Heath Accounting Solutions in Dayboro, Queensland, Australia | Financial service

Heath Accounting Solutions

Locality: Dayboro, Queensland, Australia

Phone: +61 438 018 348

Address: Unit 2, 10 Williams Street 4521 Dayboro, QLD, Australia

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

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• Tax preparation service
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25.01.2022 The Government has announced an extension to the JobKeeper payment scheme which will take effect on 28 September 2020 and will continue until 28 March 2021. The current scheme will remain until 27 September 2020 under the existing rules but JobKeeper 2.0 will have some significant changes. For your convenience, here is a link to our latest newsletter detailing these changes: https://bit.ly/2ZRDuQ6 In late September, we will be in contact with all our clients that are currently eligible for JobKeeper regarding reconfirming their eligibility, and advising what we require from you to do this. In the meantime, if you have questions about how this will affect you, please don't hesitate to contact our office.

25.01.2022 For the 2020-21 financial year, the ATO has increased the value of a car that can be claimed for depreciation purposes (and GST if registered) from $57, 581 to $59,136. This applies to all new vehicles purchased after 1 July 2020.

24.01.2022 To help kick-start your Xero journey, our preferred cloud-based accounting software is offering 50% off for five months on new subscriptions to Xero Business Edition plans. New files need to be setup before midnight (AEDT) on 30th November 2020. So if you’ve been thinking about moving to Xero contact us today for more details!

24.01.2022 If you have not yet lodged your tax return we want to remind you that it is essential you only claim what youve spent. If you are unsure what you are able to claim and want to check if all of your deductions are legitimate, please call our office to make an appointment with Diana. Dont forget that you must have written evidence to prove your deduction claims.

24.01.2022 The latest ATO data has shown a 12 per cent increase in tax return lodgements (over 1.7 million returns have been lodged up to 16 July!), when compared to the same period last year. Before you file your tax return, be careful not to make mistakes and include all your income. The ATO recommends to wait for STP data to be finalised before lodging. Although this may slow down your return now, it could save hassles (i.e. amendment or potential tax debt) later on. Remember, if you are claiming the shortcut method for work from home expenses, you cannot claim one of the existing methods as well.

23.01.2022 Helloooooo Friday!

23.01.2022 You may need to lodge a Taxable payments annual report (TPAR) by 28 August if your business provides any of the following services and you pay contractors or subcontractors for these services: * building and construction * cleaning * courier or road freight * information technology (IT)... * security, investigation and surveillance. For each contractor you pay you will need to include on your TPAR their name, address, ABN and the total amount paid to them, including any GST.

23.01.2022 Here are the important Tax dates to mark in your calendar for November: * 21 November - Lodge and pay your October 2020 monthly business activity statement. * 25 November - Lodge and pay your September 2020 activity statement if you lodge through a tax agent. * 28 November - Lodge and pay your September 2020 Superannuation guarantee charge statement - quarterly if the employer did not pay enough contributions on time.... As always, if you need any assistance please send us a message or call us on (07) 3425 1115.

23.01.2022 Did you know? To claim a personal superannuation contribution you must notify your super fund on the approved ATO form BEFORE you lodge your tax return? If you have not yet notified your super fund of your intention to claim a tax deduction for personal contributions made in the 2019 income year, you must do this by tomorrow, 30 June 2020. (You can only do this if you have not yet lodged your 2019 tax return.)

23.01.2022 The tax cuts announced in October’s Federal Budget have now passed the senate and employers have been given until November 16th to update their payroll systems. The upper limit of the 19 per cent tax bracket has risen from $37,000 to $45,000 and the 32.5 per cent upper threshold has lifted from $90,000 to $120,000. The tax cuts will be backdated to July 2020 so you’ll see the benefit when you put in your 2020-21 tax return.

21.01.2022 The ATO has recovered $120 million in JobKeeper payments that were wrongfully distributed due to applicants making deliberate or reckless mistakes.

21.01.2022 Currently, 4.5 million people have multiple super accounts, paying a total of $450 million a year in extra fees. With the changes to super the government revealed in this month’s budget, new employers will need to find your account through the ATO and pay your super into your existing account, unless you choose another one. The government also plan to introduce a new online comparison tool called YourSuper. It will provide a table of super funds ranked by fees and returns.

