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Fine Line Accounting

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25.01.2022 ATO 80c per hour deduction for additional home office expenses - Co-Vid Pandemic Update. !!!!Tax Tip!!! As a result of working from home due to Coronavirus Pandemic - ATO media release on 7/4/20 - ATO has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred. The 80 cents per hour method covers all running costs (including depreciation of work related furniture and equipment). Date range 1/3/20 to 30/6/20 you will only be required to keep a record of the number of hours worked from home (time sheets, diary entries or rosters).

24.01.2022 ATO Compliance on Job Keeper source: Accountants Daily Tip: have your workpapers/proof of turnover income and income decline for the relevant periods and put in a file in case requested down the track. The comments at the bottom of this post in the article are rather amusing........ https://www.accountantsdaily.com.au//14355-jobkeeper-docum

23.01.2022 Commercial Lease Information Video If you have not viewed. (source small business enterprise ombudsman via utube) https://www.youtube.com/watch?v=ovlBoYfYimU

22.01.2022 https://treasury.gov.au//Fact_sheet-Early_Access_to_Super_

21.01.2022 Jobkeeper Guides ATO ATO have updated their website with more information on jobkeeper and key dates. Link below (source ATO) https://www.ato.gov.au//JobKeeper---timeline-of-content-u/

20.01.2022 Great News for 18/19 year Tax Lodgers who are struggling to get their work to me to meet the 15th May deadline. ATO announced today that lodgment and payment deferrals will be automatically applied to Company 18/19 year and Individuals, partnerships and trusts to 5th June. (source ATO web). https://www.ato.gov.au//COV/Support-for-tax-professionals/

20.01.2022 I am doing webinar updates on the Stimulus Packages as they come out and I will contact my business clients that will benefit. I am receiving lots of emails, the best source is below for information. Job Seeker Payment Fact Sheet (source treasury) https://treasury.gov.au/coronavirus/jobkeeper

20.01.2022 Tax And Super Australia (source) have published an article regarding the new deadlines. (remember to log in and update your monthly turnover figures each month). https://taxandsupernewsroom.com.au/jobkeeper-enrolment-de/

20.01.2022 Important Update: ATO have updated their Web Site yesterday with detailed guides on Job Keeper Claim. I had a very quick look at them and they look very helpful and easy to follow. I hope that helps all of you applying yourselves and wish you all the very best with it. (source ATO).... https://www.ato.gov.au//JobKeeper-Payment/JobKeeper-guides/

19.01.2022 An article describing how Co-vid 19 has effected the Accounting Profession - hat goes off to all in the profession, big, small accountants,tax agents and bookkeepers. Lots of time put in for no charge in response and to assist clients etc. I really hope it will be all over soon and solved so we can take a break. (source Accountants Daily) https://www.accountantsdaily.com.au//14341-a-hell-of-a-rid

18.01.2022 Big Gap between posts, lucky I guess to have so many great clients. A small note to advise I will be away on holidays (out of range) from next week for a few weeks. Anyone that is yet to send in 19/20 year end work to be completed and still on my client list, there will be time on my return to complete the work and lodge to ATO by 15th May.... Please get in touch to book it in as I do still have a few to complete on return. Any issues please shoot an email [email protected] or 0419645273 a text and I will return your call. Have a great Easter everyone, enjoy yourselves. As the 19/20 year tax season is close to complete for me I would like to say from my business to yours and also to all my individual clients. A Big thanks to all my loyal customers you are all appreciated.

16.01.2022 Catching Up before EOFY - slowly catching up on things in my office with the co-vid interruptions surrounding jobkeeper and stimulus. Hopefully business and life in general is becoming more normal for everyone as well. I am receiving emails for bookings for office appointments and other small questions on end of year affairs from the wage and salary earners so get in touch if you would like to book in etc. there are some new deadlines for job keeper enrolments that seem to keep changing for first enrollers in the scheme. The Government has announced a grants scheme along the lines of other initiatives called Home Builder. I will post some articles if anyone has time or is interested for a read. Enjoy your weekend.

