CrossCorp Business Advisors in Subiaco, Western Australia | Tax preparation service

CrossCorp Business Advisors

Locality: Subiaco, Western Australia

Phone: +61 8 9226 1660

Address: Level 3, 23 Railway Road 6008 Subiaco, WA, Australia

Website: http://www.crosscorp.com/

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25.01.2022 In the 2017-18 budget the government proposed removing access to the Capital Gains Tax CGT main residence exemption for non-residents disposing of Australian property. This has now become law. Prior to the changes, any non-residents (including those who may have previously been Australian residents) were able to dispose of their main residence and avoid any CGT liability. Now, from 1 July 2020, any non-resident disposing of Australian property will no longer have access to... the exemption. Please note however, the exemption can still be accessed by a non-resident if the property was purchased before 9 May 2017 and is disposed by 30 June 2020. Please contact us if you are a non-resident or an Australian resident considering becoming a non-resident and you hold real estate which has been your main residence. The above refers to residency for tax purposes and certain exemptions apply. Contact CrossCorp today.

25.01.2022 Great things will happen! Happy Friday everyone #tgif #feelgoodfriday #inspiration

25.01.2022 Record Keeping for Real Estate Generally, real estate which has been used as a main residence is exempt from Capital Gains Tax (CGT). Where it is used to generate income, such as an investment property, it will be fully subject to CGT. But what happens in the following scenarios? A property is purchased and lived in as a main residence then rented as an investment property for a period and eventually sold... A property is purchased and immediately rented but after a period becomes the owners main residence and then eventually sold An owner has multiple properties and may spend various periods in all, with other times generating rental income and others being vacant An owner rents out their main residence and decides to rent elsewhere or mover overseas An owner rents out part of their main residence through a platform such as Airbnb or Stays The answers can be obtained by working through the tax laws but only if proper records have been kept. All property owners have a responsibility to keep adequate records, not only of the costs of acquisition and disposal but also a detailed history of its use over the ownership period. Quite often we are asked to advise on the likely tax outcome of a property sale and we can only do that if adequate records have been kept. The ATO receives information from State Governments regarding all property transactions and as such it is easy for the ATO to instigate an audit. If proper records are not kept you increase the risk of errors being made and penalty tax and interest applying. Contact CrossCorp if you are in doubt as to how the tax laws apply to you

25.01.2022 Working from home Deductions you can claim Risks posed by the coronavirus and the introduction social distancing has forced some employees to work from home. The ATO has recognised this and has released guidance as to what can and cannot be claimed as a tax deduction. ... If you do work from home, you can claim the additional costs associated and importantly you need to make sure that you have incurred these costs and not been reimbursed by your employer. You can claim the additional cost of items such as: Electricity Home internet Mobile and or home phone Stationery and computer consumables Home office equipment (either immediately or claiming over time (depreciation) if costing $300 or more). There are various methods which can be used but the ATO has introduced a concessional rate of 80 cents per hour from the 1st March to the 30th June. A standard rate continues to be available at 52 cents per hour which also allows separate claims reflecting the work use proportions of home internet, phones, depreciation etc. How do you take advantage of the concessional or standard rates? Keep a diary or log of the time spent working from home. When preparing your return the claims are based on the total hours by the applicable rate (and additional items if circumstances allow). We recommend keeping a record for the full period you are working from home and not calculate any averages or make any estimations. Start keeping a record now and be diligent. If you are selected for an audit or review the ATO will ask for proof and penalties and interest will likely be applied for those taxpayers not keeping proper records. Contact CrossCorp for advice today.

24.01.2022 Enjoy your long weekend everyone! #feelgoodfriday #staysafe

23.01.2022 The existing JobKeeper (Jobkeeper 1) runs until 27 September 2020. The government has announced the Jobkeeper extension until 28 March 2021 to support those businesses that continue to be significantly impacted by Covid 19. There are two extension periods, extension period 1 from 28 September 2020 to 3 January 2021 and extension period 2 from 4 January 2021 to 28 March 2021. Businesses will need to re-test and pass the 30% fall in turnover test for the September and December ...2020 quarters respectively. The rates of the Jobkeeper payments will reduce and depend on hours an eligible employee works or an eligible business participant is actively engaged in the business. There will be two rates: Tier 1 rate: Eligible employees who works 80 hours or more in the 4 weeks before either 1 March 2020 or 1 July 2020, and Eligible business participants who were actively engaged for 80 hours or more. Tier 2 rate: Any other eligible employees and eligible business participants. The rates that will apply are: Extension period 1 Tier 1: $1,200 per fortnight (before tax) Tier 2: $750 per fortnight (before tax) Extension period 2 Tier 1: $1,000 per fortnight (before tax) Tier 2: $650 per fortnight (before tax) If you need any assistance or have questions please contact us.

