Irwin & Associates in The Gap | Financial service

Irwin & Associates

Locality: The Gap

Phone: +61 7 3300 4633

Address: 8/23 Glenaffric St, The Gap 4061 The Gap, QLD, Australia

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

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• Tax preparation service
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25.01.2022 2020-21 Federal Budget - What's In It For You? - https://mailchi.mp/irwins/irwins-spring-newsletter-4460622

25.01.2022 To protect accounts from fee erosion, inactive low-balance super accounts will be transferred to the ATO and, where possible, the ATO will consolidate your super on your behalf. What is an Inactive Low-Balance Account? No monies have been received by the fund within the last 16 months The balance is less than $6,000 You havent met a prescribed condition of release [ 154 more words ] https://irwins.com.au/do-you-have-a-low-balance-inactive-s/

25.01.2022 FBT Newsletter - 2020 from Irwin & Associates - https://mailchi.mp//fbt-newsletter-2018-from-irwin-associa

25.01.2022 Be aware of phony emails like the one below. The link leads to a page that skims your details when you enter them. Always check with the ATO on 13 28 61 or your tax agent before providing confidential banking and personal details https://irwins.com.au/new-scam-alert/

24.01.2022 ATO TO FOCUS ON WORK-RELATED TAX DEDUCTIONS FOR THE 2018-2019 YEAR WORK EXPENSES TO WATCH: Claims for work-related clothing, dry cleaning and laundry expenses. The ATO has indicated that it will check taxpayers who take advantage of the exemption from keeping receipts for less than $150 spent on laundry expenses. The ATO thinks too many taxpayers are claiming this deduction without incurring the expense.... Deductions for home office use, including claiming for occupation costs like rent, rates and mortgage interest, which are not allowable unless youre running a business from home. Overtime meal claims Union fees and subscriptions Mobile phone and internet costs, with special attention on people who are claiming the whole (or the majority) of the bill for their personal mobile as work related. Motor vehicle claims where taxpayers use the 68cents per kilometre rate for journeys up to 5,000km. The ATO believes too many taxpayers are automatically claiming the entire 5,000kms irrespective of the actual amount of travel they have undertaken. Incorrectly claiming deductions under the rule that allows taxpayers who have incurred work-related expenses of a total of $300 or less to make a claim without receipts. The ATO believes some taxpayers are claiming this or an amount just under $300 without incurring the expenses at all.

24.01.2022 WORKING FROM HOME WHAT CAN YOU CLAIM IN YOUR TAX RETURN? Due to COVID-19 restrictions, there is an increasing number of people working from home and if youre one of them, you need to understand what you can claim for home office expenses. How Often Do You Work From Home? Applicable tax deductions depend on when and how often [ 1,247 more word ] https://irwins.com.au/working-from-home-what-can-you-claim/

23.01.2022 A New post (Free Up Your Cash Flow With Debtor Strategies That Work Part 2) has been published on Irwin and Associates - Accountants - The Gap | Brisbane |Gold Coast | Business Advice | Taxation | Superannuation - https://irwins.com.au/free-up-your-cash-flow-with-debtor-s/

22.01.2022 A New post (Super guarantee opt out for high income earners with multiple employers now law) has been published on Irwin and Associates - Accountants - The Gap | Brisbane |Gold Coast | Business Advice | Taxation | Superannuation - https://irwins.com.au/super-guarantee-opt-out-for-high-inc/

21.01.2022 HOW MUCH WILL I GET? This will depend on your taxable income: Under $37,000 - $255 back $37,000 to $48,000 - $255 plus 7.5% of the amount over $37,000 $48,000 to $90,000 - $1,080 back $90,000 to $126,000 - $1,080 less 3% of an amount over $90,000 $126,000 or greater NIL Some examples: Taxable Income Tax Offset [ 69 more words ] https://irwins.com.au/income-tax-cuts-passed-giving-taxpay/

