Herkess & Partners in Sydney, Australia | Tax preparation service

Herkess & Partners

Locality: Sydney, Australia

Phone: +61 2 9283 0955

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• Tax preparation service
• Accountant
• Financial service

25.01.2022 Whether you think you can, or think you cant, youre right. Henry Ford #australia #accounting #tax #money #business #startups #motivation

25.01.2022 Friendly reminder to business owners that FBT lodgement of returns are due on the 25th, let us know if you would like our help. #taxtime

25.01.2022 We at Herkess & Partners are compliant with the states guildelines to keep our people, clients and the community COVID safe. #covidsafe #COVID19

24.01.2022 Businesses the received the initial cash flow boosts are in line for additional payments, all you need to do is to lodge your activity statements to be eligible, let us know if you want to know if your business qualifies. #covidau #stimulus2020

23.01.2022 Exciting new Single Touch Payroll will be here soon, get ready in one single touch. #newbeginnings

23.01.2022 Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to be aware of this year. These include the tax treatment of early access super, the use of the simplified method to claim work from home expenses, payments related to being stood down, and redundancy or termination payments. Individuals will need to be aware of these potential pitfalls to maximise their deductions. #taxtime2020

22.01.2022 If you withdrew your super early, make sure you meet the ATOs accessibility, fines from $12,000 apply to each misleading statement; https://bit.ly/32AWR1C #superannuation #atonews #taxnews #entrepreneursofau #lifeofanentrepreneur #smallbiz

22.01.2022 Do you know what a SMART GOAL is? Have you ever tried it? Find one thing you want to change/improve in your business or life and use a SMART Goal to achieve the result YOU want.... See below what the acronym stands for. Specific - Well defined - Clear to anyone that has a basic knowledge of the project Measurable - Know if the goal is obtainable and how far away completion is - Find out when you have achieved your goal Agreed Upon - Agreement with all the stakeholders what the goals should be Realistic - Within the availability of resources, knowledge and time Time-Based - Enough time to achieve the goal - Not too much time, which can affect project performance #business #performing #improvement #startups #accounting #tax #Sydney #Australia

21.01.2022 As the pandemic drags on, there may be many unintended consequences for businesses in relation to benefits that you provide in addition to salary and wages, namely FBT. While exemptions and concessions may be available to reduce or eliminate the amount of FBT business have to pay, care should be taken to avoid any excess amounts. An essential item in todays work environment is personal protective equipment including gloves, masks, hand sanitisers, wipes, and anti-bacterial s...pray. If your business provides these or other items to your employees to help protect them from contracting COVID-19 while at work, FBT may be payable on these items. However, these items may be exempt from FBT under the emergency assistance exemption if you provide them to employees who have physical contact with, or are in close proximity to, customers or clients while carrying out their duties, or those employees involved in cleaning premises. Examples of the type of work where protective equipment would be exempt from FBT include medical (eg doctors, nurses, dentists and allied health workers), retail, caf and restaurant, hairdressing and beautician, airlines, and cleaning services. If your employees specific employment duties do not include the aforementioned fields, your business may still be able to apply the minor benefits exemption in relation to the personal protective equipment so long as the benefit is minor, infrequent, irregular, and under $300 to avoid excess FBT. For those employers that have provided equipment such as laptops, portable printers, and other electronic devices to enable their employees to work from home, remember these items will usually be exempt from FBT on the proviso that they are primarily used by the employees for work purposes. In addition, if you allow your employee to use a monitor, mouse or keyboard that they would otherwise use in the workplace, provide them with stationery or computer consumables, or pay for their phone and internet access, the minor benefits exemption or the otherwise deductible rule may apply to reduce the amount of FBT your business may have to pay. Employers that provide their employees with emergency accommodation, food, transport and other assistance due to the impacts of the pandemic may not have to pay FBT on those benefits under certain conditions. For example, expenses such as those incurred in paying for an employees flights home to Australia or expenses incurred for food and temporary accommodation if an employee cannot travel due to restrictions would be considered FBT exempt under the emergency assistance exemption. Similarly, benefits provided that allow an employee to self-isolate or quarantine, and transport (including car hire) to temporary accommodation would also be considered FBT exempt. #fbt #covid #smallbizau See more

