Hume Tax Service in Coburg, Victoria, Australia | Business service

Hume Tax Service

Locality: Coburg, Victoria, Australia

Phone: +61 3 9357 8877

Address: Suite 2, Floor 1, 357 Barry Road 3061 Coburg, VIC, Australia

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

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20.01.2022 Don't be fooled by politicians saying an increase in the GST rate is good for the country. We require a complete overhaul of the taxation system and no further band aid temporary revenue raising measures.

19.01.2022 CONSTRUCTION INDUSTRY TARGET - ATO targets contractors for $2.3 billion in unpaid tax liabilities Following an extensive data matching campaign the ATO has launched a campaign to recover $2.3billion in unpaid taxes from contractors in the building industries.So far over 250,000 business owners have been contacted in relation to unpaid taxes and returns not lodged in the tax year for 2013. What is Data Matching ?... The ATO owns some of the most powerful mainframe computers in Australia, and is able to cross reference the records of thousands of businesses for payments and receipts. If Company A has indicated that its paid Bill (a contractor) $20,000 for a job and Bill hasn't declared the income or lodged his BAS statements / income tax returns - bells will ring. The state revenue offices all have data sharing arrangements with the ATO. If you buy for example a $500,000 investment property you have to pay approx $20,000 in stamp duty at settlement. If you buy a new $50,000 ute for the business and finances it - the financier will pay the SRO the stamp duty on the transaction. Once again when the ATO compares transactions with the SRO it will cross reference the car / property transaction with the taxpayers tax file number. If there is a discrepancy - not tax return lodged / an income of $20k declared etc, the ATO will contact you or his accountant for an explanation. Its not a matter of if you get an audit....its just a matter of when....... Options The ATO may agree to enter into a payment arrangement for outstanding amounts ( usually repayable over 13 or 24 months).

17.01.2022 Is there a Housing Bubble? The media has been full of discussion about whether or not Sydney and Melbourne are heading towards or in the middle of a housing bub...ble. What is a bubble, and are we experiencing one now? A housing bubble happens when demand increases substantially. This may be because of easy credit terms, low interest rates, or economic and demographic trends (such as increased immigration). Supply takes a while to catch up with demand, so prices increase. Speculators enter the market, further driving demand. In a classic housing bubble, prices far outstrip the underlying value of the market. At some stage, supply catches up and/or demand stagnates, prices fall. If this happens very quickly, the bubble has burst. When this happens, people who bought at the peak find themselves with properties worth considerably less than they paid. Banks find themselves holding loans that are worth less than the property value. The economy, financial institutions, investors and home owners all suffer especially those that can’t afford to ride out the cycles. There is no denying the increased prices in the Melbourne and Sydney markets over the past few years. There is reasonable debate about whether or not we’re in a bubble yet.

02.01.2022 SuperStream effective from 1 July 2015 From 1 July 2015, employers will be required to use SuperStream to send contribution data and make payments electronically (using e-commerce standards) for their staff. All superannuation funds (inclusive of self-managed super funds) must only accept contributions electronically in accordance with the SuperStream standard. The following three key e-commerce details must be provided to the employers:... your super fund’s Australian Business Number (ABN) your super fund’s bank account for receipt of contribution payments (BSB and account number) an electronic service address for receipt of a contribution data message. If the above information is not provided to the employer, then employers will be forced (from 1 July 2015) to remit the super guarantee contribution (9.5% for 2015 income year) into the employer’s default fund. The use of an electronic service provider is not legally required, but is highly recommended by the ATO. Some may charge a small annual fee whilst other providers such as Macquarie Bank will be free, providing you bank with them. For a list of providers please click here. Contributions sent to a SMSF from a related-party employer are exempt from SuperStream and can be made using existing processes. The definition of related party employer is very broad and it will depend on the structure of the employer/business. An example of a related party employer would be a Mum & Dad business where they make contributions to their own SMSF. Should you have any questions or would like to know more regarding SuperStream, please do not hesitate to contact us on (03) 9357 8877.

01.01.2022 Tax Breaks for Small Business Does It Still Exist? Just a reminder to small business operators that the $20,000 tax break still exists and will continue until 30 June 2017. Therefore, there’s no reason to put off purchasing the assets you need to grow your business... Summary WHO GETS IT? If you are registered business (you have an ABN and your business turned over less that $2 million), you are eligible. HOW MUCH? Businesses can buy any machinery or equipment related to their business if each item is valued at less than $20,000. You can claim the full amount from your income to reduce your tax bill. There is no limit on the number of items a business can claim. WHAT CAN I CLAIM? Cars, vans, utes, trailers, motorbikes, lawnmowers, ovens, fridges, coffee machines, other machinery, kitchens, tables and chairs, carpets, printers, photocopiers, tools, welding equipment, saws, generators, pumps, solar panels, heating, hot water units, water tanks, air-conditioning units, sound and security systems, computers. Any item used for running the business will be 100 per cent tax deductible! WHAT CAN'T I BUY? You cannot use the money to buy stock for your business. Horticultural plants and in-house software also do not qualify. IF MY ITEM IS $20,000 OR OVER CAN I STILL CLAIM IT? Yes, but the value of items over that amount qualify for less generous and more complicated tax breaks associated with depreciation.