20.01.2022 Over the next few months, the ATO will be focussing on its bulk Australian Business Number (ABN) cancellation program. This is being done to ensure the integrity of the Australian Business Register. The ATO will look for ABN holders who: Have stopped reporting business income or expenses Do not provide any indications that they may be in a business Taxpayers who are renting out property or are receiving [ 135 more words ] https://irwins.com.au/ato-continuing-bulk-abn-cancellations/

20.01.2022 We Are Open For Business With A Number Of Ways To Get In Touch - https://mailchi.mp/irwins/irwins-spring-newsletter-4117038

18.01.2022 DOWNSIZING THE FAMILY HOME AND CONTRIBUTING TO SUPER DO YOU QUALIFY AND HOW DOES IT WORK? You will be eligible to make a downsizer contribution to super if you can answer yes to all of the following: you are 65 years old or older at the time you make a downsizer contribution (there is no maximum age limit) the amount you are contributing is from the proceeds of selling your home where the contract of sale exchanged on or after 1 July 2018 your home was owned by you or... your spouse for 10 years or more prior to the sale the ownership period is generally calculated from the date of settlement of purchase to the date of settlement of sale your home is in Australia and is not a caravan, houseboat or other mobile home the proceeds (capital gain or loss) from the sale of the home are either exempt or partially exempt from capital gains tax (CGT) under the main residence exemption, or would be entitled to such an exemption if the home was a CGT rather than a pre-CGT (acquired before 20 September 1985) asset you have provided your super fund with the Downsizer contribution into super form either before or at the time of making your downsizer contribution you make your downsizer contribution within 90 days of receiving the proceeds of sale, which is usually at the date of settlement you have not previously made a downsizer contribution to your super from the sale of another home. A downsizer contribution is not a non-concessional contribution and will not count towards your contribution caps. Also, it can still be made even if you have a total super balance greater than $1.6 million. For further information, please refer to https://www.ato.gov.au//Downsizing-contributions-into-su/ or contact our office

18.01.2022 A New post (Free Up Your Cash Flow With Debtor Strategies That Work Part 1) has been published on Irwin and Associates - Accountants - The Gap | Brisbane |Gold Coast | Business Advice | Taxation | Superannuation - https://irwins.com.au/free-up-your-cash-flow-with-debtor-s/

17.01.2022 Urgent Client Update - You may be experiencing difficulties with our telephone numbers. - https://mailchi.mp/irwins/irwins-spring-newsletter-4453470

17.01.2022 The phone number for our Gold Coast office is not currently working. We are investigating the problem but in the meantime if you need to contact the Gold Coast staff please phone Brisbane on 0733004633 and they will be able to put you through. Thank-you for your patience. https://irwins.com.au/phone-at-our-gold-coast-office/

17.01.2022 JobKeeper Payment Latest Update - Governments JobKeeper Program Frequently Asked Questions - https://mailchi.mp/irwins/irwins-spring-newsletter-4124145

16.01.2022 The Federal Government has announced their $17.6 billion investment package to support the economy to assist people to deal with impact of the Coronavirus. The full details of this package will be tabled to parliament on the 23rd March 2020. The package consists of four key measures and this is what we know so far: Business Investment Increase and extension of [ 940 more words ] https://irwins.com.au/coronavirus-stimulus-package-how-can/

16.01.2022 Our phones are currently offline due to an outage in our area. Apologies if you have been unable to get through. Normal service will resume shortly.

15.01.2022 Client Update: Gold Coast Office Telephone Issue - https://mailchi.mp/irwins/irwins-spring-newsletter-4108918

14.01.2022 Client Update - Our Telephone Numbers Are Restored! - https://mailchi.mp/irwins/irwins-spring-newsletter-4453570

13.01.2022 Client Update - You may be experiencing difficulties with our Gold Coast telephone number. - https://mailchi.mp/irwins/irwins-spring-newsletter-4415042

13.01.2022 COVID-19 Special Update - A Summary Of The Governments COVID-19 Stimulus Package - https://mailchi.mp/irwins/irwins-spring-newsletter-4112946

