Embark Tax Services in Mooroolbark, Victoria | Financial service

Embark Tax Services

Locality: Mooroolbark, Victoria

Phone: +61 3 9727 5811

Address: 2-4 Brice Avenue 3138 Mooroolbark, VIC, Australia

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

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24.01.2022 Happy Friday! It's a LOOOOONG weekend for us! #FriYay #Weekend #EmbarkTax Source: Unknown

24.01.2022 For Businesses: Instant asset write-off threshold increase from $30,000 to $150,000 until 30 June Broadly, the depreciating asset instant asset write-off threshold will be increased from $30,000 (for businesses with an aggregated turnover of less than $50 million) to $150,000 (for businesses with an aggregated turnover of less than $500 million) until 30 June 2020.... The measure applies to both new and second-hand assets first used or installed ready for use in the period beginning on 12 March 2020 (i.e., the date on which this measure was announced) and ending on 30 June 2020. Please click on the link to access a factsheet:

22.01.2022 We're nearly there...

22.01.2022 Happy Friyay! #FriYay #Weekend #EmbarkTax Source: Unknown

21.01.2022 For Businesses: SME guarantee scheme where the Government will provide eligible lenders with a guarantee for loans with the following terms: SMEs, including sole traders, with a turnover of up to $50 million.... - Maximum total size of loans of $250,000 per borrower. - Loans will be up to three years, with an initial six month repayment holiday. - Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan. See more

21.01.2022 Reducing social security deeming rates From 1 May 2020, the Government will be reducing both the upper and lower social security deeming rates by a further 0.25 percentage points, in addition to the 0.5 percentage point reduction to both rates announced on 12 March 2020. This will result in an overall reduction to the social security deeming rates of 0.75 percentage points. On this basis, as of 1 May 2020, the upper deeming rate will be reduced from 3% to 2.25%, and the lo...wer deeming rate will be reduced from 1% to 0.25%. The reductions reflect the low interest rate environment and its impact on the income from savings. Broadly speaking, the social security deeming rates apply (for ‘income test’ purposes) to determine the amount of income that an individual is ‘deemed’ (or taken to) earn from financial investments (e.g., cash deposits and listed securities), irrespective of the actual amount of income (e.g., interest income and dividend income) earned by the individual. In most cases, the deeming rates apply for the purposes of applying the Age Pension ‘income test’. Please click on the link to access a factsheet:

20.01.2022 Employers can apply for a JOBKEEPER Payment, which will be a $1,500 payment per employee, per fortnight - further details are to be released shortly, but you can apply clicking on the below link:

20.01.2022 For Businesses: Temporary relief for financially distressed businesses A temporary increase in 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;... A temporary increase in the threshold for a creditor to initiate bankruptcy proceedings, an increase in the time period for debtors to respond to a bankruptcy notice, and extending the period of protection a debtor receives after making a declaration of intention to present a debtor’s petition; Temporary relief for directors from any personal liability for trading while insolvent; and Providing temporary flexibility in the Corporations Act 2001 to provide targeted relief for companies from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis. Please click on the link to access a factsheet:

18.01.2022 Just letting everyone know we’ve closed the office early today, our awesome team need some downtime so I’ve sent them home early! We all need a bit of mental health time out so that we’re back on Monday ready to serve you all again! Keep clean! Cheers, Sarah

18.01.2022 For everyone out there who is a believer, this is for you. Keep the faith, He has you in His arms...

16.01.2022 For Employers: Boosting cash flow for employers Small and medium-sized businesses and not-for-profit entities, with an aggregated annual turnover of less than $50 million (usually based on their prior year’s turnover) that employ people, may be eligible to receive a total payment of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations, in the following two stages: ...Continue reading

13.01.2022 MYOB have released a great state-by-state summary of economic stimulus available to businesses - click on the link to find out if your business will be eligible

13.01.2022 Thanks Priceline Australia!!

11.01.2022 Victorian Businesses are eligible to apply for a grant through the Fund if they meet the following criteria: Have been subject to closure or highly impacted by shutdown restrictions announced by the Victorian Government to-date External link; and Employ people; and Have a turnover of more than $75,000; and... Have payroll of less than $650,000; and Hold an Australian Business Number (ABN) and held that ABN at 16 March 2020 (when the State of Emergency was declared); and Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020. While owners of businesses that do not employ people (non-employing businesses) are not eligible for funding through this program, they can seek support through the Commonwealth Government’s JobSeeker Payment Program. For further information or to apply click the below link: https://www.business.vic.gov.au//gra/business-support-fund

10.01.2022 Well, we've made it to another Friday! We hope everyone has a wonderful weekend! Happy Friday! #FriYay #Weekend #EmbarkTax... Source: My Quotes Diary

