PCP Accounting in Green Valley, New South Wales, Australia | Accountant

PCP Accounting

Locality: Green Valley, New South Wales, Australia

Phone: +61 2 9753 4110

Address: Level 1, Room 1, 46 San Cristobal Drive 2168 Green Valley, NSW, Australia

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24.01.2022 WORKING FROM HOME DEDUCTION 2020 TAX RETURNS (EXAMPLE BELOW) ATO rolls out working-from-home deduction ‘shortcut’ A new, simplified method to calculate home office expenses at an increased rate of 80 cents per hour has now been introduced by the ATO in response to a change in national work patterns....Continue reading

24.01.2022 JOB KEEPER Clients it is now time to declare your September Income for Job Keeper Payments. Please email to us your: - September 2020 Sales/Takings/Income... - October 2020 Estimates of Sales/Takings/Income Please note that declarations must be made with the ATO by 14th of October. It is your responsibility to email us your information. Please note that for October 2020Job Keeper rules and have changed and we will notify all before October declarations are due.

22.01.2022 STATES ANNOUNCE NEW ROUNDS OF BUSINESS GRANTS. Check below for your states funding and contact us to discuss eligibility Small businesses across several states will have access to new rounds of funding as part of economic recovery plans due to the COVID-19 pandemic.... The Victorian government announced yesterday a $5,000 grant for small businesses operating within postcodes affected by the most recent lockdown restrictions in response to COVID-19. The lockdown restrictions apply to the following postcodes from 11.59pm on 1 July: 3064, 3060, 3055, 3047, 3046, 3042, 3038, 3032, 3021, 3012. Eligible businesses in Victoria can still receive the $5,000 grant even if they have already received a $10,000 Business Support Fund grant or payroll tax refund or waiver. The Queensland government opened the second round of its Small Business COVID-19 Adaption Grant Program for small business on 1 July. Eligible small or micro-businesses can apply for a grant amount of a minimum of $2,000 up to a maximum of $10,000. It said up to $100 million is being made available, with half of the funding specifically earmarked for regional small businesses located outside of South East Queensland. As of 1 July, 1,292 applications for grants under the program were submitted from South East Queensland, constituting 24.75 per cent of funds requested, while 326 applications were submitted from regional Queensland, making up 6.22 per cent of funds requested. Successful applicants from round one of Queensland’s COVID-19 Adaption Grant Program cannot apply for funding under round two; however, small businesses that have submitted a round one application but haven’t heard back yet are eligible to apply for round two. SPONSORED CONTENT Meanwhile, small businesses in New South Wales can apply for small business recovery grants ranging between $500 and $3,000. Previous grants of $10,000 from the NSW government from a $750 million funding pool ended on 30 June, with 49,700 businesses accessing more than $490 million. The new round of grants for small businesses in NSW will be funded with the remainder of the $750 million funding pool. Victorian suburbs under stay-at-home orders 3012: Brooklyn, Kingsville, Maidstone, Tottenham, West Footscray 3021: Albanvale, Kealba, Kings Park, St Albans 3032: Ascot Vale, Highpoint City, Maribyrnong, Travancore 3038: Keilor Downs, Keilor Lodge, Taylors Lakes, Watergardens 3042: Airport West, Keilor Park, Niddrie 3046: Glenroy, Hadfield, Oak Park 3047: Broadmeadows, Dallas, Jacana 3055: Brunswick South, Brunswick West, Moonee Vale, Moreland West 3060: Fawkner 3064: Craigieburn, Donnybrook, Mickleham, Roxburgh Park and Kalkallo

22.01.2022 IT IS NEVER ENDING ‘ We’re all in this together’: Profession braces for JobKeeper workload Accountants have been urged to prioritise their mental and physical health as they embark on supporting clients through the next phase of JobKeeper...Continue reading

22.01.2022 Dear Clients Job Keeper Reporting for the month of July 2020 commences 1August 2020. Please provide your July 2020 Actual figures and estimates for August 2020 before the 7th August 2020. Any delays in providing these figures or not providing estimates will cause you to miss your July Job Keeper payment

