Gippsland Accounting Solutions | Financial service

Gippsland Accounting Solutions

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25.01.2022 The Governments budget presented earlier this week has been approved with no amendments. What does this mean for you: FOR BUSINESSES: INSTANT ASSET WRITE OFF - Assets (new or Second hand) purchased after 6th October can be written off in the same year. They have removed the threshold and extended this until June 2022. CARRY BACK LOSSES - A great tax planning tool, if you make a loss in the 2021 financial year you can offset this loss against your profit in 2020 or 2019 and c...laim a refund for tax paid in those previous years. WAGE SUBSIDIES FOR APPRENTICES - 50% of wages paid for eligible apprentices can claimed back. JOB MAKER - $200 pw for new eligible employees aged 16-29 & $100 pw for new eligible employees aged 30-35. (Employees must have previously been on Job Seeker, Youth Allowance or parenting payment) FOR EMPLOYEES: TAX CUTS - By increasing the thresholds of lower tax brackets from $37,000 to $45,000 and $90,000 - $120,000 you will pay less tax in 2021. In the coming month you will notice a little more $$ in you pay as payroll software update there withholding rates. For any questions contact us at [email protected] or on 0407 886 475.

23.01.2022 Book in now to schedule an appointment to get your tax return done. We've jumped through the hurdles so you don't have to. We are registered Tax Agents and abide by the CPA code of ethics and quality standards.

15.01.2022 Daniel Andrews has announced further grants for Businesses affected by Covid-19. Applications to open soon but you must be an employer, Registered for GST and Regisered for Job Keeper. For more information keep an eye on: https://www.business.vic.gov.au//b/business-support-fund-3

14.01.2022 The government announced it's first draft of the 2021 budget last night. Some interesting proposals put forward including: * Tax cuts for individuals, * Removal of a limit to new asset acquisitions for the immediate write off rules, meaning all new and second hand assets can be depreciated in the first year of use if purchased after the 6th Oct. * Carry back losses for companies, This allows companies that incur a taxable loss in the current year to offset that loss agains...t a previous years profit going back to the 2018/19 year. Let's see what the Opposition comes back with and what will eventually get passed. For a great simple summary, check out CPA's summary of Winners & Losers at https://www.intheblack.com//2020/10/06/federal-budget-2020

04.01.2022 Are you currently registered for Job Keeper? Did you employ a part time or full time employee between 3rd March and 1 July 2020 or have a casual employee clock over 12 months in this period. If so they may now qualify for Job Keeper for the months of August and September. You have until the 31st August to ensure correct wages have been made to qualify them. Contact Justin Robson for more details.