Enrich Accounting in Brisbane, Queensland, Australia | Tax preparation service

Enrich Accounting

Locality: Brisbane, Queensland, Australia

Phone: +61 7 3356 6718

Address: PO Box 175 Wilston 4051 Brisbane, QLD, Australia

Website: http://www.enrichaccounting.com

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• Business service
• Tax preparation service
• Accountant
• Financial service

25.01.2022 This is great news to simplify your 2020 tax time deductions.

23.01.2022 The tip of the iceberg - for the micro-business (no employees), independent contractors and casual workers out there who are reporting an immediate drop-off of work - get yourself registered with Centrelink asap (online registration is best to save undue stress and wasted time). It is better to register yourself in the system now and update your details as your income levels change, rather than wait until you find yourself in a hole and facing long wait times for assessment.... A $750 tax free income support payment is available from 31 March 2020 (subject to criteria being met), and the sick leave allowance payments are available without the usual one-week waiting period. Better to be assessed and not be eligible, than to not be assessed and suffer through undue hardship. If any of our clients need assistance answering the Centrelink income questions please let our office know and we can help out free of charge. We cant, unfortunately, provide advice on what benefits may apply to you as the criteria is complex and ever-changing.

23.01.2022 The ATO are on the warpath this tax time for anyone who has drawn from their superannuation via the Covid-19 early release mechanism only to recontribute back into their fund to obtain a tax deduction. If you need any information on this measure contact our office. https://www.ato.gov.au///Early-release-of-super-integrity/

23.01.2022 As all our business clients know, the last month has been a biggie rolling out Jobkeeper. So now for a little light relief accountant-style.

23.01.2022 Mental health issues in small business, as in other parts of our community, are increasingly common. Juggling cashflow, customer, employee or supplier issues creates daily stresses for small business owners, many of whom are also dealing with personal or home-based issues as well. This Christmas our office has made a donation to Beyond Blue to support their great work. One of these initiatives, Heads Up, contains great resources for supporting mental health in your workplace.

22.01.2022 If you need help preparing your 2020 income tax return, contact our office. If you intend using a tax agent for your 2020 income tax return and have previously self-lodged, ensure you get added to your tax agents listing prior to 31 October 2020 to access extended lodgement deadlines.

20.01.2022 Have you checked your superannuation entitlements are being paid correctly and on time by your employer? Here is how.... https://www.ato.gov.au//I/Growing-your-super/Unpaid-super/

19.01.2022 A new qld govt small business initative....

18.01.2022 Last week Team EA experienced 2 days of all that was #XeroCon 2019. Gelati bars, donut walls, blending smoothies on a bike and skateboard decorating dont sound like your typical accounting conference activities, however we also managed to fit in a raft of industry and software updates, though provoking speakers and a range of breakout demos and talks. Our business clients will be getting a full wrap up in their inboxes today but here are some photos from the event.

18.01.2022 #XeroPayrollTip Did you know that if your employee takes annual or sick leave over a period which includes a public holiday and the employee is not linked to a holiday calendar (e.g. Qld) in Xero you may end up deducting too much leave from their leave balance? Holiday calendars must be used for correct leave calculations and regional holidays (e.g. show holidays) may need to manually added to these general state calendars. Check your payroll settings today.

17.01.2022 There is now less than one month before Auskey is disabled from use and myGovid takes over on 27 February 2020. Business users who access activity statements, tax account balances and lodge other ATO required documentation need to ensure their myGovid is in place and linked to their business. If you need assistance with setup give us a call. https://www.mygovid.gov.au/

17.01.2022 When did you last update your Australian Business Number (ABN) details? Did you know emergency services use these details to help and identify businesses during times of emergency and potential disaster? If you havent reviewed your details in a while, consider logging into the ABN register and updating them, or contact our office and we can assist.

17.01.2022 For small business owners tis the season for Xmas parties, gifts and unexpected fringe benefits tax. Make sure you are across your FBT obligations when giving and celebrating this season to avoid a future tax headache. Link to more ATO information in the comments. Give us a call if you need an interpreter....

