Hamiltons Accountants Pty Ltd in Hamilton Hill, Western Australia, Australia | Tax preparation service

Hamiltons Accountants Pty Ltd

Locality: Hamilton Hill, Western Australia, Australia

Phone: +61 8 9418 2255

Address: 145d Rockingham Road 6163 Hamilton Hill, WA, Australia

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

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25.01.2022 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law. Extending the Instant Asset Write-Off... For more information contact us today on 94182255 or email us at [email protected] and request our current newsletter

24.01.2022 Claiming August JobKeeper Payments Jobkeeper Payments for August 2020 have from 1st to 14th September 2020 to make a monthly business declaration to claim JobKeeper Payments made to employees in August. The earlier this is done, the sooner businesses will be reimbursed.

23.01.2022 ATO Visa Data Matching Program The ATO will acquire visa data from the Department of Home Affairs for 2020/21 through to 2022/23, relating to approximately 10 million individuals for each financial year. The data will be used to identify non-compliance with obligations under taxation and superannuation laws, including registration, lodgement, reporting and payment responsibilities.

23.01.2022 STP data-sharing with Services Australia Single Touch Payroll ('STP') allows the ATO to share data in real-time with other government agencies, to "help them deliver government services to the Australian community". As part of the ATO's data-matching program, it has a STP data-sharing arrangement with Services Australia to help them administer Australia's welfare system. ... This means that people who are on an income support payment from Services Australia and need to report their employment income fortnightly to Centrelink will now see their employer details are pre-filled.

23.01.2022 Employers need to apply recent tax cuts as soon as possible The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts the updated schedules are available at ato.gov.au/taxtables. The ATO has said that employers now need to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employees’ take-home pay. ... Employers must make sure they are withholding the correct amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November onwards. Employees should be aware that any withholding on the old scales will be taken into account in their tax return.

22.01.2022 SMSFs may be able to offer rental relief to related party tenants as result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (SMSFs) which own real property may want to give a tenant who is a related party a reduction in rent because the related party tenant has had a collapse in revenue. For more information please contact us on 9418 2255 or email us at [email protected]

22.01.2022 The extended JobKeeper Payment rates From 4 January 2021 to 28 March 2021, the JobKeeper Payment rates will be: - $1,000 per fortnight for all eligible employees who, in the four weeks of pay periods before 1 March 2020, were working in the business or not-for-profit for 20 hours or more a week on average and for business participants who were actively engaged in the business for 20 hours or more per week on average in the month of February 2020; and - $650 per fortnight for other eligible employees and business participants.

21.01.2022 Improvements to be made to full expensing measure The government will expand eligibility for the temporary 'full expensing measure', which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. Editor: The government initially announced in the 2020/21 Budget that businesses with a turnover of up to $5 billion would be able to immediately deduct the full cost of eligible depreciable assets as l...ong as they are first used or installed by 30 June 2022. The government will also allow businesses to opt out of temporary full expensing and the backing business investment incentive on an assetbyasset basis. This change will provide businesses with more flexibility in respect of these measures, removing a potential disincentive for them to take advantage of these incentives

20.01.2022 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Broadly speaking, when a trustee distributes income to a minor it is taxed at the highest marginal rate (plus Medicare levy). However, there are certain exceptions to this rule. One such exception is where the trust is a testamentary trust being a trust that was established as a result of the will of a deceased individual. Income from a testamentary trust is a type of excepted trust income that is generally taxed at ordinary rates.

19.01.2022 Due to power upgrade to our offices, we will be closed today 28th October 2020 we will reopen tomorrow 29th October 2020 at 8.30am

19.01.2022 To report a top-up payment for an eligible employee ordinarily earning less than $1,500 per fortnight: Use the description JOBKEEPER-TOPUP for the top-up amount.

19.01.2022 To report the first full JobKeeper fortnight an employee became ineligible: Use the description JOBKEEPER-FINISH-FNXX where XX represents the JobKeeper fortnight in which the last payment is made. For example, an employee resigns, and their last payment was on 13 May 2020. As this falls in JobKeeper fortnight 04 (being 11/05/2020 24/05/2020), the description JOBKEEPER-FINISH-FN04 should be used to notify the ATO that the employee is not eligible for JobKeeper from FN05.