15.01.2022 Important Announcement As I know some clients are waiting on this. (source ATO web via Accountants daily) https://www.accountantsdaily.com.au//14278-ato-releases-jo

13.01.2022 I have not had official information from the Accounting Bodies as yet and will be doing online webinars however this is my understanding so far. As I know more I will post as I am receiving a lot of enquiries. The Stimulus for Individuals: If you are receiving a social security payment, you can expect to see an extra $750 in your bank account on 31st March and another on 13th July. This includes working families receiving family payment. The payment is tax free. Note the wai...ting period has been removed for sickness benefits when a casual employee is required to self-isolate or contracts the virus. One would think if you qualify and rush online to apply before the end of the month, you may qualify for the $750 as well. The Newstart allowance and sickness benefit payments have doubled to $550 per week. There is an income test but the asset test is waived. Sole traders and casual workers can qualify. See more

12.01.2022 Season's Greetings Wishing you and your family a very Merry Christmas and a safe and prosperous 2021. Thanks so much for your Business and Support throughout the year it is very much appreciated. Hope you all can take some time to unwind, reflect and enjoy the festive season.

11.01.2022 Tax and Super Australia have published a good article on the Construction Stimulus Package. https://taxandsupernewsroom.com.au/new-residential-constr/

07.01.2022 Handy Tips in this article: (source Qld Govt) https://www.covid19.qld.gov.au/the-hub/for-renters

07.01.2022 I quite often get asked by small business clients who I have set up in Xero mostly and who are managing their own payroll after a bit of initial training in regards to super, how to pay what to do etc. I came across this today on ATO and thought if you had time and it was relevant it probably answers questions asked and is a good resource tool to reference when unsure. (source ATO web) https://www.ato.gov.au//In/SG-employer-obligations-course/

06.01.2022 Happy New Financial Year!!! I have been busy keeping up to date with Professional Development and the tax changes for 19/20 year for the last few days with online webinars and loads of tax notes. Not a lot of time to post any relevant changes. One to note is there is not a lot of data on ATO tax agents portal as yet in regards to bank interest, private health, dividends and other important detail that needs to be on the tax return correctly. I realise you are all in a hurr...y to lodge etc. I am starting to process jobs now, but ATO have advised don't lodge until after the 6th July. Employers have until the 14th July to finalise their Single Touch Payroll Data (some until 30th July), this reporting method replaces the old method with payment summaries and other details involved. The end of year figures are available for me to view in tax agents portal as they have always been when they have been sent by the employer. I realise some employers are still sending out payment summaries that is their choice and they are not required to do so. Centrelink payments are definitely not on ATO portal as yet, I am checking data daily to see what becomes available as I have a few of you who have sent in jobs to process urgently... Any questions please email or text and we can organise a phone call if required. I tend to prefer that method so I can keep working without too much interruption. Cheers all round to Income Tax Refunds!!!!!!

04.01.2022 source: ATO media

04.01.2022 Another Stimulus Package. When I have further information I will post on facebook. I am receiving a lot of enquiries, please email and I will respond when I can. For my current small business clients when I see something that is relevant for you and applicable I will get in touch. I am expecting to be updated by the Accounting Bodies that I am a member of and online webinars to keep up to date as soon as this is all finalised. Stay Safe All.... https://www.accountantsdaily.com.au//14166-fresh-66bn-pack (source Accountants Daily)

03.01.2022 To My hundreds and hundreds of clients of which I am very grateful for. Firstly I really feel for you all with the Pandemic and the interruption to work and income and stress of it all. I am also affected and receiving a lot of emails daily especially on the latest Job Keeper Payment and confusion it has created. I am doing webinars (at cost to me) and updating on this so I can provide accurate information that can hopefully be relied upon. ... Some of the details for more complex situations are still to be finalised and updates on it from the Government are still being finalised. I will send one email out to my Sole Trader clients so they understand and know what to do. One to employer clients to help them. These will be free emails and information to help you and that is all I can offer at this stage. In the email it will outline the situation if further assistance is required. I will send this out when I have a full accurate understanding of this myself. I hope this helps you out and wish everyone the very best through this.

02.01.2022 Details on Fairwork in regards to workplace laws and Coronavirus. https://www.fairwork.gov.au//coronavirus-and-australian-wo

02.01.2022 Banks to defer small-business loan repayments for 6 months (source: Accountants daily)https://www.accountantsdaily.com.au//14161-banks-to-defer-

01.01.2022 Family Day Care Providers https://thesector.com.au//breaking-new-ato-rules-see-ecec/