Glenn Longmire And Associates in Perth, Western Australia | Financial consultant

Glenn Longmire And Associates

Locality: Perth, Western Australia

Phone: +61 8 9354 2176

Address: Suite 1A/153 High Road, Willetton 6155 Perth, WA, Australia

Website: http://www.glennlongmire.com.au/

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25.01.2022 https://andreyev.com.au//8-common-misconceptions-about-wi/

25.01.2022 Lovely surprise flowers from an appreciative client

24.01.2022 TAX NEWS - Single Touch Payroll Extended to Small Businesses: Single Touch Payroll (STP) is a new way for employers to report their wages obligations to the ATO in real time each payday. This includes reporting of wages, PAYG Withholding and superannuation obligations. Parliament has recently passed legislation to extend STP reporting to employers with 19 or less employees from 1 July 2019. Businesses with 20 or more employees began reporting on 1 July 2018.... STP information can be lodged through existing payroll software so long as it is updated to offer STP reporting. The ATO says businesses won't be forced to purchase payroll software and different STP reporting options will be available by 1 July 2019 including: - Exemptions for businesses with unreliable or no internet connection. - Micro employers can report quarterly, rather than every time they run their payroll. - Low-cost STP reporting options will include simple payroll software and mobile phone apps at or below $10 a month for micro employers. The ATO will adopt a flexible and reasonable approach in dealing with the transition to STP. There will also be no penalties for mistakes, missed or late reports in the first year.

24.01.2022 EOFY TAX COMPLIANCE - PAYG payment summaries When your business will commence reporting Single Touch Payroll (STP) on 1 July 2019 (see below), employees need to be issued with their 2019 Payment Summaries by Monday 15 July 2019. Ensure that salary sacrifice superannuation contributions and certain reportable fringe benefits have been included on the PAYG Payment Summaries Also the 2019 PAYG Payment Summary Statement needs to be lodged with the ATO by Wednesday 14 August 2019.... If your business is already reporting to the ATO via STP, you are exempt from providing payment summaries to your employees and from lodging a PAYG payment summary annual report for the amounts youve reported through STP as long as you undertake the finalisation declaration by the prescribed date. You will have up until 31 July to finalise your employees EOFY payroll information through your STP enabled payroll software. Your employees will be able to access their annual income statement online via myGov under the employment tab. You can provide a copy of the income statement to an employee, but there is no legal requirement to do so.

22.01.2022 Taxable payments reporting payments make up 10% or more of GST turnover Businesses may unwittingly be caught up in the taxable payments reporting system if the payments they receive for services in an activity subject to taxable payments reporting make up 10% or more of their GST turnover. The ATO points to cleaning and courier services. The ATO says we see businesses who provide mixed services, i.e. they charge for cleaning or couriers as well as their basic good or servic...e, may be caught where they make contractor payments to cleaning or courier services. It gives the following examples: Building maintenance, property management and event management businesses engaging contractors to provide cleaning services Florists and other retail businesses engaging contractors to provide courier services. Businesses who provide mixed services need to ensure they keep the right records, e.g. annual amounts of cleaning or courier service income and the percentage of that to total GST income. to help them report when TPAR lodgment is due in August 2020. This includes checking their contractors are working under a valid ABN. See more

21.01.2022 TAX NEWS - ATO Focuses on Business Cars and FBT The ATO has announced that it will be contacting tax agents on behalf of business clients that have been identified as having cars registered in their business name and are not lodging an annual fringe benefits tax (FBT) return. A car fringe benefit occurs where a business owns or leases a car and makes it available for an employees private use. This includes garaging the car at or near an employees home and making it availabl...e for private use. Note that company directors are also employees for FBT purposes.

20.01.2022 EOFY TAX COMPLIANCE - Single touch payroll Single Touch Payroll (STP) is changing the way employers report their employees tax and super information to the ATO. STP for businesses with 20 or more employees started on 1 July 2018, so relevant businesses should already be reporting STP through their payroll software.... For businesses with 19 or fewer employees, reporting can start anytime from 1 July to 30 September 2019. If you already use payroll software which offers STP, you can update your product and start reporting early. In addition, for businesses with 4 or less employees (defined as micro employers) who dont currently use payroll software, the ATO has provided a list of software developers who offer low cost STP solutions to make the transition smoother.

