Clarity Business Accounting in Atwell, Western Australia | Accountant

Clarity Business Accounting

Locality: Atwell, Western Australia

Phone: +61 8 6333 1878

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24.01.2022 Confirmed 100% from January W2, With treasury example 100% W2 will be offset on your next BAS. If you pay monthly you will credit Jan-March 100% W2 figure - if this exceeds your March BAS you will be refunded.... Capped $50k for W2 offsets from Jan-May.Then this Cap reset from June - Sept. Those of you that pay wages but have nil at W2 will now get min $20k - $10k in April $5k in June and $5k Sept. Great news for alot of you guys to retain your staff

24.01.2022 HOT TIP Grab last years turnover (sales) monthly figures multiple by 0.70 and if you turnover is higher than this figure for March or going forward you have not meet the 30% reduction for the Job Keeper Payment.

24.01.2022 Commercial Tennants to discount and deffer rent if business is eligible for job keeper payments https://www.facebook.com/426913580659855/posts/3907390785945433/

23.01.2022 ATO backflip on choice of cash or accurals to meet job keeper. Released yesterday if you use a method different to that you use when lodging your BAS they will ask you to explain. If you are cash basis for GST you must use cash method. (May need to adjust profit and loss to ensure it reports cash before you report) https://www.accountantsdaily.com.au//14302-ato-s-well-mean

23.01.2022 Please be advised Anitra is on maternity leave for 7 weeks. If you need assistance the admin ladies are still checking in. Sorry for any inconveniences

22.01.2022 Stimulus announcement Instant asset write off now $150,000 from today The biggest measure, grants between $2,000 and $25,000, will be paid automatically to businesses who employ people, via discount on your bas/ias... (Finer details still being investigated) The package also includes one-off payments of $750 to pensioners and people on welfare payments. https://www.smartcompany.com.au//cash-boost-25000-coronav/ https://www.accountantsdaily.com.au//14130-beefed-up-insta

22.01.2022 ATTN Xero users. From 18 March monthly fee will increase by $2. BUT you will have access Hubdoc a receipt storing and data entry system for free on the Started, standard and Premium plans. Hubdoc retails for $27.50pm. https://www.xero.com//features/accounting-software/hubdoc/

22.01.2022 Super amensty approved. Dob yourself in, and get up to date with your super, all fines and fees will be remitted as well as you still get the tax deduction even though it's paid late. Pretty attractive offer for those behind https://www.news.com.au///b5597fb5aeda4a95ce0ed55f99e6761f

20.01.2022 New tax tables so the widened tax bracket will be felt when you get paid https://www.facebook.com/191094590911195/posts/3544057645614856/

18.01.2022 Lest we forget

18.01.2022 NEW JOB KEEPER SUMMARY Actual GST Decline turnover No more projected also no choice cash/accruals must = GST method NB: Turnover excludes GST on the sale, Sales not connected to AUD, JK payments, Bank Interest, Share sales 28th September 2020 3rd January 2021 = 30% decline Jul-Sept 2020 compared to July-Sept 2019... 4th January 2021 28th March 2021 = 30% decline Oct-Dec 2020 compared to Oct-Dec 2019 If your already registered and don’t requalify stop declaring. If you requalify for Jan-March Extension, then you start declaring again If you weren’t registered before 28th September need to satisfied the original projected turnover test. IE been eligible from march-Sept and not claimed. From 28th September two tiered Oct-Dec Jan-Marc Higher Rate $1,200 pf $1,000 pf Lower Rate $750 pf $650 pf Payment rate uses a reference period of actual hours worked NB: No choice in reference period. Higher rate 80 hours or more in 28 day reference period Lower rate less than 80 hours in 28 day reference period 2 standards reference periods, which consist of 28 day period ending at the most recent pay cycle for employee before 1. 1 March 2020 2. 1 July 2020 (newly eligible employees stared JK 3 August 2020) Business Participants eligible based on hours of active engagement in the business undertaking tasks business development and planning, compliance can all be included. Standard reference period is the calendar month of February 2020 Higher rate 80 hours or more active engagement month of February Lower rate less than 80 hours active engagement month of February New Notification requirements to employees and business participants Must advise employees which tier they are on. No need to notify them for second extension as the reference period is the same. Entities must notify commissioner which tier business participants are on. They must also notify business participants within 7 days of providing notice to the commissioner.