20.01.2022 JobKeeper, cash-flow boost delays dominate Inspector-General of Taxation complaints list Over 200 complaints around COVID-19 tax issues have now been raised with the Inspector-General of Taxation, as JobKeeper and cash-flow boost payment delays knock debt collection complaints off its perch. Business Jotham Lian 07 July 2020...Continue reading

19.01.2022 Early access to super extended, Treasury reveals Individuals wanting to apply for the early release of up to $10,000 in superannuation have been given extra time to do so, the government has announced in its economic update. The government has extended the application period to 31 December 2020 from the original deadline of 24 September.... The temporary early access to superannuation scheme is predicted to cost the government $2.22 billion across five financial years beginning from 2019-20 and ending 2023-24. The COVID-19 SME Guarantee Scheme has also been extended to loans written until 30 June 2021, with the government saying it is making targeted amendments to ensure that the loans available suit the evolving needs of SMEs. Further, the government has extended the Supporting Apprentices and Trainees wage subsidy for a further 6 months to 31 March 2021 and expands it to medium-sized businesses from 1 July 2020. The measure is part of the JobTrainer Skills Package that establishes the JobTrainer Fund to provide additional low and no fee training places for job seekers and school leavers.

17.01.2022 JOB KEEPER FROM 28 September 2020 TAKE NOTE YOU BUSINESS MUST HAVE HAD A DECLINE IN TURNOVER FOR THE SEPTEMBER QUARTER TO QUALIFY Treasurer Josh Frydenberg has announced that eligibility for JobKeeper 2.0 will now be based on single quarters, in light of the stage 4 restrictions facing Melbourne. The eligibility changes, which will apply nationwide from 28 September, will now require businesses to show the requisite actual decline in turnover for the September quarter alone,... rather than for both the June and September quarters as previously announced. Likewise, from 4 January 2021, businesses will only need to demonstrate a decline in turnover for the December 2020 quarter, rather than each of the June, September and December quarters. There will also be a change for the start date for employees, with those hired as of 1 July to be eligible for JobKeeper 2.0 from 3 August. The drop from the current rate of $1,500 per fortnight to two tiers of payments of $1,200 for full-time workers, and $750 for those working less than 20 hours per week, will proceed as announced. The changes, announced by Mr Frydenberg today, will cost an additional $15 billion, bringing the total cost of the JobKeeper program to $101 billion. There will be no changes to the original and ongoing JobKeeper program which runs to 27 September, with Mr Frydenberg expecting an additional 530,000 Victorians to receive the wage subsidy as a result of the current six-week stage 4 restrictions. The Morrison government is pulling out all stops, doing whatever we can to support Australians through this crisis to maintain that formal connection between employers and employees to help businesses and workers get to the other side, Mr Frydenberg said. The changes come as the professional accounting bodies were preparing to call on the Treasury to provide flexibility on the JobKeeper 2.0 turnover requirement, noting that businesses that improved in the June quarter, but subsequently deteriorated in the September quarter, would be unable to access the subsidy. Some entities may have started their recovery in June and if you had to satisfy two quarters mutually exclusive to each other rather than cumulative, a lot of entities would have missed out purely because of the secondary lockdowns, and that doesn’t fit with the policy intent, said Tony Greco, general manager of technical policy at the Institute of Public Accountants. JobKeeper rules have to remain flexible and deal with these types of events, and to satisfy two quarters would not achieve that outcome, so we’re very pleased that they have acknowledged that is not appropriate under the current circumstances, particularly for Victoria. The Treasury’s fact sheet has now been updated to reflect the change.