21.01.2022 They say only two things are certain in life, death and taxes, and when these two certainties collide, it necessarily causes stress and difficulty. This undoubtedly rings true for those left behind to deal with the estates of loved ones who have passed away, perhaps unexpectedly, alongside dealing with the red-tape at the ATO. That is why the IGTO has recently completed a report on deaths and taxes which seeks to improve the experience of taxpayers and identify opportunities to improve tax administration in the area of deceased estates. #DeathPenalty #taxes #smalbusinessownersau #smallbiz #EstatePlanning

20.01.2022 With markets again falling over the course of the week, and economic uncertainty mounting, the Australian government has flagged that a second round of stimulus will be delivered. This included $15 billion in support of SME lending to complement announcements by the Reserve Bank on Thursday. The RBA itself announced a much-anticipated cut in official interest rates from 0.50% to 0.25%. #markets #economy #covid19australia

19.01.2022 Victorian businesses in lockdown now has access to an additional financial support package from the State government. The package includes a new one-off grant of $5,000 for eligible businesses, extended and expanded payroll tax deferrals for the first half of the 2020-21 financial year, a $30m night-time economy fund to support the hardest hit businesses in hospitality, a $20m CBD Business Support Fund especially for small businesses in the Melbourne CBD, and $40m for regional tourism businesses to cover the cost of refunds and marketing.#covidau #covid19australia #COVID19

19.01.2022 Investment property owners should heed the ATOs warning that it will target mistakes with rental property deductions this tax time especially with over-claimed interest. In our last instalment on rental deductions, we looked at the rules for purchase costs, repairs and improvements. Now, we consider expenses associated with a loan to buy the property. Whether youre planning finance for a new investment property or already paying off an existing loan, talk to us for expert assistance in planning tax-effective rental property investments and getting your annual deductions right.

18.01.2022 With insecure, contract and casual work becoming increasing common particularly in the current COVID-19 affected economy. It is no surprise that many young and not so young Australians may have income from more than one job. If you are working two or more jobs casually or if you have overlapping contract work, you need to be careful to avoid an end of financial year tax debt. Currently, the tax-free threshold is $18,200, which means that if you’re an Australian resident for t...ax purposes, the first $18,200 of your yearly income is not subject to tax. This roughly equates to $350 per week, $700 a fortnight, or $1,517 per month in pay. When you start a job, your employer will give you a Tax file number declaration form to complete which will allow you to claim the tax-free threshold to reduce the amount of tax withheld from your pay during the year. The problem arises when you have two or more employers paying you a wage, and you claim the tax-free threshold for all the employers/payers, the total tax withheld from your payments may not be enough to cover your tax liability at the end of the income year. This also applies to those individuals who have a regular part-time job and receive a taxable pension or government allowance. Hence, the ATO recommends that if you have more than one employer/payer at the same time, you only claim the tax-free threshold from the payer who usually pays the highest salary or wage. The other employer(s)/payer(s) will then be required to withhold tax from your income at a higher rate (the no tax-free threshold rate). Although you may be tempted to claim the tax-free threshold for both employers to have more money in your pocket and less going to the ATO, remember the higher withholding rate reduces the likelihood of bill shock at tax time. The only situation in which you could comfortably claim the tax-free threshold for more than one employer/payer is if you’re certain your total annual income from all your payers will be $18,200 or less. If you decide to claim the tax-free threshold for all your payers but later realise that your total income will be above $18,200 for the year, you can provide one or more of your employers with a withholding declaration to stop claiming the tax-free threshold so you can ensure that you won’t have a large tax bill at the end of the year. Conversely, if the income from your employers/payers was originally to be more than $18,200 for the year, but a change in circumstances (whether it be your own circumstances or factors affecting your employers) meant it would be less than that. You can complete and lodge a PAYG withholding variation application to reduce the amount of tax withheld from your payments so you’re not disadvantaged by the current withholding rates. See more

18.01.2022 During this difficult time, our team at Herkess & Partners are undertaking business as usual with some slight adjustments. We ask for any urgent documents to be scanned and sent to us via our client portal. For the safety of our staff and clients we have staggered office hours, please contact us via email or phone for any further questions

18.01.2022 It is that time of year, End of Financial Year, dont be late and stress, check with us all your EOFY obligations are complete, including Super contributions, BAS quarter, P& L etc. We are here to help. [email protected] #boss

