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25.01.2022 Were at the tail-end of July... which means a lot of you have started putting together the bits and bobs required to prepare your personal income tax returns. Weve decided to tackle some of the most common questions we have been asked about this years taxes: WHEN CAN I CLAIM A WORK-RELATED TAX DEDUCTION?... There are three golden rules for claiming a work-related tax deduction: 1. you must have spent the money yourself and weren't reimbursed 2. The expense must directly relate to earning your income 3. you must have a record to prove it. DO I NEED TO INCLUDE JOBSEEKER INCOME IN MY TAX RETURN? Yes, JobSeeker income is considered assessable income and it will be included in your overall income tax calculation. I WEAR JEANS TO WORK - CAN I CLAIM THEM? Sorry folks, plain jeans are rarely tax-deductible. Nor are those funky track pants youve been sporting for the past four months working from home. They are considered to be private in nature. To claim a deduction for clothing, it must be either monogrammed, occupational-specific (i.e. checked pants for a chef) or protective (i.e. a hi-vis safety vest). IS MAKE-UP WORN AT WORK TAX DEDUCTIBLE? Cosmetics are usually a private expense and the addition of SPF doesnt automatically make them tax-deductible. However, you may get away with a sneaky tax deduction if the primary purpose of the product is sunscreen (i.e. it has a high SPF rating - MAC Studio Fix 15 isnt going to cut it), the cosmetic component is incidental, and you were required to wear it because you work outdoors in the sun. You must still adjust for private usage. IS INCOME PROTECTION INSURANCE TAX-DEDUCTIBLE? Yes, you can usually claim the cost of insurance premiums you pay for insurance against the loss of your income, as long as they are NOT held within your superannuation fund. CAN COUNT ON GRACE HELP ME WITH MY TAX RETURN? Absolutely! We are a Registered Tax Agent and we are now accepting bookings for the 2020 tax season. Check out our website for more information. Illustration by the very talented: @by_olive.and.e

24.01.2022 Along with donating funds to the Red Cross for support during these bushfires weve also booked in to donate blood. For those who might not have the financial means to donate $, this is another way that you can assist. Every little bit of help counts

24.01.2022 Late last week the NSW Government announced they will be providing grants of up to $10,000 to provide fast relief for NSW small businesses battling COVID-19. To be eligible, businesses will need to: have between 1-19 employees and a turnover of more than $75,000... have a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000 have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020 be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020 Applications will be available through Service NSW within a fortnight and remain open until 1 June 2020. Similar to the JobKeeper package, there is currently only a limited amount of information available so we need to sit tight for more details, but if you think your business may be eligible, keep this on your radar.

23.01.2022 And just like that its March. Time flies when youre having fun. A new month means its time to finalise your February bookkeeping.... A little process goes a long way when it comes to working through the tasks you need to complete. Do you have a monthly bookkeeping process? Drop your favourite emoji in the comments section below if youd like us to slide into your DMs with a free monthly bookkeeping checklist.

23.01.2022 http:// WERE BRONZE BABY // I love using Xero accounting software. And Im stoked that Count on Grace is a Bronze Practice Partner of Xero.... Out of all the projects I get to work on, Xero training has got to be one of my favourite things to do! Its so rewarding to see my clients learn new things and improve their bookkeeping skills. As a Xero Advisor, I help business owners set up new Xero files and learn the software for the first time. I also work with business owners who have been using Xero for a number of years and want to ensure they are still using the software in the most efficient way possible. Doing your own bookkeeping isnt chargeable work so its important to use the technology youre paying for to streamline all of those unavoidable tasks. This leaves more time for work that is chargeable, more time to work on your business [instead of working in it] or simply more time to spend with your family. Xero is continually updating its features - its amazing how many tips and trick I get to share with business owners that they werent aware of. For example, did you know that Xero has an in-built calculator in the Invoices section? Did you know that Xero has its own superannuation clearing house? The best part of our Xero set-up and training packages is that they are fully customised to the needs of your business. Have you been thinking about moving your business books onto Xero? Would you like some 1-on-1 Xero training? Were here to help.

