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Crescent Accounts

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25.01.2022 Thoughts to everyone struggling in Victoria at present - it’s not easy for anyone at the moment especially small businesses.

21.01.2022 The Team at Crescent Accounts wish everyone a Happy New Financial Year! We have been inundated with requests to start and process 2020 Income Tax Returns however please note the ATO are stressing to taxpayers to wait a few weeks until all information is collated and finalised by employers and government agencies. We cannot lodge any 2020 Income Tax Return until your Income Statements are marked as ‘Finalised’ or ‘Tax-Ready’ at the ATOs end. Even if you have been issued an... Income Statement by your employer. The ATO won't process any Income Tax Returns until this is done. We anticipate this should start to happen from middle of next week however may not happen for a few weeks. We understand this is a tough time for everyone however it will save the hassle/time/cost later on making amendments and possible paying back of any funds. For anything else please get in contact with us.

19.01.2022 With more details to come.

17.01.2022 Annual NTAA 2 Day Tax Seminar - via live streamed this year.

16.01.2022 Early Release of Superannuation?

16.01.2022 Victorian Small Business - Details for the $3 billion Business Survival and Adaptation Package are now up on the Business Vic website. This includes the third round of the Business Support Fund which will open soon. Keep in mind that a separate announcement for Sole Traders will be coming in the next few days. https://www.business.vic.gov.au//business-survival-and-ada

13.01.2022 #BREAKING: Australia is in recession. The last time Australia’s finances were this catastrophic was in the wake of World War II, showing just how economically d...evastating COVID-19 has been. Treasurer Josh Frydenberg has the latest now. For rolling coverage watch Sky News Australia on Foxtel or visit www.skynews.com.au.

10.01.2022 Do you know your Pension Age?

10.01.2022 - BUDGET 2020 Tonight.

09.01.2022 JobKeeper 2.0 - we are still awaiting eagerly the rules from the ATO around the JobKeeper 2.0 eligibility that will kick in from the end of this month. All clients will be updated as soon as these are released.

07.01.2022 JobKeeper 2.0 Announced Below is a great JobKeeper 2.0 graphic summary.

06.01.2022 If you have accessed your tax-free Superannuation recently, best to avoid entering into schemes of contributing it back into the fund.. https://www.afr.com//ato-investigating-early-super-release

05.01.2022 Great to be on board again and all the best for the upcoming 2021 season!

04.01.2022 Government to pay back $721m in Robodebt scheme! This had caused a lot of people a lot of stress the way it was structured! https://www.abc.net.au//federal-government-refund/12299410

03.01.2022 Covid-19 early release of super extended to 31 December 2020 Pursuant to recent legislative amendments, individuals now have until 31 December 2020 (extended from 24 September) to access up to $10,000 of their superannuation under the compassionate ground of release that was introduced in response to the Coronavirus in April this year. By way of background, the Government had previously introduced a new compassionate ground of release allowing individuals to access their su...perannuation entitlements where those benefits are required to assist them to deal with the adverse economic effects of the Coronavirus, but only where one or more of the following requirements are satisfied: A)The individual is unemployed. B)The individual is eligible to receive the Jobseeker Payment, Youth Allowance for jobseekers, Parenting Payment (which includes the single and partnered payments), Special Benefit or Farm Household Allowance. C) On or after 1 January 2020: - the individual was made redundant; or - the individual’s working hours were reduced by at least 20%; or - if the individual is a sole trader their business was suspended or there was a reduction in the business’s turnover of at least 20%. Under this new compassionate ground of release, eligible individuals were able to access as a lump sum, up to $10,000 of their superannuation entitlements between 20 April and 1 July 2020, and a further $10,000 between 1 July 2020 and 24 September 2020, and these withdrawals are not taxable to the recipient. Under the further recent legislative amendments, individuals who satisfy one or more of the above requirements now have until 31 December 2020 to access the second amount of $10,000 referred to above. Temporary residents were only entitled to make a single application for $10,000 to be released during the 2019/20 financial year (I.e., by 30 June 2020), and so this extension is not relevant to temporary residents. Eligible individuals who are looking to access their superannuation entitlements under the above new ground of release will be able to apply directly to the ATO through the myGov website (at www.my.gov.au) and certify that the above eligibility criteria is satisfied.