Halletts in Canberra, Australian Capital Territory | Financial service

Halletts

Locality: Canberra, Australian Capital Territory

Phone: +61 2 6257 5712

Address: 97 Northbourne Avenue, Level 3 2601 Canberra, ACT, Australia

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

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• Tax preparation service
• Accountant
• Financial service

22.01.2022 It seems that as part of the new normal, the ATO has not only stopped sending hard copy activity statements, but also stopped sending reminders to both our clients and us. We might get a list showing that you have ‘something’ due by 2 March, but not what is actually due (maybe they like guessing games?). This means that there is an expectation that you will have a super organised reminder system and log onto myGov or the Business Portal each month or quarter and process your activity statement or PAYG amount that way, or request that we do it for you. As a short term backup while we work out a new process, we have downloaded and sent out the December PAYG instalment notices so that you don’t miss the 2 March due date if you were expecting one and haven’t received one or haven’t logged into myGov yourself, please let us know!

21.01.2022 JobKeeper Extension 2 is nearly here... A friendly reminder that the second part of JobKeeper 2.0 starts on 4 January, so now is the time to start preparing! If you are already enrolled in JobKeeper, you don’t need to re-enrol, but you DO need to notify eligible employees of the upcoming changes and ensure that they are still in the correct tier (see our handy JobKeeper 2.0 Checklist here https://bit.ly/3otSflv), and then ensure that from 4 January they are paid at least: $...1,000 per fortnight for tier 1 employees $650 per fortnight for tier 2 employees. If your business is not yet registered for JobKeeper but will now be eligible, don’t hold back! You can still be eligible for extension 2 even if you were not eligible for JobKeeper extension 1, and it’s always worth asking. You will need to show that your actual GST turnover has declined in the December 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019). Your BAS statements must be up to date, as un-lodged statements may hold up your application. Remember you don’t use your projected GST turnover, but your current GST turnover, using the accounting basis you used for GST reporting purposes (ie cash or non-cash). Ask us for help if you’re not sure! Once the second extension period starts on 4 January 2021, you’ll then need to complete the monthly business declarations in January, February and March. As usual, please don't hesitate to contact your friendly Halletts accountant for help! See more

20.01.2022 URGENT: New extended employee eligibility rules apply for JobKeeper - RIGHT NOW! Buried in the fine print of the JobKeeper 2.0 announcements (and thanks to the eagle-eye of one of our fabulous clients, thanks CM) we note that the test date for employee eligibility, even for the current JobKeeper 1.0 scheme, has now changed from employees who were on the books at 1 March 2020 to those who were on the books at 1 July 2020 (while still including anyone who qualified under the ol...d rules). This means (for example) new permanent full-time or part-time employees taken on between 1 March and 1 July may now also qualify for JobKeeper, or if your long-term casual turned 18 or clicked over 12 months of employment during this time, they may also now qualify. The new rules apply to JobKeeper payment fortnights commencing 3 August, and new employees must be paid and registered by no later than 31 August (extended from 21 August). The rules have changed (and will continue to evolve), so please ensure you talk to your friendly Halletts team member so you can be 100% certain you are JobKeeper compliant. We are here to help! See more

19.01.2022 For those eligible and registered for the first JobKeeper extension period from 28 September - 3 January, employers will need to show that their actual GST turnover has declined by at least 30% in the September 2020 quarter relative to the comparable 2019 period. This needs to be done before 31 October 2020 (via lodging your BAS). Alternative tests for determining actual decline in turnover may be available in some circumstances and more information is to follow about these - please contact your friendly Halletts team member if you would like to discuss! Please see our website for some important dates you may like to diarise: https://bit.ly/304a3K8

18.01.2022 Does your trust own property? Where a discretionary trust owns or part owns a property in NSW, the trust deed must now be amended to specifically exclude non-citizens of Australia (foreign persons) as potential beneficiaries now and in the future. Without this amendment, the trust will be taken to be a foreign person, and accordingly charged a 2% additional surcharge on land tax. The amendment must be lodged with Revenue NSW by 31 December, so time is short! You may have ...received notice of this requirement a while ago, amended your deed, uploaded it to NSW Revenue and thought you could pat yourself on the back for being super organised. HOWEVER, some of our clients have recently received letters from NSW Revenue asking them to prove that the deed meets the requirements AGAIN (ie, upload the amendment again) before 31 December. So if you receive correspondence from NSW Revenue and think I’ve already taken care of that - don’t ignore it! Always best to check again, and please ask us for help. While this law currently only relates to any Australian trusts that own property in NSW, it’s surely only a matter of time before other states follow suit, so it’s worth thinking about amending your deed in advance

17.01.2022 Please bear with us while we have phone troubles in our Canberra office - you can always leave a message with our Goulburn office on 02 4821 1833 or email us at [email protected]

15.01.2022 Do you normally receive a Quarter 2 activity statement from the ATO due 28 February, and all you’ve heard so far are crickets? With the ATO push to switch everyone to digital correspondence, if they don’t have your email address (or for a host of other unknown reasons), things can go missing. If you haven’t received your expected statement(s), let us know and we can download it for you so that you don’t miss your deadline.

13.01.2022 You may have seen headlines recently announcing the indexation of the superannuation general transfer balance cap from $1.6m to $1.7m (essentially the maximum you can have to fund a retirement income stream) from 1 July 2021. Some of our clients who are already indulging in the joys of a retirement income from their super fund may have done a happy dance in anticipation, but unfortunately you can put those tap shoes away..the rule only applies to those starting a retirement ...income stream for the first time on or after 1 July 2021. There are a few very specific exceptions but in general, No Soup For You sorry. Looking on the bright side for those yet to start a retirement income stream, there will be a little bit more room in the cap for you to grow your balance should you choose (either individually, or with the benefit of specific financial advice which considers your personal circumstances, which our little blurb above is not!) At this stage there is no change to the concessional or non-concessional limits, with some prospect that they will lift from 1 July 2022. See more

13.01.2022 Happy 1 year anniversary to us! Today we celebrated 1 year since we moved to our fabulous new Canberra office with a delicious tiramisu cake from our new local Braddon cafe, Ciao. If you haven't already visited our office this year, please come and check it out soon!

12.01.2022 This year, Halletts is proud to be supporting the 2020 Christmas Appeal of Communities at Work. This is a small selection of the goodies that our staff have donated to go under the Christmas tree!

11.01.2022 Congratulations to Rob Gordon on an amazing 20 years working for Halletts! Many of you would know Rob as our Superannuation guru but he’s so much more than that a fount of knowledge and detail minded, not to mention a caring, loyal and fun colleague and friend. We salute you Rob, and look forward to the next 20 years!

08.01.2022 JobKeeper 2.0 As usual, not everyone fits neatly into the ATO’s standard Decline in Turnover test for JobKeeper 2.0, so there are some (better late than never) alternative tests which may be applied. The alternative tests are similar in nature to those issued for JobKeeper 1.0 but need to be applied to different trading periods. Please contact your friendly Halletts team member to discuss in more detail if you are not likely to qualify under the new standard tests but even vaguely think your circumstances might fall into any one of these categories, and we will do our best to help your business receive what it is entitled to. https://bit.ly/2FZUCMo

07.01.2022 We're back! Phones in Canberra are now working again

05.01.2022 Although the finish line of 2020 is speeding towards us, we're not slowing down quite yet! We will be busily working away until lunch time on Wednesday 23 December, when our offices will close down for a well deserved break. We will then bounce back, all refreshed, and reopen on Monday 4 January - dare we suggest that you take some take during your break to gather together your 2020 tax information to send to us? It would certainly make for a Happy New Year....

04.01.2022 The Cash Splash is in Fash'! Drowning as many of you will be with Budget insights and summaries, here is our take on the key things we identified from last night's Budget Papers and we are ready, willing and able to talk to you about what it all means..... https://bit.ly/33CdXMP

04.01.2022 We would like to welcome Jasmine Tooby who has joined our accounting team recently. Jasmine is a smart, keen young professional who is enjoying gradually getting to know more about our lovely clients. Welcome Jasmine!