Jolene McConnell Accounting Group in Ormeau, Queensland | Tax preparation service

Jolene McConnell Accounting Group

Locality: Ormeau, Queensland

Phone: +61 7 5547 6912

Address: 10 Kilkivan Drive 4208 Ormeau, QLD, Australia

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

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25.01.2022 NEWS ... CRYPTO-CURRENCY EXCHANGES: NEW RULES PASSED YESTERDAY New requirements for digital currency exchange providers will give further transparency to the regulators about trades and tax obligations of Australians investing in cryptocurrency. Rules that came into effect yesterday mean that cryptocurrency exchanges will need to sign up to a new Digital Currency Exchange Register, and transactions exceeding $10,000 must be reported to AUSTRAC in line with the existing rule...s for bank transfers and cash transactions. The new measures will mean clients have to better understand their tax implications when dealing with cryptocurrencies, as government agencies seek to close out any tax loopholes. Senior Tax Partner , Mr Bembrick from leading Firm HLB Mann Judd, said "the new rules mean It is much more likely that cryptocurrency transactions will come to the attention of the ATO, and people will need to be ready to explain not only where the money came from, but also to show that they have followed the ATOs rules." There are a number of areas that may catch people by surprise, if they havent done their research. Its never a good idea to fall foul of the ATO and, as always, ignorance of the rules is not considered an adequate defence for failing to pay the appropriate tax. Mr Bembricks warning comes off the back of several strong warnings from the ATO for taxpayers to review cryptocurrency guidance ahead of tax time 2018. Where people attempt to deliberately avoid these obligations we will take strong action, in particular using a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived from cryptocurrency investment, an ATO spokesperson announced earlier this year earlier this year. More recently, the ATO has stressed that where an SMSF transacts in cryptocurrencies, precise record-keeping will be crucial to the audit and compliance process. SMSFs involved in acquiring or disposing of cryptocurrency must keep records in relation to their cryptocurrency transactions. There are also super regulatory considerations for SMSF trustees, members and SMSF auditors, the ATO said.

25.01.2022 2016 YE TAX RETURN LODGEMENT DEADLINE REMINDER - 31st October!!!! A FINAL reminder to all that the 31st October is the ATOs deadline for individual tax-payers to lodge their own 2016 income tax returns unless they are on a tax agents lodgement list and getting their tax return lodged by an accountant. If you havent yet prepared your own tax return and want to avoid receiving a late lodgement fine and penalty, then we encourage you to ensure you contact us before the 31st October to ensure you are added to our tax agent lodgement list and you will then receive the tax agent lodgement extension to May/ June next year ( provided you have lodged your previous years return on time). https://www.9now.com.au//540ff359-375e-44a8-9feb-6c8f2ed07

25.01.2022 HOLIDAY RENTALS ON THE ATO's RADAR The ATO has announced that it is sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely available for rent. They advise that, to avoid making errors on their tax return, property owners should:... * keep accurate records to ensure they declare the right amount of rental income and have evidence for claims made; and * only claim deductions for the periods the property is rented out, or is genuinely available for rent. If a property is rented at below market rates, for example to family or friends, claims for deductions must be limited to the income earned while rented.

25.01.2022 ATO AUDIT ACTIVITY RAMPS UP!!!.....If ATO audit is not on your mind and audit insurance is not on top of your bucket list, please read on!!! Every year, the ATO signals its intentions to ramp up their audit activity and they never disappoint in this regard. Teh recent amount of audit activity is ludicrous. The ATO utilises a number of data matching programs in a quest to identify taxpayers who may not be meeting their tax obligations and we dont want you to be one of them. ...Continue reading

25.01.2022 Update - SuperStream Date Postponed The 1 July 2016 start date has been postponed until 28 October for businesses with less than 20 employees. The ATO has announced that it will provide compliance flexibility to small businesses that are not yet SuperStream ready until 28 October 2016. Solutions you can use to become compliant by this date include upgrading your payroll software, using a super funds online system, a messaging portal, or using a clearing house (including the ATOs Small Business Clearing House).

23.01.2022 NEWS: SUPERANNUATION GUARANTEE AMNESTY. The Governments superannuation amnesty for employers is now back on the table! It seeks to legislate the super guarantee amnesty that the Government failed to pass into law before the Federal Election. The legislation provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance.... Specifically, an employer that qualifies for the amnesty in relation to their SG shortfall for a quarter: Will have the administrative penalty waived ($20 per employee, per quarter) Will have Part 7 penalties waived (this can be an additional penalty of up to 200% of the shortfall owed) Will be able to deduct the late shortfall contribution (under current law, late payments cannot be deducted). The beneficial treatment provided by the amnesty is available for a quarter that ends at least 28 days before the start of the amnesty period. This means that the beneficial treatment provided by the amnesty is available in relation to the quarter starting on 1 July 1992 (which is the day that Superannuation Guarantee commenced) and all subsequent quarters until and including the quarter starting on 1 January 2018. An employer will not be able to benefit from the amnesty for SG shortfalls relating to the quarter starting on 1 April 2018 or subsequent quarters. To qualify for the amnesty, a disclosure must be made by an employer during the amnesty period. The amnesty period is the period that started on 24 May 2018 and ends 6 months after the day the legislation is passed (therefore, at least until March next year if the legislation passes next month). This is a practical measure that is all about reuniting hardworking Australians with their super. Our message to employers who owe super is: come forward now. Do not delay. This is a one-off opportunity to set things right, and going forward the ATO has the tools to spot unpaid super. Irrespective of whether the amnesty passes into law, all employers should strongly consider getting their superannuation affairs in order. There is now real time, and more granular reporting of superannuation liabilities and payments down to the employee level. The ATO will now know in close to real time if an employer is not paying superannuation in respect of any employee. Therefore, it will be in a position to immediately follow up late payers.

