ITP in Rockingham, Western Australia | Tax preparation service

ITP

Locality: Rockingham, Western Australia

Phone: +61 8 9528 2148

Address: 3/12 Leghorn Street 6168 Rockingham, WA, Australia

Website: https://www.itp.com.au/tax-accountants/rockingham

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24.01.2022 Once your business earns over $75,000 aggregated turnover annually, youll have 21 days to register with the ATO. Many businesses opt for the help of a tax or BAS agent when first registering. Youll need your Australian Business Number (ABN) when you register for GST. What does your total GST turnover include? https://buff.ly/2RvGA7v

24.01.2022 Does your business need to register for JobKeeper, but you do not lodge a BAS? Alternative arrangement can be made. You dont have to miss out on this vital payment. Call today to see how we can help 1800 367 487. https://buff.ly/2FP2KMw

24.01.2022 Are you a not-for-profit business receiving JobKeeper? Dont forget, youll need to retest your eligibility with reference to your actual turnover in the September quarter 2020 to be eligible for JobKeeper fortnights 14 to 20 (28 September 2020 to 3 January 2021). https://buff.ly/2FP2KMw

24.01.2022 A tax loss is when the total deductions you can claim, excluding gifts and donations, are greater than your total income for an income year. If your business has made a loss, you may be able to offset the loss in the same income year against other assessable income or carry forward the loss and claim it as a business deduction in an alter year. An ITP Tax Accountant can help. https://buff.ly/2FP2KMw

24.01.2022 BAS stands for Business Activity Statement. This is a statement youll need to file with the Australian Taxation Office (ATO) where you will report GST collected and GST paid on Goods and Services , Pay As You Go (PAYG) instalments, PAYG withholding tax and any other tax obligations youll have for your business. Youll only need to lodge a BAS when you have registered for GST. Read more here: https://buff.ly/2RvGA7v

23.01.2022 Numbers puzzle. Are you smart enough? Which coffee cup would be filled with coffee first? (Come back for the answer tomorrow) www.itp.com.au

23.01.2022 Occupancy expenses relate to people who use their home as a place of business, such as a hairdresser working from a salon in a dedicated room, or an art teacher offering classes in a dedicated studio of their house. To claim accurately, an ITP Tax Accountant will help you work out your occupancy tax deductions and maximise your tax refund. https://buff.ly/3c6QSEo

23.01.2022 Tegan Martin explains some frequently asked tax questions. Go Tegan! https://buff.ly/2FP2KMw

22.01.2022 Did you know: The importer is responsible for the GST on imported goods and on-sale. If a business buys these goods, they incur a GST liability to account for the GST even if they are not the importer. Read our short report on the common GST mistakes: https://buff.ly/3pGaqFZ

22.01.2022 The West Australian Government has in place a Pandemic Leave Disaster Payment, which is a lump sum payment to help its residents during the 14 days required if they need to self-isolate, quarantine or care for someone. https://buff.ly/2FP2KMw

22.01.2022 Highlights of the Victorian Budget: Increases to the landfill levy have been deferred

22.01.2022 The full responsibility for your tax return lies on your shoulders. If you did unwittingly make a mistake on your DIY tax return, you might be up for fees and penalties that far outweigh any refund you may have managed to get. The ATO will detect any discrepancies and will often let your return go through until the tax season settles down before they start requesting your receipts to verify your claims. Dont think that just because your refund came back within 2 weeks that youre in the clear. Need help? Speak to an ITP Tax Accountant today. Give us a call today 1800 367 487. https://buff.ly/2RMPhKN

22.01.2022 If your business has enrolled for the JobKeeper payment, the decline in turnover test will move from projected GST turnover v. actual GST turnover to actual GST turnover v. actual GST turnover. https://buff.ly/2FP2KMw

20.01.2022 Some things are too important to do yourself. ITP Tax Accountant will help look after your tax. Leave it to the Professionals. https://buff.ly/2FP2KMw

19.01.2022 NSW workers without leave entitlements will be able to access to the Pandemic Leave Disaster Payment arrangements of a one-off $1,500 payment for each 14-day period that they are directed by NSW Health to self-isolate or quarantine, or during which they are caring for someone with COVID-19. https://buff.ly/2FP2KMw

19.01.2022 The ATO has confirmed that the JobKeeper payments are deemed ordinary income as they are derived in the ordinary course of business and therefore not included in aggregated turnover. This means that the payments will not push your business over the threshold for the small business CGT concessions, the small business income tax concessions, the instant asset write off, the base rate entity tax rate and some certain R&D implications. https://buff.ly/2FP2KMw

17.01.2022 Understanding what you home office expenses are can help you understand how to maximise your tax deductions. So, how can you calculate your expenses and make the most out of tax time? https://buff.ly/3c6QSEo

16.01.2022 Highlights of the Victorian Budget: For contracts entered into from 25 November to 30 June 2021, there will be a stamp duty concession of up to 50 cents in the dollar for homes valued at up to $1 million.

