JD Accounting Pty Ltd | Financial service

JD Accounting Pty Ltd

Phone: +61 8 9246 5230

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24.01.2022 Employers: The due date to meet the eligibility criteria for April’s JobKeeper payment is almost here! You have until midnight tomorrow, 8 May, to have paid the... minimum $1,500 to your eligible employees for the JobKeeper fortnights 30 March-12 April and 13 April-26 April. We’ve started processing payments, so if you’ve completed all the steps and meet the eligibility requirements, you should receive your reimbursement within 14 days. If you haven’t completed all the steps, we’ll be in touch. Find out more at www.ato.gov.au/general/JobKeeper-Payment/

24.01.2022 Interest charged by the ATO can be claimed as a deduction. Interest charged on the following can be claimed as deduction: Late payment of taxes and penalties ... Any increase in your tax liability as a result of an amendment to your assessment Any increase in other tax liabilities, such as goods and services tax (GST) or pay as you go (PAYG) amounts. Any underestimation of your tax liability when you vary an instalment for GST or PAY Interest imposed by the Australian Taxation Office includes the following: General Interest Charge (GIC) Shortfall interest charge (SIC) Late payment interest Taxpayers can claim a deduction in the year that the interest is incurred. It is claimed at item D10N-Cost of managing tax affairs- Interest charged by the ATO. For more information, click https://www.ato.gov.au//Other/Interest-charged-by-the-ATO/

24.01.2022 Using the MYOB portal

23.01.2022 Dividend deductions Expenses incurred in producing assessable dividend income may be deductible, including interest charged on money borrowed to purchase shares and other related investments. Interest expenses can only be claimed if it relates to an income-producing purpose.... Taxpayers may also claim the ongoing management fees or retainers and amounts paid for advice in relation to changes in the mix of investment. A portion of some expenses incurred in managing a taxpayer’s investments may also be deductible, including: Travel expenses; The cost of specialist investment journals and subscriptions; Borrowing costs; Internet expenses; and Depreciation of a computer. If an Australian resident investor receives a dividend from a listed investment company (LIC) which includes a capital gain amount, a deduction of 50% of the LIC capital gain amount can be claimed. For more information, click here. https://www.ato.gov.au//Interest,-dividend-and-other-inve/

22.01.2022 Initial set up of MYOB portal (for electronic approval)

19.01.2022 Have you made voluntary super contributions since 1 July 2017? You may now be able to use these contributions and associated earnings to help buy your first home. Find out more at ato.gov.au/FHSS

18.01.2022 To keep up to date with JD Accounting Pty Ltd's posts and useful information follow the 30 second video below. Simply liking our page will not always mean our posts will be in your news feed. 1. Like our page 2. Take your mouse over the like button ... 3. Select under notifications "All off" 4. Then select under notifications "All on" See more

16.01.2022 We know many businesses have been impacted by COVID-19, and we’re here to help. The new JobKeeper payment is now available for eligible employers to help them p...ay their employees. If you’re an employer looking to apply for the JobKeeper payment, there’s no need to call us - check out the steps you need to take to get ready to receive the JobKeeper payment for your employees at www.ato.gov.au/general/gen/JobKeeper-payment/

15.01.2022 Our office will be closed from 23rd December to 3rd January. John, Anne-Marie and the team would like to wish you a merry Christmas and a happy new year. Thank you for your ongoing support.

13.01.2022 Clients need to understand the documents they are signing and be prepared to pay for proper advice.

13.01.2022 Private health insurance - Medicare levy surcharge Taxpayers will be liable to pay the MLS once their taxable income reaches above the income threshold unless they have appropriate level of private patient hospital cover. Taxpayers will often take out private health insurance under a general cover (ancillary cover) or full cover (with hospital cover).... As general cover does not include private patient hospital cover, taxpayers may be liable for MLS when they lodge their income tax return. If a taxpayer is under the relevant income threshold, MLS will not be applied regardless of whether they have appropriate hospital cover or not. The family income threshold will increase by $1,500 for every child after the first. However, taxpayers are not required to pay the MLS if their own income for MLS purposes is $21,655 or less, even though their family income exceeds the threshold. Medicare levy surcharge exemptions may apply for certain taxpayers. Below is a table summarising the income threshold and the Medicare levy surcharge rate for the financial years of 2014/15 to 2017/18. For more information, click here. https://www.ato.gov.au//Medicare-/Medicare-levy-surcharge/

