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Hot Octopus

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25.01.2022 COVID19 #1 Two important things to do. Wow! What a crazy month! There's lots of information about what support is available if you have been affected by COVID19 but I'll attempt to summarise it here. Make sure you check for yourself what you might be entitled to! Top 2 things to do right now:... 1. Register for a mygov account online if you don't have one. This helps you communicate with Centrelink. https://my.gov.au/LoginServices/main/login?execution=e1s1 2. Register your intent to make a claim - this is important so that any payments can be backdated appropriately https://www.servicesaustralia.gov.au//how-register-your-in See more

24.01.2022 We've added online appointments this year! Chartered Accountants with 20 years experience. Check out our page and find out how we are 'something different'!!

23.01.2022 More and more people are using cryptocurrency to invest. Did you know every trade /exchange counts for CGT/tax? Yes, it’s a bit of a nightmare but we like nightmares so let us know if you need some help !

23.01.2022 Welcome to the new financial year! It's time for the annual win-your-individual-tax-return-for-free competition Tag a friend to be in the running! www.hotoctopus.com.au/tax-2020 (we'll pick the winner Sunday 12pm AWST)

23.01.2022 Working from home during COVID19?Working from home during COVID19?

21.01.2022 We're looking for new clients in Brisbane! Whether you require tax or accounting services personally or for your business, Hot Octopus is here to help!

21.01.2022 Did you know that Hot Octopus is a certified Xero advisor? We have recently converted our practice file to Xero and we're noticing many benefits - including better bank reconciliations, integration with apps/other programs and great online help files! There is currently a partner promo to 31/12 of 50% off the price of business plans for 5 months which gives you plenty of time to get your head around Xero if you're thinking of a swap. If you are using a manual cashbook, we encourage you to get in contact and discover the time-saving benefits of online cashbooks! We have access to partner-only plans that start from just $12.50 a month for a simple non gst cashbook.

20.01.2022 If you have a HECS debt you might start paying it back in your 2020 return even if you haven’t before. They’ve lowered the repayment threshold.

20.01.2022 Own a rental property? Here's the 2020 guide from the ATO incase you're looking for some light weekend reading on the topic :) Happy Saturday to you all!!

19.01.2022 A summary page of how Jobkeeper changes from September 28 can be found here: https://www.ato.gov.au//QC63444_Jobkeeper_extension_infogr

19.01.2022 COVID19 #3 for businesses: ITEM 1 - increase to the small business asset write off The threshold has been lifted from $30K to $150K for asset purchases between March 12 and June 30 2020 - you'll be able to claim the full cost of any (eligible) assets purchases between these dates and under $150K in your 2020 tax return.... ITEM 2 - CASH FLOW boost for EMPLOYERS If you have employees, you'll receive a minimum of $10K with your next BAS refund. You'll receive an amount equal to the tax you've withheld, with the minimum payment being $10K and the max $50K. If you continue to employee, you'll get 25% of the original payment after the June BAS and 25% of the original payment after the September BAS. https://www.business.gov.au//Boosting-cash-flow-for-employ ITEM 3 - Subsidy for apprentices/trainees https://www.business.gov.au//Supporting-apprentices-and-tr ITEM 4 - Other support from ATO https://www.ato.gov.au//In-d/Specific-disasters/COVID-19/ ITEM 5 - JobKeeper As announced today the government will help employers keep employees by subsidising their wages by $1,500 a fortnight. https://treasury.gov.au//Fact_sheet_supporting_businesses_ For employers with turnover of less than $1billion, you'll need to demonstrate turnover has decreased by atleast 30% relative to a comparable period a year ago. ITEM 6 - if you are a sole trader or self-employed, the government has announced you are also eligible to claim JobSeeker payments (see post #2) or JobKeeper payments (above) ITEM 7 - Loan guarantee The government will guarantee 50% of a SME (small to medium enterprise) eligible unsecured loan of up to $250K with a term of up to 3 years, by participating lenders https://treasury.gov.au/coronavirus/sme-guarantee-scheme ITEM 8 - loan repayment deferrals for 6 months You'll need to contact your bank to discuss. https://www.ausbanking.org.au/covid-19-relief-faqs/

17.01.2022 Worried about the 31/10 deadline? Get your details to me before 31/10 and you've got heaps of time to lodge!!Worried about the 31/10 deadline? Get your details to me before 31/10 and you've got heaps of time to lodge!!