23.01.2022 Enjoy your weekend #FeelGoodFriday

22.01.2022 Superannuation Guarantee Amnesty ends on 7 September 2020. If you have previously paid all of your employees superannuation liabilities in full, you dont need to do anything. But if you are worried this is not the case, you should speak to us or visit the ATO website at ato.gov.au/sgamnesty to learn more. ... If you are eligible for the Amnesty you can pay any previously unpaid superannuation and you will not have to pay any penalties or administration fees. Importantly, you will also be able to claim a deduction for any payments you make before the 7 September 2020 deadline. Conditions do apply. We understand that you may be concerned that you cannot currently pay the amount owing. If this is the case, you should still apply for the Amnesty to receive the benefits and enter into a payment plan that works for you. To be eligible for the Amnesty the ATO must receive your application by 7 September 2020. See more

21.01.2022 End of Financial Year Planning The end of the financial year is just four weeks away. Looking back over the year:... Do you think you have been paying too much tax? Do you have irregular income and cash flows? Do you know what your 2020 profit or loss will be? With the uncertainty of Covid-19 and just how much it might have affected your business, it is crucial to look at how you are travelling this year and what can be done with the between now and the 30 June 2020. Tax Laws change frequently and as your Advisors we have the knowledge to apply those changes accordingly to your businesses and family needs. Tax Planning allows us to calculate your likely positions and then to explore different taxation strategies and scenarios with you to make sure you get the best tax saving and cash flow outcome possible. Some example of items we will consider during tax planning includes: Is there a possibility that we can reduce your PAYG Instalment obligations for the June 2020 quarter or prior quarters? Is there any benefit in making additional superannuation contributions this year? What is the effect of the Cash flow Boost and or JobKeeper payments? For Companies, we need to ensure that the rules surrounding loans, dividends and franking accounts are met. For Trusts, we need to prepare the trust distribution minutes as required by law by 30 June 2020. This is the act of determining and formalising the Trusts income and capital distributions for the 2020 financial year. Through the tax planning exercise, we can help you finalise your trust distribution minutes and provide you with tax estimates. What your future profitability may look like and, if negatively affected by Covid-19, how long can your business survive. Tax planning is important. Dont leave it too late! Contact us today and speak to one of our advisors to explore your 2020 Tax Planning options! #taxtiptuesday #perthaccountants #eofy

21.01.2022 Quote of the day, feel good friday. Stay safe everyone!

21.01.2022 Coronavirus Stimulus JobKeeper Payment The federal government has released the details of the JobKeeper payment! The purpose is to assist employers who have been affected by the Coronavirus to continue to pay their employees.... The good news is it also extends to the self-employed! Employers will be able to claim a subsidy of $1,500 per fortnight commencing from 30 March 2020 for a period of six months. Registrations can be made now at https://www.ato.gov.au/general/gen/JobKeeper-payment/ and successful applicants will be paid from May 2020. To be eligible, businesses with a turnover of less than $1billion must be able to demonstrate that their turnover has decreased by a minimum of 30% relative to a comparable period a year ago (or at least one month). It applies to employees and the conditions are: The employee needs to be currently employed (including those stood down or rehired after they have lost their job) The employee must be employed as of the 1st March 2020 The employee are either employed full time, part time or if a long term casual, have been employer by the employer on a regular basis for longer than 12 months The employee must be at least 16 years of age and an Australian Citizen or holder of other specific visa classes and The employee must not be in receipt of another JobKeeper payment. The conditions imposed under the scheme are quite detailed and the original application requires the provision of supporting documentation which clearly demonstrates the downturn in their business. If you have any questions regarding the JobKeeper payment or any government stimulus we ask that you contact CrossCorp today.