13.01.2022 JOBKEEPER PAYMENT ACTION REQUIRED - 20 APRIL The JobKeeper Payment has been given royal assent in Parliament and will be paid via the tax system (i.e. administered via the ATO). Those who are eligible MUST REGISTER from 20 April (or have their tax agent register on their behalf). At present, you have only registered your interest in the JobKeeper Payment so the next step, from 20 April, is to [ 57 more words ] https://irwins.com.au/jobkeeper-payment-action-required-20/

13.01.2022 Our phone line at The Gap office is not working. We have contacted Telstra to fix the issue ASAP. In the meantime please reach us via email on [email protected] Thank You Irwin & Associates

12.01.2022 2020 EOFY Bulletin: Information To Help You Make The Most Of The End The Financial Year - https://mailchi.mp/irwins/irwins-spring-newsletter-4290618

12.01.2022 ATO Audit Target - Continuing to Focus on Lifestyle Assets The ATO has disclosed that it will be requesting another five years worth of policy information from over 30 insurance companies about taxpayers who own boats, racehorses, fine art, luxury motor vehicles and aircraft. The period covered will be 2016 to 2020 and the ATO expects to receive data on around 350,000 assets owned by taxpayers as part of its data-matching program. The ATO has already collected data for the 2...014 and 2015 financial years as part of the lifestyle assets data-matching program. The information provided will be used by the ATO as part of its compliance profiling activities. For example: If a client reports a taxable income of $65,000 but they own a $500,000 yacht then this is likely to raise some red flags The data supplied will assist the ATOs compliance teams with their risk profiling of the selected taxpayers. Not only does the information help the ATO to identify taxpayers who may be understating their income but the data from insurers may be used to identify taxpayers who have made capital gains on the disposal of certain assets but who have not declared this to the ATO. The data will also assist the ATO to identify incorrect claims for GST where taxpayers are incorrectly claiming GST credits as if the private item was a business asset. Also, it will assist the ATO to identify any self-managed super funds that are acquiring lifestyle assets purely for personal use by the funds trustee or beneficiaries. Insurers are required to provide the ATO with detailed policy information where the value of the asset equals or exceeds the following thresholds: Marine vessels $100,000 Motor vehicles $65,000 Thoroughbred horses $65,000 Fine art (per item) $100,000 Aircraft $150,000 If a taxpayer thinks they have failed to comply with their taxation or superannuation obligations, then they are encouraged to make a voluntary disclosure to the ATO.

11.01.2022 Keeping Your Business Going During COVID-19 Having difficulty to know how to proactively manage your business during the COVID-19? Business owners need to focus on instigating strategies that will lead to increased business survival. What are some of the things that will help? Understand your current financial position make sure you are making informed decisions about your business based [ 442 more words ] https://irwins.com.au/keeping-your-business-going-during-c/

11.01.2022 Most taxpayers know that both donations of $2.00 and greater, and donations of around $10 to bucket drops for emergency relief funds, are deductible. To be able to claim a tax deduction for a donation or gift, the recipient must be a deductible gift recipient (DGR). To check if they are refer to ABN Lookup Being a registered DGR is not the only condition that the ATO considers when deciding [ 230 more words ] https://irwins.com.au/deductions-dos-and-donts/

11.01.2022 The ATO is warning of a high volume of pre-recorded phone calls occurring in which the caller impersonates legitimate tax office phone numbers. Scammers have adopted Robocall technology to target taxpayers by sending pre-recorded messages in record numbers and manipulating caller identification so that your phone displays a legitimate ATO phone number despite it coming from an overseas scammer. Please [ 40 more words ] https://irwins.com.au/scammers-impersonate-ato-phone-numbe/

10.01.2022 Client Spring Bulletin: Information to Inform You as JobKeeper 2.0 Come Into Effect - https://mailchi.mp/irwins/irwins-spring-newsletter-4448662

10.01.2022 JobKeeper Payment Latest Update - Government's JobKeeper Program Frequently Asked Questions - https://mailchi.mp/irwins/irwins-spring-newsletter-4124145

