EWM Accountants & Business Advisors in Oakleigh, Victoria | Accountant

EWM Accountants & Business Advisors

Locality: Oakleigh, Victoria

Phone: +61 3 9568 5444

Address: 63 Westminster Street 3166 Oakleigh, VIC, Australia

Website: https://ewmaccountants.com.au

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25.01.2022 https://www.ewmaccountants.com.au//how-do-i-choose-the-ri/

21.01.2022 Come join our event where we will be discussing more JobKeeper 2.0 rules, Business Support Packages and Tax Breaks and relief for businesses. Click on our link below to register: https://us02web.zoom.us//1716013/WN_q1DUJUJ2Q_qfjKFBIwRucg

19.01.2022 https://www.facebook.com/watch/

13.01.2022 MORE INCENTIVES FOR SMALL BUSINESS Small businesses employing apprentices who employ less than 20 people could receive up to $7,000 per quarter for three quarters. This payment is a stimulus payment as a result of an expected national economic downturn in the first half of 2020. It is expected that these payments will be received via the Australian Apprentices Incentives Program. This program currently services employers by providing cash payments when apprentices meet certai...n targets. The program will be in place from 1 January 2020 to 30 September 2020, and claims may be made from 31 March 2020.

12.01.2022 Tax deduction could be removed on build-to-rent constructions New legislation introduced into parliament will make expenses paid for vacant land non-deductible. If the new law gets through parliament, it comes into effect from 1 July 2019. Specifically, if you are building a property that you will rent out when completed, expenses during the construction period are no longer deductible. You will only get tax deductions relating to property once it is completed and ready to ...be rented out. This includes off-the-plan purchases. However, the new legislation will not remove all deductions relating to holding vacant land. Tax deductions will still be available if you are carrying on a business of property development. Also, if the expenses during construction phase cannot be deducted, the costs incurred can still be added to the cost base of your asset. This will reduce your capital gain on the eventual sale. If you require any assistance with this, please do not hesitate to contact our office.

10.01.2022 I know everyone is sick of hearing about Covid-19, but at least the information below is some good news for small business. The government announced two temporary measures to support business investment as follows. Increasing the instant asset write-off. The instant asset write-off threshold is increased from $30,000 to $150,000 and access is expanded to include businesses with an aggregated annual turnover of less than $500m (up from $50m) from 12 March 2020 to 30 June 20...20. Accelerating depreciation deductions. A 15-month investment incentive (from 12 March 2020 to 30 June 2021) to accelerate depreciation deductions. Businesses with a turnover of less than $500m will be able to deduct 50% of the cost of an eligible asset on installation, with existing depreciation (or capital allowance) rules applying to the balance of the asset’s cost. Please email me or call us on 03 95685444 if you have any questions

09.01.2022 Amendments to the Duties Act 2000 (VIC) in the form of the State Taxation Acts Amendment Act 2019 (VIC) is likely to have enormous ramifications for developers due to changes to the duty treatment of economic entitlements. Broadly, under the new amendments, developers may be obligated to pay enormous amounts of stamp duty to the State Revenue Office, even if they don’t technically own the land Prior to amendments, a developer could strike an agreement with a landowner to deve...lop their land in return for agreed percentage of profits. This right is an economic entitlement. An agreement could also include the developer obtaining other economic entitlements such as reimbursement for development materials, payment of administration fees, marketing fees, etc. Under the old rules, this economic entitlement in land required payment of stamp duty when The land held an unencumbered value of $1 million or more, and; The land was held by a private unit trust or a private company, and; The economic entitlements acquired by the developer amounted to 50% or more of the capital derived from the land, for example from sale proceeds, rental profit, capital growth, or other economic entitlements. However, under the new rules, effective as of the 19th of June 2019, while the land must still hold an unencumbered value of $1 million or more, the landowner can be anyone, including discretionary trusts and individuals. Furthermore, any amount of acquired economic entitlement will trigger duty liability, which must be paid within 30 days of signing the agreement on the value of the land at the time of signing. For example, an economic entitlement of 10% of proceeds of sales will mean paying duty on 10% of the unencumbered value of the land. Perhaps even more concerning is a deeming provision, that states when a percentage of economic entitlement is not specified, or when a person is entitled to two or more different categories of economic entitlement (for example, a unspecified percentage of sales proceeds plus administrative costs), then the person is taken to have acquired an interest in the land of 100%, meaning stamp duty is payable on the whole value of the land. The extra duty for developer agreements also applies between two related parties. For example, a discretionary trust becomes the owner of a development site. A development agreement is put in place to undertake development between related entitles for reasons of asset protection, or to distribute profits to a related entity. While previously this was not subject to duty, now it is. The amount of duty payable is further affected by a phasing in of duty when the unencumbered value of the land does not exceed $2 million, however at the end of the day, developers will still find themselves forking over cash to the state revenue office for many arrangements that involve economic entitlements. Please contact us if you have any questions regarding this or other matters

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05.01.2022 https://www.ewmaccountants.com.au//what-is-small-business/

04.01.2022 Tax debt could be on credit rating New legislative powers may be given to the Australian Taxation Office (ATO) which will allow them to report large outstanding tax debts to credit reporting bureaus. This reporting may affect a business’s credit rating for current and future finance. Subject to passing of legislation, any tax debt for a business over $100,000 and 90 days overdue may appear on your credit rating. In order to avoid any future issues with your credit rating, we ...encourage you to organise the payment of your outstanding tax debts with the ATO. Alternatively, you can undertake a payment arrangement with the ATO to avoid any negative blemishes on the rating. If you would like us to engage with the ATO to implement a payment arrangement, please do not hesitate to contact us. See more

01.01.2022 Coronavirus Special Update March 2020 Government’s Stimulus Package in response to the Coronavirus ... The following is a broad summary of the key aspects of the Federal Government’s stimulus package for small business in response to the Coronavirus. Cash flow assistance for businesses The Government is providing cash flow assistance for eligible businesses in the form of two separate measures. 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 that employ people, may be eligible to receive a total payment (in the form of a refundable credit) of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations in two stages It should be noted that eligibility for the above payments is subject to a specific integrity rule that is designed to stamp out artificial or contrived arrangements that are implemented to obtain access to this measure. Wages subsidies for apprentices and trainees Employers with less than 20 full-time employees, who retain an apprentice or trainee (who was in training with the employer as at 1 March 2020) may be entitled to Government funded wage subsidies. These will be equal to 50% of the apprentice’s or trainee’s wage paid during the nine months from 1 January 2020 to 30 September 2020. The maximum wage subsidy over the nine-month period will be $21,000 per eligible apprentice or trainee. Employers can register for the subsidy from early April 2020. Increasing the instant write-off threshold for business assets 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 and ending on 30 June 2020.