HQB Accountants Auditors Advisors in Coffs Harbour, New South Wales | Tax preparation service

HQB Accountants Auditors Advisors

Locality: Coffs Harbour, New South Wales

Phone: +61 2 6652 2333

Address: 13-15 Park Avenue 2450 Coffs Harbour, NSW, Australia

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

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25.01.2022 With the end of the financial year around the corner, it’s time for employers to begin preparing their end of financial year employee payroll details. End of financial year process has become much easier with Single Touch Payroll (STP), as STP sends your payroll information to the ATO in ‘real-time’ each time your payroll is processed within your online software. This means that employers reporting through STP no longer need to complete paper PAYG Payment Summaries and Statem...ents at the end of the financial year. This also means that you will no longer be required provide your employees with PAYG payment summaries (AKA group certificates), and instead your employees can obtain an ‘Income Statement’ from their tax agent or myGov account. If this is your first year using STP, we suggest reminding your employees of this new process so they do not expect to receive a paper payment summary. Further, to notify the ATO that you've completed all pays for the payroll year, you will be required to lodge a finalisation declaration from your online software. Please ensure sure your STP information is correct before making this lodgement. This will need to be done before 14 July to ensure that the status of your employee's Income Statements update to ‘Tax ready’, which means that they can then prepare and lodge their 2020 tax returns. If you require any assistance with your end of year payroll processes, whether you use STP or not, please contact the friendly team at HQB and we will help you out. - April Limbert & Kanista Arokianathan Posted 26.06.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

25.01.2022 With restrictions easing, it's time for Bellingen Netball Association to get back into the swing of things and spruce up their uniforms for the season ahead. HQB are proud sponsors, with our staff and their families taking part in the local competitions. It is great to see people of all ages, from 5 years to adults participating and getting some much-needed play time during the trials and tribulations of 2020 while sporting the HQB logo!

24.01.2022 We are currently working to get our phones back up and running ASAP. Thank you for your patience and understanding.

24.01.2022 As the Rules for JobKeeper continue to evolve, we have updated our previous article posted earlier this month. From the 27th of September, the government will initiate significant changes to the JobKeeper scheme. Nicknamed JobKeeper 2.0, you will need to requalify, and new payment rates will be introduced. The JobKeeper payments will be extended until 28 March 2021 across two separate periods: Extension 1: from 28 September 2020 to 3 January 2021... Extension 2: from 4 January 2021 to 28 March 2021 Additionally, any eligible business can qualify for JobKeeper 2.0. This means that you do not have to be already receiving JobKeeper payments. The extended JobKeeper schemes will be open to new participants, provided they meet the eligibility requirements for the relevant extension period. Further, please note that you could still be eligible for JobKeeper Extension 2 even if you were not eligible for JobKeeper Extension 1. In a nutshell, the changes will include: The current decline in revenue test remains the same at 30%; In respect of JobKeeper payments from 28 September to 3 January 2021, employers will be tested based on the decline in their September 2020 quarter turnover, compared to the September 2019 quarter turnover (please note that there is a further test for the period 4 January 2021 to 28 March 2021, which is based upon the December 2020 quarter turnover, but we will contact you closer to that date); We expect the Alternative tests (still to be released) will follow a similar process as per JobKeeper 1.0. The fortnightly JobKeeper amount will drop for the period 28 September to 3 January 2021 as follows: $1,200 per fortnight for workers/eligible business participants exceeding 20 hours per week, and; $750 per fortnight for other eligible persons. Please note that there will be further reductions for the period 4 January 2021 to 28 March 2021, and we will detail these closer to that date. If you think you might be eligible for JobKeeper Extension 1, please contact our office for assistance. Ian Hogbin Posted 03.09.2020 Updated 23.09.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

22.01.2022 HQB has had a presence in Bellingen since 1955 so we continually strive to make our services easily accessible to our local Bellingen shire clients. Therefore, we are excited to announce that our HQB Bellingen office has recently relocated to 36 Hyde Street Bellingen. And to accommodate our valued Bellingen clients and build our presence in the Bello area, we have extended our Bellingen office opening hours! We will aim to have our new office staffed during business hours fro...m Monday to Friday and now you can also contact us directly on our Bellingen line at 6655 9413. Every so often, there may be days we have to close the doors but don’t worry, you can always catch us at our Coffs office on those days. For directions to our new office, click on this link or look out for our signage on your drive into Bello. And as a reference for all the locals, you can find us in the old Bellinger Courier Sun building! Be sure to pop in and say hi next time you’re passing by. - James Davis & Laura Stapleton Posted 13.11.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

22.01.2022 HQB would like to acknowledge a great milestone for our Office Manager, April Limbert as she celebrates 10 years with our firm. Congratulations, April. We appreciate you, your dedication and valued contribution to HQB over these years. We are lucky to have you!

