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Everest Business Consultants

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25.01.2022 With so many Australians working from home to reduce the risk of coronavirus, were making it easier to claim your expenses this tax time. From 1 March until 30... June 2020, were allowing you to claim 80c per hour for each hour you spend working from home. This will cover all your expenses, including your: Heating and cooling Electricity Mobile phone Internet Depreciation of office equipment You can still use other methods to calculate your claim if you prefer; however, whichever method you choose, youll need to make sure you have records to support your claim. Find out more about the change at www.ato.gov.au//Support-for-i/Employees-working-from-home/

24.01.2022 Business planning is mandatory for company growth and success. Business planning arranges tool for companies to trace the growth, establish a budget and inure changes within the market place. This allows a company to grasp as maximum amount regarding the wants of its customers and gaps within the marketplace that require to be crammed. A strategic business arrange helps a corporation offer higher, a lot of targeted service to its purchasers. Contact us today !! "0411772350"... [email protected] www.ebconsultants.com.au #everestbusinessconsultants #taxation #accounting #Businessadvisor #taxplanning #strategictaxplanning #financialforecastsandprojections See more

24.01.2022 Are you being fair dinkum with your income? Dont let undeclared income come back to bite you! When you lodge your tax return, it might be as simple as checking your salary or wages are correct. But dont forget you also need to include income from: Overseas sources (e.g. work or investments) Bank interest... Your second job The sharing economy (e.g. renting out a room via a website or app) Capital gains or losses on investments or assets And of course any cash jobs. For any assistance, please call or visit us 0411772350 [email protected] www.ebconsultants.com.au Level 5 1 Bowes Pl, Phillip ACT 2606 Source - Australian Taxation Office website

23.01.2022 Can I claim a deduction for gloves, face masks, sanitizer, anti-bacterial spray that I use at work due to COVID-19? Answer: You may be able to claim a deduction for protective items you purchase and use at work. To be deductible both of the following must apply: You must have incurred the expense yourself.... It must have a sufficient connection with the earning of your assessable income, which means you are exposed to the risk of illness or injury in the course of carrying out your income-earning activities the risk is not remote or negligible the protective item is of a kind that provides protection from that risk and would reasonably be expected to be used in the circumstances you use the item in the course of carrying out your income-earning activities. If your specific employment duties require you to have physical contact or be in close proximity to customers or clients while carrying out your duties or you are involved in cleaning premises, you can claim a deduction for expenditure on protective items. Examples of this type of work include the: medical industry (such as doctors, nurses, dentists, and allied health workers) cleaning industry airline industry hairdressing and beautician industry retail, café and restaurant industry. If you work in these industries or occupations, the risk is not remote or negligible. If you use items for both work-related and private purposes, you can only claim a deduction for the portion of the expense that relates to your work-related use. If you need any assistance, feel free to contact us on 0411772350 or [email protected] Everest Business Consultants Accounting and Taxation Service [email protected] www.ebconsultants.com.au Post Source - Australian Taxation Office Website (www.ato.com.au)

22.01.2022 If youre working from home, you may be able to claim some of your home office expenses at tax time. Youll need to make sure your deductions meet the three golden rules when working out your claim: - You must have spent the money yourself (and have not been reimbursed) - Your costs must directly relate to earning your income... - You must have a record to prove your claim Everest Business Consultants Accounting and Taxation Service [email protected] 0411772350 Level 5, 1 Bowes Place, Phillip ACT 2606 www.ebconsultants.com.au

22.01.2022 Attention owners of building maintenance and property management businesses! If you pay contractors to provide cleaning services on your behalf, you may need to complete a Taxable payments annual report (TPAR). Find out more at https://www.ato.gov.au//Re/Taxable-payments-annual-report/

18.01.2022 Budget 201920 has been released. Access the Budget papers at https://budget.gov.au The measures announced as part of Budget 201920 are subject to receiving royal assent and are therefore not yet law. While we sometimes provide input on tax and superannuation policies, the Australian Government is responsible for the legislation which we then administer on their behalf. Learn more at www.ato.gov.au//New-leg/Latest-news-on-tax-law-and-policy/

17.01.2022 We know that the start to 2020 has been tough on some business owners, and were here to help. If youre feeling overwhelmed or getting behind with your tax and super obligations, for any reason, phone us on 0411772350, so we can work with you to find a solution. Everest Business Consultants [email protected]... www.ebconsultants.com.au Level 5, 1 Bowes Place Phillip, ACT 2606 See more

