Connection Accounting in Cape Woolamai | Financial planner

Connection Accounting

Locality: Cape Woolamai

Phone: +61 414 814 618

Address: 7 Kendall Ave 3925 Cape Woolamai, VIC, Australia

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

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25.01.2022 Here are some phone numbers to assist you with connecting to finance institutions if you are in financial hardship Thanks to Waterford Finance for these numbers

24.01.2022 Commercial Rental Arrangement in Victoria. The Victorian Government has announced the commercial tenancy relief scheme to alleviate financial hardship faced by tenants and landlords as a result of coronavirus (COVID-19). For commercial tenants and landlords, the scheme will provide the following support:... a six-month moratorium on commercial tenancy evictions for the non-payment of rent for small to medium enterprises with an annual turnover under $50 million that have experienced a minimum 30 per cent reduction in turnover due to coronavirus (COVID-19), commencing from 29 March 2020. a freeze on rent increases during the moratorium for commercial tenants. a rental payment waiver or deferral proportionate to commercial tenants’ income reduction due to coronavirus (COVID-19), to be negotiated between the tenant and landlord. a mediation service for commercial tenants and landlords to support fair tenancy negotiations. The Government will also provide land tax relief to commercial or industrial landlords that provide rent relief to their tenants, provided: the tenant’s annual turnover doesn’t exceed $50 million. the business is an eligible business in the Commonwealth’s JobKeeper program, and the business is suffering financial stress or hardship as a result of the pandemic. The Victorian Small Business Commission (VSBC) encourage tenants and landlords to communicate as early as possible to try to reach an agreement, and if this fails, they can contact the VSBC. The VSBC can provide advice and help resolve retail leasing disputes through our mediation service.

23.01.2022 Tax issues you should talk to your accountant about. When doing your tax for the 2016 financial year (the year about to finish on 30 June 2016). There are a number of items you may wish to talk to your accountant or tax agent about. 1. There has been a reduction in the cents per km you can claim for your vehicle if you use it for work. The maximum you can now claim is 66c a km to a maximum of 5000 kms. It maybe better for you to do a log book and claim a percentage of your o...verall costs. Discuss which method will give you a better result. 2. If you are a small business (under $2 million turnover) and you aren't a company, you can claim a tax offset of 5% off your tax bill up to $1000. So if you work under an ABN and are a sole trader, partnership or a trust that pays tax, this is important to let your accountant know. 3. If you have started a new business in the 2016 financial year, you can now claim a number of startup costs, such as advise, in your first year. Discuss with your accountant which expenses can be claimed. 4. Assets that cost under $20,000 (ex gst) can now be fully claimed in the year they have been purchased, if you are a business. Make sure you take invoices of purchases and any loan paperwork associated with these purchases to your accountant at tax time. If you would like further information on any of these items, or have any questions, please contact us.

20.01.2022 Are you hiring extra staff soon. The Federal government announced a new initiative in the budget to assist younger people get back into the workforce. It is called JobMaker. If you have taken on extra staff (not replacing staff) since Sep 30 2020 and they are under 35 years old you maybe able to access finds towards their wages. This is great for those business's that employ extra people over the summer period. Here are the basic eligibilty criteria if you are looking for ...new team members The employee is between 1629 or 3035 years old when they started you. The received one of the three types of eligible income support the JobSeeker Payment, Youth Allowance (other than on the basis that the individual was undertaking full-time study or was a new apprentice) or Parenting Payment for at least 28 consecutive days (or 2 fortnights) within the 84 days (or 6 fortnights) before commencing employment Employee has not completed a JobMaker employee notice for another employer you are still working for. If you believe any of your new employees since 30 Sep 2020 fall into this category, or any new employees you take on do, then look into the JobMaker funds. If you would like to discuss this further then please contact me.

20.01.2022 Hi Everyone, In this difficult time I would like to keep in touch with you all and provide you with as much assistance as possible. If you have any questions, please just ask and I will respond as soon as I can. If you would like to call me please call 0414 814 618. These can be business or personal.... This morning I was made aware of a grant by the Victorian Government for Business's that have a turnover of more than $75,000, have employees and have a payroll of less than $650,000. There is a grant of $10,000 that you need to register for at the following link. https://www.business.vic.gov.au//gra/business-support-fund Good Luck and I will keep in touch. Regards Dawn

20.01.2022 Using Superannuation to reduce the tax you pay this financial year. Many people are now looking at how much tax they have paid this year and wondering how much they can get back when they lodge their return. One way is to put some extra money into your superannuation fund.... If you are under 65 years of age, you can put up to $25,000 into your super fund per year and claim a tax deduction. This is called a concessional contribution. If you are between 65 and 74 you can still do this, but you need to satisfy a work test of 40 hours over 30 consecutive days. The $25,000 threshold includes the amount your employer has already paid into your fund, so you can deposit up to the difference and claim the tax back on the funds deposited. As an example, if a person has income of $90,000 per year and puts an extra $15,000 into their superannuation, they will save $4875 in extra tax that they will receive in their refund. The super fund will tax the contribution within the fund at 15% being $2250, but the super fund will pay this from their super balance. There are a couple of items you need to be aware of. The first is that the contribution funds must be after-tax. This means they cannot be from a salary sacrifice situation. The funds you use for the contribution are usually just sitting in your bank account or may come from an inheritance. The second is that at the beginning of July you need to fill in a form called an Intent to Claim form and send this to your superannuation fund. Here is a link to the form https://www.ato.gov.au//downl/n71121-11-2014_js33406_w.pdf These funds must be in your super fund by the 30th June, so now is the time to act. I would recommend doing this no later than 19th June. If you would like to chat about this, please do not hesitate to contact me or your accountant.