18.01.2022 The Gift of Giving FBT Free Benefits at Christmas Christmas is fast approaching and its the time of the year when many businesses want to show how much they appreciate their staff by thanking them for their service. This article highlights the tax implications of holding a Christmas party (on-site or off-site) versus providing staff with Christmas gifts.... Please visit our website for detailed information. http://www.glennlongmire.com.au/newsletters.aspx

18.01.2022 1.34pm 25 May, 2020: Our power has been restored. Thank you all for your patience.

17.01.2022 https://www.ato.gov.au/newsroom/smallbusiness/

15.01.2022 Doing a bit of overtime to catch up after the server update and changing to the NBN (yes it is faster here)

15.01.2022 EOFY TAX COMPLIANCE - Stocktake Businesses that buy and sell stock generally need to do a stocktake at the end of each financial year as the increase or decrease in the value of stock is included when calculating the taxable income of the business. If your business has an aggregated turnover below $10 million, you can use the simplified trading stock rules. Under these rules, you can choose not to conduct a stocktake for tax purposes if the difference in value between the op...ening value of your trading stock and a reasonable estimate of the closing value of trading stock at the end of the income year is less than $5,000. You will need to record how you determined the value of trading stock on hand. If you complete a stocktake, you can choose one of three methods to value trading stock: Cost price all costs connected with the stock including freight, customs duty, and if manufacturing, labour and materials, plus a portion of fixed and variable factory overheads, etc. Market selling value the current value of the stock you sell in the normal course of business (but not at a reduced value when you are forced to sell it). Replacement value the price of a substantially similar replacement item in a normal market on the last day of the income year. A different basis can be chosen for each class of stock or for individual items within a particular class of stock. This provides an opportunity to minimise the trading stock adjustment at year-end. There is no need to use the same method every year. Businesses can choose the most tax effective option each year. The most obvious example is where the stock can be valued below its purchase price because of market conditions or damage that has occurred to the stock. This should give rise to a deduction even though the loss has not yet been incurred.

14.01.2022 TAX NEWS - GST on Exported Goods & Services: Goods are GST-free if they are exported from Australia within 60 days of: - Receiving any payment for the goods; or - Issuing an invoice for the goods before receiving any payment.... For service exports, there are specific rules that determine if their sale is GST-free. Generally they are GST-free if the recipient is outside Australia. Businesses need to keep a close eye on their status as an exporter. A change to the International Commercial (Inco) delivery terms could lead to a business no longer being considered an exporter, meaning GST will become payable on the supply. The ATO encourage businesses to make a voluntary disclosure if a mistake is discovered in reported GST amounts on international cross border transactions.

14.01.2022 WOW! 35 years since I started my Accounting Practise. Many of my original clients are still with me and there are many more that have been clients for almost as long. A big thank you to you all for your support. I have enjoyed working with you over these years and I know that there will be many more years ahead as well.

13.01.2022 TAX NEWS - Proposed Changes to Division 7A from 1 July 2019: Division 7A of the Tax Act is an anti-avoidance measure that aims to prevent the tax-free distribution of profits from private companies to shareholders or their associates (e.g. relatives of individual shareholders or entities within the same family group of company shareholders). Specifically, Division 7A targets the following types of transactions often used to try and extract money from companies through:... 1. Loans from a private company to shareholders or associates; 2. Payments from a private company to shareholders or associates; or 3. The forgiveness of debts owed to a private company by shareholders or associates. Division 7A deems such distributions to be unfranked dividends in the year the loan is made (i.e. a shareholder or associate is deemed to receive an unfranked dividend and is not entitled to receive franking credits). This can result in a significant tax liability. Currently, the main strategies to either eliminate or minimise the risk of Division 7A applying is to convert such loans to either a complying: - 7-year loan (for unsecured loans); or - 25-year loan (for secured loans). However, from 1 July 2019, the Government proposes to replace these 2 types of loan arrangements (i.e. 7 or 25 years) with a single 10-year term loan. To ease the conversion to a 10-year loan from 1 July 2019, transitional rules will apply for 7 or 25 year loans that are on complying terms as at 30 June 2019.