09.01.2022 ATO COVID-19 SUPPORT The ATO have advised employers the following: Superannuation Guarantee:... If you are an employer, you need to meet super guarantee obligations for your employees. By law, we can't vary the contribution due date or waive the super guarantee charge. They have also put in place the following measures to provide assistance to those who currently have to pay PAYG Instalments due or have ATO Debts: Payment deferrals: If you're having difficulty paying your tax, we encourage you to contact us as early as possible to discuss your situation as we have a range of options to support you through this period. This includes deferring your income tax, FBT and excise payment due dates up to 12 September 2020, stopping interest accruing on your tax liabilities, and low interest payment arrangements. WARNING: These are deferrals only your debt will remain and will still be required to be paid in full at some stage. PAYG Instalments: The ATO have announced that they will allow those who have paid PAYG Instalments throughout the 2019 financial year to apply to have these credited back and receive the refund. Where you choose to vary your PAYG instalments, the ATO will not charge any penalties for this financial year. For further information see: Correcting PAYG instalments How to vary your PAYG instalments WARNING: If you have these instalments refunded, the knock on effect is that these amounts will not be credited against your tax return for 2020, so you MAY have a large debt then which you will to pay, which will be due when your ITR is due to be lodged (possibly March or May 2021). Remitting interest and penalties: If your business is affected by COVID-19, we will consider remitting interest and penalties incurred after 23 January 2020. Low interest payment plans: If your business has been affected by COVID-19 and you need help to pay your existing and ongoing tax liabilities, contact us to discuss entering a low interest payment plan.

08.01.2022 Temporarily reducing superannuation minimum drawdown rates: The Government will be temporarily reducing the superannuation minimum drawdown amounts for account-based pensions and similar products by 50% for the 2020 and 2021 income years. This basically means that the total minimum annual pension amount that a superannuation fund is otherwise required to pay to a member receiving a pension from the fund (e.g., an account-based pension) will be reduced by half for these two ...income years. Under the superannuation rules, the total minimum pension amount that a superannuation fund is required to pay to a fund member receiving a pension (e.g., an account-based pension) from the fund in an income year is generally calculated by: multiplying the member’s pension account balance at the beginning of the year, by the relevant drawdown percentage. Please click on the link to access a factsheet:

08.01.2022 Happy Friday! #FriYay #Weekend #EmbarkTax Source: Unknown

08.01.2022 For Businesses: Backing business investment which is a 15 month investment incentive by accelerating depreciation deductions until 30 June 2021 Broadly, a new time-limited 15-month investment incentive (which will be available up until 30 June 2021) will also be introduced to accelerate certain depreciation deductions for businesses with an aggregated turnover below $500 million, in respect of eligible depreciating assets. ... This incentive basically allows a deduction equal to 50% of the cost of an eligible asset, with existing depreciation rules applying to the balance of the asset’s cost. Please click on the link to access a factsheet:

05.01.2022 The government have released further information for the Jobkeeper payments. This applies to Sole Traders as well as employers. Employers (including non-for-profits and sole traders) will be eligible for the subsidy if: - their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or - their business has a turnover of $1 billion or more and their turnover... will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month); and - the business is not subject to the Major Bank Levy. You must apply to be eligible (https://www.ato.gov.au/general/gen/JobKeeper-payment/) Where employers participate in the scheme, their employees will receive this payment as follows. - If an employee ordinarily receives $1,500 or more in income per fortnight before tax, they will continue to receive their regular income according to their prevailing workplace arrangements. The JobKeeper Payment will assist their employer to continue operating by subsidising all or part of the income of their employee(s). - If an employee ordinarily receives less than $1,500 in income per fortnight before tax, their employer must pay their employee, at a minimum, $1,500 per fortnight, before tax. - If an employee has been stood down, their employer must pay their employee, at a minimum, $1,500 per fortnight, before tax. - If an employee was employed on 1 March 2020, subsequently ceased employment with their employer, and then has been re-engaged by the same eligible employer, the employee will receive, at a minimum, $1,500 per fortnight, before tax. - It will be up to the employer if they want to pay superannuation on any additional wage paid because of the JobKeeper Payment. - Payments will be made to the employer monthly in arrears by the ATO. Further information, including useful examples are available by clicking the link below: https://treasury.gov.au//Fact_sheet_supporting_businesses_

04.01.2022 We apologise to everyone as our phones have broken here at work - we are doing our best to get to your call, but you cannot leave us a message at the moment if we do miss your call. Sarah is doing reception work at the moment (aghh!), but is struggling to get to more than one call at once!

04.01.2022 We are so grateful for this Easter break! As you can imagine, we have been rather busy here since the COVID-19 pandemic began, doing our best to provide tax advice and guidance for workers and businesses during these uncertain times. We have decided to take an additional days break so will not be back into the office until Wednesday morning. We hope you all have a safe break together and are able to find some peace and gratitude during these uncertain times. ... Cheers, Sarah and her amazing team!

04.01.2022 For everyone out there who isn’t a believer, this is for you! In these uncertain times, all we can do is just the next right thing!

02.01.2022 For Employers with Apprentices and trainees: Supporting apprentices and trainees The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer. Employers will be reimbursed up to... a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter). Please click on the link to access a factsheet: