JC Accounting Solutions and Business Advisors in Brisbane, Queensland, Australia | Financial service

JC Accounting Solutions and Business Advisors

Locality: Brisbane, Queensland, Australia

Phone: +61 403 300 156

Address: 6 Girraween Crescent 4115 Brisbane, QLD, Australia

Website: http://jcaccountingsolutions.com.au

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• Tax preparation service
• Accountant
• Financial service

22.01.2022 There have been a lot of talks about this $1080 "refund" you are going to get when you lodge the tax return this year. I thought I just want to clarify it for everyone. This offset is actually called Low and Middle Income Tax Offset (LMITO).... This offset just helps people reducing the overall tax you have to pay when you lodge your tax return this year. NOT everyone will get the maximum amount as it will depend on your taxable income. - If you earn $37,000 or less, you will get a saving of up to $255. - If you earn between $37,001 to $47,999, you will get a saving of between $255-$1,080. - If you earn between $48,000 to 90,000, you will get a saving of $1,080. - If you earn between $90,000 to $126,000, you will get a saving up to $1,080 reducing to nil. If you have any questions, please don't hesitate to ask. Cheers everyone!

20.01.2022 Good day everyone, just a friendly reminder that if you are yet to lodge your FY20 tax return and unsure how to maximise your tax return, please don't hesitate to contact us to make an appointment. We offer face-to-face appointment as well as phone appointment. Have a good night! Cheers!

18.01.2022 Good news small business owner - the government will extend the $150,000 instant write off until 31 December 2020.

16.01.2022 PRICE FREEZE FOR FY2020 TAX RETURN Due to COVID-19, we want to do our part for the community, therefore we have decided to freeze the current price for FY20 income tax return starting from $77. Thank you for your support!

13.01.2022 Happy New Financial Year! Hope everyone have been well during these crazy times. It is time to lodge your FY2020 tax return!!... As announced a week ago, we are going to freeze the price for tax return this year to assist the community. Although I am more than happy to book in your appointment early, I would suggest that it may be better to wait after 15 July 2020, so that more information can be available on the ATO pre-filled report. If you have any questions in the meantime, please don’t hesitate to contact me.

13.01.2022 As we are coming to the end of the financial year, I would like to share some simple tax saving tips before the financial year ends. I will be posting some tips each week for the next few weeks to assist everyone. Please stay tune! To start up with Week 1 - I would like to focus on small business owners: Below are some of the main tax saving strategies that you could do to save some tax this financial year.... 1. Super contribution Personal contribution up to $25,000 is tax deductible provided the following conditions are met: - The payment must be paid and received by the super fund by 30 June 2020 to be tax deductible - You will need to complete a "Notice of intent to claim for personal super contribution" and send it to your super fund so that they can record it accordingly. - Please note if you receive super contribution from an employer, that amount is also included in the $25,000 cap. 2. $150,000 asset instant write off In March this year, the instant write off was increased from $30,000 to $150,000. This increase is only valid until 30 June 2020. This will revert back to $1,000 from 1 July unless advised otherwise. Please also note the asset must be purchased and installed ready for use by 30 June 2020. 3. Defer Income and move forward your expenditure This will generally create a timing difference for the tax effect, but it may assist the current tax position. 4. Prepaid expenses For a small business entity, you can prepay expenditure up to 12 months and receive a tax deduction for this financial year. These are some of common strategies. If you want to discuss any of the above strategies, please don't hesitate to contact me on 0403 300 156.

12.01.2022 Week 3 - This week I will focus on individuals - Part 2 Rental properties, COVID-19 and beyond Rental properties are always high on the ATO’s agenda and this year will be no different.... If COVID-19 has impacted commercial or residential premises you own and rent out, from a tax perspective there is very little that has changed. If tenants remain in the property or the property remains genuinely available for rent, you can continue to claim expenses as usual, even if the rental rate has been reduced on a temporary basis or tenants have been unable to pay rent for a period of time. If you negotiated with your bank to defer mortgage repayments, you can continue to claim interest as the deferred interest is capitalised. If you received an insurance payment for rent defaults, or your tenant made a back payment of rent they owe, this income is taxable and will need to be declared in your tax return. Outside of COVID-19 related issues, the ATO continues to find errors in rental property claims made with up to 90% of tax returns containing an error, particularly for ‘other’ deductions and interest. Common issues include: - Claiming deductions for properties that are not genuinely available for rent. - Claiming deductions for an entire property when only part of the property was available for rent. - Claiming deductions for loan interest expenses when a portion of the loan was used for private purposes. - Incorrect categorisation of expenditure incurred in order to repair or improve the property. - Not having records to substantiate income received and deductions claimed. If you are claiming a rental property expense it is important to substantiate the claim. In the event of an ATO audit, if you cannot produce a tax invoice or other evidence for an expense, it is likely the deduction will be denied. - Incorrectly apportioned claims for interest deductions Deliberate cases of over-claiming are treated harshly with penalties of up to 75% of the claim. If your rental property is outside of Australia, and you are an Australian resident for tax purposes, you must recognise the rental income you received in your tax return (excluding any tax you have paid overseas), unless you are classified as a temporary resident for tax purposes. You can claim expenses related to the property, although there are some special rules that need to be considered when it comes to interest deductions. For example, if you have borrowed money from an overseas lender you might be subject to withholding tax obligations.

11.01.2022 Week 4 - This week I will discuss about the Superannuation guarantee amnesty. 7 September 2020 is the last day for employers to take advantage of the superannuation guarantee (SG) amnesty. The amnesty provides a one-off opportunity to disclose historical non-compliance with the superannuation guarantee rules and pay outstanding superannuation guarantee charge amounts To qualify for the amnesty, employers must disclose the outstanding SG to the Tax Commissioner. You either pa...y the full amount owing, or if the business cannot pay the full amount, enter into a payment plan with the ATO. If you agree to a payment plan and do not meet the payments, the amnesty will no longer apply. Keep in mind that the amnesty only applies to voluntary disclosures. The ATO will continue its compliance activities during the amnesty period so if they discover the underpayment first, full penalties apply. The amnesty also does not apply to amounts that have already been identified as owing or where the employer is subject to an ATO audit. Even if you do not believe that your business has an SG underpayment issue, it is worth undertaking a payroll audit to ensure that your payroll calculations are correct, and employees are being paid at a rate that is consistent with their entitlements under workplace laws and awards. If your business has engaged any contractors during the period covered by the amnesty, then the arrangements will need to be reviewed as it is common for workers to be classified as employees under the SG provisions even if the parties have agreed that the worker should be treated as a contractor. You cannot contract out of SG obligations.

10.01.2022 Income Tax Return 2020 Do you want an accountant that knows what he is doing and at a reasonably price? Book your appointment now! You will not be disappointed!

06.01.2022 Fyi - I have a lot of clients asking me this question lately. Q: Can I draw out my super early because of COVID-19? A: Yes, you can but provided you meet the early release conditions. But the main point that I am trying to get across is that this must be your last resort. ... Q: Why this must be the last resort? A: Let me first take a step back, (for those that doesn’t know how super works). How super works is that when contribution goes into your super, those money will get invested into different types of investment based on your investment strategy. ( ie cash, local shares, international shares, etc). Given the current economic situation, you would know that most shares have dropped significantly over the past few months. So if you were drawing your super early, you are technically accepting the capital losses within your superfund. Secondly, if you are in your 20s-40s, you would still have at least a good 25-45 years before you actually will retire. So the $10,000 you draw out now could worth a lot more in the future. As always, if you have any questions, please feel free to contact me. Thank you.

04.01.2022 It is not too late to apply for the Jobkeeper payment. Please call us to discuss to see if you are eligible. We charge a fixed fee for the whole process. We don’t charge a fortune like others. Thank you.

04.01.2022 Week 2 - This week I will focus on individuals - Part 1 Working from home? What you can claim. From 1 March 2020 until at least 30 June 2020, special arrangements are in place to make it easier for individuals to claim expenses they have incurred while working from home during the COVID-19 pandemic.... If you have incurred work-related expenses and you have not been reimbursed by your employer, you can claim these expenses at a rate of 80 cents for each hour you work. To use this method, you will need a record of the hours you have worked, such as a diary or timesheet. The claim covers all of your additional running expenses such as: -Electricity and gas -Decline in value and repair of capital items such as office furniture -Cleaning expenses -Phone and internet expenses -Stationery -Decline in value of computers and devices The COVID-hourly rate can be claimed per individual (it is not limited by household). That is, if you have multiple people working from home in your household, each person can claim the 80 cents per hour rate for the hours they have worked from home. Using the COVID-hourly rate is optional and aimed at people who do not normally work from home. For some, their expenses will be higher, such as those with a dedicated home office, or for those that normally operate their business from home. In these circumstances the normal rules will apply. The ATO appears to be taking the view that occupancy costs such as mortgage interest payments and rent cannot generally be claimed by those who are temporarily working from home as a result of COVID-19.