Down The Line Tax Services in Browns Plains, Queensland | Accountant

Down The Line Tax Services

Locality: Browns Plains, Queensland

Phone: +61 7 3800 9616

Address: Unit 4/7-9 Grand Plaza Drive 4118 Browns Plains, QLD, Australia

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

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• Tax preparation service
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• Financial service

21.01.2022 Instant asset write off. I get a lot of people ask me what it is, well here goes. An ABN holder can purchase as many large expense items provided each one costs less than the cap (currently until December 2020 it is $150,000). Previously, if you bought a car for example for $40,000 you had to depreciate or write off for wear and tear over 8 years. In other words you could not claim the $40,000 in your tax return but you could claim 1/8th of $40,000 each year for 8 more years. Now you only have to depreciate if over the value cap. I hope this clarifies it better for you all.

17.01.2022 Boosting cash flow for employers-Stimulus package no 2 The Government is enhancing the Boosting Cash Flow for Employers measure it announced on 12 March 2020. The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000. These payments will help businesses and NFPs with their cash flow so they can keep operating, pay their rent, electricity and other bills and retain ...staff. This measure will benefit around 690,000 businesses employing around 7.8 million people, and around 30,000 NFPs (including charities). Small and medium-sized business entities with aggregated annual turnover under $50 million and that employ workers are eligible. NFPs, including charities, with aggregated annual turnover under $50 million and that employ workers will now also be eligible. This will support employment at a time where NFPs are facing increasing demand for services. Under the enhanced scheme, employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000. In addition, the minimum payment is being increased from $2,000 to $10,000. An additional payment is also being introduced in the July October 2020 period. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments they have received. This means that eligible entities will receive at least $20,000 up to a total of $100,000 under both payments. Temporary relief for financially distressed businesses The economic impacts of the Coronavirus and health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress. It is important that these businesses have a safety net to make sure that when the crisis has passed they can resume normal business operations. One element of that safety net is to lessen the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business. The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. The package also includes temporary relief for directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis. The ATO will tailor solutions for owners or directors of business that are currently struggling due to the Coronavirus, including temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups.

17.01.2022 The government coronavirus stimulus package: For small businesses - the instant asset write off is now increased from 30,000 to $150,000. Wage support: if you employ apprentices or trainees, you may get up to 25k. For normal workers - when you lodge April and june BAS, whatever PAYG you withheld from employees on the 2 BAS's will result in a credit against the GST/integrated account of 50% of this amount up to a maximum of $25,000. If you pay wages but don't have to withhold tax, you will get a one of payment of $2,000 credit. If the credit results in a refund, the ATO will issue the refund within 14 days.

07.01.2022 If you think any of us at Down the Line Accounting Services Pty Ltd is worthy, please nominate now. The Australian Accounting Awards is a program that bestows the industry’s most prestigious accolades recognising excellence across the entire accounting industry. The awards pinpoint professional development and innovation, showcasing both the individuals and firms which are leading the way in the industry. Award recipients represent a true cross-section of the accounting industry, recognising the contributions of the profession’s most senior ranks through to its rising stars. https://www.accountantsdaily.com.au/australian-accounting-a

06.01.2022 We made the finalist list! So humbling and such an honor. thank you to all who voted for me.