17.01.2022 Keeping your books in order is a key piece to running a healthy, successful business. Without bookkeeping, youre driving blind like a car without a gas gauge. Sure, the car is driving fine, but who knows how long before you have to pull over and wait for a friend to bring a jerrycan? Feel Free To Contact Everest Business Consultants For All Tax Related Queries.... 0411772350 [email protected] www.ebconsultants.com.au #newbusiness #newstrategy #strategictaxplanning #everestbusinessconsultants

17.01.2022 BUSINESS PLAN A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date. Contact us if you don't have one or want us to review and update your Business Plan. 0411772350 #youraccountant... #yourtaxadvisor #taxtips #businessstartup See more

14.01.2022 Things you bring back from overseas: Dirty laundry Gifts for the fam Memories (some hazier than others) Foreign income... If youre an Aussie resident and you earn income while abroad (or from overseas sources), dont forget to declare it at tax time. Check out our foreign income summary for info and quick tips on what to include in your tax return: www.ato.gov.au//inc/income-you-must-declare/foreign-income

13.01.2022 SCAM ALERT Beware of a new text message (SMS) scam claiming you have a tax refund. Dont click any links and dont provide any information, even if it seems convincing. Remember, well never send an SMS asking you to access our online services via a hyperlink. Warn your family and friends to stay alert and visit our scam alerts page to learn more: www.ato.gov.au//Online-serv/Identity-security/Scam-alerts/

13.01.2022 Employers: Don’t forget, the JobKeeper extension kicks in next week! 1. Pay employees the correct amount based on hours they’ve worked from 28 September 2. Complete your business declaration between 1-14 October 3. Submit your decline in turnover to us online between 1-31 October... If you need any assistance, feel free to contact us on 02 62109802 or [email protected] Everest Business Consultants Accounting and Taxation Service [email protected] www.ebconsultants.com.au #accounting #canberraaccountant #taxation #jobkeeperextension #bookkeeping Post Source - Australian Taxation Office Website (www.ato.com.au)

13.01.2022 Tax Returns 2020 - JobSeeker, JobKeeper, Early Superannuation, Stand Down Payments & Other Unusual Income. JOBSEEKER Payments The first thing to have in mind is that JobSeeker payments are taxed.... The ATO will automatically load this information into the 'government payments and allowances' section in your tax return, but it won't necessarily be there from July 1 on the dot. This means if the information is missing when you do your tax return, you'll have to populate it yourself or revisit later after the data flows through. JOBKEEPER Payments JobKeeper payments are taxed as regular income. Australians that have received JobKeeper payments from their employer don't need to do anything different to other "normal" years. The payments will be included as salary and wages and/or allowances, in their regular income statement, which their employer provides directly to the ATO. Sole traders that have received the payments need to include them as income for the business. EARLY SUPERANNUATION withdrawal If you received early access to your super this year under the special arrangements due to Covid-19, any amounts youve withdrawn from super under this program are tax-free and you do not need to declare them in your tax return. STAND DOWN PAYMENTS Some Australians in the past three months have received a one-off or multiple payments from their employer for being temporarily stood down from work. These payments are also taxable and appear in their income statement and in their return. If people aren't sure whether these amounts have been included in their income statement, they should check with their employer. OTHER UNUSUAL INCOME During the coronavirus crisis, some Australians may have received out-of-the-ordinary income such as a redundancy payout, income protection insurance payout, sickness or accident insurance claims, and accrued leave payouts.

12.01.2022 Weve seen a few people asking if certain payments are taxable and what is required for tax purposes or income estimates. Weve put together the following list ...to help you understand just a few payments. JobSeeker Payment This payment is taxable. This means you: dont need to report it as your fortnightly income as its part of your Centrelink payment need to include it in your family income estimate for FTB/CCS need to include as income in your tax return for 2019-20 financial year. $750 Economic Support Payment This payment is not taxable. This means you dont include it: when you report your fortnightly income to receive your Centrelink payment in your family income estimate for FTB/CCS as income in your tax return for 2019-20 financial year. $550 Coronavirus Supplement This temporary payment is taxable. This means you: dont need to report it as your fortnightly income as its part of your Centrelink payment need to include it in your family income estimate for FTB/CCS need to declare it as income in your tax return for 2019-20 financial year. $1,500 JobKeeper Payment This payment is taxable. This means you need to include it: when you report your fortnightly income to receive your Centrelink payment in your family income estimate for FTB/CCS as income in your tax return for 2019-20 financial year.