21.01.2022 We know it’s not common for Australians to celebrate Halloweenbut where’s the fun in that - especially since 99% of our events were cancelled this year! Check out some of our teams costume efforts from Friday at the office!

19.01.2022 What a great way to brighten our hump day! Another happy client

18.01.2022 Our team put their baking skills to work and made some delicious cupcakes in support of Rspca Australia Cupcake Day today. The money raised goes towards fighting against animal cruelty, plus rescuing, treating and rehoming thousands of animals each year. Anyone interested in donating to this great cause can do so here at our team page: https://www.rspcacupcakeday.com.au//hqbaccountantsauditors

16.01.2022 Today is Jeans for Genes Australia day; for those who don’t know, the Children’s Medical Research Institute undertakes difficult research needed to save children’s lives. They have helped eliminate Rubella, introduced care for premature infants, and developed microsurgery techniques for organ transplants that save lives every day. HQB is hosting a morning tea for staff today to help raise money for this great cause. Also, it's currently Double Donation Day so every dollar donated will be matched by generous donors! For example, your $50 will be worth $100 and will fund twice as much research how amazing is that! To make a donation, click below:

15.01.2022 This morning we surprised our managing Partner with his favourite morning beverage and some personalised cookies to celebrate his 35 year work anniversary at HQB - congratulations on this incredible achievement Ian!

15.01.2022 The HomeBuilder Scheme is a $25,000 non-taxable grant for owner occupiers to build a new home or substantially renovate an existing home (unfortunately, this grant is not available for investment properties). It was established with the expectation to assist the residential construction market by encouraging the commencement of new home builds and renovations. Though there are a couple of restrictionsand as usual some hoops to jump through to be eligible. The works from the ...grant must improve the liveability of the dwelling e.g. not available for swimming pools/tennis courts/unconnected structures. And (good news for some) you do not have to be a first home buyer, but you do have to reside in the property on completion. So Am I Eligible? Well, to be eligible you must meet ALL of the following: You are a natural person (not a company or trust); You are aged 18 years or older; You are an Australian citizen; You meet one of the following two income caps: $125,000 p/a for an individual based on your 2018-19 tax return or later; or $200,000 p/a for a couple based on both 2018-19 tax returns or later; You enter into a building contract between 4 June 2020 and 31 December 2020 to either: Build a new home as a principal place of residence, where the property value does not exceed $750,000; or Substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million; Construction must commence within three months of the contract date. Now the scheme will be implemented nationally, but will utilise states and territories for applications and disbursements of funds. There is no estimated application open date at present, but once open, applications will be backdated to the commencement of the scheme. Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course. Jamie Newling Posted 19.06.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

12.01.2022 Coffs City Centre teamed up with some local artists, at-home crafters and community groups who all contributed to this incredible project around the City Centre 'Knit the City'. With more than 200 knitted and crocheted pieces scattered around town, you may need help finding them all. Drop in to Coffs Central Info Desk and grab free map so you can walk around town and discover the amazing knitted, crocheted and woven creations. If you stumble past the one below, grab a pic with the knit and our logo but don’t forget to tag us in your photo!

11.01.2022 We had quite a few takers this year when one of our accountants challenged others over MOrning tea, I bet you can’t grow a better Mo than me!. So off they went, from the first of November (some may have taken a head start but that’s a separate matter) to grow a MO in support of men’s health. Besides the stylish and impressive facial hair our accountants and Partners have been able to grow, the awareness in our office of men’s health issues, from suicide prevention to pros...tate and testicular cancer has been a prominent topic of conversation. The ‘Movember’ initiative is aiming to reduce the number of men dying prematurely by 25% by 203 and that’s something our team would love to see happen! If you would like to support our MOs and donate to this great cause, you can do so here: https://movember.com/t/hqb?mc=1 Plus check out a progress pic of the Mos in action. - Nicola Dawson Posted 18.11.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