20.01.2022 TAX TIP TUESDAY - Government Stimulus COVID-19 The government has released a $17.6 billion investment package to support the Australian economy to help it respond to the effects of the coronavirus. This package contains measures for businesses and individuals and is designed to provide support and cash directly into the economy.... Measures for Businesses include: An extension to the instant asset write off and accelerated depreciation claims Tax free payments to certain employers Wage subsidies for employers of apprentices Targeted support for other industries, communities and regions Measures for households are at this point a once off payment for social welfare recipients. The government is also expected to release a second round of stimulus but we do not know when or what it will contain. State governments have also announced a range of measures targeted at businesses and individuals some these will be automatically paid and others will require further action. The ATO have also announced a range of measures and these include: Deferral of activity statement payments of up to four months Removing the need to make a March 2020 PAYG Instalment and refunding both September 2019 and December 2019 PAYG Instalments A remission of penalties and interest from 23 January 2020 Low interest payment plans Granting relief in exceptional circumstances We expect that the effects of the Coronavirus will be deep, will hurt us all and will be felt for some time. We ask that you contact us for advice if you have any questions or require any assistance. #COVID19 #CORONAVIRUS #GOVERNMENTSTIMULUS #TAXTIPTUESDAY

20.01.2022 Ready for the Weekend? Remember to stay motivated in what you want to achieve! Feel good Friday. #quoteoftheday

20.01.2022 Managing Cash Flow in Uncertain Times Maintaining a focus on cash flow makes good business sense, however the devastating effects that Covid-19 have brought, has made cash flow management as important as ever. Cash flow management or cash flow forecasting is more than just knowing how much money your business has in the bank, what people owe you or who you need to pay. ... It is a formal process of determining what income your business is expected to generate over a period of time and when those funds are expected to be received. It also records what amounts need to be spent over that time frame and also when. These amounts are represented in equal time frames, usually monthly, and by starting with the money the business currently has in the bank, a business is able to forecast what its cash position will be at the end of each of those months. It can also show when a business may run out of money. The cash flow forecast allows a business owner to see how changes they make in the business affects the cash positions and how they can extend the life of the business. The government stimulus payments, the Cash Flow Boost and the JobKeeper, are both cash flow injections into businesses which are designed to keep them afloat. Cash flow forecasting will be able to show how these will affect the business finances and what they may run out. CrossCorp recommends all business monitor their cash flow at least monthly and seek advice as soon as they need it.

19.01.2022 Recording JobKeeper Payments in MYOB & Xero Have you received JobKeeper payments from the ATO? Do you know how to correctly record them? As JobKeeper payments are made to your business, they will need to entered into your accounting software. If you are using either MYOB or Xero we have some great instructions below: step by step processes for setting up a new income account and then recording your JobKeeper deposits.... How do I process the JobKeeper reimbursements in MYOB? You will need to create a new income account for receiving JobKeeper payments: Click on your company name at the top right of your screen to view the drop down box Go to the Accounts List and looking at your Other Income, choose an appropriate number for your new account You can then click on the green button Add New and create your new account. -Add your number e.g. 8-8000 - Name e.g. JobKeeper Stimulus Package - Type, Other Income - Parent Other Income, - Tax Rate NTR - No opening balance. To record the receipt of the JobKeeper: Create a Receive Money transaction (Banking menu> Receive money). In the Deposit into field, select the account the money is being deposited into. In the Notes field, enter a description for this transaction. If youve set up the Australian Government or the ATO as a contact, choose it from the Payer list or you can add a new payer by clicking Add customer from the Payer list and entering their details. In the Allocate to field, select the new income account you created earlier. https://help.myob.com//COVID-19+wage+subsidy+%28JobKeeper% How do I process the JobKeeper reimbursements in Xero? You will need to create a new income account for receiving JobKeeper payments: Click on Accounting at the top of your page and from the drop down list choose Chart of Accounts from the advanced section at the bottom Click on the TAB labelled Revenue Have a look at how your account numbers have been set up and following your number pattern choose an appropriate number for your new account Click on the +Add Account button and choose the following settings - Account Type: Other Income - Code: The account number your chose following your number pattern - Name: JobKeeper Stimulus Package - Description: this account is for your JobKeeper Top Up payment reimbursements - Tax: BAS Excluded - If you tick in the box Show on Dashboard Watch-list, you will be able track of your incoming payments via your Dashboard view To record the receipt of the JobKeeper: Receive to the above account in your ordinary way https://central.xero.com//Set-up-or-update-JobKeeper-pay-i For more information please contact us. The Team Crosscorp.