12.01.2022 #EXCLUSIVE: Its a Government scheme meant to be a way of getting young people a job, but instead, sees them being paid $4 an hour, and fewer than half end up with permanent work. #9News | http://9News.com.au

11.01.2022 Small businesses: Do you know what income you need to report in your tax return? Some types of income like cash and online sales seem obvious, but there are some that might surprise you! You need to report: Income from bartering (where you exchange goods or services for something other than cash) Awards or prizes your business wins during the financial year... Payments you receive from insurance claims. Its important to get your reporting right, because you can only claim deductions that are directly related to earning that income. For any assistance, please contact on 0411772350 [email protected] www.ebconsultants.com.au Level 5 1 Bowes Pl, Phillip ACT 26006 SOURCE - ATO WEBSITE

11.01.2022 Building and construction, cleaning and courier businesses: Your 2019 Taxable payments annual report (TPAR) was due on 28 August! Not sure what that is? Weve got you covered You should lodge your overdue TPAR now if in 201819 your business: provided cleaning or courier services and you paid contractors to provide those services on your behalf, or was primarily in the building and construction industry and paid contractors for building and construction services.... For any assistance, please give us a call on 0411772350 [email protected] www.ebconsultants.com.au Source - ATO www.ato.gov.au

11.01.2022 Tax tip: If youre lodging your own tax return, make life easier and wait until mid-August if you can. More of your info will be pre-filled by then (like wages, bank interest, health insurance and government payments) meaning theres less work for you to do before you lodge! For any assistance please feel free contact us on 0411772350 Level 5 1 Bowes Place, Phillip ACT 2606 www.ebconsultants.com.au

10.01.2022 Approached by someone who claims you can withdraw your super early? Dont be caught out in most cases, its illegal. Earlier this week, a New South Wales man was sentenced to jail for arranging the unlawful early release of super for a number of people in the community, and then skimming money off the top. Many of the victims were experiencing financial difficulties when friends said they knew someone who could help. Instead, they got caught in an illegal scheme and robbed of their hard-earned funds. Super is money set aside to provide for your retirement, so there are limited circumstances where you can withdraw it early. Always check with us first and beware of people promoting early release schemes. Find out more at www.ato.gov.au//illegal-super-schemes---beware-of-offers-t

10.01.2022 ----REAL ESTATE PROFESSIONALS---- Calling all real estate professionals! We’ve developed a tailored occupation guide to help you understand what you can and can’t claim in your tax return! From marketing equipment and advertising, to car and phone expenses, inspect our tips and tricks for real estate agents to make sure you get it right at www.ato.gov.au//Real-estate-employees---income-and-work-re... If you need any assistance, feel free to contact us on 02 62109802 or [email protected] Everest Business Consultants Accounting and Taxation Service [email protected] www.ebconsultants.com.au Post Source - Australian Taxation Office Website (www.ato.com.au)

09.01.2022 #EXCLUSIVE: It's a Government scheme meant to be a way of getting young people a job, but instead, sees them being paid $4 an hour, and fewer than half end up with permanent work. #9News | http://9News.com.au

09.01.2022 Financial forecasting of revenue and experiences at any stage of business development is more creativity than blueprint. Financial forecasting for the future of a business is not easy but there are advantages to doing so early and consistently. Before we look at the important factors of financial forecasting, we must understand what the term means. A laymans definition of financial forecasting is to plan or define a financial budget for a business. The purpose of such financ...ial planning is to estimate two things: revenue and expenses. Contact us today !! 0411772350 [email protected] www.ebconsultants.com.au #everestbusinessconsultants #taxation #accounting #Businessadvisor #taxplanning #strategictaxplanning #financialforecastsandprojections See more

08.01.2022 Would you like get benefit TAX this year ? We can make this happen Our experts will advise you on TAX PLANNING !! Contact us today for a consultation !! 0411772350... [email protected] www.ebconsultants.com.au Level 5 1 Bowes Place, Phillip ACT 2606 See more

07.01.2022 Tax Return Tips Before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the paperwork, and if you wait until late-July or mid-August the ATOs systems will most likely be able to provide most of the information from employers, banks, government agencies and other third parties. We will then be able to double-check the information is correct and enter any deductions you want to cla...Continue reading