14.01.2022 JOBKEEPER 2.0 NEW REQUIRMENTS FROM 28 SEPTEMBER NOTE THE REQUIREMENT OF a 10% TURNOVER DECLINE TO BE GIVEN BY AN EXTERNAL ACCOUNTANT JobKeeper 2.0 legislation has now passed both houses, with minor amendments that will ensure accountants are entrusted with issuing the 10 per cent decline in turnover certificate.... The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 was passed by the Senate on Tuesday after minor technical changes were approved. The bill extends the historic JobKeeper scheme by a further six months to 28 March 2021, replacing the $1,500 a fortnight payment with a new two-tier payment rate from 28 September 2020. A legislative instrument setting out the detailed rules for the new rate and the new eligibility criteria based on the decline in turnover for the previous quarter is expected to be issued shortly by Treasurer Josh Frydenberg. The new bill will also allow legacy employers- those that previously qualified for JobKeeper but are unable to qualify for JobKeeper 2.0- to continue to access temporary Fair Work Act provisions for a further six months if they are experiencing a 10 per cent decline in turnover. These temporary Fair Work Act provisions include giving JobKeeper enabling directions or requests for employees to change their days or times of work. The minor amendments agreed to now ensure that an eligible financial service provider who is able to issue a 10 per cent decline in turnover certificate is defined as a registered tax agent or BAS agent, or a qualified accountant. This removes registered company auditors and tax (financial) advisers that were previously included in the definition. The 10 per cent decline in turnover certificate must confirm, based on the information provided, that the specified employer satisfied the 10% decline in turnover test for the designated quarter applicable to a specified time. Accountants providing these certificates must be independent and external to the employer, and cannot be a director, employee or associated entity. There will be a carve-out for small businesses with fewer than 15 employees to allow such employers to provide a statutory declaration to attest to the 10 per cent decline.

12.01.2022 ATO audits could see more JobKeeper payments docked The Federal Government has said it will report on the JobKeeper review as part of Treasurer Josh Frydenberg's economic update on July 23. Currently, in order to access the payment, employers and sole traders need to declare on a monthly basis that they meet eligibility criteria.... JobKeeper changes are on the way After the Government announced that payments to workers in the childcare sector would end this month, other businesses could face the same fate. Read more The fortnightly wage subsidy is paid to employees if a business with turnover of $1 billion or less has faced a 30 per cent fall in turnover. Employers with more than $1 billion turnover need to demonstrate a 50 per cent fall and ACNC-registered charities need to show a 15 per cent fall. ATO Deputy Commissioner Will Day said that with so many Australians impacted by COVID-19, the ATO's priority is to ensure payments get to those who need them. He said the ATO was watching out for dodgy claims and entities manipulating their turnover in order to satisfy the decline in turnover test. "The agency has already seen some examples of fraud and fraudulent attempts or people developing schemes to try to steal money from the community," Mr Day said. Tax Institute senior tax counsel Bob Deutsch said while 6500 appeared to be a low figure in the context of 3.3 million employees accessing the payment, it was still early days. The ATO's new 80 cents per hour tax shortcut Claiming tax deductions for working from home due to coronavirus is being made easier Read more He said because Australia's system relies on self-assessment, the ATO would be unable to immediately detect cases where there was deliberate manipulation of turnover to fall within the criteria, but that this could be borne out in future reviews and audits. "If there are people really playing games, they'd be doing it in such a fashion that it wouldn't be immediately detected by the ATO," Mr Deutsch said. "If they've manipulated the figures by deferring invoices to a later month that wouldn't get picked up by an application by the ATO it would only get picked up subsequently by an audit. "And no doubt that [ATO audits] will happen in the next six to 12 months."