19.01.2022 Coronavirus Stimulus JobKeeper Payment The Department of Treasury has released further details of the JobKeeper payment prior to it being passed by parliament tomorrow. Some of the questions are: ... How do I register? Currently, a business registers its interest at https://www.ato.gov.au/Job-keeper-payment/ In you are unsure if your business is eligible, we recommend you still register. When does it start? It covers employees who were employed at the 1st March 2020. The scheme commences from the 30th March 2020 and ends on the 27th September 2020. The first payment is expected to be made to eligible employers in the first week of May 2020 and monthly thereafter in arrears. How does the 30% turnover requirement work? According to the Treasury release Turnover will be defined according to the current calculation for GST purposes and is reported on Business Activity Statements. It includes all taxable supplies and all GST free supplies but not input taxed supplies. There are some modifications for businesses that are part of a GST group. Further information on GST turnover, and how to calculate it, is available at ato.gov.au . The turnover requirement needs to be met on a month by month basis. That is if your business fails the test for say April 2020 and is therefore not eligible, it can apply the test separately for May and then June and so on. A business may meet the 30% turnover test for each month over the term of the scheme or just some months. If your businesses turnover is seasonable or cant easily be compared to the same month in 2019, the ATO has some discretion in applying the rules. The ATO also says Tax Commissioner will also have discretion to set out alternative tests that would establish eligibility in specific circumstances (e.g. eligibility may be established as soon as a business ceases or significantly curtails its operations). There will be some tolerance where employers, in good faith, estimate a 30 per cent or more or 50 per cent or more fall in turnover but actually experience a slightly smaller fall. How will the amount be paid? The JobKeeper payments will be paid directly to employers as it is intended to directly offset the cost of paying wages. This is contrast to the Boosting Cashflow for Businesses measures which will be credited to a businesss ATO Integrated Client Account. Where do I go for further information? Please see the Treasury link here https://treasury.gov.au//JobKeeper_frequently_asked_questi We also expect further information will be released in the coming days. Contact CrossCorp today for a no obligation discussion. #TAXTIP #TAXTIPTUESDAY #CORONAVIRUS #COVID19 #CORONAVIRUSSTIMULUS

17.01.2022 Its Tax Tip Tuesday! If you are in business, you would certainly operate an electronic accounting system and this would likely be either MYOB or Xero. You may have a bookkeeper who enters and maintains the data or you may do this yourself. The businesses transactions may be recorded correctly but are you using the system to your advantage?... As a business owner you need to be aware of: Cash flow Sales and gross profit margins Receivables (debtors) Trends Ratios or Key Performance Indicators Financing and Tax obligations Your competitors With guidance from a great business advisor, you can have access to all of this information, on your tablet or device in an easily accessible format. You can have you questions answered by experienced business operators. Do you want to: Understand your business and how to make it grow? Know where your cash is going? Know what all the numbers mean? Work with someone who can answer your questions, who can give you ideas that work, who has your back and is genuinely interested in your life and your business? If you do, then call CrossCorp Business Advisors today. #taxtip #taxtiptuesday #perthaccountants #perthbusinessadvisors #businessowners

16.01.2022 Helping Your Business Get through Covid-19 Most businesses have been affected by Covid-19 and unfortunately, some severely. The governments stimulus measures are providing direct cash assistance to eligible businesses however these payments are scheduled to cease in October. Banks and insurers are offering temporary concessions and payment deferrals but these will eventually need to be repaid. State governments are also providing varying levels of assistance. CrossCorp re...commends all businesses take stock of their position now and do what they can to ensure their survival throughout the months and years ahead. A good first step is the checklist below which has been released by the Small Business Development Corporation. Understand your current financial position Check your eligibility for government assistance Contact your bank and insurer Communicate with your stakeholders Seek advice on deferring tax payments See if your business can still operate Understand your options in relation to employees Check your licensing requirements Commercial leasing talk to your landlord or call us for help Consider whether you can draw on your superannuation Build your networks Keep informed of changes Their advice can be found at https://www.smallbusiness.wa.gov.au//keep-your-business-go We recommend that you work through the above points and contact CrossCorp if you have any questions.