11.01.2022 This year marks a special milestone for one of our Partners, Ian Hogbin celebrating his 35 year working anniversary at HQB! Ian first started working at HQB after deciding to step into the family business alongside his father in 1985. In no time, Ian worked his way up to become a Partner at the firm and promoted to Managing Partner in 1990. Since then, Ian has always made it a priority to set a high standard for HQB staff to ensure that all our clients receive superior serv...ice and advice. During his career as an accountant, Ian has also had some ‘side-projects’; working as the Councillor and Deputy Mayor of the Coffs Harbour City Council, Board member of Chamber of Commerce and Co-ordinator of Coffs Harbour 2050 Think Tank, playing a role in the introduction of the BCU International Stadium, and the launch of Bishop Druitt College, he was also the Foundation Board Members on both of these organisations. As you can see, Ian’s devotion to Coffs Harbour and local businesses has and always will be a focal point of his career. As Managing Partner, Ian has developed his technical skills by attaining extensive qualifications as a Registered Company Auditor, External Examiner with the Law Society, SMSF Auditor, Limited Financial Planner, Justice of the Peace, and as a Fellow Chartered Accountant. Alongside his wide-ranging qualifications, Ian is also a mentor to other aspiring accountants and his peers alike. Congratulations on this inspiring achievement Ian! April Limbert & Nicola Dawson Posted 17.11.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

08.01.2022 What has changed? On the 14th of August the Government expanded JobKeeper eligibility which may now enable previously ineligible employees to qualify for the JobKeeper scheme. An additional ‘1 July 2020 employment test’ has been introduced that, if satisfied, will enable previously ineligible employees to receive JobKeeper payments from fortnights commencing 3rd August. To qualify, an employee will need to satisfy the following criteria as at 1 July 2020:... They were employed as either: Non-casual employee (full-time, part-time or fixed term). Long-term casual employee (employed on a regular and systematic bases for the 12 months preceding 1 July 2020) and not permanently employed else ware. They were 18 years or older (employees aged 16 or 17 can also qualify if they were independent or not studying full-time). They are an Australian resident under the Social Securities Act 1991. What do I need to do? Employers already participating in the JobKeeper scheme must review their staff for any employees that may now be eligible to participate in the JobKeeper scheme under the 1 July employment test criteria outlined above. Such employees may include: Non-casual employees hired between 2nd March and 1 July 2020. Casual employees who were not considered long-term as at 1 March but did become long-term by 1 July 2020. Employees who did not meet the age requirements as at 1 March but did by 1 July 2020. Employees who did not meet the residency (Visa) requirement as at 1 March but did by 1 July 2020. Employees that do now qualify must be provided with a nomination notice by 21 August 2020. There are calls for an extension to this date however nothing has been announced at this time. Anything else I should know? These new measures do not impact those employees and Eligible Business Participants already enrolled in the JobKeeper scheme. These recipients will continue to remain eligible having satisfied the original 1 March 2020 employment test. There are no changes to other aspects of the scheme e.g. the wage condition must still be met (that is, that wages have already been paid before receipt of the JobKeeper payment). The JobKeeper scheme cessation date remains 27 September 2020. At which point the JobKeeper 2.0 extension will come into effect however the full details of which, have not yet been released. If you require assistance assessing the eligibility of your employees in light of the 1 July employment test criteria, please contact our office. Jason Bamford Posted 19.08.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

08.01.2022 From the 27th of September, the government will initiate significant changes to the current JobKeeper payments that eligible employers have been receiving for the past five months. Nicknamed JobKeeper 2.0, the payments will be tested against different eligibility criteria and new payment rates will be introduced.

05.01.2022 The Government made changes to the $150k instant asset write-off scheme that could see more businesses able take advantage of this perk. On the 9th of June 2020, the Government stated they will be extending the scheme for another six months until the 31st of December 2020. So, who is eligible to take advantage of the instant asset write-off? Australian businesses with an annual turnover of less than $500 million (up from $50 million) will be able to take advantage of the exte...nded timeframe to acquire and install assets up to $150,000 (up from $30,000). Further to this, businesses could benefit from the scheme as it could boost cash flow by bringing forward tax deductions for eligible purchases. The instant asset write-off will revert on the 1st of January 2021 and will then only be available for small businesses with a turnover of less than $10 million, and the threshold will be decreased to $1,000. There are some further conditions to consider regarding eligible assets, so if you need to discuss your situation with one of our experienced accountants please contact our office. - Nicola Dawson & Kanista Arokianathan Posted 29.07.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