08.01.2022 This applies to you if... You employ staff and/or you run your own business PAYGW support.... Eligible employers can receive a payment equal to 100% of the tax withheld on salary and wages with a minimum of $20,000 to a maximum of $100,000 to be paid in two parts.To be eligible you must pay wages even if there is no tax withheld. Read the following fact sheet to assess your eligibility and speak to your accountant at JD for further clarification. Action to be taken: Lodge your activity statement for the March period ASAP to ensure earliest payment and acknowledgement by ATO of your entitlement. Cash flow assistance Fact sheet https://mcusercontent.com//Fact_sheet_Cash_flow_assistance Jobkeeper. Eligible employers whose turnover has fallen by 30% can obtain government assistance in the form of $1500 per fortnight per eligible employee until 27/09/2020. There is a lot of misinformation in relation to this and the goal posts keep changing. Legislation has passed and the attached fact sheets reflect the position subsequent to its passing. Turnover is now based on your income as reported on your business activity statements depending on your activity statement reporting report. Where this is not reflective of the true impact of the virus other evidence can be provided supporting a claim. Please read the attached to familiarise yourself regarding eligibility. Self-employed individuals (businesses without employees) will be eligible to receive the JobKeeper Payment where they meet the relevant turnover test Action to be taken now: go to ATO.gov.au, Click on the "Ïnformation about Jobkeeper payment",select "Employers" and then "Enrol and apply for the JobKeeper payment" Jobkeeper Fact sheet https://mcusercontent.com//Fact_sheet_supporting_businesse Fact sheet for Employers https://mcusercontent.com//Fact_sheet_Info_for_Employers_2 Protecting Integrity Fact sheet https://mcusercontent.com//Fact_sheet_Protecting_integrity Still confused? Please email the office and ask for your accountant who will be happy to assist.

07.01.2022 The Small Business Superannuation Clearing House (SBSCH) is a free service you can use if you are a business with 19 or fewer employees, or have an annual aggregated turnover of less than $10 million. Through SBSCH, you can make a single electronic payment and then it will distribute the payments to each employee’s super fund. From 26 February, the SBSCH is no longer accessible with a user ID and password authentication.... If you need to authorise someone else (such as a staff member or your accountant) to use the SBSCH on behalf of your business, you can grant them authorisation using AUSkey Manager. By using the new SBSCH, You need to update any saved BPAY payment references in your internet banking or other banking services because the SBSCH bank account details have changed. You can make SG payments by credit card. You will be provided with a payment reference number for paying by BPAY, credit card or direct credit. You can save and manage multiple draft payment instructions, but only one instruction can be submitted at a time. For more information, click here. https://www.ato.gov.au//How-to-access-the-SBSCH-via-onlin/

07.01.2022 Hot off the press! Jobkeeper is extended until March 2021 at lower rates with tighter eligibility requirements. From 28/09/2020 until 03/01/2021 the rate will be reduced from $1500 to $1200 and then from 04/01/2021 until 28/03/2021 reduced to $1000.... Where an employee works less than 20 hours per fortnight these rates will be $750 and $650 respectively. For more facts and less opinion access the fact sheet from Treasury below. https://mcusercontent.com//Fact_sheet_JobKeeper_Payment_ex

