Crane & Crain in Toowoomba, Queensland | Accountant

Crane & Crain

Locality: Toowoomba, Queensland

Phone: +61 7 4632 5381

Address: 189 Herries Street 4350 Toowoomba, QLD, Australia

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• Business service
• Tax preparation service
• Accountant
• Financial service

21.01.2022 What you need to include on a Tax Invoice for it to be valid.

18.01.2022 HECS HELP Benefit - are you entitled or know someone who may be entitled? 2016/2017 Income year is the last year the HECS Help benefit can be claimed. It is like a rebate on the HECS obligation that you have to repay for the Income Year. You have up until 30/6/2018 to apply for the benefit for your 2015/2016 Income year and 30/6/2019 to apply for the 2016/2017 income year. It doesn't matter that you have already lodged your Tax Return for the relevant year, the ATO will am...end the Notice of Assessment if you are eligible and send you a refund. The HECS-HELP Benefit provides an incentive for graduates of particular courses to take up related occupations or work in specified locations by reducing their compulsory HELP repayments. You may be eligible for the HECSHELP Benefit if you have graduated in one of the following fields and fit the listed criteria. Mathematics, statistics or science Graduated from an undergraduate 'natural and physical science' field of education course (mathematics, science or statistics) after 30 June 2008. Employed in a related occupation, including as a secondary school teacher of these subjects or as a primary school teacher. Education, nursing or midwifery Graduated from an education, nursing or midwifery course required for initial entry to a teaching or nursing profession after 30 June 2009. Employed as a teacher or nurse/midwife Early childhood education Graduated from an early childhood education teaching course. Employed as an early childhood teacher. Employed by a provider of pre-school education or childcare services in a regional or remote area, Indigenous community or area of high socioeconomic disadvantage, as specified in the HECS-HELP Benefit Guidelines. https://www.ato.gov.au/Forms/HECS-HELP-benefit---Overview to find the form to complete and lodge. Let me know if you make a claim and are successful. There may be many who are not aware of this.

15.01.2022 If you have a Higher Education Loan Program (HELP) debt, make sure you tell your employer whenever you start a new job! Just tick the relevant box when completi...ng your TFN declaration form. Doing so will assist you in meeting your compulsory repayment obligations. To find out more, visit https://www.ato.gov.au/compulsoryrepay

11.01.2022 If you are an Employer don't forget to pay your employee Superannuation before the 28th January 2019 to ensure you get your tax deduction for it. If you pay it late it become Super Guarantee Charge and not deductible plus you have to pay interest and an administration charge to the ATO.

09.01.2022 Single Touch Payroll is starting shortly. You need to do a head count on the 1 April 2018 to see how many employees you have and this will determine if you need to apply Single Touch Payroll to your business from 1 July 2018. Single Touch Payroll is a reporting change for employers.... You will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees. Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament. For more information call our office or follow this link https://www.ato.gov.au//get-ready-for-single-touch-payroll/

08.01.2022 Christmas and Gifts, a bit over 4 weeks until Christmas You might be considering the annual office Christmas party and gifts for staff members. What is going to be tax deductible? and is it going to be subject to Fringe Benefit Tax? This can be a very complex area of discussion, so I will do a very simple summary here. Let’s just consider a small area of this, gifts.... If you break it down into gifts of Entertainment and gifts that are Non-Entertainment. The good news first If a Gift is Non-Entertainment and it costs less than $300 GST inclusive, then there is no Fringe Benefit Tax (FBT), and you can get a tax deduction and you as the employer can claim GST (if creditable). However, if the Gift is Non-Entertainment and it costs more than $300 GST inclusive, then it is subject to Fringe Benefit Tax, so this is good incentive to keep the cost below $300. If the Gift is classed as Entertainment, and it cost less than $300 GST inclusive, then there is no FBT, no Tax Deduction and no GST credit entitlement. However, if the Entertainment Gift is over $300, FBT will apply but a tax deduction and GST credits can be claimed. Keep in mind that FBT is 47%. These are just some very basic examples, and you should seek advice on your circumstances and the gift you are considering giving (to determine if it is Entertainment or Non-Entertainment). I.e. providing entertainment by way of food and drink or recreation, travel and accommodation in connection with entertainment, a show, a game of golf, theatre or movie tickets are considered entertainment. This is just the tip of the iceberg of scenarios, the rules are different again in relation to provision of gifts to clients and subcontractors, & suppliers. No FBT is payable for gifts to this category but if the gift is classed as Entertainment, no GST and no tax deduction can be claimed. So, if you limit the gifts to Non-Entertainment you will be able to claim a tax deduction and GST credits. See more

07.01.2022 Single Touch Payroll (STP) Legislation has been passed which now means that Employers with less than 19 employees will need to also report using Single Touch Payroll from 1 July 2019. A brief list of Action Employers will need to take to be ready 1. Review if your payroll software will support STP ... 2. Be ready to start reporting by 1 July 2019 3. Get your payroll team ready to start implementing and ensure that your employee details are all accurate. 4. Check that you are paying your employees correctly - pay rate and tax rate 5. Check you are calculating your employees super accurately 6. Check your Super Stream solution is compliant and you have the correct employee and superfund details. 7. Check your payroll records match the ATO It’s important to be aware of which payroll processes STP will affect. For example at year end as an Employer you will not need to issue payment summaries to your Employees. Your Employees will access this through their myGov account and will be available on the Tax Portal. For further assistance with understanding Single Touch Payroll and to assist with implementing please contact our office. See more