Innovate Accounting & Advisory in Woombye, Queensland | Accountant

Innovate Accounting & Advisory

Locality: Woombye, Queensland

Phone: +61 7 5442 1234

Address: 4 Pine Grove Road 4559 Woombye, QLD, Australia

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

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21.01.2022 ATO rolls out working-from-home deduction ‘shortcut’ A new, simplified method to calculate home office expenses at an increased rate of 80 cents per hour has now been introduced by the ATO in response to a change in national work patterns. Under the new arrangement, taxpayers will be allowed to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses....Continue reading

16.01.2022 COVID-19 early release of super If you have been financially affected by COVID-19, you may be able to access some of your superannuation early. Eligible citizens and permanent residents of Australia or New Zealand can: o apply for up to $10,000 in 201920, and o apply again for up to a further $10,000 in 202021.... Applications can be submitted online through myGov: o until 30 June 2020 for the 201920 year o between 1 July 2020 and 24 September 2020, for the 202021 year. You will not need to pay tax on amounts released and will not need to include these amounts in your tax return Citizens and permanent residents of Australia and New Zealand To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances: o You are unemployed. o You are eligible to receive one of the following jobseeker payment, youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice), parenting payment (which includes the single and partnered payments) special benefit, farm household allowance. o On or after 1 January 2020 either you were made redundant, your working hours were reduced by 20% or more (including to zero), you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more. Assessing your eligibility You do not need to attach evidence to support your application. However, you should keep records and documents to confirm your eligibility as we may ask you for this information. It is important that you assess your eligibility accurately. We are administering this measure on behalf of all Australians and will manage the eligibility criteria with strict guidelines to ensure we can support those financially affected by COVID-19. There are penalties for making false and misleading statements. You can't access your super early for a dependent. If your dependent is financially affected by COVD-19, they must apply themselves. You can only submit one application for COVID-19 early release of super per financial year. You are still able to apply for COVID-19 early release of super if you have previously accessed your super early in other circumstances. Implications of accessing your super early Accessing your super early will affect your super balance and may affect your future retirement income. Withdrawing superannuation may also affect your: o income protection insurance o life / total permanent disability insurance cover Insurance may not be available on accounts that have a low balance. You should consider whether you need to seek financial advice before submitting your application for early release of super. Services Australia’s Financial Information Service OfficersExternal Link can give you free, confidential financial information

15.01.2022 Last night of Woombye Business Social Bowls

06.01.2022 JOBKEEPER: 8 STEPS TO TAKE RIGHT NOW 1. Ascertain eligibility for JobKeeper as an employer and/or as a sole trader or other entity (the business participation entitlement). 2. Identify all eligible employees, starting with those on payroll as at 1 March 2020.... 3. Check if the eligible business can afford to pay all eligible employees at least $1500 each per fortnight plus associated costs. 4. If the decision to participate in JobKeeper is made, then advise the employer to notify each eligible employee that it is intending to nominate them as eligible employees under the JobKeeper scheme. 5. Employees must complete the JobKeeper employee nomination notice and return it to the employer by the end of April to claim JobKeeper payments for April. Eligible employees must agree to being nominated. 6. Ensure eligible employees are paid at least $1500 a fortnight in line with existing pay cycles through existing payroll solutions. 7. From Monday 20 April, enroll for JobKeeper payments. Enrolment must be completed by the end of April to receive JobKeeper payments for April. 8. From Monday 4 May, apply to claim JobKeeper and confirm the eligible employees using employee data prefilled from STP reports or otherwise entered manually.

02.01.2022 Nice to be appreciated by our clients :)