20.01.2022 If you were one of the 1.65 million Australians who withdrew money from your super fund to help with the economic fallout from COVID-19 and are hoping to rebuild your balance when you are able, you can either: * Salary sacrifice up to $25,000 before tax or: * Make a voluntary after tax contribution and claim a tax deduction.

19.01.2022 As part of the 2020-21 budget, the government announced the JobMaker Hiring Credit Scheme. This scheme will give eligible employers hiring credit for each new job they create for 12 months starting 7th October 2020. The JobMaker Hiring Credit is: * $200 per week for each eligible employee aged 16-29 * $100 per week for each employee aged 30-35.

18.01.2022 Xero are offering 50% off for three months on new subscriptions to Xero Business Edition plans. This offer is available until 30 June 2020 only. Please contact our office to take advantage of this limited time offer.

18.01.2022 Just a reminder, if you can afford to top up your super this financial year, you need to do this now. Super contributions must be received by your super fund by 30th June in order to qualify for a tax deduction in the 201920 financial year and it takes time for your super fund and the super clearing houses to pay the contributions to the relevant super funds.

17.01.2022 Here are the important Tax dates to be aware of in August: *21 August - Lodge and pay July 2020 monthly business activity statement *25 August - Lodge and pay quarter 4, 201920 activity statement if you lodge electronically *21 September - Lodge and pay August 2020 monthly business activity statement.... Please dont hesitate to contact our office if you need any assistance.

17.01.2022 There are potentially large sums of money people may have lost track of including lost shares, forgotten bank accounts, un-presented cheques, dividends, trust account funds, and about $20 billion in lost and unclaimed super. To look for lost super yourself, head online to your myGov account or phone the ATO's lost super search line on 13 28 65.

17.01.2022 Effective July 1 2020, the ATO changed the age limits for SMSF members making voluntary concessional and non-concessional super contributions without meeting the work test to allow for flexibility as follows: * Members can make voluntary concessional and non-concessional super contributions without meeting the work test if they are younger than 67 * And receive spouse contributions if they are 75 years old or younger.... Members must still meet all other eligibility criteria.

16.01.2022 For the 2020-21 financial year, the ATO has updated the cents per km rate for individual car expenses. The cents per km rate : * Allows you to claim a maximum of 5,000 business kms per car, per year * Does not require written evidence to show exactly how many kms you have travelled... * Uses a rate that takes car registration, fuel, servicing, insurance and depreciation into account. The rate is: * 72 cents per km for 20-21 * 68 cents per km for 2018-19 and 2019-20.

14.01.2022 Are you registered for GST? You'll need to register: * If you have an annual turnover of $75,000 or more, or $150,000 for non-profit organisations * If you provide taxi travel for passengers (including ride-sourcing) regardless of your GST turnover this applies to both owner drivers and if you lease or rent a taxi... * If you want to claim fuel tax credits for your business. See more

14.01.2022 This Ekka long weekend is the perfect excuse to explore our beautiful region and support local businesses. Please be aware that our office will be closed on Monday to observe the Moreton Bay Region Ekka public holiday.

11.01.2022 Please dont struggle in silence. If youve been affected by bushfires, drought or COVID-19 reach out to your banks and financial institutions, pick up the phone and talk to someone. There is help available, you are not alone. For support, call Beyond Blue on 1300 22 4636 or Lifeline on 13 11 14.

10.01.2022 With a handful of dishonest people trying to take advantage of the support measures the government has introduced this year to help combat the economic fallout from COVID-19, the ATO is now conducting checks on the benefits businesses have received that they may not be entitled to. In particular: * JobKeeper * Boosting Cashflow for Employers * Early Release Superannuation.... If you find you have been receiving a COVID-19 benefit you are not entitled to, the ATO strongly recommends you seek professional advice and support and look to get on the front foot with a voluntary disclosure to the ATO. Similarly, if you have made an honest mistake, call the ATO right away so that they can help you put things right.

10.01.2022 *REMINDER* The SG amnesty ends Sept 7th 2020. This is your last chance to catch up on unpaid super without penalty or fees. If you need any help to get your superannuation guarantee up to date, please send us a message or call us on (07) 3425 1115.

09.01.2022 Want to start the new financial year on the right foot? Always thought about moving to a cloud accounting software platform? If you subscribe before midnight, Monday 31 August 2020, you can save 50% off for four months on new subscriptions to Xero Business Edition plans. Contact us for the PROMO Code and see how easy business accounting can be.