17.01.2022 Second Stimulus SME = no $20k in your bank, this is a 100% PAYG Withholding offset is on offer. With the min amount being $20k if you pay wages and only withhold $1 in tax. Capped at $50k (It is unsure if from Jan-March the initial 50% has been replaced with this or is in addition to this) Cash back becomes the lower BAS bills OR refunds if the cash back is more than your BAS payable.... 6 months interest free, 3 year loan, no fees, backed by the government up to 50%. What this means max loan $250k for a 3 year period unsecured so in 6 months the interest rate will be normal unsecured rate. However, Id imagine for the other 50% youd still need to meet the banks affordability calculators. Allowed to access Superannuation $10k this year and $10k early next year, tax free. If you are on benefits, a sole trader or Casual and can show you have lost 20% or more of your workings hours or income. Business liquidation rules have been adjusted, personal director liability for trading insolvent removed for 6 months. Creditors need to give 6 months to respond rather than 21days before taking you to court. Welfare income and assets test changes, so its easier to get benefits for casual workers laid off or having no hours. Base Rate (crisis wage) is be increased $550 per fortnight for all Newstart recipients. This $550 Per fortnight payment will be available for all sole traders and casual workers who meet the income test. Waive asset test in assessment of this. From our research if earning less than $1086 as a Single with no children. Less than $1,164.84 as a single working parent and less than $993.50 each as a Family. $750 in July for all other welfare recipients, such as age pension. On top of the $750 they will get in April.

16.01.2022 Instant asset write off extended $150k to December 31st Nb: car cost limit has not been increased. Remains at $57,581

16.01.2022 Make sure if you are registred for job keeper, you have backpaid and are set to include part time or full time staff employed as at 1 July (if they weren't with you in 12th March)

15.01.2022 Awesome fact sheet with frequently asked questions regarding Job Keeper. Worth a read yes its 11 pages https://treasury.gov.au//JobKeeper_frequently_asked_questi

15.01.2022 50% wage subsidy up to $7000 per quarter offered by the federal government isn't guaranteed. Only 100,000 apprentices will be supported so ensure you receive your approval letter.

14.01.2022 Awesome fact sheet with frequently asked questions regarding Job Keeper. Worth a read yes it's 11 pages https://treasury.gov.au//JobKeeper_frequently_asked_questi

13.01.2022 Theres no guarantee the governments income support measures will last the full six months as initially touted, the Prime Minister has revealed in a press conference on Friday.

13.01.2022 Please be advised Anitra has half face paralysed at the moment.... Hopefully short term. Officially Bells palsy. POSITIVE not a stroke :) Business as usual but she will be trying to slow it down a tad, as her body tries to heal. We appreciate your patience and support

13.01.2022 Further clarification, fact sheet extract To establish that a business has face a 30% (or 50%) fall in their turnover, most businesses would be expected to establish that their turnover has fallen in the relevant month or three months (depending on the natural activity statement reporting period of that business) relative to their turnover a year earlier. ... Where a business was not in operation a year earlier, or where their turnover a year earlier was not representative of their usual or average turnover, (e.g. because there was a large interim acquisition, they were newly established or their turnover is typically highly variable), the Tax Commissioner will have discretion to consider additional information that the business can provide to establish that they have been adversely affected by the impacts of the Coronavirus. The Tax Commissioner will also have discretion to set out alternative tests that would establish eligibility in specific circumstances (e.g. eligibility may be established as soon as a business ceases or significantly curtails its operations). There will be some tolerance where employers, in good faith, estimate a greater than 30% fall in turnover but actually slightly lower. https://treasury.gov.au/coronavirus/jobkeeper See more

12.01.2022 Happy Australia day Be safe and have fun!!

12.01.2022 Job Keeper - DEADLINE APPROACHING Employees that were employed before 1st July are now eligible for Job keeper, for August. As such the employee nomination and payments must be paid if you are already registered for Job Keeper before 24th August. On 21 July, the government announced proposed changes to JobKeeper including an extension through to 28 March 2021. These changes do not impact JobKeeper payments until after 28 September 2020.... New Job keeper will have re-qualification requirements. A 30% decline in income compared to the prior year quarter.

