CM Wheeler & Associates in Woodford, Queensland | Business service

CM Wheeler & Associates

Locality: Woodford, Queensland

Phone: +61 7 5496 1156

Address: 1/116 Archer Street 4514 Woodford, QLD, Australia

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

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• Business service
• Tax preparation service
• Accountant

25.01.2022 COVID-19 CIRCULAR 1 Hello to all and hope you are staying safe. While the Woodford office is still open, mum and I are staying home and only going out when absolutely necessary. We have wine, food, wine, tins, wine, pasta, wine and a pool if it isn’t raining, and plastic glasses for the wine in the pool. I thought I would give an update covering the current stimulus package as it stands. 1. Talk to your bank about deferring your loan repayments for 6 months. This d...oes not remove the interest accruing but at least you can stall the repayments. The deferment only applies to business loans or leases. Rental loans and private loans are not included. 2. For those employers who have wages payable, the next BAS will provide you with a Tax Free Grant with a minimum of $10,000 credit towards assisting you in paying staff. If there is a refund owing, it will be paid to you even if arising from the $10,000 credit. A second payment of $5000 will be applied against your June 2020 BAS and a third of $5000 against the September 2020 BAS as long as you are still open for business and still employing staff. The employees are those for which you would normally provide a group certificate to at the end of the year. Contractors are not included. 3. For those receiving super payments from the SMSF, the minimum draw down % has reduced by . For example, if you are in the 75 to 79 year age, then it was 6% but is now 3%, 85-89 was 9% now 4.5%. 4. Early access to your superannuation of up to $10,000 in 2020 financial year and $10,000 in 2021 financial year. To be entitled to draw this amount as an individual you must be: *unemployed, eligible to receive jobseeker, youth allowance, or parenting payment; *made redundant on or after 01.01.20 or working hours reduced by at least 20%; *or as a sole trader your business turnover reduced by >20%. This compassionate release lasts for 6 months only and you can apply via myGov direct to the ATO. Regards Carolyn Wheeler, FCPA, CM Wheeler & Assoc. 07 54961156 Woodford and Bribie, Email [email protected] ; Website CMWheeler&Accountants ; facebook. 27.03.20

11.01.2022 Carolyn’s Tax Update Jobkeeper, jobseeker, small business incentive, employer assistance, super withdrawals, 30% reduction in sales, turnover test, applying the turnover test, are you eligible for ..? These are all the new words and phrases that have appeared in our vocabulary since 12th March 2020. Have you got your head around them yet? If you haven’t but think you should, get in touch with my office ASAP and make sure you have all the basics covered. No-one will thank ...you for not taking up the offers available. By the time you are reading this, it will be toward the end of May. And what does that mean? It means that June is not far away and preparation for the close of the financial year is looming yet again. Wasn’t Christmas only a couple of months ago? Year end planning includes looking at your superannuation contributions, paying for expenses prior to year-end, ordering and purchasing items that you will need May or June or July. Get them now and claim the deduction. Remember the 100% write off available for assets. Buy before year end and get the full deduction. MV speedos need to be written down at 30.06.20, those with livestock must record natural increase, deaths and closing stock for 30 June. Cash flow budgeting may be at a crucial point with some of the Covid restrictions lifting and changing your circumstances. Employees may be back on deck and you have to remember to advise the ATO of your jobkeeper employees on a monthly basis. More paperwork on top of everything else. Need help or assistance, please ring my office for advice and have peace of mind. My offices are open both in Woodford and Bribie. Regards Carolyn Wheeler of C M Wheeler & Assoc. FCPA Accountant, Woodford and Bongaree. Ph 0754961156; mobile 0428 733132; email [email protected]; web: www.cmwheeler.com.au and facebook. See more

08.01.2022 Carolyn’s Tax Tips Small Business Round 2 Grants On 1st July 2020 the 2nd round of grants for small business opens. The COVID-19 Grants Programme is to support businesses subject to closures or highly impacted by the virus shutdown restrictions to adapt and sustain their operations. To be eligible for application the business must be in South East Qld, have a minimum 30% decline in turnover, employ fewer than 20 staff, have an ABN and be registered for GST, have turnover nor...mally > $75000 and not be insolvent. Successful round 1 recipients are not eligible to apply for round 2. Funding may be open for only a short time due to demand and will close when allocation is complete. To apply, go to Business Queensland (https:/www.business.qld.gov.au) where you can check your eligibility, confirm your business location and subscribe to be alerted when round 2 opens. There is more information on this site for you to read. Good luck. Superannuation Remember that to be able to claim for your superannuation contribution, the superfund must have received the money by 30th June 2020 and you must advise the fund you will be claiming a certain amount, and the fund should reply with a confirmation. Without these documents, you cannot claim on your tax return. The maximum contribution remains at $25000 and any amount over this could be subject to a 15% excess tax. Ensure you have the correct top up figure over and above your employers’ super guarantee amount. Carolyn, C M Wheeler & Assoc, Woodford and Bribie 07 54961156 by appointment See more