16.01.2022 Have you seen our listing on the Xero Advisor's page? Do know someone using Xero that needs our help? https://www.xero.com//advisors/a/hot-octopus-52f3701b5a88/

14.01.2022 Claim education expenses? Remember they must have a sufficient connection to your current job and maintain or increase the knowledge, capabilities or skills ...you need for your role. When completing your tax return, there are two types of claims you can make: Self-education expenses this can be a formal qualification at university or TAFE. If you’re lodging your tax return using myTax, you can claim these expenses at the ‘Work-related expense self education’ question. Seminars, training courses, education workshops or conferences - this may include formal education courses provided by professional associations. If you’re using myTax, you can make these claims at ‘Other work-related expenses’ label. You can't claim the repayment of loans you receive to help pay for your self-education or study expenses (like HECS or VETSL). Read more at www.ato.gov.au//Seminars,-conferences-and-training-courses/

14.01.2022 Eligible Employers are now able to register for the JobMaker Credit. Check out the link below or feel free to contact us if you would like more information.

13.01.2022 Happy New Year folks! I’m busy doing nothing over in QLD at the moment but I’ll be back next week. Hope you all had a great Christmas break. See you soon! Corinne

13.01.2022 Be your own super(annuation) hero and make the most of what you save! You can use our online services to: search and rescue any lost or unclaimed super you... have combine your powers - consider consolidating your super into one account get briefed on your super fund account balance, contributions made by your employer and other essential info. To find out how our online services can help you keep track of your super, visit ato.gov.au/superonline

12.01.2022 Do you use your car for work purposes? For a smooth ride this tax time, ensure you have accurate records to support your claims! If you claim a work-relate...d car expense using the cents per kilometre or logbook method, remember you can’t claim any further deductions in the same tax return for the same car. Find out more at www.ato.gov.au///vehicle-and-travel-expenses/car-expenses/

12.01.2022 School's back! Are you involved in your local P&C? Leanne has recently been treasurer of her P&C and if offering bookkeeping services if your committee is looking to outsource the work to someone who is on top of the various requirements! Please share!

11.01.2022 COVID19 #2 If you're wondering what's available for individuals, start here: https://www.servicesaustralia.gov.au//affected-coronavirus... ITEM 1 - $750 stimulus payment This payment is to social security, veteran and other income support recipients and concession card holders. There are two payments possibly available, see this link to check if you are eligible. You'll receive the payment automatically. https://treasury.gov.au//Fact_sheet-Payments_to_support_ho ITEM 2 - $550 a fortnight 'supplement' payment To see if you are eligible, check this link (you'll need to be receiving certain Centrelink payments): https://treasury.gov.au//Fact_sheet-Income_Support_for_Ind ITEM 3 - you can withdraw up to $10,000 of your super in 2020 and up to $10,000 in 2021. See here for the criteria: https://treasury.gov.au//Fact_sheet-Early_Access_to_Super_ ITEM 4 - Announced today 'JobKeeper' payments Eligible employers can access a wage subsidy to continue to pay their employees and receive $1500 a fortnight https://treasury.gov.au//Fact_sheet_Info_for_Employees_1.p If you access this though you won't be eligible for some of the other payments (no double-dipping!!!) edit: and it will count as income when being assessed for other payments. If you are out of work, you''ll most likely be applying for the JobSeeker payment through Centrelink if you are not eligible for JobKeeper. This payment is income tested (partner income must be no more than $79,762) and you must earn less than around $1,000 a fortnight (exact amount tbc). The payment per fortnight looks to be around $500. But you'll also access the $550 supplement payment. You might also qualify for other assistance from Centrelink.