19.01.2022 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 This legislation contains amendments to ensure the tax concessions available to minors in relation to income from a testamentary trust only apply in respect of income generated from assets of the deceased estate that are transferred to the testamentary trust (or the proceeds of the disposal or investment of those assets).

19.01.2022 ATO reminder about salary packaged super The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an additional concessional contribution into superannuation, it will not result in a reduction in the 9.5% Superannuation Guarantee (SG) obligation their employer has even though doing so reduced their Ordinary Time Earnings. Contact us today for more information on 9418 2255 or email us at [email protected]

18.01.2022 Tax relief for business (cont) Also, businesses with an aggregated annual turnover between $10 million and $50 million will, for the first time, be able to access up to ten small business tax concessions. Under the changes passed by the Parliament, the Government will also enhance previously announced reforms to invest an additional $2 billion through the Research and Development Tax Incentive.

18.01.2022 Superannuation guarantee amnesty ends 7 September 2020 Speaking of the superannuation guarantee, time is rapidly running out for employers to apply for the SG amnesty and catch up on past unpaid super without incurring a penalty. The ATO encourages employers to apply for the amnesty and make payments as early as they can.

18.01.2022 80 cents per hour shortcut method for home office expenses has been extended Back in April 2020 the ATO announced that a shortcut method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19. The ATO has recently announced an extension of this shortcut method to also include 1 July 2020 to 30 September 2020.

18.01.2022 Tax relief for business Businesses with a turnover of up to $5 billion are now able to immediately deduct the full cost of eligible depreciable assets as long as they are first used or installed by 30 June 2022. To complement this, the Government will also temporarily allow companies with a turnover of up to $5 billion to offset tax losses against previous profits on which tax has been paid.

18.01.2022 If you would like to sign up for our newsletters send us an email to [email protected] and we will add you to our newsletters database.

17.01.2022 Deduction for work-related vehicle expenses disallowed In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of work-related vehicle expenses for the 2016 income year. Mr Bell, was a construction worker who predominantly worked on a construction site in an eastern suburb of Melbourne and lived approximately 100 kilometres away from that worksite.... Mr Bell owned a ute that had a load carrying capacity of more than one tonne so it fell outside the definition of a 'car' for the purposes of the ITAA 1997.

17.01.2022 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 By extending the previous end date of 30 June 2020 to 31 December 2020, the amendments give businesses additional time to access the $150,000 instant asset write-off for their acquisitions of depreciating assets, including those purchases that have been delayed by supply chain disruptions. Further, the amendments extend cash flow support to businesses through the early stages of the recovery from the economic conditions caused by COVID-19. Contact us today on 94182255 or email us at [email protected] to request our currently newsletter

17.01.2022 Making corrections to (previously reported) JobKeeper start and finish information The ATOs guidance identifies several situations where errors made in reporting the JobKeeper start or finish information may need correction and sets out options for doing so.

17.01.2022 Head to our website to check out the Individual Checklist for the income tax year 2019/20. If you would like to receive a PDF copy please email us at [email protected] https://www.hamiltonsca.com.au//individual-tax-returns-ch/

15.01.2022 Additional new turnover tests - Jobkeeper In order to be eligible for the JobKeeper Payment after 27 September 2020, businesses and not-for-profits will have to meet a further decline in turnover test for each of the two periods of extension, as well as meeting the other existing eligibility requirements for the JobKeeper Payment. In order to be eligible for the first JobKeeper Payment extension period of 28 September 2020 to 3 January 2021, businesses and not-for-profits will need to demonstrate that their actual GST turnover has significantly fallen in the both the June quarter 2020 (April, May and June) and the September quarter 2020 (July, August, September) relative to comparable periods (generally the corresponding quarters in 2019).

14.01.2022 Simplified home office expense deduction claims due to COVID-19 Given that many Australians continue to work from home due to COVID-19, the ATO has updated its Practical Compliance Guideline which allows taxpayers working from home to claim a rate of 80 cents per hour, by keeping a record of the number of hours they have worked from home, rather than needing to calculate specific running expenses. The application of the Guideline has been extended so that it now applies from 1 March 2020 until 31 December 2020.