16.01.2022 Stay safe this long weekend!

15.01.2022 Feel good Friday!

14.01.2022 Extension to JobKeeper and JobSeeker The JobKeeper and JobSeeker schemes were introduced in March and were expected to continue for six months through to September 2020. With some parts of the economy continuing to experience financial distress and the increasing unemployment rate the government has today announced that both schemes will continue through to March 2021 albeit with some changes. ... More detail will be made available in the future but for now: JobKeeper Businesses will be subject to a new turnover test. To be eligible for payments in the December 2020 quarter, a business must be able to demonstrate it has met the 30% decline (or 50% for large businesses or 15% for charities) in both the June 2020 quarter and the September 2020 quarter. To be eligible for payments in the March 2021 quarter, it will need to meet the test in June 2020, September 2020 and December 2020. This is different to the current scheme where the reduction in turnover just needed to have been met once. Amounts paid under the scheme will also change. Currently each eligible employee attracts a $1,500 per fortnight payment but under the new scheme: From October to December 2020 the rate will be $1,200 per fortnight or $750 per fortnight for part time or casual employees working less than 20 hours per week. From January to March 2021 - the rate will be $1,000 per fortnight or $650 per fortnight for part time or casual employees working less than 20 hours per week. JobSeeker The rate of JobSeeker is currently $1,115.70 per fortnight this includes the Coronavirus Supplement of $550 per fortnight. From October 2020 this supplement will reduce to $250 per fortnight taking the fortnightly payment to $815.70. The government is expected to release their economic and fiscal outlook on 23 July 2020 and the 2020-21 budget on 6 October 2020. We will keep you informed of any changes as they are released. Contact CrossCorp for more information or for assistance in helping you manage your business through this crisis.

13.01.2022 If you currently use the ATOs business portal to access online services, you are likely using an AUSkey to login. However, at the end of March 2020, the ATO is retiring the AUSkey and has introduced a myGovID as a replacement. What do you need to do? Visit https://zurl.co/VX08 to see how a myGovID works, how you are able to obtain one and for further information. ... The ATO says that using the security features in your smart device, such as fingerprint, face or password, myGovID helps to protect your identity and stop fraud. If you are not currently using online services, you should be! Some of the activities you can access are: Lodge activity statements and to make corrections if required Access your integrated client account balance and transaction history Access ATO correspondences Change contact details such as address, email and contact numbers Make changes to tax registrations Access reports for Single Touch Payroll and Access the Small Business Superannuation Clearing House Contact CrossCorp if you would like to discuss how online services can benefit your business. #onlineservices #ATO #myGovID

13.01.2022 Have a great weekend! #feelgoodfriday #TGIF

11.01.2022 TAX TIP TUESDAY Inheriting Real Estate from a Deceased Estate Quite often we are asked to give advice on the tax implications of inheriting a property or other assets from a deceased estate. Recipients or beneficiaries are often cautious as to the associated tax liability and rightly so. ... While cash and some types of financial assets are tax free in the hands of the beneficiary, the rules determining the treatment of real estate are not always so simple. Inheriting the property Generally, there is no tax effect for a beneficiary at the point in time they receive real estate from a deceased. There are some exemptions but these do not apply to resident individuals. The beneficiary is taken to have acquired the real estate at the date of the deceaseds death. The beneficiary will then hold the property (either vacant or rented) or dispose of it in due course. Disposing of the property The disposing of the real estate is the trigger for any Capital Gains Tax (CGT). Whether a tax liability arises usually depends on the variables below: Whether the real estate was acquired by the deceased prior to 20 September 1985 Whether the real estate was acquired by the deceased on or after 20 September 1985 What the deceased used the property for. I.e. was it their principal place of residence, did they rent the property to earn income or was there a mix of both Whether the property is disposed of by the beneficiary within two years of the deceaseds date of death or after two years. Whether the deceased received the real estate from another deceased estate previously. The rules are complex and the eventual tax liability depends on the unique set of circumstances. Talk to CrossCorp for advice today.