07.01.2022 Carolyn’s Tax Tips Jobkeeper Receipt Eligible business participant sole traders and other entities... No doubt everyone has heard about the JobKeeper payment, but enrolment is vital if you qualify. Firstly, your business downturn must be >30%, calculated against last year. It is especially relevant for sole traders, partnerships, and trusts. At this point I am not considering those businesses with employees. Enrolling online through your MYGOV account, your MYGOVID (if previously registered with the portal) or through our office are your choices. A sole trader registers as a sole trader, a partnership can only register one partner, and a trust can only register one beneficiary. The steps are: Work out that you are an eligible entity carried on a business on 1 March 2020 in Australia, satisfy the fall in turnover, have an ABN as at 12 March 2020 and had lodged a Tax Return for 18/19 or BAS after 1 July 2018 showing income. Ensure the entity has an eligible business participant. This cannot be an employee. The participant must be actively engaged in the business @ 1 March 2020, aged 16+ and be an Australian resident. Once you have worked out that you fall into these categories, then enrol as per your entity. You must maintain monthly the continued eligibility of the business participant with the ATO. Please contact us if you are having trouble enrolling or are not sure of the procedure and let us explain how it works. Carolyn, C M Wheeler & Assoc, Woodford 07 5496 1156 and Bribie 0428 733132 for appointments. See more

05.01.2022 Carolyn’s Tax Tips Rental property tax rules and regulations are constantly changing year to year. If you have purchased a rental property during this year or intend to do so before 30 June, a Quantity Surveyors report could provide for further deductable claims. Obtaining this report by the end of the year ensures you are ready to utilise your claim. It may be advisable to go back a couple of years if you have not previously obtained this report and have your returns ame...nded. Originally the quantity Surveyor Report included both building depreciation as well as depreciation on fixtures and fittings. The deduction for fixtures and fittings has ceased and only the building depreciation is available for newly purchased properties. Any depreciable items purchased once you own the property remain deductable. Building deprecation runs out when the property is 40 years old and the date of construction determines the % rate of the depreciation. Building depreciation is calculated on the construction cost of the house. Whilst it reduces the base cost of the property, the capital gain tax is only on 50% of any profit. Please contact us to determine how the property depreciation would apply to you and assistance in obtaining a quantity surveyor’s report. Any other rental questions? Carolyn Wheeler of C M Wheeler & Assoc. FCPA, Woodford ph 0754961156; email [email protected]; web: www.cmwheeler.com.au See more

02.01.2022 Carolyn’s Tax Update So, the end of the financial year has come and gone and already we are in August with the windy weather. I always know that when the Ekka is on, there is no turning back the flow for the work in. Everyone is wanting their tax refund ASAP but there are some processes that require completion first. As an employer and using the Single Touch Payroll system, you must go in to your STP area and finalise the 2020 group certificates for your employees. Else the...y remain unfinalised in the ATO system and on the prefills we need to download. Before you finalise and make a declaration, ensure that your computer figures agree with the documentation sent to the ATO. If they are different, corrections need to be made. I had a client who printed out his group certificates for his employees and they were different to his MYOB which was different again to the information sent to the ATO. Of course, he has rolled over the payroll to 2021 and to fix it I am currently in no man’s land waiting for the ATO to get back to me with a solution. Another error I have seen is with some of the group certificates issued to my clients. The JobKeeper is showing on their PAYG payment summary which is not right. The employer pays the employee as normal, but the employer receives the refund of wages as JobKeeper payments. This becomes income to the employer which is offset against wages paid. Employees show the same as always with gross income and tax withheld. Nothing to do with JobKeeper for them. Need help or assistance with your employees or STP, please ring my office for an appointment. My offices are open both in Woodford and Bribie. Regards Carolyn Wheeler of C M Wheeler & Assoc. FCPA Accountant, Woodford and Bongaree. Ph 07 54961156; email [email protected]; web: www.cmwheeler.com.au and Facebook. See more