11.01.2022 Have you linked your myGov account to the ATO yet? Have you got a myGov account yet?!

10.01.2022 True or False: You can claim a standard $300 deduction in your tax return for work-related expenses? False! There is no such thing as an ’automatic’ or ‘stand...ard deduction’. There are limited circumstances where receipts may not be required. You still need to calculate your claim on a reasonable basis, have spent the money and show the expense was related to earning your income. Find out the records you need at www.ato.gov.au//Income-and-deduc/Records-you-need-to-keep/

06.01.2022 This is so true. As much as we all want a nice big refund it is better to wait a week or two so that there is a chance the ATO has up-to-date information.

06.01.2022 If you are a DIY tax returner, then time is running out to lodge on time! Returns are due October 31 unless you are on the list of a tax agent. If you've been here long enough you might remember this: What's the biggest mistake people make on their tax returns EVERY SINGLE YEAR? They do it themselves!... Happy Friday everyone!

03.01.2022 https://www.ato.gov.au/general/JobKeeper-payment/ Jobkeeper enrolment is now available. For businesses, like sole traders, you can't access the payment if you have a permanent full time/part time job elsewhere.... Can a sole trader receive JobKeeper payments when they are also an employee of another business? No. An eligible business participant cannot be an employee (other than a casual employee) of another entity. If the sole trader is both a long term casual employee of another business and also an eligible sole trader, they can choose to either let their employer claim the JobKeeper payments on their behalf, or they can claim as a sole trader, but not both.

02.01.2022 Working from home? and COVID19 #4 I've posted in other years about claiming home office expenses. You'll find my post from last year regarding phone and internet expenses here: https://www.facebook.com/hotoctopus/posts/2934977906726574?__xts__%5B0%5D=68.ARCaqMgqPLlvVqJGetNs6X98cVjbCsmmgjYFhFSKZtyYyMPeKvj2ywi4zce7nMPxnEZXxUVEUj3Goru-C-nJY3VNWd7Rrrjh9q8cUOeFbch2JvqxoiVUWm60fiKiwdiQ8-JpOJcbq9KBRo-AI5ZOf3PedD5DpT7c8Vpfuq2xkJsxwYW9a2QVeeOySLO80Rb13C6_6xl18_9ymxqs9A8Mub8wX8wPNCXjw...RBKnwz7CHTc-2pCKdwpx3kJdh5L9U0TvyIFgE4QiB5_tAirw2XmugIB7mOzmVbzVrdAJ3aGUEa1ajHqLSp25jGzk0eSQ3xuG7HAk76EnNlc3Y1jORIjf-HxkY8m&__tn__=-R Basically, unless you want a very limited claim, you need to do a 4 week diary to show your internet/phone/home office use. (Phones are easier, as most people can print off a monthly statement showing calls). A 52 cents/hour claim for home office (to cover electricity, heating, lighting, and office furniture) expenses is only able to be made if you have a separate room where these activities occur (not the kitchen table). You'll need to keep a 4 week diary to prove your use of the room. https://www.ato.gov.au//Deductions-/Home-office-expenses/ The ATO have announced an 80 cents/hour claim for home office for the period 1 March to 30 June as many people are working from home now due to COVID19. It sounds great, you don't need a 4 week diary, but do need to be able to prove your hours, and you don't need a separate room. But this claim includes all your phone, internet, equipment, stationery etc. https://www.ato.gov.au//Suppo/Employees-working-from-home/ You know what I'm going to say. If you are working in a separate room, you should keep a diary. The claim might be a lot larger. A diary of hours spent working in the room, and some type of diary regarding internet use (you have to factor everyone else using it in the household too - I'm thinking number of hours each person uses is easiest). Annoying as it is, start tracking! You need 4 weeks!

01.01.2022 Received a suspicious call, message or request? It could be a tax scam. Check with us first.

01.01.2022 In 2020 we are COVID/pyjama friendly at Hot Octopus! We're offering online appointments using a variety of platforms. Check out our website to see who we are, what we do and how we do it! www.hotoctopus.com.au

01.01.2022 No travelling for me at the moment but here’s the latest from the ATO just in case.

01.01.2022 These are good guides to get an idea of possible deductions you might have come tax time that maybe you haven’t thought of before!!