16.01.2022 Crypto-currency crackdown.... another reminder not to underestimate the ATOs data matching powers. https://www.accountantsdaily.com.au//14117-how-will-the-at

16.01.2022 The ATOs more detailed review of all lodged tax return is evident this year through unprecedented delays in taxpayer returns while they data match and review. Remember it is a self-assessment system, the onus is on you to get it right and be able to support all claims made. If you have concerns about your claims, contact our office. https://www.ato.gov.au//Stress-less-if-you-have-nothing-t/

15.01.2022 BREAKING: The Ekka public holiday will move from Wednesday, 12 August to Friday, 14 August to support our tourism industry. For one year only, Peoples Day will... become the Peoples Long Weekend and Im calling on people to use it as an opportunity to give our local tourism a boost. Over the past 144 years, the Ekka has been the time when the bush meets the city. Since that cant happen this year, this gives the city the chance to go to the bush or the beach. Local councils outside of Brisbane will be able to make similar arrangements for their show holidays. #TheEkka #qldjobs

15.01.2022 Shutting your business down over Xmas? If so, remember to file your Single Touch Payroll lodgements ahead of time. Any adjustments to payroll over the break can be made in the first payrun when your office reopens. STP deferrals can be requested from the ATO but we recommend advance lodgements. Contact of office for further details. https://www.ato.gov.au//Shutting-your-business-in-Decembe/

14.01.2022 And we are off......until Monday 6th January 2020! What a crazy, busy year - where did it go? Thank you to all our clients for the fun (remember - tax nerds at play here), highs and lows. Wishing each and everyone of you a restful and joyous holiday break. See you in the next decade!

13.01.2022 A Tuesday funny......

12.01.2022 Do you earn income for your personal skill or efforts (maybe as a contractor via a sole trader, company or trust business)? Common professions impacted are IT and other professional consultants. Are you comfortable you are in compliance with the personal services income (PSI) rules each year? These rules restrict deductions and attribute income to impacted individuals. Avoidance or lack of care can lead to big tax penalties and interest. We are seeing a lot of ATO compliance activities and recent court action in this area so make sure you are comfortable with the treatment of PSI in your business. Contact our office for more details if you have concerns.

11.01.2022 Long payment terms can be massive problem for small business. If the big business or government customer dictate long terms (e.g. 30 to 60 day terms) but the small business needs to fund payroll for staff weekly or fortnightly, the cashflow pressure can be huge. It is welcome news that from 1 July 2020 the Qld Government will be reducing payment terms from 30 to 20 days for small business who invoice the government for work. If this measure will impact you and your business, register on the government link attached. https://analytics-au.clickdimensions.com//ogek6qwpeempiqan

11.01.2022 The ATO has announced it has received a record 15,000 tip-offs to its Tax Integrity Centre call line in the September 2019 quarter. Callers are mostly reporting businesses not reporting sales, individuals not reporting income, lifestyles not matching income levels and businesses demanding cash from customers and/or paying workers in cash. Make sure your business and tax affairs are in order before the ATO come knocking.

10.01.2022 We often get queries regarding insurance in and out of super. We arent financial advisors and cant give this advice, however I came across this article which gives an overview of insurance within super from the Money Smart website. We recommend you speak with a insurance broker / financial advisor if considering your insurance needs to make sure you are across the pros and cons of insurance inside and outside of super. https://www.moneysmart.gov.au//ho/insurance-through-super

09.01.2022 If you bank with any of these major banks and require urgent business funding, hotlines are now available to get money into your account quicker!

08.01.2022 A topical Fair Work article for all employers when corona virus impacts their workplace and employees..... https://www.fairwork.gov.au//coronavirus-and-australian-wo

08.01.2022 Google have just settled a tax dispute with the ATO, paying an additional $481.5m of tax. This is great news for the Australian taxpayers who are $1.25 billion better off from additional e-commerce tax reviews into the likes of Facebook, Microsoft and Apple. https://www.ato.gov.au//ATO-nets-another-e-commerce-victo/

07.01.2022 The silly season is here and the Money Smart website has some great money tips for Christmas. https://www.moneysmart.gov.au//12-money-tips-for-christmas

06.01.2022 E-invoicing would be a step in the right direction to alleviating payment delays of small businesses providing services to government and other businesses. https://www.accountantsdaily.com.au//13777-pdf-is-not-e-in