06.01.2022 Are you a person living in a remote area or serving in forces overseas? Zone Tax Offset If your usual place of residence during the income year is in a remote or isolated area of Australia (zone), not including an offshore oil or gas rig, then you may be able to claim a zone tax offset.... If your usual place of residence is in a zone for less than 183 days in the income year, you may still be able to claim the tax offset, as long as it is a continuous period of less than five years and the following conditions are met: You were unable to claim in the first year as you lived there less than 183 days; and The total of the days you lived there in first year and the current income year is 183 or more. Overseas forces tax offset Serving in a specified overseas locality as a member of the following may grant you eligibility for an overseas forces tax offset: The Australian Defence Force The Australian Federal Police in the United Nations peacekeeping force in Cyprus A United Nations armed force, and your income relating to that service is not specifically exempt from tax. You must serve in an overseas locality for 183 days or more in the income year to claim the full tax offset. If your service was less than 183 days, you may be able to claim part of the offset. To find out more, click here. https://www.ato.gov.au//Offsets/Zones-and-overseas-forces/

05.01.2022 Here is a super video that you might be interested in taking a look at. https://youtu.be/xpX_0b9p9Pc

05.01.2022 https://www.youtube.com/watch?v=hAp0F6J3K0o

04.01.2022 The Doctor is in the house We can fix financial ailments. I think we can comfortably say that we may have dodged a bullet with regards to the coronavirus here in WA but it has come at a cost. Many small businesses have suffered financially. Although the government stimulus package has helped to ease the pain we know some of you are still hurting.... During the last three months we have helped people in regards to the cash flow bonus, payment plans with the ATO, Jobkeeper and provided guidance in the other items. We responded to the calls for help and when the dust settled proactively interrogated our clients cloud-based MYOB and Xero data files to look for missed opportunities. In some cases this identified Jobkeeper entitlements that were overlooked by taxpayers. But it' s not over yet. Although you may not have been eligible for Jobkeeper in prior months you may still become eligible in future months and so it should be reviewed regularly. We can help you intepret the rules as they are not as simple as one might think. There is still work to be done and still opportunities. JD Accounting can assist you with: Getting your tax return lodged quickly to get your refund sooner and to reduce future PAYG instalments. Lodging annual GST returns early and to vary quarterly GST instalments. Varying instalments or establishing payment plans to defer cash flow pressure. PAYG withholding variations where possible to reduce the tax being deducted by your employer. Cash flow planning to prevent defaults with the ATO and bank and possibly better conditions. BUT... we can' t help unless you tell us you are hurting... AND... talk to us if you are concerned about paying our bill. We may be accountants but we are human!

03.01.2022 Annual GST reporting Businesses may elect to report GST annually if they are not required to register for GST or if an election has not been made to pay GST by instalments. A representative member of a GST group can only elect to report GST annually if each member of the group is eligible.... The election can generally be made between the following dates: July 1 and August 21 for taxpayers reporting GST monthly; or July 1 and October 28 for taxpayers reporting GST quarterly. The election will be effective from the start of the earliest tax period of an activity statement that is not yet due and will not require a re-election each year. However, at the end of each financial year, eligibility for annual GST reporting for the following year needs to be checked. The lodgment and payment deadline for annual GST returns is either: The income tax return lodgment due date; or February 28 following the annual tax period, if the taxpayer is not required to lodge an income tax return. For more information, click here. https://www.ato.gov.au//Options-for-/Annual-GST-reporting/

01.01.2022 The SG Amnesty legislation has finally passed! It is time for accountants to become supermen. This applies to you if you have outstanding superannuation obligations for your staff. On 06/03/2020 the government introduced the amnesty. Employers who have outstanding SGC for their staff relating to the quarters starting from 01/07/1992 to 31/03/2018 will be able to pay this super before 07/09/2020 and be entitled to claim a tax deduction. Previously if superannuation had not bee...n paid within 28 days after the end of a quarter you lost the deduction. Furthermore you will not be liable for the $20 per employee per quarter administration component or the Part 7 penalty (Up to 200% of the unpaid super). You will however need to apply for the amnesty and follow certain procedures. Guaranteed if you don' t take advantage of this opportunity the ATO Commence audit shortly after 07/09/2020 and will provide no leniency in relation to penalties. https://www.ato.gov.au///Superannuation-guarantee-amnesty/