12.01.2022 The due date for lodgement and payment of the 2020 fringe benefits tax (FBT) return has been extended to 25 June 2020 for all employers. The ATO has identified several areas that will form part of its FBT compliance focus for 2020 including the following: 1. Motor vehicles 2. Car parking 3. Entertainment... 4. Employee contributions 5. Other areas of concern Please refer to the attached PDF for details on the above points. http://www.glennlongmire.com.au//FBT%20Audit%20Hot%20Spots

11.01.2022 FBT Audit Hot Spots For 2020 The due date for lodgement and payment of the 2020 fringe benefits tax (FBT) return has been extended to 25 June 2020 for all employers. The ATO has identified several areas that will form part of its FBT compliance focus for 2020 including the following:...Continue reading

11.01.2022 TAX NEWS - New Laws Remove Tax Deductibility for Certain Non-Compliant Payments To further combat the black economy, new laws apply from 1 July 2019 that will remove tax deductions for certain payments where the payer has not complied with the pay as you go (PAYG) withholding and reporting obligations for that payment.... The new laws apply to the following types of payments: - salary and wages, commissions, bonuses or allowances to an employee; - directors fees - to a religious practitioner - under a labour hire arrangement and - for a supply of services where the service provider has not quoted their ABN. Deductions will be denied for the above payments where the payer has failed to either: - withhold the amount from the payment or - report the amount via their BAS There are specific exemptions to these rules: - supplier of goods or real property has failed to provide their ABN (these rules only apply to service providers) - an employer honestly mistakes an employee for a contractor and didnt withhold PAYG from the payments as an ABN was provided and - the taxpayer has voluntarily notified the ATO of a mistake before an audit or compliance activity has commenced. Interestingly, the new laws wont deny a tax deduction where no actual payment of the withholding amount has been made to the ATO.TAX

10.01.2022 Salary sacrificing and superannuation guarantee contribution An employee can 'sacrifice' part of their salary or wages into super contributions under an agreement with their employer - the employer pays the sacrificed amount to the employee's super fund on their behalf. There may be benefits to both the employee and the employer in salary sacrificing superannuation:... for the employee - salary sacrificing is a tax effective way of increasing their super, provided they stay within their contribution cap. for the employer - salary sacrificed super contributions are not subject to fringe benefits tax - the contributions are tax deductible. To obtain these benefits, the contributions must be made under an 'effective salary sacrifice arrangement' to a complying super fund. From 1 January 2020, salary sacrificed super contributions cannot be used to reduce an employers super guarantee obligations, regardless of the amount the employee elects to salary sacrifice. This means for the purposes of super guarantee (SG), the salary sacrificed amount will not count towards the employers super guarantee obligations. In addition, the amount of super an employer is required to pay to avoid the super guarantee charge will be 9.5% of the employee's ordinary time earnings (OTE) base. The employee's OTE base is the sum of the employee's OTE and any sacrificed OTE amounts. This means employers must be careful in constructing their employment arrangements to ensure employee remuneration comprises, for example, a salary package comprising OTE and sacrificed OTE of $100,000. In addition, the employer will make 9.5% SG contributions thereon.

09.01.2022 EOFY TAX COMPLIANCE Recordkeeping Ensure that your records are compliant with the ATO. The ATO requires businesses to keep records for at least five years. Records can be kept in paper or electronic format. More businesses are choosing to go paperless, so consider if this is something you would like to implement from 1 July 2019 in addition to using online accounting software.... Trust Distribution Resolutions - Trustees (or directors of a trustee company) need to consider and decide on the distributions they plan to make by 30 June 2019 at the latest. Decisions made by the trustees should be documented in writing preferably by 30 June 2019. If valid resolutions are not in place by 30 June 2019, the risk is that the taxable income of the trust will be assessed in the hands of a default beneficiary (if the trust deed provides for this) or the trustee (in which case the highest marginal rate of tax of 45% would normally apply).

09.01.2022 JobKeeper Extension New Rules Apply From 28 September 2020; The Government announced on 21 July 2020 that due to the ongoing COVID-19 crisis, the JobKeeper Payment scheme will be extended by six months until28 March 2021, from the original end date of 27 September 2020.The existing JobKeeper Payment will remain in place until 27 September 2020. The rules for accessing the payment under existing eligibility requirements remain unchanged for periods up until 27 September 2020. Please refer to the link below for detailed information on the changes and your eligibility. http://www.glennlongmire.com.au/c/JobKeeper%20Extension.pdf

07.01.2022 EOFY TAX COMPLIANCE - Taxable payments annual report (TPAR) Businesses that operate in the following industries need to lodge the annual TPAR by 28 August 2019: - Building & construction services - Cleaning services... - Courier services The TPAR informs the ATO about payments made to contractors for providing the above services to your business. Contractors include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts. Note from 1 July 2019, the TPAR has been extended to the following industries (first report due by 28 August 2020): - Road freight services - Information technology (IT services) - Security, investigation or surveillance service

