Crunch Tax | Consultation agency

Crunch Tax

Phone: +61 413 834 899

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25.01.2022 Been considering the change to Xero ? Sign up to Xero through Crunch Tax before 15/05/2019 to get 50% off your subscription for the first three months !

24.01.2022 Investment Properties - You can claim expenses relating to your rental property but only for the period your property was rented or available for rent. Expenses could include: advertising for tenants... bank charges body corporate fees and charges borrowing expenses capital works cleaning council rates decline in value of depreciating assets gardening and lawn mowing insurance building, contents and public liability interest expenses land tax legal expenses (excluding acquisition costs and borrowing costs) pest control phone property agent fees and commissions repairs and maintenance stationery and postage water charges. To ensure you are getting the most from your investment property deductions, contact us to discuss your circumstances.

23.01.2022 Proposed changes to the federal government’s company tax cut could see some small businesses missing out... Small business owners around Australia had good reasons to rejoice when the federal government’s enterprise tax plan became law in May 2017. The plan saw the company tax rate fall to 27.5 per cent for businesses with an aggregated turnover of $10 million or less in the 2017 financial year, with further cuts to come over the next 10 years. That isn’t quite the end of the... story, however. Legislation currently before parliament is set to further limit who can benefit from the lower rate. If passed in its current form, the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 will stop companies from accessing the new, lower tax rate in any year where 80 per cent or more of their assessable income is passive. Defined to include interest, royalties, rents, capital gains, non-share dividends, and distributions from trusts or partnerships. The government’s stated aim is to ensure the tax cuts only benefit those who are actively carrying on a business, rather than simply investing. Depending on your situation, these changes could affect you, so it is important to be ready.

20.01.2022 Have you ever wondered how your business performs compared to your competitors? What is their average bottom line? Are you spending enough on advertising? Are you paying too much rent? Are your staff costs too high? Surviving in today's business climate requires you to spend more time working on your business than in it. We can provide you with accurate, timely, informative benchmarking reports that enable you to: See how your business compares to your competitors Under...stand more about how the rest of your industry works Analyse the key performance indicators in your industry Equipped with this information, we'll work with you to develop action strategies that improve your bottom line. Give us a call today on 0413 834 899 and organise a time to meet with one of our accountants. See more

20.01.2022 Single Touch Payroll is coming, are you ready? STP is a government initiative to streamline business reporting obligations. When an employer pays their employees, the payroll information will be sent to the Australian Tax Office (ATO) directly from your payroll system (MYOB Live, Xero etc). This will allow the reporting of payroll, tax and superannuation information to the ATO directly from your payroll solution. A brief summary of the STP requirements is outlined below: Em...ployers can begin reporting through STP from 1 July 2017. It will be compulsory from 1 July 2018 for employers with 20 or more employees. Employers will assess the number of employees as at 1 April 2018. From 1 July 2019 employers with 19 or less employees will report to the ATO through STP. Payroll systems will need to be STP accredited/certified, so it’s important to ensure your payroll provider is either STP accredited or working towards such accreditation. Reporting through STP removes requirements to issue Payment Summaries, and provide annual reports, TFN declarations to the ATO as well as issue Standard Choice Forms (paper versions) to employees, as online pre-filed forms will be available.

20.01.2022 We are Registered Tax Agents. The Tax Practitioners Board (TPB) is the national body responsible for the registration and regulation of tax practitioners. They are responsible for ensuring tax practitioners comply with the Tax Agent Services Act 2009, including the Code of Professional Conduct, and have the necessary qualifications and experience.

18.01.2022 The Small Business Superannuation Clearing House (SBSCH) will join existing ATO online services in February 2018. The current SBSCH system will be available prior to a brief transition period before the new look SBSCH is released. Information registered in the SBSCH will still be available in the new system. However, the look and feel will be different and it will no longer be accessible with the current user ID and password authentication. As a result of integrating with ATO... online services, the new look SBSCH will have functionality including the ability to sort employee listings and payment by credit card. For more information, assistance with the transition or an obligation free Superannuation Compliance Service Quote please message us

17.01.2022 Taxable Payments Annual Report extended to three more industries. Announced in the federal budget earlier this year, the Treasury Laws Amendment Bill 2018 has now been enacted, which now extend the TPAR requirment to the road freight, IT, and security, investigation or surveillance services, from 1 July 2019. The new law requires entities that provide ‘road freight’, ‘IT’ or ‘security, investigation or surveillance’ services to report to the ATO details of transactions that involve engaging other entities to undertake those services on their behalf.