12.01.2022 Clarity Christmas party!! Thanks to all the team for an amazing year!!

11.01.2022 If you accessed your super without meeting the loss of income rules the ATO will be checking as per the latest media release https://www.ato.gov.au//COVID-19-Early-release-of-super--/

11.01.2022 Just a quick reminder We are closed from Saturday 7th December to Wednesday 19th December

10.01.2022 Ok So - we are still at we will provide more information soon ! ATO Extract Sole traders... Sole traders can be eligible for the JobKeeper payment if their business has experienced a downturn according to the eligibility criteria. (We will provide more information soon about the eligibility of sole traders for the JobKeeper payment.) Business owners actively engaged in their business Other businesses in the form of a company, trust or partnership can also qualify for JobKeeper payments where a business owner (a shareholder, adult beneficiary or partner) is actively engaged in the business, or a director is actively engaged in the business. This is limited to one entitlement for each entity even if there are multiple business owners or participants. (We will provide more information soon about the eligibility of these businesses for the JobKeeper payment. How to determine a fall in turnover) *****You only need to satisfy this requirement once you don't need to retest turnover each month.**** At the time you enrol in the JobKeeper payment scheme, you need to confirm that your business in a relevant period has had, or is likely to have, a: 30% fall in turnover (for an aggregated turnover of $1 billion or less) To work out your fall in turnover, you can compare either: GST turnover for March 2020 with GST turnover for March 2019 projected GST turnover for April 2020 with GST turnover for April 2019 projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019. *****How you choose to project your fall in turnover is not dependent on whether you report a quarterly or monthly BAS, though you can do that if it is easier. (We will provide more information soon about applying the turnover test.) If you work out that you qualify for the JobKeeper payments for the first fortnight because your turnover has declined by the relevant amount, you remain eligible and do not need to keep testing turnover in following months. However, you will have ongoing monthly reporting requirements. (More information will be provided soon.) The Commissioner of Taxation also has the discretion to set out alternative tests that can establish your eligibility when turnover periods are not appropriately comparable (for example, if your business has been in operation less than a year). (We will provide more information soon about alternative tests.)

10.01.2022 KEEP YOUR APPRENTICE To be eligible must employee less than 20 people. Apprentice stimulus 50% wage subsidy to keep them employed. Based on wages paid From Jan 1st 2020 up until 30 September 2020. Max of $21,000; $7,000 per quarter.... Employers have to register for the subsidy. Only opens for registration April 2nd Final claims must be lodged by December 2020. For further info on how to apply must contact Australian Apprenticeship Support Network Provider. Apprenticeship Support Australia Mandurah 08 93657400 The Apprenticeship Community Rivervale 08 61653362

10.01.2022 Thank you all the support. I am much better. My face is at 98% normal movement now

10.01.2022 The legislation has now received royal assent and will apply from 1 April 2020. The ATO has the power to issue Director Penalty Notices (DPN) for GST.

09.01.2022 If youre business is on the venue list as of Dec 5th you will need to track people coming and going https://www.facebook.com/426913580659855/posts/4968831056468062/

09.01.2022 Job Keeper - has passed as initially announced. https://www.theguardian.com//mps-pass-130bn-wage-subsidy-a

09.01.2022 Thank you for all your support! Happy new year!! Stay safe and have fun

08.01.2022 Legislation passed parliament just needs royal ascent to become law from 1 April 2020; for GST to be part of the director penalties. What's this mean.... At the moment your staff withholding tax and super if unpaid and outstanding the ATO have the powers to issue a director penalty and make the directors personally liable. ... FROM 1 April GST will become part of this also. Meaning they could make you refinance your house to pay out ATO debt or sell personal assets in extreme cases. To keep yourself risk free make sure you place your GST super and payg witholding aside into another bank account so when it's due you have it.

08.01.2022 ATO details regarding super amensty https://www.facebook.com/191094590911195/posts/2946114038742556/

08.01.2022 Wanting assistance to get defence contracts, or want to tweak your process to obtain more of this type of work then come check out these workshops city of Rockingham have sponsored. https://www.eventbrite.com.au/e/how-to-make-your-business-c

07.01.2022 ATO business stimulas credits on your ato accounts have started to flow. This is for business that pay staff taxes They are sitting on accounts as we speak for those that have lodged and are eligible..

07.01.2022 Wishing everyone a Merry Christmas and a Happy New year. Thank you for all support stay safe and see you in 2020!