16.01.2022 If youre a sole trader or in a partnership and want to offset a tax loss, first check if you meet at least one of the non-commercial losses requirements. If you do meet the requirements, then you can offset the loss against other assessable income (such as salary or investment income) in the same income year. An ITP Tax Accountant can help. https://buff.ly/2FP2KMw

15.01.2022 Dont forget we have an express online tax service! Want to do your tax in your jimmy-jams? Now you can https://buff.ly/32CZZtx

14.01.2022 Insolvency doesnt just mean the process of liquidation and bankruptcy. It also included legal and effective early intervention that can save or turn a business around. This includes personal insolvency agreements, safe harbour and voluntary administration, which properly done may provide you with a second chance. https://buff.ly/2FP2KMw

14.01.2022 Effective to 31 December 2020, commercial leaseholders under affected leases cant have their lease terminated if they fall into arrears as a result of the coronavirus pandemic in QLD. https://buff.ly/2FP2KMw

13.01.2022 Highlights of the Victorian Budget: The Government is waiving 2020 and 2021 liquor licence fees, while the 2020-21 Fire Services Property Levy is frozen at the 2019-20 revenue target.

12.01.2022 The JobKeeper 2.0 will be a two-tiered payment arrangement based on average hours worked, on an employee-by-employee basis, in the four weeks of pay periods before either 1 March 2020 or 1 July 2020. The period with the higher number of hours worked is to be used for employees with 1 March 2020 eligibility. https://buff.ly/2FP2KMw

12.01.2022 You can claim your running expenses as a home office tax deduction. This includes heating and cooling, power, internet and phone and decline in value of your office equipment. An ITP Tax Accountant can help you work out all of your running expenses to maximise your tax deductions. https://buff.ly/3c6QSEo

12.01.2022 Many businesses go into liquidation through no fault of their own, however the process must be handled properly and legally to wind up your business and free you from individual debts. Your business may have been affected because of disrupted supply chains, regulatory reforms, technological advancements or a number of other reasons that are out of your control. If your business is facing insolvency, a professional will help through this painful process to minimise repercussions. https://buff.ly/2FP2KMw

12.01.2022 You report your BAS monthly, quarterly or yearly based on your businesss income on certain days on the month. What are your main reporting days? https://buff.ly/2RvGA7v

11.01.2022 Do you work from home full time or work overtime in your home? For many people, leaving an office doesnt necessarily mean that you leave your work there. Many people around the country often continue their work when they get home or on the weekends as a natural extension of their jobs. Read our tips on claiming your home office costs: https://buff.ly/3c6QSEo

11.01.2022 A tax agent should be good with numbers, but they also need to know how to communicate complex laws, rules and regulations into conversational language that individuals and fellow employees can understand. Read more: https://buff.ly/3ffLJeP

10.01.2022 If your business was enrolled in JobKeeper 1.0, you do not need to re-enrol for JobKeeper 2.0. If you need help applying for JobKeeper 2.0 give us a call. Were here to help 1800 367 487

10.01.2022 So, youre a sole trader. Or perhaps youve registered a company, but no matter what business structure youre working under, once your business earns over an annual turnover of $75,000, youll need to register for and start lodging your BAS with the ATO. What do you need to know about your BAS lodgements for your small business? https://buff.ly/2RvGA7v

08.01.2022 When you collect GST, youll also need to issue and collect Tax Invoices to claim back your GST credits. What should be stated on a Tax Invoice? https://buff.ly/2RvGA7v

08.01.2022 If your business is facing insolvency, there are ways to minimise the economic loss and provide a profit from recycling resources both human and tangible and intangible assets. The business must be supported through insolvency to protect the people involved in your business. https://buff.ly/2FP2KMw

07.01.2022 Its tax time and you think you only have a simple tax return. You dont want to spend any money on something youre required to do. Especially not when it comes to tax! You see an easy, no cost government option, and you take it. After all, youre not going to get much of a return anyway or are you? The answer just might surprise you! Give us a call today 1800 367 487. https://buff.ly/2RMPhKN

07.01.2022 The Commissioner of Taxation has extended until 31 October 2020 the time your business has to pay employees in order to meet the wage condition for JobKeeper fortnights 14 and 15. You have time to confirm your eligibility for the JobKeeper payment. Need help? Feel free to give us a call 1800 367 487. https://buff.ly/2FP2KMw

01.01.2022 A new data matching program between the ATO and Services Australia will be launched. STP data held by the ATO will be matched to social security payments received through Services Australia. https://buff.ly/2FP2KMw