12.01.2022 More than 6,500 applications for JobKeeper rejected due to ineligibility or fraud, ATO says A Hills Hoist clothesline with hundred dollar bills on it Currently about 3.3 million Australians are accessing the $1,500 fortnightly JobKeeper wage subsidy.... More than 6,500 applications for JobKeeper have been rejected by the Australian Taxation Office (ATO) since the program commenced, either due to ineligibility or fraud, and thousands more Australians could see their payments docked. Key points: The ATO says 6500 applications of JobKeeper were rejected for reasons including error and fraud If deliberate manipulation is detected, payments will be docked and people could face penalties The ATO is also reviewing the authenticity of applications for the COVID-19 early release of super scheme As the Federal Government undertakes a review of its $70 billion JobKeeper wage subsidy, the ATO told ABC News 3,000 staff would be doing ongoing reviews of JobKeeper applications. These "compliance verification" reviews were also happening in relation to other COVID-19 related stimulus measures. If deliberate manipulation is detected, it could result in payments being docked, hefty fines and even jail time. Tax time is near, but don't lodge too early A close up of several $100 notes The Australian Taxation Office (ATO) is advising people to wait until the end of July before lodging returns, in order to minimise errors. Read more Currently about 3.3 million Australians are accessing the $1500 fortnightly wage subsidy. As of June 4, the ATO had delivered almost $13 billion in JobKeeper payments to 872,482 businesses, which covers about 3.3 million employees. "At any particular time, we are reviewing between 2 and 3 per cent of JobKeeper applications," a ATO spokeswoman said "We will identify those who are intentionally defrauding the system and we will use the full force of the law [to punish them]." She said the 6,500 applications rejected were for a range of reasons, from people making genuine errors to fraudulent behaviour. The ATO has also sent letters to 8,000 businesses warning them they may have to repay JobKeeper money because they failed to provide adequate paperwork demonstrating eligibility. "We are unable to pay businesses that do not meet the requirements of the law," the spokeswoman said, but noted the letter suggests that if a business owner believes they meet the entitlement criteria they should phone the ATO. "The ATO will work with business owners to avoid and overcome honest mistakes," she said. The Australian Federal Police (AFP) was also leading ongoing criminal investigations into "suspected fraudulent activity impacting the Government's COVID-19 stimulus package". "The matters are priority operations of the Serious Financial Crime Taskforce (SFCT), which the ATO leads," the ATO spokeswoman said. "These investigations are ongoing and so we cannot any further comment, at this stage."

09.01.2022 A further warning to taxpayers

09.01.2022 Reminder to all clients that September 2020 Actual turnover figures are required to be lodged by 14/10/2020. Also those clients that have sent their September details you are also required to send October 2020 ESTIMATES

08.01.2022 Clients Note: Jobkeeper payments were introduced to assists business's that were financially impacted by the Corona Virus pandemic, It is not an automatic entitlement! please note the new qualifying criteria. JobKeeper 2.0 payments, eligibility revealed JobKeeper payments will drop to between $750 and $1,200 per fortnight beyond September, with eligibility tightened, the government has revealed.... Prime Minister Scott Morrison and Treasurer Josh Frydenberg have announced that the current $1,500 per fortnight JobKeeper payment will be reduced to $1,200 per fortnight from 28 September, and $750 per fortnight for employees working less than 20 hours a week. From 4 January 2021, the rate will again fall to $1,000 per fortnight, and $650 for people working less than 20 hours a week. The program will run to 28 March 2021, at a further cost of $16 billion, taking the entire JobKeeper program to $86 billion. The announcement comes after Treasury released a snapshot of its JobKeeper review findings earlier, revealing that up to one in four of the 3.5 million workers currently covered under the program were earning $550 more than they would ordinarily. New eligibility tests Treasury had also argued for a fresh eligibility test for businesses looking to remain on JobKeeper beyond September. Businesses will still be required to demonstrate the required reduction in turnover- 30 per cent for businesses with turnovers of $1 billion or less, 50 per cent for those with turnover of more than $1 billion, and 15 per cent for ACNC-registered charities. However, the government will now require businesses to demonstrate that they have suffered an ongoing significant decline in turnover using actual GST turnover, rather than projected GST turnover. From 28 September, businesses will be required to show an actual decline in turnover for the June and September quarters to qualify for JobKeeper 2.0. From 4 January 2021, businesses will need to reassess their turnover to demonstrate that they have met the decline in turnover test for each of the June, September and December 2020 quarters. Employers will need to demonstrate that they've met the relevant decline in turnover in both the June and September quarters to be eligible for the JobKeeeper payment in the December quarter, said Mr Frydenberg. Employers will need to demonstrate that they have met the relevant decline in each of the previous three quarters ending on 31 December 2020 to remain eligible for the payment in the March quarter 2021. While there are currently 3.5 million workers covered under JobKeeper, Treasury expects the new eligibility rules to see the figure fall to just 1.4 million workers for the December 2020 quarter, before dropping to 1 million workers in the March 2021 quarter.

