David Douglas Accountants in Newstead, Queensland | Tax preparation service

David Douglas Accountants

Locality: Newstead, Queensland

Phone: +61 7 3256 0188

Address: 14 Argyle St Suite 26 4010 Newstead, QLD, Australia

Website: http://www.daviddouglas.com.au

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• Tax preparation service
• Consultation agency
• Accountant
• Financial service

25.01.2022 Mangoes Resort Vanuatu

24.01.2022 David & Karen Douglas

22.01.2022 Merry Christmas from David Douglas Accountants.

21.01.2022 https://bit.ly/2Z4uohU

21.01.2022 Merry Xmas from David Douglas Accountants.

20.01.2022 My masculine office. Karen keeps trying to feminise it with scented fragrances and flowers. Maybe some sports memorabilia on the back wall.

18.01.2022 The ATO has increased its audit activity especially motor vehicle log books, travel expenses and mobiles. David Douglas Accountants is offering audit insurance to all its clients. It is usually around $100 per individual and covers professional fees up to $10,000 for the audit, objection and tribunal.

18.01.2022 TAX TIP OF THE WEEK: SUPERANNUATION CONTRIBUTIONS TAX DEDUCTIBLE SUPERANNUATION CONTRIBUTIONS - EMPLOYERS... Employers usually contribute 9% of ordinary time earnings to your superannuation fund and then claim a tax deduction. This will increase by 2020 to 12%. These are called concessional contributions and your superannuation fund pays 15% contributions tax to the ATO. From 1 July 2012 If your income is > $300,000 you will pay 30% contributions tax. The governments has announced that a low income superannuation support will be provided via a payment of up to $500 a year, meaning no effective tax is paid on compulsory super contributions for workers earning up to $37,000 per year. - SELF EMPLOYED SOLE TRADERS AND PARTNERSHIPS Self employed sole traders and partnerships can claim a tax deduction superannuation contributions if the employee's assessable income, including reportable fringe benefits and superannuation contributions, is < 10% of total assessable income. These are called concessional superannuation contributions and your superannuation fund pays 15% contributions tax to the ATO. - CONCESSIONAL SUPERANNUATION CONTRIBUTION LIMITS UNDER 50 $25,000 OVER 50 $50,000 if your total superannuation fund is < $500,000 otherwise $25,000. - NON CONCESSIONAL SUPERANNUATION CONTRIBUTIONS These are non tax deductible superannuation contributions. - LIMITS UNDER 65 $150,000 per year or $450,000 over 3 years. OVER 65 $150,000 per year and must satisfy work test. OVER 75 Cannot contribute. DISCLAIMER: The information provided above is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

18.01.2022 Week 7 working from home with Jasper helping out.

16.01.2022 Calling all teachers! Learn what you can (and cant) claim this tax time. You can claim deductions for the work-related portion of your own excursion a...nd camp costs, as well as first aid courses and protective gear (eg sunglasses, sunhats). You cant claim the cost of gifts you buy for your students or any time you pay for their personal expenses (eg their lunch, excursion fees or school books). You can claim self-education expenses if the course relates directly to your current job. You cant claim a deduction if your study is only related in a general way to your job, or is designed to help you get a new one. You can claim the cost of buying or cleaning certain uniforms that are unique and distinctive to your job. You cant claim the cost of buying or cleaning plain clothing even if youre required to wear it or you only wear it for work. You can claim a deduction when you drive between alternate workplaces for the same employer on the same day (eg from your school to another school to supervise an exam). For more info and examples to help you work out your deductions, visit www.ato.gov.au/teachers

16.01.2022 DAVID DOUGLAS ACCOUNTANTS ATO AUDITING STATS 30 JUNE 2012 Of the 550 tax returns lodged so far this year, 1 has been selected for audit.... This tax return was audited due to the client's large refund of $37,000. 30 June 2011 Of the 1,000 tax returns lodged in 2011, two were audited. These were audited due to a failure of proof of identity of PAYG summary statements. This was a result of the ATO's own inefficiencies in processing the employer's PAYG summary statements. I was contacted by 10 self-lodgers who had failed these audits and had received large penalties, some as high as $10,000. I was able to resolve most of these issues. DISCLAIMER: The information provided above is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

16.01.2022 TAX STATISTICS OF THE WEEK: - Fastest refund so far this year has been 6 days. - Average refund is 14 days. - Average refund with family tax benefits is 21 days.

16.01.2022 Go Reds. Great win. In a corporate box.

14.01.2022 BUSINESS DEPRECIATION Only depreciable items purchased after 1 January 2014 and costing <$1,000 can be written-off 100%

13.01.2022 The ATO is cracking down on claims for clothing and laundry expenses following a 20% increase over the last 5 years. They do this by ringing your employer to check.

13.01.2022 Karen has refurbished. Can you tell our respective rooms?

12.01.2022 Alexandra Douglas graduated yesterday with a Bachelor of Commerce from the University of Queensland. This will be a great platform to launch her career in Tax Accounting and financial Planning. We wish her all the best from David Douglas Accountants.