11.01.2022 Extended due dates JobKeeper Payment and Income Tax lodgements JobKeeper Payment The ATO has granted two new concessions to business hoping to be eligible for the JobKeeper Payment. ... Firstly, the due date for enrolments has now been extended to 31 May, meaning business which meet the eligibility criteria will be able to access the scheme for April and May if they register by 31 May. Previously, businesses needed to register by 30 April. Secondly, businesses have been granted a concession relating to the timing for top up payments for the month of April. These can now be made up to 8 May to ensure business meet the April fortnight payment rules. Previously, businesses had until 30 April to make eligible April top up payments to employees. Income Tax Lodgements The ATO has extended the lodgement deadlines for the below taxpayers: Companies with a 2019 return due date of 15 May have been extended to 5 June SMSF with 2019 return due dates of 15 May and 5 June have been extended to 30 June FBT returns for the 2020 year have been extended to 25 June and Individuals, partnerships and trusts can be lodged by 5 June provided any liability is also paid by this date. Contact CrossCorp for any JobKeeper Payment or income tax assistance

11.01.2022 TAX TIP TUESDAY The proposed Superannuation Guarantee amnesty has passed the Senate and is waiting for royal assent. We wrote about it last December. https://www.crosscorp.com/superannuation-amnesty-updates/... How does it work? Employers who elect to come forward and declare and pay unpaid employee superannuation are expected: To have their penalties and administration fees waived and To receive a tax deduction for the superannuation paid under the amnesty Certain conditions and exemptions apply including that the employer has to come forward voluntarily (have not had any audit or review activity initiated by the ATO) and all outstanding entitlements need to be paid. The main attraction is obviously the waiving of the penalties and reinstatement of the tax deduction but also minimising the risk of a costly legal action. The amnesty is expected to expire six months after it receives royal assent. Employers who do not come forward voluntarily during the amnesty face the risk of penalties double the unpaid entitlements. If your superannuation obligations are not met, you need advice as a priority. Contact CrossCorp today for help.

10.01.2022 Lodging tax returns can be a bit daunting, especially if you are unsure what you can or can’t claim made even more difficult due to Covid 19. Luckily the ATO has made lodging simple tax returns a breeze through their myTax software and this is accessed through your myGov account. However, if you do choose to use a tax agent, as well as getting great advice, you can claim the tax agent fees as a deduction on next year’s tax return. Tax rules can be complicated so it is a good ...idea to use a tax agent to lodge your tax return especially with JobKeeper and JobSeeker. If a deduction is not legitimate and denied by the ATO, you might end up paying extra tax, penalties and interest. A good tax agent will spend time with you, will ask lots of questions and make sure you stay on the right side of the ATO. Contact CrossCorp if you need help with your tax return this year! #perthaccountants #crosscorp #taxtiptuesday

09.01.2022 Be creative this weekend! #FeelGoodFriday

09.01.2022 COVID-19 SCAMMERS Have you or a friend received a strange call or e-mail with reference to COVID-19? Have the calls been from a local or overseas number, even in a robotic voice, asking for personal or financial information? Have the emails been asking you to click through to additional links?... Did they pretend to be from the ATO or the government? Because many Australians have been receiving these calls and emails. Scammers have updated their arsenal and are now on the hunt for those vulnerable to the uncertainties of COVID-19. The ATO has published detailed guidelines on how to distinguish if the call or e-mail is a scam and the processes you should follow in order to stay safe. Most importantly, if you DO receive an email or call regarding COVID-19 and are unsure of its legitimacy: Do not open the email or click through any links / just hang up the phone. Report the scam by calling the ATO on 1800 008 540 or report via the link below For more information regarding the types of scams possible, how to identify them and the processes to reporting them please see ato.gov.au//onl/identity-security/verify-or-report-a-scam/ Stay safe, practise social distancing and contact CrossCorp if you have any questions! The Crosscorp Team