13.01.2022 To report the JobKeeper start fortnight for an eligible employee: Use the description JOBKEEPER-START-FNXX where XX represents the JobKeeper fortnight from which the first payment is made. Report the amount as zero, or as $0.01 if the software does not support reporting zero.

13.01.2022 The extended JobKeeper Payment rates From 28 September 2020 to 3 January 2021, the JobKeeper Payment rates will be: - $1,200 per fortnight for all eligible employees who, in the four weeks of pay periods before 1 March 2020, were working in the business or not-for-profit for 20 hours or more a week on average, and for eligible business participants who were actively engaged in the business for 20 hours or more per week on average in the month of February 2020; and - $750 per fortnight for other eligible employees and business participants.

13.01.2022 JobKeeper declaration due 14 June Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments. For more information or help with lodgement contact us today on 94182255 or email us at [email protected]

13.01.2022 COVID-19 and tax depreciation reports are physical inspections necessary? Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law in respect of their income-producing properties for example, a rental property, office building or factory.

12.01.2022 COVID-19 and Division 7A relief The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as complying loan agreements. A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to the amount of the loan from the private company.

11.01.2022 Employees on JobKeeper can satisfy the ‘work test’ The Australian Prudential Regulation Authority ('APRA') has confirmed that, where an employer is receiving the JobKeeper wage subsidy for an individual, superannuation funds should consider the individual to be ‘gainfully employed’ for the purpose of the ‘work test', even if that individual has been fully stood down and is not actually performing work. As such, superannuation funds can assume that all members in receipt of the JobKeeper subsidy satisfy the ‘work test’ when determining whether they can make voluntary superannuation contributions.

10.01.2022 Shortcut method to claim deductions if working from home As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home. To make it easier when claiming a deduction for additional running costs you incur as a result of working from home, special arrangements have been announced. Contact us today for morning information on what you can claim from working from home on 9418 2255 or email us at [email protected]

10.01.2022 Coronavirus: Governments JobKeeper Payment A major part of the Governments response to the Coronavirus (or COVID-19) pandemic is the JobKeeper Payment Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19.... Contact us today for morning information regarding Jobkeeper payments and your entitlement on 9418 2255 or email us at [email protected]

10.01.2022 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 It will be interesting to see if this timeframe is further extended at some later point. Note that, come 1 January 2021, if there is no further extension, the $150,000 threshold for the instant asset write-off for depreciating assets will collapse to $1,000 and the turnover threshold for eligibility for the outright deduction of less than $500 million will fall to a turnover of less than $10 million.

10.01.2022 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Prior to this legislation being passed, the previously existing law did not specify that the assessable income of the testamentary trust be derived from assets of the deceased estate (or assets representing assets of the deceased estate). As a result, assets unrelated to a deceased estate that were injected into a testamentary trust may, subject to anti-avoidance rules, generate excepted trust income that was not subject... to the higher tax rates on minors. This was an unintended consequence, which allowed some taxpayers to inappropriately obtain the benefit of concessional tax treatment. This legislation clarifies that excepted trust income of the testamentary trust must be derived from assets transferred to the testamentary trust from the deceased estate or from the accumulation of such income. This change will apply in relation to assets acquired by or transferred to the trustee of a testamentary trust on or after 1 July 2019. Please contact our office if you have any concerns about testamentary trusts making distributions to minor beneficiaries.

10.01.2022 Tax treatment of JobKeeper Payments (cont) For sole traders, they will need to include the payments as business income in their individual tax return. For partnerships or trusts, JobKeeper payments should be reported as business income in the relevant partnership or trust tax return.... For a company, report JobKeeper payments as income in the company tax return.

10.01.2022 Tax relief for individuals The Government brought forward 'Stage two' of their Personal Income Tax Plan by two years, so that, from 1 July 2020: - the low income tax offset increased from $445 to $700; - the top threshold of the 19% tax bracket increased from $37,000 to $45,000; and ... - the top threshold of the 32.5% tax bracket increased from $90,000 to $120,000. In addition, in 2020/21, low and middle-income earners will receive a one-off additional benefit of up to $1,080 from the low and middle income tax offset.