03.01.2022 On the 16th of June 2020, the NSW Government introduced a Small Business Recovery Grant to assist business owners with the gradual lifting of social distancing restrictions. The grant will allow applicants to receive between $500 and $3,000 in funding to assist with the costs of re-opening a small business after the COVID-19 mandatory closures. Applications are now open and will close on the 16th of August 2020. The new grant replaces the previously announced COVID-19 small b...usiness support grant which allowed applicants to apply for up to $10,000 in funding. If your business previously received the $10,000 grant, you may still be eligible to apply for the newly announced funding, however, there are some restrictions on what you can use the new funding for. The grant can only be used for re-opening or up-scaling operations made from 1 July 2020, and only where no other government support is available. The funding could be used on staff training and counselling, fit-out changes, business advice, and cleaning products, to name a few examples. To be eligible for the grant, you must (as at the 1st of March 2020): Be a small business or a not-for-profit organisation based in NSW; Have an ABN registered in NSW; Have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence). In some cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000; Employ less than 20 full-time equivalent staff (non-employing businesses can apply); Be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000; Be in a highly impacted industry by the Public Health COVID-19 Restrictions on Gathering and Movement Order 2020 (click here to check your industry); Have experienced at least a 30% decline in turnover in any 2 week period from March to July 2020 compared to the equivalent period in 2019. It is important to note that the NSW Government has stated that businesses who successfully receive this funding may be audited in the future. Therefore, it is a requirement that businesses to keep all documentary evidence relied upon to make an application for a minimum of 5 years. You may also be required to provide evidence that the funding was used in accordance with the conditions of the grant. You can submit your application through the Service NSW website here. Nicola Dawson & Kanista Arokianathan Posted 15.07.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

03.01.2022 Today we are supporting R U OK? DAY. It’s the national day of action when we are reminded that every day is the day to ask, Are you OK? if someone in your world is struggling with life’s ups and downs.

02.01.2022 Further to our article posted on 26.10.2020, and in line with the recent changes to personal income tax thresholds, the new tax tables for MYOB AccountRight users are now available. The steps to download the updated tax tables will depend upon which version you have: ARL 2020.3 - If you're working online in the latest version of ARL 2020.3 - No action is required, the correct tax tables have been updated within your software and automatically applied when paying staff... ARL 2020.3.0 (offline users only) - If you work offline, you will need to download the patch and upgrade to ARL 2020.3.1 or download the full installer and upgrade to 2020.3.1’ Sign into your my.MYOB account Select your product from the 'Downloads' page (My Products > Downloads) Download the latest file (version 2020.3.1) ARL Server Edition 2020.3 - Follow your usual process of installing new updates which is uninstalling current version and re-installing using the full installer for 2020.3.1 (steps above) ARL 2020.2 - You will need to download the full installer and upgrade directly to ARL 2020.3.1 (steps above) Please note that you have until 16 November 2020 to implement these changes into your payroll. Unfortunately, for AccountEdge users the update is still not available, however we will keep you updated on the progress of this. For any of our Xero users, the update will be completed automatically so you will not have to do anything to implement these new tax tables. If any of our clients use any other accounting software and require assistance with implementing the new tax tables, please do not hesitate to get in touch with one of our helpful staff. Catherine Stojcevska Posted 04.11.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

01.01.2022 We are currently experiencing a power outage in town which is also affecting our telephones and internet. We will keep you posted on when everything is back up and running.

01.01.2022 The recent 2021 Federal Budget announced various incentives designed to ease the burden of COVID 19 for businesses and individuals; you can read our budget re-cap here. One of the major announcements that effects businesses and employees alike is the introduction of tax cuts for employees, which will see most people pocket more of their wage each pay day. New PAYG withholding tax tables have been released by the ATO and were backdated to be made effective from the 1st of July... 2020. Employers will need to be familiar with the new thresholds and initiate the changes for payments made on and from the 13th of October 2020. However, software providers are continuing to update their platforms to accommodate for the change, and employers have been granted until the 16th of November to ensure they are withholding the correct amount from their employees’ pay based on the new rates. Since the changes to the personal income tax thresholds were implemented part way through the financial year, any ‘over-withholding’ that may have occurred during the transition period, or until businesses had the chance to apply the new rates will be included in the employee’s income tax assessment for 2021. No backdated or additional payments will need to be made by employers. - Catherine Stojcevska & Nicola Dawson Posted 26.10.2020 This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.