09.01.2022 2020 Income Tax Returns The ATO has warned taxpayers to be extra cautious when preparing their income tax returns this year. JobKeeper/JobSeeker... Any monies received under the JobKeeper or JobSeeker schemes are included in your taxable income. JobKeeper payments are treated as part of your ordinary wage income and are reported by your employer to the ATO at the end of the year. Government payments, including JobSeeker, are reported by Centrelink to the ATO. If you are preparing your return early this year, remember there can be a delay in the amounts appearing on your MyGov or on your accountants ATO portal. If there is a delay, these amounts may need to be inputted manually or it may be safe to just wait until they have been populated. If you are in business, you will need to include all JobKeeper receipts as income. These include employee JobKeeper and Eligible Business Participant (EBP) JobKeeper amounts received. Stand Down Payments Some employees have received additional payments including lump sums as a result of Covid-19. The treatment and tax implications of these depend on why they were paid. They will appear on your employee payment summary (if you receive one) and will be populated as part of your income data on your MyGov account. Your accountant will also have access to these. Early Access to Superannuation If you have withdrawn any monies under the Covid-19 scheme, the good news is that there is no tax effect in doing do. The money is tax free and does not need to be shown in your tax return. The ATO matches the amounts included in tax returns to amounts reported to it by Centrelink and employers. Any discrepancies will likely result in additional tax being repaid and penalties and interest applying. Contact CrossCorp or if you need further information.

09.01.2022 Many businesses and people are cash strapped in January whether it be from customers not paying on time or Christmas spending in general. Being the start of a new year, its a good idea to get organised, prioritise commitments and prepare a cash flow budget for the year ahead. The budget will help you see how much income you need to cover expenses and loan payments and help to control spending patterns. It will also allow you identify any future cash shortages before they occ...ur and to take preventative action. This may include additional borrowings or the disposal of assets. Remember, if you are in business, the ATO now has the power to report tax debts to credit reporting agencies, negatively influencing the ability of that business to borrow. Dont get caught out in this new year being short in cash and having to incur additional costs or worse. Get organised early, budget and manage your cash flow! If you dont know where or how to start, contact CrossCorp today and we will be happy to help! #taxtiptuesday #crosscorp #perthaccountants #businesstips

07.01.2022 This years tax season has well and truly started and scammers, pretending to be ATO, are again going around preying on people. Scammers are sending scam emails and text messages, making scam phone calls and leaving threatening recorded messages and now they have started contacting tax payers through the WhatsApp social media app. Unfortunately many people have fallen into the trap, as it is easy to do, and end up either losing money or having their identity stolen. If you re...ceive an email, phone call or SMS from the ATO, make sure that they are legitimate before acting on them. If someone contacts you and requests/discusses any of the items below, then chances are they are a scammer: threaten you with immediate arrest, jail or deportation if action is not taken immediately you are asked to call back on a number outside normal business hours the message contains a hyperlink for you to click which will redirect you to another page requesting a fee in order for you to get a refund owed to you requesting payment of a debt via iTunes, pre-paid VISA card or similar When the ATO needs to contact you, they will normally send a message through to your secure myGov account or through your tax agent. Some scammers even go to the lengths of impersonating your tax agent or an employee of the firm. Dont let yourself be a victim during this tax return season! If you are in doubt as to any communication you receive, please immediately contact CrossCorp for guidance. #taxtiptuesday #perthaccountants #scammers

05.01.2022 Have a lovely weekend!

05.01.2022 Making Additional Superannuation Contributions Did you know that you can make concessional (deductible) superannuation contributions personally and claim these as a tax deduction? Being June, this will be the last month where you can make final or top up superannuation contributions for the 2020 financial year.... Why is this beneficial? Superannuation contributions are usually tax deductible. Claiming a tax deduction will likely reduce your taxable income and tax liability. Any tax saving will depend on your marginal rate of tax and your individual circumstances. A superannuation funds income is usually taxed at 15%. Whats the catch? Payment made to your superannuation fund must be received and acknowledged by the fund by the 30th June 2020. You will be required to complete a Notice of intent to claim form and send to your superannuation fund. Your fund will then issue you an acknowledgement receipt which you will then use to substantiate your superannuation claim (deduction) in your individual tax return. The ATO requires this to be received prior to your income tax return being lodged. You 2020 total concessional superannuation contributions are capped at $25k. This amount also includes any 9.5% super guarantee (employer) contributions. Make sure you check your total contributions made this financial year before making any additional personal super contributions. Any contributions in excess of the $25,000 limit can attract additional tax. Taxpayers with Adjusted Taxable Incomes of more than $250k will need to pay an extra 15% tax on top of the normal 15% contributions tax. Various conditions and exemptions can apply. Contact CrossCorp today to discuss the tax implications of making additional superannuation contributions. #TAXTIPTUESDAY