22.01.2022 Have you declared all of your income in your tax return? As our lives get more complex, so do our finances. We all know that salary and wages income is taxable, but that’s just the tip of the iceberg. ... The following income also needs to be included in your tax return: Bank interest Dividends received Income from freelancing Income from your side-hustle (unless it’s considered a hobby) Rental income including Airbnb Income from ride-sharing platforms like Uber/Ola JobSeeker income JobKeeper income Proceeds from share sales If you’ve just realized you’ve missed one of these sneaky suckers, you will need to lodge a tax return amendment A-SAP. And if you’re looking for a hand preparing your tax return this year, we can help. Drop into our DM’s for a customized quote. See more

22.01.2022 Oh, hello. It's tax time and we're live baby! www.countongrace.com.au

19.01.2022 We’re at the tail-end of July... which means a lot of you have started putting together the bits and bobs required to prepare your personal income tax returns. We’ve decided to tackle some of the most common questions we have been asked about this year’s taxes: WHEN CAN I CLAIM A WORK-RELATED TAX DEDUCTION?... There are three golden rules for claiming a work-related tax deduction: 1. you must have spent the money yourself and weren't reimbursed 2. The expense must directly relate to earning your income 3. you must have a record to prove it. DO I NEED TO INCLUDE JOBSEEKER INCOME IN MY TAX RETURN? Yes, JobSeeker income is considered assessable income and it will be included in your overall income tax calculation. I WEAR JEANS TO WORK - CAN I CLAIM THEM? Sorry folks, plain jeans are rarely tax-deductible. Nor are those funky track pants you’ve been sporting for the past four months working from home. They are considered to be private in nature. To claim a deduction for clothing, it must be either monogrammed, occupational-specific (i.e. checked pants for a chef) or protective (i.e. a hi-vis safety vest). IS MAKE-UP WORN AT WORK TAX DEDUCTIBLE? Cosmetics are usually a private expense and the addition of SPF doesn’t automatically make them tax-deductible. However, you may get away with a sneaky tax deduction if the primary purpose of the product is sunscreen (i.e. it has a high SPF rating - MAC Studio Fix 15 isn’t going to cut it), the cosmetic component is incidental, and you were required to wear it because you work outdoors in the sun. You must still adjust for private usage. IS INCOME PROTECTION INSURANCE TAX-DEDUCTIBLE? Yes, you can usually claim the cost of insurance premiums you pay for insurance against the loss of your income, as long as they are NOT held within your superannuation fund. CAN COUNT ON GRACE HELP ME WITH MY TAX RETURN? Absolutely! We are a Registered Tax Agent and we are now accepting bookings for the 2020 tax season. Check out our website for more information. Illustration by the very talented: @by_olive.and.e

17.01.2022 PAPER SUCKS. It adds clutter to our lives and increases our carbon footprint. If you are looking to transition to a greener business in 2020, then making the move to a paperless office is a great way to start.... TIPS TO GOING PAPERLESS PART 1: Prepare invoices electronically and send them to your clients using your accounting software or email instead of snail mail. Programs like Xero also have the functionality to tell you the exact time your invoice was viewed online by your client, which means no more excuses such as it got lost in the mail. For bricks + mortar stores, get in the habit of asking customers if they want their receipts rather than just automatically printing them. Use electronically signing software for your engagement letters and contracts. Not only does electronically signing save you time; it also provides your clients with an easier onboarding process as they do not have to fuss around with any printing or scanning. You may also find you contracts are returned much faster than the traditional method. We use Docusign but there are lots of great options available including Hellosign and Adobe Sign. Update business banking preferences from receiving paper statements to receiving online statements. Scan in any paper invoices/receipts and start storing them electronically (i.e. in your accounting software). You can then ditch the paper receipts for a cleaner office space. The Tax Office is happy to accept digital copies of receipts. Do you have any tips for going paperless? : @hellolittlesam See more

16.01.2022 Im so sorry, my camera doesnt seem to be working : @tylerfeder

14.01.2022 Happy Friday Millennials We are currently taking new client enquiries via: - phone call - email... - excel spreadsheet See more