12.01.2022 The winners and the losers in the 2018 Federal Budget. For the full report, visit http://www.rsm.com.au/federal-budget-2018

10.01.2022 RECEIPTS AND RECORD KEEPING FOR TAX 30 June 2017 TAX RECEIPTS Written evidence (receipts, invoices, etc.) must be kept for 5 years from the lodgement of the relevant income tax return....Continue reading

09.01.2022 The Medicare Levy will rise from 1.5% to 2% on 1 July 2014 - David

06.01.2022 Merry Christmas 2017

06.01.2022 Melbourne Cup 2020.

06.01.2022 ATO Bullying The ATO propaganda this week says that taxpayers who do their own tax returns make less mistakes than those prepared by tax agents. This... is taken out of context. Mostly taxpayers who have nothing to claim do their tax returns themselves. If you don't claim anything then the ATO can't deny a deduction can they? If a taxpayer is entitled to a tax deduction they realise it is complex so go to a tax agent to make sure they get it right. Now to the question of what is right. There has been considerable bullying by the ATO of late. They can now say that 7 out of 10 tax returns are adjusted but that is because taxpayers can't afford to fight the ATO so the ATO only needs to deny legitimate deductions to achieve these figures. Please read this article http://bantacs.com.au//reasonable-allowance-concessions-e/ for examples of where they have now changed the wordings of their rulings and the information on their web sites to requirements that have no basis of law and are almost impossible for achieve, let alone predicting these changes were going to occur. they are applying this stuff retrospectively. For example they are now requiring that you get a letter from your employer of 2 years previous to verify you needed to incur the expenses for example verifying that a tradesman needs tools! Even if you can pass this hurdle they are then demanding not just a receipt but an entry on your bank statement to show the money came out of your account. If they keep on asking for more and more with no basis in the law they are going to get you on something.

05.01.2022 ATO are issuing stiff penalties up to $12,600 for incorrect COVID Super withdrawals. The money withdrawn may be counted as assessable income. ATO figures indicate approximately 40% of those who accessed COVID Super money did not have a drop in income and were not financially stressed. The ATO will consider setting aside penalties if you make a voluntary disclosure.

05.01.2022 TAX TIP OF THE WEEK: The income tax free threshold for individuals for the year ended 30 June 2012 is $6,000 after which you pay 15c. You also receive a low income rebate of $1,500 which means that you pay no income tax until you reach $16,000. The income tax free threshold for individuals for the year ended 30 June 2013 is $18,200 after which you pay 19c. You also receive a low income rebate of $445 which means that you pay no income tax until you reach $20,542.... Family Tax Benefit Issues: Part B eligible family tax benefit income threshold for sole parents or lowest income spouses (if partner earns < $150,000) is $4,891). You then lose 20c per $1 of Family Tax Benefit Part B over this threshold. The Family Tax Benefit Part B payment for a dependant child < 5 years is $4,004.15 and for a child < 16 years and a dependant full-time student < 18 yrs is $2,898.10. DISCLAIMER: The information provided above is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

04.01.2022 The due dates for most tax returns when using a tax agent is 15 May. For those who have not yet lodged, please submit your working papers for tax preperation as soon as possible as backlogs are currently 3 weeks. - David

03.01.2022 Merry Xmas to all from David Douglas Accountants

02.01.2022 About 6 of my clients have received these types of threatening calls over the last few months. If you are concerned ring the ATO call centre on 13 28 61.

01.01.2022 Small businesses: Are you missing out on claiming deductions? Assistant Commissioner Small Business, Mathew Umina, shares some helpful tips and common examples of business deductions you may be able to claim in this short video! For more information, visit ato.gov.au/businessdeductions

01.01.2022 Tax returns and other relevant information must be lodged by 30 June each year to get the extra 15% supplement (usually about $700 per child) - David

01.01.2022 RE: ATO AUDIT RECORD KEEPING REQUIREMENTS The ATO audited 5 of my clients who were employees in February 2018 for their 30 June 2016 tax returns. This meant that they were required to produce from 1 July 2015 to 30 June 2016 their employer letters, motor vehicle log book, purchase documents, finance, repairs, insurance, registration and other receipts such as overnight travel, tools, mobile phone, depreciation, etc. 80% failed their audits due to record keeping. The average ...Continue reading

01.01.2022 We had a great time a Karen's sisters wedding.

01.01.2022 TAX TIP OF THE WEEK: HOME OFFICE TAX DEDUCTIONS - Method 1 You may claim home office electricity based on floor area e.g. 10%. x $400 (electricity bill per quarter) x 4 = $160.... Furniture, desks, filing cabinets, book shelves, pictures, carpets, blinds, etc may be depreciated at usually 20%. Depreciable Items < $300 may be 100% depreciated. E.g. desk $250 x 100%, chair $120 x 100%, carpet $1,000 x 20%, blinds $600 x 20% = $690 - Method 2 You may use the ATO 34c per hour rate to claim electricity, gas and depreciation of furniture. You must keep a 4 week diary. E.g. 34c x 20 hours per week x 52 weeks = $353.60. DISCLAIMER: The information provided above is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

01.01.2022 Celebrating our 28th wedding anniversary at Stokehouse Restaurant.