05.01.2022 Lodging tax returns can be a bit daunting, especially if you are unsure what you can or cant claim made even more difficult due to Covid 19. Luckily the ATO has made lodging simple tax returns a breeze through their myTax software and this is accessed through your myGov account. However, if you do choose to use a tax agent, as well as getting great advice, you can claim the tax agent fees as a deduction on next years tax return. Tax rules can be complicated so it is a good ...idea to use a tax agent to lodge your tax return especially with JobKeeper and JobSeeker. If a deduction is not legitimate and denied by the ATO, you might end up paying extra tax, penalties and interest. A good tax agent will spend time with you, will ask lots of questions and make sure you stay on the right side of the ATO. Contact CrossCorp if you need help with your tax return this year! #perthaccountants #crosscorp #taxtiptuesday

04.01.2022 Friday Feels! #feelgoodfriday #quoteoftheday

03.01.2022 It's Tax Tip Tuesday! If you are in business, you would certainly operate an electronic accounting system and this would likely be either MYOB or Xero. You may have a bookkeeper who enters and maintains the data or you may do this yourself. The businesses transactions may be recorded correctly but are you using the system to your advantage?... As a business owner you need to be aware of: Cash flow Sales and gross profit margins Receivables (debtors) Trends Ratios or Key Performance Indicators Financing and Tax obligations Your competitors With guidance from a great business advisor, you can have access to all of this information, on your tablet or device in an easily accessible format. You can have you questions answered by experienced business operators. Do you want to: Understand your business and how to make it grow? Know where your cash is going? Know what all the numbers mean? Work with someone who can answer your questions, who can give you ideas that work, who has your back and is genuinely interested in your life and your business? If you do, then call CrossCorp Business Advisors today. #taxtip #taxtiptuesday #perthaccountants #perthbusinessadvisors #businessowners

02.01.2022 Are you currently providing ride-sharing services such as Uber, DiDi, GoCatch, etc? If so, do you know that you must register for an Australian Business Number (ABN)? Not only that, you are also required to be registered for GST (regardless of how much you earn) and lodge Business Activity Statements (BASs) either monthly or quarterly. The GST you collect and need to report is based on the full fare not on the net income you receive from the facilitator (ie. Uber). GST cred...its can be claimed against earning this income however any private of your vehicle use needs to be taken into account. A log book is recommended to allow the ride sharing kilometres to be compared against the total kilometres travelled and to therefore work out the % available to claim. This % is also relevant in determining what portion of expenses are tax deductible (against the income) in your income tax return. If you earn regular income from your ride-sharing business, you can also choose to enter into a PAYG (Pay As You Go) instalment system to pre-pay your tax so you can help avoid a large tax bill at the end of the financial year. Dont get caught out! Call us now if you would like to find out more about Ride-Sharing tax obligations or record keeping solutions. #ABN #GoCatch #DiDi #GST #PAYG #ridesharing #Shofer #Uber

01.01.2022 JobKeeper Payment Enrolments for the governments JobKeeper Payment scheme are now open. If you havent enrolled or if you are unsure if you are eligible, you need to act now! What do you need to do?... Determine if your business is eligible Work out if it meets the decline in turnover test Determine which of your employees are eligible for JobKeeper Provide JobKeeper nomination forms to eligible employees and receive the completed forms back from them Register your businesses intent to claim with the ATO Pay your employees the correct amounts and in the correct pay periods and ensure each is updated in your single touch payroll system by the 30th April 2020 Report to the ATO your eligible JobKeeper payments and your businesses current and projected GST turnover The ATO is still to release information clarifying how the turnover test relates to businesses not registered for GST and how the turnover test relates to businesses operating for less than twelve months. If you have not already registered or if you are unsure of the rules and how they apply to you, contact CrossCorp today.