09.01.2022 Regulations confirm no SG obligation on JobKeeper payments where work is not performed The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020. These regulations ensure that amounts of salary or wages that do not relate to the performance of work and are only paid to an employee to satisfy the wage condition for getting the JobKeeper payment are prescribed by the Regulations as excluded salary or wages.... For more information contact us today on 94182255 or email us at [email protected]

09.01.2022 Our office is closed today for the Anzac Day public Holiday. We will back to business as usual tomorrow from 8.30am

09.01.2022 Guidance on JobKeeper reporting via STP The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (STP). Contact us today for the list at [email protected]

08.01.2022 Deferrals of interest due to COVID-19 (cont) Accordingly, interest expenses (including any compound interest) will generally be deductible to the extent the borrowed monies are used for income producing purposes (such as where the borrowed funds are used to purchase a rental property). However, interest on a loan will not be deductible to the extent to which the borrowed funds are used for private purposes (e.g., to purchase a home, a private boat, or to pay for a holiday).

08.01.2022 Head to our website to check out the Business Checklist for the income tax year 2019/20. If you would like to receive a PDF copy please email us at [email protected] https://www.hamiltonsca.com.au//business-returns-checklist/

08.01.2022 *End of Financial Year Lunch* Getting energised for the next year!

07.01.2022 ATO on property investments In addition, when its time to lodge, taxpayers should remember: - Some expenses need to be claimed over time. - It is only possible to claim expenses for:... periods when the property is genuinely available for rent; and travel related to renting property, if the taxpayer is in the business of letting properties. See more

07.01.2022 Companies holding meetings and signing documents electronically The Government has made another determination extending the timeframe within which companies can hold meetings electronically and enabling electronic signatures to be used, to relieve companies from problems they face due to the Coronavirus situation. This determination is intended to be in effect until (and will be repealed from) 22 March 2021, unless the Government determines otherwise

07.01.2022 Our office is closed today for WA Day. We will be open again tomorrow morning from 8.30am to 5pm

06.01.2022 Happy Mothers Day

05.01.2022 Deferrals of interest due to COVID-19 Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e., the deferred interest will be 'capitalised'). ... However, it is important to recognise in such situations that, while repayments are not being made during the relevant period, borrowers continue to ‘incur’ the interest during that time.

05.01.2022 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than $500 million to immediately deduct the cost of a depreciating asset (instant asset write-off). The asset must cost less than a threshold of $150,000 and be first used or installed ready for use for a taxable purpose by 31 December 2020. Without these amendments the $150,000 instant asset write-off would have ended on 30 June 2020. Contact us today for more information on 94182255 or email us at [email protected] and request our current newsletter

03.01.2022 ATO reminder for employers Finalise STP data for 2020 The ATO has issued a reminder to employers who report through Single Touch Payroll (STP) which should be all employers, unless an exemption or deferral applies that they will need to finalise payroll information for the 2020 income year by making a declaration. For more information contact us today on 94182255 or email us at [email protected]

02.01.2022 Tax treatment of JobKeeper Payments (cont) For a taxpayer that has repaid (or is in the process of repaying) any of their JobKeeper payments to the ATO, these amounts do not need to be included in their tax return. The normal rules for deductibility apply in respect of the amounts a taxpayer pays to their employees, even where those amounts are subsidised by the JobKeeper payment.

01.01.2022 Deferrals of interest due to COVID-19 (cont) Further, interest will continue to be calculated and will accrue on both the unpaid principal sum of the loan and the unpaid (i.e., capitalised) interest. The interest that accrues on the unpaid or capitalised interest is referred to as ‘compound interest’. Importantly, the ATO has previously acknowledged that, if the underlying, or ordinary, interest is deductible, then the compound interest will also be deductible.

01.01.2022 Extension of the JobKeeper Payment Sadly, many Australian businesses are a long way from trending back to normal as we approach 27 September 2020, the original date that JobKeeper was set to end. Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications. The JobKeeper Payment, which was originally due to run until 27 September 2020, will now continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021.