08.01.2022 Latest COVID-19 Update on JobKeeper Package, Working From Home, Commercial Leases, Land Tax, and More - https://mailchi.mp/irwins/irwins-spring-newsletter-4143749

07.01.2022 Seasons Greetings from Irwin & Associates - https://mailchi.mp//seasons-greetings-from-irwin-associate

06.01.2022 That if youre an existing client and youre finding it hard to come into our office you can email or post your tax information to us? We will then complete your return and send it to you for review and signature via your preferred method e.g. post, email PDF or electronic signature. If we have any queries, we will either call or email you to discuss, whichever suits you best. We also take phone appointments. Also, if you normally lodge your tax return via a registered tax agent, like us, the due date for lodgment isnt 31 October but you normally have until 15 May of the following year to file your return. We can easily check your due date if youre not sure.

06.01.2022 The minimum repayment income for the 2019-20 income year is $45,880. You must ensure you advise your employer that you have a HELP debt to ensure you are taxed correctly. The income levels and repayment rates for 2019-20 are: HELP repayment income Repayment rate (% of HELP repayment income) Below $45,880 Nil $45,881 - $52,973 1% $52,974 - $56,151 2% [ 127 more words ] https://irwins.com.au/do-you-have-a-help-debt-the-income-t/

05.01.2022 Client Update from Irwin & Associates - Winter Edition - https://mailchi.mp//client-update-from-irwin-associates-wi

03.01.2022 Urgent: Possible Phishing Scam Warning - https://mailchi.mp/irwins/irwins-spring-newsletter-3129385

02.01.2022 MANDATORY CODE FOR COMMERCIAL TENANCIES The National Cabinet meeting with State Treasurers have agreed a mandatory code for commercial landlords and tenants will apply to tenancies where either the landlord or the tenant is eligible for the JobKeeper program. It will be legislated and regulated by each individual State and Territory. It would appear this (temporary) mandatory code will only apply to tenancies where [ 654 more words ] https://irwins.com.au/mandatory-code-for-commercial-tenanc/

01.01.2022 Ever wonder how to get ahead on your mortgage? Well Moneysmart.gov.au have the following advice to help you reach your home ownership goals sooner: Switch to fortnightly payments from monthly. This means that you are paying half the monthly amount every two weeks, so youll make the equivalent of one extra months repayment each year. Make extra payments. e.g. put your tax refund [ 195 more words ] https://irwins.com.au/tips-for-paying-off-your-mortgage-ea/

01.01.2022 You can claim a deduction for personal super contributions made on or after 1 July 2018 if: You made the contribution to a complying super fund or a retirement savings account (see note below on non-complying funds). You meet the age restrictions You notify your fund in writing of the amount you intend to claim as a deduction Your fund acknowledges your notice of intent to [ 366 more words ] https://irwins.com.au/dont-miss-out-did-you-know-you-can-m/

01.01.2022 Our phones are still out. Workmen up the street cut our cable and weve been advised it will be at least another 24 hours before service is restored. Our apologies for the inconvenience. If you need to get in touch please try email or send us a message.

01.01.2022 If you provide cleaning or courier services and pay contractors you will need to lodge a Taxable Payments Annual Report with the ATO. Contractors can include: Subcontractors Consultants Independent contractors What do you need to do? If youre involved in either industry, then you need to keep records about the payments you make to contractors including: ABN Name and address [ 43 more words ] https://irwins.com.au/new-tax-reporting-for-cleaners-and-c/

01.01.2022 There have been recent changes to the active asset immediate write off threshold as follows: Tier 1 - $20,000 for depreciable assets acquired before 29 January 2019 Tier 2 - $25,000 for assets first used or installed between 29 January 2019 and 2 April 2019 Tier 3 - $30,000 for assets first used and installed after the 2 April 2019 budget [ 37 more words ] https://irwins.com.au/instant-asset-write-off-for-small-bu/