14.01.2022 Skippity doo da that was quick We’re stoked to announce that during the flurry that is/was C0V!D, we’ve been upgraded by Xero from Bronze to Silver partner status. This is a great reflection of how many business owners we’ve been able to help in the past 6 months; setting up new Xero files and providing health checks and training to existing Xero files, so we're thrilled to be able to celebrate this win. ARE YOU ON THE RIGHT XERO PLAN?... In other Xero news, Xero has just made some exciting updates to their Xero Starter plans, which might save you some dollarydoos. Previously, the Xero $25/month Xero Starter Plan used to be quite limiting (sending only 5x invoices/month and coding up to 20x bank transactions/month). Due to this, most small businesses opted to subscribe to the $50/month Standard Plan, which provided unlimited invoicing and bank transaction coding per month. However, with the new Xero update, on a $25/month Starter Plan, you can *now* send up to 20x invoices/month and code an unlimited amount of bank transactions. WHAT DOES THIS MEAN FOR YOU? If you’re already using Xero, check out your subscription to make sure that you’re on the correct plan -> there may be an opportunity for you to downgrade from the Standard plan to the Starter plan, which will save you $25/month. Click on the link in our bio to find Xero's Pricing Plan comparison info. ARE YOU CONSIDERING SIGNING UP TO XERO? With the improvement to the Xero Starter Plan, now is a great time for small business owners to jump in feet first. For new subscribers taking up the Xero Starter Plan, Xero is *also* providing a 50% discount for the first 4x months of use, which reduces the subscription down to only $12.50/month. An absolute bloody bargain if you ask me. If you want to learn more about the Xero plans or our Set-up and Training Packages, please reach out - we’d love to hear from you. See more

14.01.2022 So many numbers. So much heartbreak : @justinmilleresq

13.01.2022 Best. Team. Ever.

13.01.2022 REMINDER FOR EMPLOYERS: Employee superannuation contributions for the December 2019 Quarter are due 28th January 2020 And if youre using Xeros in-built superannuation clearing house you have an even earlier deadline. Xero has stated that contributions made using their platform should be processed *before* 2pm AEST on 21st January 2020 to ensure they are received by the super funds by the due date!

11.01.2022 http:// INCOME TAXES 101 // Did you know that in Australia, income tax is based on a marginal tax system? This is also known as a "sliding scale". ... This means that your income tax rate will increase as your income increases. For the 2020 financial year, the income tax rates for Australians aged 18 and over are: $ 0 $18,200 0% $18,201 $37,000 19% $37,001 $90,000 32.5% $90,001 $180,000 37% The first $18,200 is known as the "Tax-Free Threshold". Now, here’s the catch: Your entire income isn’t taxed at the marginal tax bracket that you are in. It is only the amount of income that has fallen into that next bracket that is taxed at the higher rater. LET’S BREAK THIS DOWN WITH SOME EXAMPLES: If you earned $15,000 for the year, you will be under the tax-free threshold so your income tax would be: = 0% of $15,000 = $0 If you earned $20,000 for the year, your income tax would be: = 0% for the first $18,200 + 19% of $1,800 (because the remaining $1,800 of the $20,000 is in the 19% tax bracket) = $0 + $342 = $342 If you earned $60,000 for the year, your income tax would be: = 0% for the first $18,200 + 19% of $18,800 (This is the amount in the 19% tax bracket) + 32.5% of $23,000 (Because the remaining $23,000 of the $60,000 is in the 32.5% tax bracket) = $0 + $3,572 + $7,475 = $11,047 ARE YOUR TAXES GIVING YOU THE HEEBIE JEEBIES? You don’t have to go it alone. We’re here to help. [email protected] See more

09.01.2022 If you live in a bushfire affected area, you dont need to worry about your tax affairs right now. We know many Australian communities are doing it tough, and w...ere here to help you sort out your tax when youre ready. Were updating our website so you know how were supporting those who have been affected. Visit www.ato.gov.au/Individuals/Dealing-with-disasters