06.01.2022 Uncapped Immediate write off depreciable assets From 6th October installed ready to use by 30 June 2022. New, improvements to existing asset Small business can deduct balance of their asset pools NB: provisions stop entering & exiting SBE pool 5 years has been suspended.

06.01.2022 The ATO warning be careful of scammers https://au.finance.yahoo.com//police-issue-ato-scam-warnin

05.01.2022 Wishing everyone a very Merry Christmas. Please be advised we are closed Wednesday 16th December until Wednesday 6th January. Stay safe and see you in the new year

04.01.2022 Quote Extract "You will be able to enrol in the JobKeeper scheme from 20 April 2020 using an online form on our website." (There working the system out not long now) https://www.ato.gov.au//jobk/employers/eligible-employers/

03.01.2022 WARNING EXTRACT FROM TAX PRACTITIONERS BOARD (my Boss) Some advisors may be grappling with the tax consequences associated with the stimulus payments, and wondering what will attract our attention. We also know that some businesses are already making changes to their business structures and employment arrangements following the stimulus announcements. We ask that tax agents and businesses be mindful that it is not acceptable to backdate or artificially change a business structure or employment arrangements, including changing the characterisation of payments, in order to obtain a benefit or payment that would not otherwise have been paid. The TPB and ATO will take firm and swift action should this be the case.

03.01.2022 Further Details 30%Reduction Turnover reduced more than 30% Relative to a comparable period a year ago (of at least a month) You will always be paid a month in arrears, so you will need to pay the staff before being reimbursed every month.... You will need to report turnover to the ATO monthly to ensure you still qualify. Employees must have been on the books from 1st March Only casual employees must meet one year minimum term Employees must meet residency rules, see fact sheet Employees can only receive from one employer, and will need to choose a primary employer to provide it. Super must be paid on ordinary earnings only if that is below $1500 are you not required to pay it on the portion above normal level.IE normally get $900pf you now pay them $1500pf Super only due on the $900. https://treasury.gov.au/coronavirus/jobkeeper

02.01.2022 Businesses without employees - update SELF EMPLOYED Businesses without employees, such as the self-employed, can register their interest in applying for JobKeeper Payment via ato.gov.au 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. NB: ONLY Super on normal hours that form part of this $1500 https://www.ato.gov.au/general/gen/JobKeeper-payment/ PLEASE REGISTER HERE IN YOU HAVE ALREADY LOST 30%

01.01.2022 JOB KEEPER PAYMENTS Employers about to become a new version of Centrelink The government will pay flat $1500 per employee to enable employers to keep them on. AS LONG AS Employers can prove they have suffered a 30% loss of income/profit due to the virus. Full time and Part time are eligible. Casual must be with you for at least 1 year.... If you pay a staff member less than $1500pf YOU MUST a pass on the $1500 If you pay your staff member more than $1500 and they have worked the hours you must pay them as per normal. If you pay normally would have paid your staff member more than $1500 but they have been unable to work the hours you can choose to just pay them the $1500 or top them up. Money will flow from 1st May and be back dated to 30th March So short term you must service these payments from your working capital. It is unclear at this stage, however I assume this $1500 will be revenue for the employer that will be offset against the wages paid. NB: ONLY Super on normal hours that form part of this $1500 https://www.ato.gov.au/general/gen/JobKeeper-payment/ PLEASE REGISTER HERE IN YOU HAVE ALREADY LOST 30%

01.01.2022 Commercial Tennant's to discount and deffer rent if business is eligible for job keeper payments https://www.facebook.com/426913580659855/posts/3907390785945433/

01.01.2022 HOT TIP Grab last year's turnover (sales) monthly figures multiple by 0.70 and if you turnover is higher than this figure for March or going forward you have not meet the 30% reduction for the Job Keeper Payment.

01.01.2022 Another stimulus package Freeze on price increases for household services such as electricity, rego Payroll tax grant $17,500 ... https://www.mediastatements.wa.gov.au//COVID-19-economic-r

01.01.2022 Commerical landlords landtax 25% reductions if passing on rent reductions Construction Employers with apprenticeships once off grants $2000 Residential Tennant's lost their jobs grants $2000 to be paid to landlords... https://www.wa.gov.au//covid-19-coronavirus-business-and-i