05.01.2022 One of the biggest complaints we hear from clients, especially in times of great cashflow pressures such as around the Xmas holiday period, is that they are working for the Tax Office. It is one of the reasons we produce tax summary sheets for all our group business clients - to demonstrate that their effective tax rate is actually a lot lower than what they think it is. In most of these instances, what the client is actually feeling is cashflow pressures - when it comes... time to find money for the various business tax obligations, they dont have it as they are over-committed elsewhere (generally in their personal lives). It is easier, and more socially acceptable, to blame the Tax Office, than admit or understand the actual problem. We set clients up with dashboards to keep on top of their GST and PAYGW obligations, and provide tax cashflow forecasts and tax planning services so that no tax bills are a surprise, however this remains a problem, as the underlying causes arent identified and remedied. This Xmas break, whether you are a business or an individual, consider the sources of your cashflow pressures. Simplify where possible and be honest. Seek help from low cost, reliable sources such as moneysmart.gov.au or some for-fee services such as a trusted financial planner. Financial pressure carries a huge toll on families, employees and mental health, so getting ahead of this problem and being financially free is worth the effort. Give us a call or pop us an email if you need help in this space and we can suggest some options to assist you.

05.01.2022 Office boss is taking care of the paperwork today.

05.01.2022 Interesting and probably a great tip......

05.01.2022 Did you know the ATO can now disclose business tax debt information with registered credit reporting agencies? https://worrells.net.au//royal-assent-for-ato-to-disclose/

05.01.2022 Our accounting bodies are working hard lobbying Treasury (under strict confidentiality agreements) to ensure Jobkeeper 2.0 rules address the inadequacies of Jobkeeper 1.0. We are hoping greater consultation and debate will avoid the various additional rules required under Jobkeeper 1.0 as blackholes in the rules were discovered. https://www.accountantsdaily.com.au//14663-accounting-bodi

04.01.2022 I really enjoy these stories......

03.01.2022 Hiring a contractor? If you dont get the arrangement right, and they are deemed to be your employee, you could end up paying a lot more for their services than you expected. Get it right from the beginning and continue to monitor the arrangement over time to make sure you dont end up in hot water. Check the ATO and Fairwork Australia links in the comments for more information.

02.01.2022 Do you earn income overseas? The ATO is on the search for hidden foreign income this tax time (see link in comments). Australian tax residents are taxed on worldwide income, so this foreign income must be declared in your tax return. However, you may be eligible for tax already paid on that income overseas. Need help to navigate the foreign income waters? Contact our office.

02.01.2022 Individual income tax rate cuts, due to take effect from 1 July 2020, was a key federal government budget measure announced on Tuesday night. Whilst legislation has now been introduced into parliament to support this measure, it needs to be passed by both houses of parliament before the ATO will provide updated tax withholding tables. The tax reduction will be reflected in employee pays once these tax tables are updated. Overpayment of tax by employees between 1 July 2020... and the update of the tax tables will be returned via the employees 2021 tax return. We provided a federal budget summary paper to all clients yesterday. If you are interested in obtaining a copy, message or email us. https://www.accountantsdaily.com.au//14914-treasurer-ato-s

02.01.2022 This is a great article, especially in light of planned Government action to send please explain letters to SMSF trustees about their lack of asset diversification especially in funds holding only one asset (usually a property).

02.01.2022 Australias Cyber Security Centre (ASCS) has issued a warning for taxpayers to stay safe during tax-time from scammers impersonating trusted brands like myGov or the ATO which trick people into giving them money or personal details. This warning, ahead of ACCCs Scam Awareness Week, which runs from this week 12 - 16 August, is a timely reminder to review how you protect your personal information and technology. Are you Too Smart to be Scammed? https://www.scamwatch.gov.au

02.01.2022 Are you a client we have recently contacted with long overdue tax returns or un-lodged business reports and wondered why we have just noticed? Our practice has been participating in a new ATO Tax Agent Portal test environment which has provided greater transparency over client reporting and lodgement obligations. The ATO have also stepped up and expanded the issuing of failure to lodge reports to help us put clients on the right path ahead of further ATO action. If you have any queries around this expanded visibility contact our office.