06.01.2022 Giving gifts to clients at Christmas time is very common. But have you ever wondered whether or not these purchases are tax deductible? The answer is.. it depends what you buy them. There are two types of purchases that you might make:... 1. Client Gifts 2. Client Entertainment CLIENT GIFTS: Clients Gifts are generally physical *things* such as bottles of wine or food hampers. The Tax Office will allow these kinds of expenses to be allowable deductions as they are generally spent with the hope that future revenue will flow to your business. For example, this gesture of goodwill might increase the chances of a particular client working with you again or even referring your business to someone else. In summary, Client Gifts: Generally physical things Tax Deductible GST portion is claimable No FBT implications Examples of Client Gifts: Box of cookies Bottle of wine Food Hampers Flowers CLIENT ENTERTAINMENT: Client Entertainment expenses are generally *experiences* such as dinner and drinks or sporting tickets (aka Fun Stuff). The ATO dont particularly like people having too much fun, so unfortunately, you will not be able to claim a tax deduction for these expenses. In summary, Client Entertainment: Generally experiences Not Tax Deductible GST portion is not claimable No FBT implications Examples of Client Entertainment: Movie tickets Dinner & Drinks Sporting tickets WHAT SHOULD YOU GIFT YOUR CLIENTS THIS CHRISTMAS? If your aim is to thank your clients for their support in your business and you dont give a rats about the tax deduction then feel free to buy them whatever you damn please. If you want to show a gesture of goodwill but still wish to maximise your tax deductions, stick to things and stay away from experiences. A FINAL NOTE: These rules only apply to clients. There is a whole other bunch of rules relating to team members. Is this stuff confusing? Hell yes it is! Have a quick chat to your accountant before making any large gift purchases if youd like some clarity on how these rules will impact your business.

05.01.2022 Bad books are bad for business so we're going to start sharing with you some of our best bookkeeping tips. It's the start of a new month, which means it's *bank reconciliation* time for November. WHAT IS A BANK RECONCILIATION?... A bank reconciliation (also known as a bank rec) is a process of ensuring that the balance in your bank account matches up with the bank balance that is displayed in your accounting software (i.e. in your Xero file). Bank recs can be performed as often as you wish, but it is best practice to check them monthly. WHY SHOULD YOU BOTHER? The objective of a bank rec is to ensure that all income and expense transactions from your bank account have correctly made their way into your Xero file. If your bank account is unreconciled it means that there could be some income that has been underreported in your profit & loss statement, or worse yet, there could be some business expenses that you havent claimed as a tax deduction. HOW DO YOU DO IT? Preparing a bank rec in Xero is super simple. 1 Jump into your Internet Banking and obtain the closing balance of your bank account at 30-Nov-2019. 2 Login to your Xero file and code all of your bank transactions until 30-Nov-2019. 3 Raise a Bank Rec Report: On the Xero Dashboard, click next to your bank account, then click on Reconciliation Report You will be taken to a new screen Change the date to 30-Nov-2019 and click 'Update' 4 Compare your actual bank balance with the balance on the Xero report. If the two figures match then your bank reconciles - voila! Happy Reconciling! See more

05.01.2022 THE POWER OF YOUR BUSHFIRE DONATIONS What if I told you that your donations in support of the current bushfire crisis can impact the level of funding that the government has to provide. Well, if you intend to claim a tax deduction for these donations they already are!... You might be thinking who gives a shit about tax deductions during a national crisis. Let me break it down Donations to deductible gift recipients (i.e. charities such as Australian Red Cross) over $2 are tax-deductible. This means that you can get a tax deduction for the amount you donate and will be eligible for tax savings, depending on which tax bracket you are in. For example: If you donate $100 and your income tax bracket is 34%: you will get a tax savings of $34 your out-of-pocket cost will only be $66 Even though you were comfortable to chip in $100, your donation will only cost you $66. Whos footing the difference? The Australian Government is!! The Australian Government forks out the tax savings in your tax return. Using this same example, you would need to make a tax deduction of $151 to be out of pocket $100. By donating $151, youll get a tax savings of 34%, which is $51 Youre only out-of-pocket $100 (the amount that you intended to chip in in the first place) Youve forced the Government to chip in an additional $51! In summary: a $100 donation is probably costing you less than $100 not only is your generosity amazing, but, by claiming a tax deduction, you are forcing our Government to step up and increase funding Every little bit helps x

05.01.2022 I didnt buy a 2019 planner because I thought Id be one of those cool kids who could effortlessly use online software to run their entire life. As it turns out, I was mistaken. Whilst Ive been fairly successful using Trello for some things, Ive concretely discovered that I LOVE a handwritten to-do list. Ive spent the year with a mixture of jumping in and out of Trello with writing my daily to-do lists on scrappy bits of paper. Whoops! ... This has *got* to stop. Next year Im getting my shit back together and after hours of internet crawling Ive finally found my planner for 2020 Its called the Perfectly Planned 2020 daily planner and its from @carrie.co This planner is seriously jam-packed and its going to ensure that for 2020 everything I need is in one place. It features: Yearly planning pages Quarterly goal planners Monthly planning & review pages Weekly planners & goal setting Daily 6am -10 am schedules; AND Daily to-do lists (my personal favourite) See ya later post-it notes! Have you found your 2020 planner? Let me know in the comments below

04.01.2022 Are you about to start freelancing in 2020? Then this one's for you I love the concept of winging it in business. If you wait until everything is perfect to launch then youll be waiting for the rest of your life. There is, however, one BIG FAT EXCEPTION to this rule. TAXES!... Please please please do not wing your taxes. A tax bill is great... it means that youre making profits. But an unexpected tax bill not so much If you're new to freelancing this year, it is important that you understand what that will mean for you and your tax return. When you are an employee, it is your employers responsibility to ensure that the correct amount of tax is withheld from your wages. You are paid the after-tax amount into your bank account. When you are working as a freelancer, that responsibility falls on you! Your clients will pay directly into your bank account and you are the one that needs to ensure that youve popped aside some of those funds for your income tax. People often struggle with this shift. They are used to being able to spend whatever funds hit their bank account. But for freelancers, not all of the funds in your bank are yours. Here's what I suggest: TIP #1: Set up two new bank accounts for your freelancing income. Bank Account #1 can be used for clients to pay you. Bank Account #2 can be used as a tax provision account. You can transfer over a certain % each time you are paid. What % should you be holding onto for tax? This is a great question that leads me on to... TIP #2: Invest in a 1-hour consultant with a tax agent/accountant. A consultation at the *start* of your freelancing journey is worth its weight in gold. Everyone has their own unique circumstances, so the tax % that is suitable for your sister or your best friend might not be suitable for you. As well as advising on income tax, an accountant will also be able to: Ensure your invoice template is correct Explain all of the different deductions you are entitled to Give you the rundown on accounting software Assess what other registrations are required (i.e. GST) Happy Freelancing

04.01.2022 Run and hide folks... tax season is here!

03.01.2022 Staying at home will save lives. We're all in this together.

03.01.2022 BOOKKEEPING TIP: Lock your Xero file! Lock Dates are an awesome function of Xero that help us make sure we dont accidentally bugger up our financial records from prior periods Once set, a Lock Date will prevent any changes being made to your Xero file *prior* to the chosen date.... For example, if you enter a Lock Date of 31-Dec-2019, even if your brain is still in 2019 mode, Xero will not allow you to post a new invoice dated 21-Jan-2019! I recommend updating your Lock Dates after each BAS lodgement to ensure accurate GST reporting (or at least quarterly if youre not GST registered). Setting up lock dates in Xero is a quick process: In the Accounting menu, select Advanced, then click Financial settings Under Lock Dates, enter the date to lock transactions at Click Save @the.seo.boutique

02.01.2022 Does your business regularly deal with new suppliers? If so, we suggest you take 30 seconds to check them out using the Australian Government's ABN Lookup Tool. The ABN lookup tool can be used to ensure the supplier is a registered business, confirm their entity and see if they're registered for GST.... It can be found at: https://abr.business.gov.au/Tools/AbnLookup