19.01.2022 During COVID 19, the government has provided some relief for companies and directors when it comes to paying and collecting debt. This article by Law Squared is a very important read for all businesses during this time. Temporary relief for directors and companies during COVID-19...Continue reading

19.01.2022 Are you now working from home? What you can claim on your 2020 tax return. The ATO has announced that due to many people now working from home due to COVID 19, there is a new option to claim your work from home expenses. This is 80 cents for each hour worked. The ATO link for detailed information is:... https://www.ato.gov.au//Me/New-working-from-home-shortcut/ There are now three options for calculating your work from home expenses. The important thing is to keep ALL receipts that pertain to anything you been required to buy to work from home. I would also highly recommend keeping a diary of how many hours you are working each day. When you do your 2020 tax, your accountant will be able to assist in deciding which option will provide you with the best outcome. Please do not hesitate to contact me if you require any further information Dawn Boyd 0414 814 618 [email protected]

16.01.2022 New Government Support for Victorian Businesses. The Victorian government have announced a new range of support measures for Businesses that were impacted in the recent "Circuit Breaker". This support covers the following:... Business that were impacted due to things such as loss of perishable food or loss of booking. $2000 Licensed Premises Accommodation. A link to these applications is at: https://www.business.vic.gov.au//circuit-breaker-action-bu For any assistance with these applications, please contact me on 0414 814 618 or [email protected] Good Luck Dawn

16.01.2022 Supporting Apprentices and Trainees through 2020. The government has provided extra subsidies to employers who have or take on new apprentices and trainees through 2020. If you employ an apprentice or trainee you may be eligible for a wage subsidy of 50 per cent of their wage paid from 1 January 2020 to 30 September 2020. You can register for the subsidy from early April 2020.... For more details the link is here https://www.business.gov.au//supporting-apprentices-and-tr Regards Dawn

15.01.2022 Administrative support for ATO payments. The ATO have implemented a number of measures to assist with businesses cash flow. These are: Options available to assist businesses impacted by COVID-19 include:... 1. Deferring by up to six months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise 2. Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to 3. Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. 4. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters 5. Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities. 6. Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans. Employers will still need to meet their ongoing super guarantee obligations for their employees. Point number 4 means that if you have paid PAYG towards your 2020 tax bill you can claim this back as a refund. I would urge business owners to think carefully prior to doing this. If you have been heavily impacted and believe your profit will be reduced by a large amount then this would be worthwhile doing. If you have had a minor impact then you claim the refund you will be left with a large tax bill when you do your tax for the 2020 year. Yo undertake points 1 or 2 you will need to call the ATO on 1800 806 218. Happy Reading Dawn

11.01.2022 Accessing your Superannuation during Coronavirus The government is allowing people who have been impacted by the virus to access some of their superannuation early. To be eligible you need to have had one of the following occur: 1. Had your hours reduced by 20% or more... 2. Been made redundant 3. If you are a sole trader you will need to have had your business suspended or turnover reduced by 20% or more. If you are eligible you can access up to $10,000 between now and 30 June 2020 and a further $10,000 after 1 July 2020. The government has made these withdrawals tax free, where previously if you were under your preservation age you would need to have paid an amount of tax on what you have withdrew. The question is whether it would be best for you to withdraw these funds, and that depends on your own personal situation. If you have debt that you are unable to get relief from during this situation, then it maybe prudent to use this option. If you are going to put the money in a bank account "just in case", this may not be the best option as you will be reducing your retirement nest egg. With the current stock market as it currently is (lower than 2 months ago), any withdrawal from your superannuation (depending on what it is invested in) will be withdrawing a greater percentage of your savings as the value of your superannuation has dropped. By withdrawing you are consolidating these losses, whereby leaving your superannuation where it is will give you an opportunity to get back those losses when the stock market begins to rise again. As mentioned everyone's situation is different. Please take this as information only and not advice on what you should do. If you are thinking of withdrawing your superannuation you should discuss this with your financial adviser.

10.01.2022 Hi Everyone, An update on the Employer cash boost payment. This is the payment to employers of between $20,000 and $100,000 based on their PAYG Payments. This payment will be credited to the employer once they lodge their March BAS. The credit will go towards the overall BAS debt amount and then to any old debts owed to the ATO. If there are any funds left over, the employer can request these as a refund.... For Example. Business A receives an ATO credit under the scheme of $10,000. The March BAS is $3000 and they have a debt of $1000 from their previous BAS. The employer can then request the leftover $6000 to be paid to them as a refund into their bank account. There had been some confusion as to whether the leftover had to stay on the ATO account or could be refunded. Stay safe everyone.

