G Lenzo Consulting in Perth, Western Australia | Financial planner

G Lenzo Consulting

Locality: Perth, Western Australia

Phone: +61 400 984 232

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• Tax preparation service
• Accountant
• Financial service
• Financial planner

19.01.2022 New HELP repayment levels - The government has announced recently that they intend to create a new HELP repayment level. From 1 July 2018, individuals with an accumulated HELP debt earning above $45,000 will be required to pay at least 1% of their income to the ATO. This extra tax will repay your higher education fees. It is essential that when you start a new job, you fill out your Tax File Number declaration correctly. If you have a HELP debt, you must answer Yes either t...o question 11a or 11b. Your employer should be taking out the correct amount out of your take-home pay. Alternatively, if you are living and working overseas you will not have any this tax withheld by your employer and paid to the ATO. It is your responsibility to put away the correct amount of tax in order to make the repayment when it is due. Feel free to contact me if you wish to discuss further.

19.01.2022 TAX NEWS - Single Touch Payroll (STP) is due to commence from 1 July 2018. If you are currently using a manual system to pay your staff, you will need to change soon. For the upcoming year, only employers who have 20 or more employees are required to commence STP. You are required to perform a headcount of the following as at 1 April 2018:... full-time employees part-time employees casual employees who are on the payroll at 1 April and worked at any time during March employees based overseas any employee absent or on leave (whether paid or unpaid), and seasonal employees (if necessary). If you are 20 or over, you must start STP on 1 July 2018. If you are under 20, you may voluntarily commence using STP from the start date. Currently, legislation is going through parliament which will mean all employers must use STP from 1 July 2019. For more information, please do not hesitate to contact me.

05.01.2022 Thinking about setting up your own business? Not sure how to structure it? Check out the link below for some guidance. http://glenzoconsulting.com.au/services_po/business-advice/ Feel free to give me a call for an in-depth discussion or to arrange a meeting. First consultation is free!

04.01.2022 TAX NEWS - claiming car expenses using the cents per km method. Recently, the ATO has announced in a media release that they will be scrutinising taxpayers that claim right at or near $3,300 in a financial year. When using the cents per kilometre method, there is no specific requirement to keep records for substantiation of your claim. However, the number of business kilometres claimed must be based on a reasonable estimate.... The written evidence of business kilometres travelled for an income year must be retained for five years. There is no need to lodge it with the income tax return, however, details relating to the calculation will be the initial question asked by the ATO in a tax audit. If the business trips are irregular during the year, the ATO may request a list of every single trip taken. If you have any questions, feel free to contact me.

03.01.2022 TAX NEWS - If you are planning to sell a property for $750,000 or more you then this applies to you! Under new laws, from 1 July 2017 a purchaser of real property in Australia will be obliged to pay 12.5% of the purchase price to the ATO if the property is valued at $750,000 or more. The purchaser will not be required to pay 12.5% to the ATO if the the vendor (seller) can provide the purchaser with an ATO issued clearance certificate on or before the day of settlement of the... sale of the asset. Processing time to issue clearance certificates can take up to 14 days, therefore it is imperative to be proactive to avoid missing the settlement deadline.