Intaxnet in Perth, Western Australia | Tax preparation service

Intaxnet

Locality: Perth, Western Australia

Phone: +61 447 445 818

Address: 12 Falkner Street 6065 Perth, WA, Australia

Website: http://www.intaxnet.com.au/index.html

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15.01.2022 Hi All, For those of you who are operating a business that is now severely disrupted by Covid-19 and worried about cash flows for your small business, take heart that if you have employees on your payroll and have been witholding and reporting tax on wages paid to these employees, you will receive a minimum of $10,000 (to a maximum of $50,000) as a cash flow boost when the March 2020 BAS is lodged. Your business will still receive this $10,000 even if no PAYGW has been withel...d because your employees did not earn enough to have had tax witheld, so long as W1 on your BAS statement has an amount reported. A second amount equal to 50% of the amount received in the March quarter will be payable when the June 2020 BAS is lodged and a third and final amount equal to 50% of the amount received in the March quarter will be payable when the September 2020 BAS is lodged To find out more, go to https://www.ato.gov.au///Boosting-cash-flow-for-employers/ A word of caution. You will not be eligible for cash flow boosts if you (or a representative) have entered into or carried out a scheme for the purpose of: - becoming entitled to cash flow boosts when you would otherwise not be entitled, or - increasing the amount of the cash flow boosts. This may include restructuring your business or the way you usually pay your workers to fall within the eligibility criteria, as well as increasing wages paid in a particular month to maximise the cash flow boost amount. Any sudden changes to the characterisation of payments made may cause the ATO to investigate whether the payments are in fact wages. If the payments are wages, the ATO may consider the characterisation of past payments, including whether they should have been subject to PAYGW and whether super guarantee contributions should have been made. You may also have FBT obligations that have not yet been met. Stay safe everyone.

15.01.2022 Hi All, As more and more people will be working from home over this period, they will be able to claim some home office expenses when lodging their 2020 tax returns if these expenses are not reimbursed or paid for by their employers. To see what and how you can go about claiming these home office expenses, go to the link below.... https://www.ato.gov.au//IND/Downloads/Working-from-home.pdf If you need any clarification or assistance with this, contact me for a free consultation.

12.01.2022 Hi All, Hope everyone is staying safe and at home if at all possible. The JobKeeper Payment was announced yesterday with $1,500 fortnightly payments commencing May 2020 but take note that conditions apply and this payment is intended primarily to help employers retain employees. Consequently, this payment will be made to the employer and not directly to an employee.... An employer is only eligible to receive this payment if they have suffered a reduction in turnover of 30% or more for small businesses and 50% or more if their turnover is $1 billion or more. An employer in this case also includes a sole trader with or without employees. If you ordinarily receive less than $1,500 per fortnight before tax, your employer must pay you, at a minimum $1,500 before tax per fortnight. If you ordinarily receive $1,500 or more per fortnight before tax, you will continue to receive your regular income and the $1,500 will be used by your employer to subsidise part or all of your wages. If you had been let go recently, contact your immediate previous employer to see if they are prepared to take you back on for the next 6 months. For those currently still employed and your employer is eligible to receive this payment, do note that you will likely receive an increase to bring your fortnightly income to $1,500 if your fortnightly income is currently less than $1,500 but for those earning more than that, it is likely that there will not be any change to your wages unless your employer decides to top that up at their discretion. Please go to this link for more information: https://treasury.gov.au//Fact_sheet_Info_for_Employees_0.p If I can be of any assistance, please do not hesitate to contact me.

07.01.2022 Good morning all. If you are a sole trader, you may be eligible for the JobKeeper Payment of $1,500 every fortnight for the next 6 months if you have suffered a reduction in turnover of 30% or more. A sole trader is a business structure where the individual owner is legally responsible for all aspects of the business including any debts and losses and day-to-day business decisions. A sole trader may or may not employ other people in their business.... Go to the link below to register your interest and the ATO will send you further updates. https://www.ato.gov.au/general/gen/JobKeeper-payment/ More information if you need it. https://www.business.gov.au//jobkeeper-payment-for-sole-tr Good luck and stay safe out there. intaxnet

02.01.2022 As more and more people will be working from home over this period, they will be able to claim some home office expenses when lodging their 2020 tax returns if these expenses are not reimbursed or paid for by their employers. To see what and how you can go about claiming these home office expenses, go to the link below. https://www.ato.gov.au//IND/Downloads/Working-from-home.pdf... If you need any clarification or assistance with this, contact me for a free consultation.