07.01.2022 Dont let your receipts get away from you! If youre missing tax records, you could be missing out on deductions or a bigger refund. Watch our video to see how the myDeductions tool in our ATO app can make your record keeping and deductions claims easier. To get started, download the app at www.ato.gov.au/General/Online-services/ATO-app/myDeductions If you need any assistance, please contact us on 0411772350... [email protected] See more

07.01.2022 2020 has been the unofficial year of DIYs: DIY sourdough, DIY haircuts, DIY tax returns If you’re planning to do your tax yourself this year, remember you’v...e only got four weeks left to lodge! If you’re not sure you’ll be able to lodge or pay on time, talk to us as early as possible. We have a range of options available to support you. For more info, go to www.ato.gov.au/Individuals/Lodging-your-tax-return/

07.01.2022 Over 285,000 businesses have registered their interest in the Governments JobKeeper wage subsidy of $1,500 a fortnight for each employee for six months. Our $1...30 billion plan is all about keeping Australians in jobs and keeping employers and employees connected so when this virus passes, theyre ready to go and can bounce back stronger on the other side. Video: 10 News First

06.01.2022 Supporting you and your family through the coronavirus crisis.

06.01.2022 ABNs are set and forget, right? Not quite If youve changed your business address, associates, activity or bank accounts, you need to update your ABN details within 28 days of the changes. Find out how to update your ABN details at https://abr.gov.au//Updating-or-c/Update-your-ABN-details/

05.01.2022 If you rent out a room or property through platforms like Airbnb, Stayz or FlipKey, dont forget to declare the income in your tax return. We cross-check data from third parties against the rental info you report, so its important your tax return is correct before you lodge! Already lodged and forgot to include some rental income? Its not too late to amend your return. For more info on the tax implications of renting out all or part of your home, see www.ato.gov.au//The-s/Renting-out-all-or-part-of-your-home

05.01.2022 Have questions about the low and middle income tax offset? Youre not alone. We know a lot of you are interested, so Assistant Commissioner Karen Foat sat down for a quick chat about the recent changes and answered some common questions. The amount of offset you may be entitled to will differ for everyone depending on individual circumstances. Find more info at www.ato.gov.au//Offsets-and-/Low-and-middle-income-earners

04.01.2022 Tax law shapes nearly every aspect of everyday business decision-making. Customized tax plan for you, your family, and your business-no two tax plans are the same Aggressive and liberal goal setting according to your desires Enhanced tax deductions from various income sources Wealth building via a tax savvy approach Lower tax bill to facilitate business growth, college education, refinance property, etc... Feel Free To Contact Everest Business Consultants For All Tax Related Queries. 0411772350 [email protected] www.ebconsultants.com.au #newbusiness #newstrategy #strategictaxplanning #everestbusinessconsultants

04.01.2022 Get your tax returns prepared by experts. ANY QUESTIONS REGARDING. - $1080 TAX RELIEF? - Work-Related Deductions that you are entitled to?... - Rental property? - Investment Portfolio? - Deductions for Tradie? We are just a phone call away. 0411 772 350 BOOK AN APPOINTMENT EVEREST BUSINESS CONSULTANTS | CHARTERED ACCOUNTANTS AND BUSINESS ADVISOR #Taxreturn #Canberra #act #canberraaccountant

03.01.2022 Its time for our latest round of ABN Fact or Fiction! Picture this: You start working as a contractor to a few different businesses. Do you: a) Not worry about applying for an ABN because you dont earn enough to collect GST b) Apply for an ABN because you may need one even if you earn below the GST threshold.... The answer is B! If youre running an enterprise, you may need an ABN even if you dont need to register for GST. For more info, watch our video or visit www.abr.gov.au/business-super-funds-charities/applying-abn

03.01.2022 Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 has now passed without amendments after it was introduced in Parliament on Wednesday. The bill contains five tax measures that were announced in Tuesday’s federal budget. Backdated income tax cuts...Continue reading

02.01.2022 Employers: The first JobKeeper extension period begins on Monday 28 September. To remain eligible for JobKeeper you’ll need to meet the decline in turnover test. You can provide this information to us from next week, using our online services. Check out our step-by-step guides at www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-guides

01.01.2022 Employers: Single Touch Payroll deadlines are just around the corner! Youll need to finalise and report to us by: 14 July, if youve got 20 or more employ...ees 31 July if you have fewer than 20 employees. Theres still time left on the clock, but if your data's ready to go now, why not avoid a last-minute rush? Find out more at www.ato.gov.au//Star/End-of-year-finalisation-through-STP/