18.01.2022 If you or your business has been financially affected by the second lockdown in Victoria, dont fret, the government has unveiled new support measures to get you through and on the road to recovery. The new measures include further land tax relief consisting of a 50% waiver and a deferral of payment until 31 March 2021 for landlords that provide eligible tenants with rent waivers, subject to certain conditions. The existing ban on evictions and rental increases will also be extended until 31 December 2020 and more grants will be made available.#COVID19Vic #covidau

17.01.2022 The Federal Government is extending the special rules applying to bankruptcy actions and director personal liability claims, from 28 Sep to 31 Dec. With the special rules in place for longer, businesses have more time to trade their way out of difficulty. Are your customers struggling to pay their debts going to ride out the pandemic economic downturn or is there a fundamental change to their business that time just isnt going to help. Whatever the reason, it is always prudent to review debtors objectively and negotiate special arrangements if necessary. #COVID__19 #COVID19Aus #COVID19nsw

16.01.2022 The ATO has reported that some businesses are making simple mistakes reporting their GST. The ATO reminded taxpayers to avoid the following common GST reporting errors: Transposition and calculation errors No tax invoice Transaction classification Accounting systems ... If a taxpayer finds a mistake made on a previous activity statement, the ATO says they can: correct the error on a later activity statement if the mistake fits the definition of a "GST error" and certain conditions are met; lodge an amendment - the time limit for amending GST credits is 4 years starting from the day after the taxpayer was required to lodge the activity statement for the relevant period; or contact the ATO for advice. Want to ensure your GST affairs are in order? Contact us today!

16.01.2022 While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust. Changes such as this are complex with each structure having its own distinct advantages and disadvantages. Before you consider a change, experts should be consulted to avoid costly mistakes which may stymie the success of your business. #accountantsau #smallbusinessau #smallbizau #covid19nsw

15.01.2022 The common mistakes the ATO has observed recently: -Forgetting to check all bank accounts for interest; -Forgetting to correctly report dividends and franking credits;... -Poorly substantiated small business expense claims; -Businesses not completing annual reconciliation of income tax return information and business activity statements (BAS); -Small calculation errors, including transposition of figures; -Claiming business expenses as GST inclusive rather than GST exclusive; -Overclaiming agent fees where they relate to more than one entity or taxpayer; and -Not including income from coupon sales. #business #smallbusiness #tax #bookkeeping #accounting #expenses #coupons #sydney #australia #australiantaxation

15.01.2022 Here is a great go- to for everything ATO related to Covid-19. Please contact us via email if you have any concerns; https://www.ato.gov.au//The-Australian-Government-s-Econo/

14.01.2022 Are you an employee who sometimes works from home now in this new world? You may be able to claim deductions for some of your home office expenses. Talk to us about making claims and keeping records in case of an audit. #workingfromhome

14.01.2022 JobKeeper explained: What your boss can and cannot ask you to do - ABC News https://ab.co/3ecLL5u #jobkeeper #covidau

14.01.2022 As a part of the governments coronavirus economic response package, a provision was inserted into the Corporations Act 2001 to provide temporary relief (safe habour) for directors of financially distressed business from potential personal liability for insolvent trading. This was designed to counter the pressure on boards and directors to make quick decisions to enter into an insolvency process to mitigate the risks of insolvent trading during this economic downturn. Accordi...ng to ASIC, whether or not action is taken depends on the assessment of all relevant circumstances, including what a director or officer could reasonably have foreseen at the time of making relevant decisions or incurring debts. Therefore, if you plan on using these safe habour provisions to get your business through the next 6 months, it may be prudent to seek the advice of an appropriately qualified adviser. #HelpUsHelpYou #covidau

14.01.2022 Businesses on the JobKeeper take note, there has been recent changes which extend the eligibility of the program so that more of your employees may be eligible. Employee eligibility has been changed to 1 July 2020 and individuals are also able to re-nominate a different eligible employer as at that date. For any newly qualified employees to receive the JobKeeper, some crucial forms and declarations needs to be lodged by an impending due date, but given that the program will run until March next year, it will be well worth it for employees and businesses. #jobseekers #jobkeeper #stimulus #covidau