08.01.2022 Tax watchdog vows to inspect JobKeeper termination letters The Inspector-General of Taxation and Taxation Ombudsman will begin investigating the ATO’s JobKeeper termination letters as complaints around COVID-19 stimulus payments continue to flood in. The Inspector-General of Taxation (IGTO), Karen Payne, will now examine communication sent out by the ATO to as many as 8,000 businesses warning them that they may be ineligible for the JobKeeper payment and that they could be re...quired to repay amount they had already received. There has been a lot of media around the 8,000 letters that have been sent out saying you might have to refund this money, Ms Payne told Accountants Daily. We’re really interested to have a look at that template letter and we might pick this up in our review of Tax Office communications because the Tax Office is going back to taxpayers saying you may need to pay this money back, but are they giving people a good steer on where do you go when you need to clarify something, where do you go when you want to challenge the position, where do you go if you want to get a review? I think this is an important feature of the tax administration for people to feel like the system is operating fairly and they are given clear direction on where they can go to get help. Ms Payne’s comments come as her office revealed that COVID-19-related tax complaints have now overtaken debt collection complaints as the most common complaint it receives the first time it has happened since the IGTO took over the complaints handling function from the Commonwealth Ombudsman in 2015. As of last week, the IGTO has received 202 complaints, raising about 260 issues relating to COVID-19 stimulus payments. Ms Payne said 33 per cent of the issues are related to JobKeeper, 22 per cent related to the cash-flow boost, 25 per cent related to the early release of superannuation, and the remaining 20 per cent related to other COVID-19 issues. She has now called on tax agents to come forward and raise issues with her office, vowing to investigate complaints where needed. I would encourage them [to come forward] if they feel like they are not making progress on a particular issue, if they are not getting a ruling outcome as quickly as they can, or they are just not satisfied the way in which the process of the tax administration is working for their particular client, Ms Payne said. Know that we are a free service and we have pretty powerful access rights to go and investigate on behalf of taxpayers if they have got a complaint about the tax administration service, and recognise that if [agents] need our help, we’re here for them as much as we are here for taxpayers who are unrepresented.

07.01.2022 Looking to claim deductions this tax time? If you’re unsure about claiming work-related expenses, remember the three golden rules: you must have spent the money yourself and not been reimbursed it must be directly related to earning your income... you must have a record to prove it See more

05.01.2022 Our office sanitising kit & hand sanitiser has arrived .

03.01.2022 JOB KEEPER Mark 2. Clients please note new eligibility rules after September 2020 2.5m workers to be weaned off JobKeeper Close to one in three accountants says that over half of their client base on JobKeeper are still suffering the requisite decline in turnover, as eligibility rules are set to be tightened....Continue reading

02.01.2022 CHANGES TO JOB KEEPER SCHEME Employers: The JobKeeper Payment is changing, so more employees can qualify. There are changes to:... 1. the eligibility criteria 2. a payment extension to 31 August, and 3. employers can nominate different employees if their employment has changed. For more details on the changes, see https://www.ato.gov.au//JobKeeper-Payment/Employers/Your-/

01.01.2022 TAX AGENTS PORTAL ATO is reporting that portal was down yesterday: Tax Agent Portal has been since 30 June 2020 and is down again today. we cannot access any details or lodge monthly Job Keeper figures. despite reassurances from the ATO that this situation would not occur with the new online system it has again failed. ...Continue reading