09.01.2022 How to Manage your Deductions June 8, 2016 The Australian Tax Office has released a new option on its ATO app that helps us all keep track of our expenses, it's called my deductions.... This is a great option for individuals who have work expenses that their employers don't reimburse, such as using your car for work, or if you have to buy uniforms or protective clothing. It is also a good option for very small businesses that don't use accounting software. The expenses you capture can then be sent directly to the ATO or your tax agent when it's tax time. It all means you get a faster tax return done. The link for more information is https://www.ato.gov.au//Transac/myDeductions/myDeductions/ Let me know if you any help with this or have any questions.

08.01.2022 Beware when your supplier informs you of a changed bank account. For some time there has been a scam that has been targeting small business's through email and payment of suppliers invoices. This includes receiving an email that looks exactly like the email you usually receive from your supplier, but it has been intercepted by a hacker and the bank details have been changed. Here is a link to a story on the ABC that highlights how easy this is to get scammed by.... https://www.abc.net.au//business-email-scam-tradi/12817584 I would urge all business's to phone your suppliers, or anyone you pay funds to, to confirm that there actually has been a change of bank account. Keep safe out there Dawn

06.01.2022 Sole Traders with no employees can access Job Keeper. There are many Sole Traders who are eligible to access Job Keeper. You do not have to have employees, you can apply for the payment for yourself. This includes people who are working under an ABN such as Tradespeople, subcontractors and people who are being contracted by another business, as well as any other business working under your own name. If you have an ABN in your name, not a company, partnership or trust, and i...nvoice for the work you do, you are a sole trader. If your income has decreased by 30% or more from the same time last year, you are most likely able to access the payment. Job Keeper provides you with $1500 a fortnight while your income has been reduced by 30% or more. This is available until 27 September 2020. To start with check your business meets the eligibility requirements, including the turnover test. The turnover calculation is based on GST turnover. This applies even if an entity is not registered for GST. Seek advice from your registered tax or BAS agent if you need help. Your registered tax or BAS agent can enrol, identify and declare for JobKeeper on your behalf using Online service for agents. Call me on 0414 814 618 if you need assistance. A Link to more information from the ATO is: https://www.ato.gov.au///Sole-traders-and-other-entities/ If you find it difficult to interact with the ATO online and don't use a registered tax or BAS agent, you can call the ATO for assistance.

04.01.2022 Many business's have Business Interruption Insurance in their business insurance package. This insurance kicks in when a business in unable to trade due to an event, such as computer breakdown etc. Many business's that claimed on this insurance due to COVID 19 losses, had their claims denied, due to a technicality in the policies. Today a NSW court has thrown out this reason for denial.... So if you have business Interruption insurance and have been impacted by COVID 19, it might be a good idea to look into a claim for compensation.

03.01.2022 Advice from your existing accountant when accessing your superannuation. Accountants have been granted a temporary exemption so we can provide advice to clients on whether or not to access your superannuation early. Until this week, accountants have not been legally able to provide this advice due to restrictions in force from ASIC.... If you are unsure whether to access your superannuation during the COVID 19 outbreak, please consult your accountant for advice.

02.01.2022 How to make the most of Superannuation changes and reduce your tax. Most of us want to be able to retire with a healthy nest egg, but we aren't sure the best way to go about it. At present your employer pays 9.5% of your pay into a superannuation fund of your choice, How can you increase this and claim a tax advantage at the same time? On the 1st of July 2017, Superannuation laws changed to allow you to contribute into your superannuation fund from your take home wages and ...also claim a tax deduction. This was previously only available to people who were salary sacrificing from their before tax pay into superannuation. An example of how this works is if you put $20 a week into your superannuation from your take home pay, at the end of the year you will have approx an extra $900 in super being invested. You can then claim the amount you have put into super as a tax deduction. Depending on the amount of tax you pay, this should be between $190 and $450. So not only have you increased your super, you will be able to claim a deduction when doing your tax return. The amounts you put into super are totally up to you as long as you do not go over $25,000 including your employers component in any one financial year. Its easy to setup, just go to your superannuation funds website and contact them to get started. Most funds accept BPAY and Direct Debits. You can setup once off payments or ongoing payments, its up to you. Please note that if you are currently salary sacrificing into superannuation then you are already accessing this option. If you would like further information, please do not hesitate to contact me. If you find this of interest please share with your friends so they can also claim this tax deduction. Please note everyone's situation is different so this option may or may not be beneficial depending on your personal circumstances. Dawn Boyd Connextion Accounting Tax and Management Accountant 0414 814 618

01.01.2022 Hello Everyone, Last night the government announced the Job Keeper payments that will allow employers to keep their employees during this crisis. This payment is provided to the employers for eligible employees. Here is a link to the details. The great thing with this as well is that people who are self employed can also register for the payment if your income has reduced by 30% or more from the same time last year.... https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p If you are an employer please register your intention as soon as possible at https://www.ato.gov.au/general/gen/JobKeeper-payment/ I will keep you up to date with any information forthcoming. But if you have any questions, please just ask. Regards Dawn