13.01.2022 The Bureau of Statistics shows there are 2.1 million small businesses in Australia. Data and analytics provider illion revealed 54,992 businesses went bust in Australia last financial year. That is a 12.7-per-cent increase in the number of failed businesses compared to the year before.... Ousourcing your accounting needs can free up more time and capital to focus on business critical tasks. Reach out to us today for a consultation. #business #smallbusiness #statistics #accounting #bookkeeping #australia #sydney #cashflow

13.01.2022 Last year, some 107,000 ATO impersonation scam calls were reported to the authorities, the real number is likely to be much higher given that most of these calls go unreported. The scammers are increasingly using technological advances to appear more legitimate and nab unsuspecting victims. One technique commonly used by these conmen is spoofing, where software overstamps an overseas number with an Australian number, typically that of the ATO. That may soon change with the completion of a successful government trial to block these calls.

13.01.2022 Repayment holidays or loan payment deferrals as a result of COVID-19 for a majority of borrowers are due to end in September. If you or your business initially deferred a loan at the beginning of the pandemic, now is the time to start working out whether you can afford your repayments. To ensure that the interests of consumers are protected, ASIC has outlined some expectations of financial institutions in dealing with an orderly return to repayments including contacting consumers in a timely manner. #BusinessNews #BusinessOwner #covidnsw

12.01.2022 The maximum number of allowable members for SMSFs could soon increase from 4 to 6 if a recently reintroduced Bill passes Parliament. The Bill was previously a part of the 2018-19 Budget measures and was aimed at providing more flexibility to many SMSFs with aging members and larger families. By allowing more members, the government envisions that SMSFs will become a part of intergenerational solutions for managing long-term investments. It would also potentially allow members to plan around contribution caps and transfer balance limits. #superannuation #smsf #smallbusinessau #smallbizau

10.01.2022 To all the business owners and aspiring entrepreneurs out there. These 10 great tips are a definite must read! #entrepreneurs #angels #investment #business #sydney #australia #startups

10.01.2022 Businesses wanting to take advantage of the super guarantee amnesty have time to disclose underpayments of super guarantee to the ATO and work out a payment plan. Dont worry if your business doesnt have the funds at the moment to pay the shortfall, the ATO is willing to work with you to create payment plans to make good on unpaid super over time. According to the government, businesses that do not come forward before 7 September and are subsequently audited and found to have underpaid employees will face significant financial penalties. #superannuation #BusinessOwners #Lifeofanentrepreneur

10.01.2022 Happy New Year from us at Herkess & Partners! We wish your 2020 to be a year of health, of success and above all, a year full of joy. Photo from www.abc.net.au

07.01.2022 Among the many unintended consequences of COVID-19, businesses that provide cars to their employees may now be on the hook for more FBT. Under the FBT regime, where an employee garages a work car at home, the business is deemed to be providing a car fringe benefit. However, with most people still working from home, the ATO notes that this could create unreasonable consequences for businesses. As such, it has outlined certain conditions where it will accept that a business is not holding the car for the purpose of providing fringe benefits to an employee. #fbt #taxissues #businessnews #smallbizau

06.01.2022 Any questions or concerns regarding eligibility please check: https://www.ato.gov.au/general/JobKeeper-Payment/

06.01.2022 Tax time 2020 is coming up: Heres every date you need to know https://yhoo.it/2zvVmWg #tax2020

05.01.2022 Reminder for Monthly BAS lodgers, you have 3 days and we are happy to help, email us [email protected] #BAS

03.01.2022 We live in unprecedented times, our team are able to answer any queries you have via email or phone regarding ATO changes. Here is the latest news on the job seeker payment:

03.01.2022 The Government has announced a $17.6 billion economic stimulus package to support the Australian economy and households while dealing with the significant challenges posed by the spread of the coronavirus, COVID-19. #covid19 #stimuluspackage #covidau #covidaustralia https://www.pm.gov.au/media/economic-stimulus-package

01.01.2022 With the COVID-19 pandemic affecting all aspects of the economy, it is not surprising that some managed funds have suspended or cancelled the ability of investors to withdrawal their money. Broadly, managed funds include any fund in which the money you invest is pooled together with other investors. The fund manager or responsible entity then uses the pooled money to buy and sell assets (including shares or bonds) on your behalf. In some situations, these managed funds may fa...Continue reading