16.01.2022 The write-off threshold of $20,000 has been extended to 30 June 2018. If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018. You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:... you have a turnover less than $10 million, and the asset was first used or installed ready for use in the income year you are claiming it in. Assets that cost $20,000 or more can't be immediately deducted. They will continue to be deducted over time using the general small business pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.

15.01.2022 Looking to make the change to Xero for the new financial year ? Get 50% off Business Editions for 4 months Use the promo code BEAUTIFUL2020 by midnight (AEST) Tuesday 30 June 2020*

10.01.2022 Work Christmas Party - Prevent The FBT Grinch from stealing your cheer this festive season: 1. There is a fringe benefits tax (FBT) exemption for providing minor benefits valued at less than $300 that satisfy certain criteria that they are provided to staff or their associates, for example a spouse, on an infrequent or irregular basis, and the benefit is not considered a reward for services. Another thing to note however is that the $300 threshold applies to each benefi...t provided, not to a total value of associated benefits. So if, as a generous employer, you host a party and also give a gift to everyone, the party and the gift are considered separately for FBT. If each is less than $300, they are both generally FBT-free. 2. The most certain way to ensure festivities are kept tax-free is to host the party at your workplace during the working week, and to limit attendees to staff only. Howeverif associates of employees attend, it is important to stay below the $300 threshold and satisfy the minor benefit conditions mentioned above.If the Christmas party is away from the workplace, it is important to keep the cost per person (staff and their family) below this $300 threshold, among other conditions, to retain minor benefit status but remember this is a total of meals, drinks, entertainment and associated benefits. 3. While in the giving spirit, the important thing to remember is that if a Christmas gift or benefit to an employee is exempt from FBT, such as a minor benefit, you typically won’t be able claim it as an income tax deduction, nor can you claim any GST credits from the purchase. 4. For an employer thinking of paying for a taxi to get their staff from point A to point B, the important consideration in regards to this will be where exactly those points A and B are. If the taxi travel is from work to a venue where the party is being held (and vice versa), the Tax Office says this is all part of the fun and the fare can be exempt from FBT under special rules. However if some staff members perhaps overload on the Christmas cheer and consequently are themselves loaded into a taxi to be taken home (not back to the workplace), this cost may attract FBT. 5. If instead of giving gifts or covering the bar tab you’d rather hand out cash bonuses to thank your employees for their hard work during the year, this payment is treated in the same way as salary and wages. PAYG withholding, super guarantee and payroll tax obligations will be triggered. The Tax Office will treat this bonus as ordinary time earnings.

10.01.2022 From 1 July 2017, travel expenses relating to a residential investment property are not deductible. Under the new legislation, you are no longer able to claim any deductions for the cost of travel you incur relating to a residential rental property unless you are carrying on a business of property investing or are an excluded entity.

07.01.2022 New staff starting work soon ? Complete the online fillable TFN declaration here: https://www.ato.gov.au//Dow/TFN_declaration_form_N3092.pdf

04.01.2022 Small Business Digital Grants Program - could your business do with a digital technology boost to help your competitive edge? Government Grant now open: https://www.business.qld.gov.au//adv/grants/digital-grants

04.01.2022 Call/Text: 0413 834 899 Email: [email protected] Or message via Facebook

03.01.2022 Small Business Superannuation Clearing House (SBSCH) Did you know, superannuation payments are only considered to be paid once they have been received by the super fund? To make sure super funds receive your payments before the 30 June end of financial year deadline and are therefore deductible in this years return, your payments must be received by the Small Business Superannuation Clearing House (SBSCH) no later than close of business 24 June 2019.