05.01.2022 Changes to JobKeeper UGENTLY READ IF YOU CLAIM JOBKEEPER. The Government has introduced changes to JobKeeper legislation which does affect the current JobKeeper period. The previous eligibility criteria required the employee to be employed as at 1 March 2020 that date is now 1 July 2020. These changes take effect as of 3 August 2020 (beginning of JobKeeper fortnight 10) and employees have until 31 August 2020 to ensure the minimum $1,500 per fortnight has been paid to the ...newly eligible employee for JobKeeper fortnights 10 and 11. If you have staff employed after 1 March 2020 but before 1 July 2020 please contact the office urgently to determine if these changes will affect your JobKeeper claim. This is also relevant if you have staff who were not eligible as they were under 18 years of age at 1 March 2020 but have since turned 18. Another important thing to consider is casual employees that had not been employed by you for at least 12 months as at 1 March 2020 if they completed 12 months continuous employment by 1 July 2020 they also become eligible under these changes. If you believe you are affected by the JobKeeper eligibility changes or are unsure if this relates to your JobKeeper claim please urgently contact the office to ensure you remain compliant with the one-in-all-in requirement to claim JobKeeper.

05.01.2022 BUSHFIRE BAS & TAX DEFERRALS The ATO has announced that it will grant a two month lodgement and payment deferral to taxpayers impacted by the recent catastrophic bushfires in New South Wales and Queensland. The quarterly BAS that would normally have been due on 11 November or 28 November for businesses using a tax professional, will now be due for lodgement and payment on 28 January 2020. Monthly BAS lodgers also have an extra two months to lodge and pay with the ATO automati...cally extending the due date until 21 January 2020 where lodgement was due on 21 November. Individuals in impacted areas who have lodged their 2018/19 income tax returns and received an assessment that was due on 21 November 2019 now have until 21 January 2020 to pay. The ATO has applied automatic lodgement and payment deferrals to postcodes impacted by the fires meaning that an application does not need to made to the ATO. See more

03.01.2022 Business Purchase Tax Checklist In the process of buying a business, the purchaser should conduct a due diligence review to establish that they are buying what they believe they are buying. The review identifies areas of risk and contingent liabilities that the business may have and to factor these risks in the purchase price. When buying a business, or the company that conducts a business, there are many tax issues that the purchaser needs to consider prior to the contract b...eing signed. In most cases a purchaser acquires the assets of the business unless there are significant commercial reasons for buying the company (e.g. contractual obligations that cannot be assigned). Purchasing the assets of the business nullifies the risk of assuming the companys liabilities, some of which may not be known or readily identifiable. The taxation implications of buying either the assets of the business or the shares in the company are very complex and professional advice should be obtained. In particular, it is worth noting that for reasons such as the 50% Capital Gains Tax (CGT) discount and accessing the small business CGT concessions the vendor will often have a preference for selling the shares rather than the business assets, and the structure of the sale will often become a major point of negotiation, balancing commercial factors such as risk against the vendors tax implications. Please follow the link for detailed information on this subject and the Checklist http://www.glennlongmire.com.au//Business%20Purchase%20Tax

02.01.2022 Tax News - Increasing and Extending the Small Business Instant Asset Write-Off The Government has introduced legislation into Parliament that will increase and extend the instant asset write-off for small businesses. This legislation will increase the instant asset write-off threshold from $20,000 to $25,000 and extend the initiative for another year from its existing June 2019 end-date to 30 June 2020. Small businesses with an aggregated annual turnover of less than $10 m...illion will now be able to claim an instant write-off for individual assets costing less than $25,000 acquired from 29 January 2019 when this increase was announced. The increase and extension of this initiative will improve cash flow for small business owners by bringing forward tax deductions, providing a boost to small business activity and encouraging more small businesses to reinvest in their operations and replace or upgrade their assets. See more

01.01.2022 Please see the link below FAQ dated 25th April 2020, there are a few changes on the run by the Government here, namely eligible employees. https://treasury.gov.au//JobKeeper_payment_frequently_aske Any queries please do not hesitate to contact us.

01.01.2022 2020 Tax Planning Strategies For SME Business Owners With COVID-19 having an impact on most businesses, tax planning is more important than ever this year. Please refer to the link with attached pdf for some practical strategies that SME business owners should consider in the lead up to 30 June to reduce this years tax liability. http://www.glennlongmire.com.au//2020%20Tax%20Planning%20S