobKeeper payments will drop to between $750 and $1,200 per fortnight beyond September, with eligibility tightened, the government has revealed. Prime Minister Scott Morrison and Treasurer Josh Frydenberg have announced that the current $1,500 per fortnight JobKeeper payment will be reduced to $1,200 per fortnight from 28 September, and $750 per fortnight for employees working less than 20 hours a week.... From 4 January, the rate will again fall to $1,000 per fortnight, and $650 for people working less than 20 hours a week. The program will run to 28 March 2021, at a further cost of $16 billion, taking the entire JobKeeper program to $86 billion. The announcement comes after Treasury released a snapshot of its JobKeeper review findings earlier, revealing that up to one in four of the 3.5 million workers currently covered under the program were earning $550 more than they would ordinarily. New eligibility tests Treasury had also argued for a fresh eligibility test for businesses looking to remain on JobKeeper beyond September. Businesses will still be required to demonstrate the required reduction in turnover- 30 per cent for businesses with turnovers of $1 billion or less, 50 per cent for those with turnover of more than $1 billion, and 15 per cent for ACNC-registered charities. However, the government will now require businesses to reapply the tests for the June and September quarters to be eligible for JobKeeper 2.0 beyond September. Employers will need to demonstrate that they've met the relevant decline in turnover in both the June and September quarters to be eligible for the JobKeeeper payment in the December quarter, said Mr Frydenberg. Employers will need to demonstrate that they have met the relevant decline in each of the previous three quarters ending on 31 December 2020 to remain eligible for the payment in the March quarter 2021. While there are currently 3.5 million workers covered under JobKeeper, Treasury expects the new eligibility rules to see the figure fall to just 1.4 million workers for the December 2020 quarter, before dropping to 1 million workers in the March 2021 quarter. Source- Accountants daily See more

01.01.2022 What can and should we expect from the Governments Economic Statement next week? Firstly, we should expect to see the release of the findings of Treasurys JobKeeper review and the Governments decision on the future of JobKeeper and the other stimulus measures. Hopefully, there will be recognition of both the good that has been done through all these measures and that to immediately withdraw that support absent a tapering off/phase-out period or transition to other support...Continue reading