09.01.2022 *JULY SCAM UPDATE* There has been over $2,240,000 in reported losses due to scams since the outbreak of COVID-19. Common scams include phishing for personal information, online shopping, and superannuation scams. There are currently several myGov-related SMS and email scams. These scams look like they have come from a myGov or ATO email address. They also might appear in your legitimate ATO or myGov SMS message thread. The ATO is advising you NOT to click any links and do not provide the information requested. You can find all of the latest scam details on the ATOs website: https://bit.ly/301YF1W

09.01.2022 The effects of COVID-19 has had a significant impact on residential landlords. This tax time, there are several issues that landlords should keep in mind to help them make the most of their tax return.

09.01.2022 At 11am the Heath Accounting Solutions team will observe one minute’s silence in memory of all who have died or suffered in war and armed conflicts. #WeWillRememberThem

08.01.2022 As a small business owner, do you know what youll do when JobKeeper ends? Now is the time to ensure that you have a business viability plan/cash flow plan in place. Heath Accounting Solutions take the time to get to know you and your financial affairs to ensure our advice and services are tailored to your needs. Please contact Diana if youd like to discuss how we can help you: 0438 018 348.

07.01.2022 If you missed out on the Queensland Governments first round of the Small Business COVID-19 Adaption Grant Program, round 2 opens July 1 2020. The last round was exhausted after only 3 days so now is the time to prepare your application. Here is the link to the governments site for more information: https://bit.ly/2BpmVRV

07.01.2022 Last week Josh Frydenberg delivered his Economic Statement which revealed estimated deficits of $85.8 billion in 2019-20 and $184.5 billion in 2020-21. The economic and fiscal outlook remains highly uncertain due to the second wave of coronavirus we are experiencing. The Government will provide further forecasts and projections in the 2020-21 Budget on 6 October 2020. Its also important to note that the second early release of superannuation now has an extended end date of 31 December 2020. The conditions remain the same and you apply online via MyGov: https://bit.ly/32XHKzi

06.01.2022 Are you registered for GST? Youll need to register: * If you have an annual turnover of $75,000 or more, or $150,000 for non-profit organisations * If you provide taxi travel for passengers (including ride-sourcing) regardless of your GST turnover this applies to both owner drivers and if you lease or rent a taxi... * If you want to claim fuel tax credits for your business. See more

06.01.2022 *Did you know?* If your business has been affected by the economic fallout due to COVID-19 and you made a tax loss for the 2019-20 financial year you may be able to: * Offset the loss in the same income year against other assessable income, or... * Carry forward the loss and claim it as a business deduction in a later year. See more

05.01.2022 Last week, the Heath Accounting Solutions team attended a webinar regarding the JobKeeper extension that takes affect 28 September 2020. We were advised that only the Fair Work amendments have received Royal Assent, all other legislation surrounding the JobKeeper extension is yet to be written or released. This should be available in the next week or two. However, we wanted to keep you updated as we know you are all keen to find out how this will affect you and your business. Here is a link to our recent newsletter detailing all the information we have to date: https://bit.ly/2Zzp4Uc We will be in touch as soon as the legislation is finalised and we have more clarification on the application of the extension. In the meantime, if you have any questions, please do not hesitate to contact our office.

03.01.2022 Here are the important Tax dates to be aware of in September: * 21 September - Lodge and pay your August 2020 monthly business activity statement. As always, if you need any assistance please send us a message or call us on (07) 3425 1115.

02.01.2022 The ATO has issued a reminder to all employers to finalise their Single Touch Payroll data for the 2019 -2020 financial year. The due date for making finalisation declarations is: * 14 July 2020 for employers with 20 or more employees * 31 July 2020 for employers with 19 or less employees.... By finalising your payroll information through STP, you are not required to provide payment summaries to your employees and lodge a payment summary annual report.

01.01.2022 With the economy officially in recession, having contracted by 0.3 of a percentage point in the March quarter, the Treasurers economic and fiscal update on 23 July 2020 is much anticipated and will include the outcome of the governments JobKeeper review. We will update you on the outcome of the findings as they are announced.

01.01.2022 Have you paid your employees 9.5% superannuation contributions? If not, the ATOs superannuation guarantee charge amnesty expires on 7th September 2020. There are many benefits to getting in while the amnesty is available, including reduced penalties. If you need any help to get your superannuation guarantee up to date, please send us a message or call us on (07) 3425 1115.