21.01.2022 Warning to all about recent ATO scams as recent reports show many are falling for these convincing scams , with many losing BIG $ . https://www.9news.com.au//ato-scams-scamwatch-arrest-messa

20.01.2022 NEWS ALERT - Small business restructure roll-over relief is now law!! Are you operating your business out of the right kind of structure??? - Company , trust, partnership, sole-trader??? Previosuly restructuring often exposed you to Cpaital Gains tax implications... the Law has now changed! Now is the time to restructure with no CGT implications!!!! From 1 July 2016, small businesses that meet certain criteria will be able to change their legal structure without incurring any income tax liability for certain transactions. This applies when transferring active assets that are CGT assets, trading stock, revenue assets and depreciating assets.

19.01.2022 Recent feature of the firm after Trevor Brown interviewed practice owner Jolene McConnell about Jolene McConnell Accounting Group.

19.01.2022 AS AN ACCOUNTANT AND AN APPRECIATOR OF BEER I FIND THIS GREAT.... IT REALLY EXPLAINS MY CLIENTS AND TAXPAYERS VARYING PERSPECTIVES ON THE CURRENT AUSTRALIAN TAXATION SYSTEM.. THE TAX SYSTEM EXPLAINED IN BEER Suppose that every day, ten men go out for beer and the bill for all ten comes to $100......Continue reading

19.01.2022 NEWS ALERT: New Laws passed for Small Business Entities.. Small business changes announced in the 2015-16 budget are now law. The following changes apply from 1 July 2016: *27.5% company tax rate for small businesses. The maximum franking credit that you can allocate to a frankable distribution is also 27.5%. If you have lodged early, see below for more information.... * 8% small business income tax offset (up to $1,000) limited to businesses with a turnover of less than $5 million. It applies only to business income for sole traders, or share of business income for partnerships or trusts. * $10 million small business turnover threshold (previously $2 million). This means more businesses can access a range of small business concessions, including the $20,000 instant asset write-off and reduced company tax rate. Tax concessions help your business save, so make sure you find out what you can access. If youre unsure or want to make sure youre making use of all the tax concessions your business may be entitled to, then please contact our office on 07 55476912 or [email protected]

19.01.2022 BREAKING NEWS!....Businesses could face billions in backpay bills following a controversial decision by the Federal Court, which ruled that casual workers should be paid annual leave. Conventional wisdom has been that casuals do not accrue annual leave entitlements, because the casual loading sees them effectively paid a higher hourly rate in lieu of such accrued entitlements. Head of the Australian Chamber of Commerce and Industry, James Pearson, blasted the decision, sayi...ng it will ultimately cost jobs. The regulatory and legal implications of this decision are alarming, he said. The Courts decision to allow an employee hired and paid as a casual access to paid annual leave will not just place at risk the employment arrangements of Australias casual employees, it will cost the economy billions of dollars in compliance and liabilities. This decision is a king hit on the livelihoods of Australian employers and employees - in particular small businesses. Mr Pearson said the decision strikes at the heart of flexibility that is offered by casual work for both employers and workers. This decision has the potential to create billions of dollars in liabilities for Australian businesses, most of which are small businesses, he said. How can it be fair that an employer can pay a higher casual rate in lieu of things like paid leave, follow the rules in their award or enterprise agreement and then face penalties and have to pay again for leave? To a lot of people, it looks like double-dipping. More to come.

18.01.2022 NEWS ALERT...ATO Announcement.... Attention all car owners - you must declare what you share!! As part of its focus on sharing activities, the Australian Taxation Office (ATO) has announced it will be turning its attention to anyone earning income through car sharing platforms, in a bid to make sure they stay on the right side of the tax law.... The growing popularity of third party services such as Car Next Door, Carhood or DriveMyCar Rentals has prompted the ATOs interest. Assistant Commissioner Kath Anderson said there is evidence that some taxpayers who are undertaking sharing activities might not understand the taxation implications. No matter how little you earn through car sharing, it is important to include it in your tax return. Its no different to anyone else renting out an asset, like a house or a car park. You must declare the income and you cannot avoid tax by calling it a hobby. Peer-to-peer services such as car sharing are at the cutting edge of the digital economy. But operating in the digital world leaves electronic footprints. Whether you are a digital native or an electronic illiterate, it will be difficult to avoid scrutiny as the ATO has sophisticated systems and data to help identify where sharing platforms are being used to generate income. The good news is that individuals who rent their vehicle are entitled to claim some deductions. If youre unsure about your tax obligations and entitlements to deductions we encourage you to contact our office on 07 55476912 [email protected]

17.01.2022 ALERT: Do you employ staff? Are you aware of the new (STP) Single Touch Payroll Obligations being introduced? To become obligatory from July 1, 2018 for employers with 20 or more employees, STP is a government initiative to streamline business reporting obligations. When an employer pays their employees, the payroll information will be sent to the ATO from their payroll solution. Employers will be able to report salary or wages, pay-as-you-go (PAYG) withholding and super in...formation directly to the ATO from their payroll solution, at the same time they pay their employees. There is no obligation, but employers can begin to report through STP from July 1, 2017 if their payroll system is already enabled to work with STP. Reporting under the new system removes the requirement to issue payment summaries, provide annual reports and tax file number declarations to the ATO. During the first year of its introduction, the ATO says employers will not be liable for a penalty for a late STP report. If you have any questions or require further assistance with implementing this, please contact our office on 07 55476912

16.01.2022 WARNING!!!! High deductions on ATOs radar The ATO has issued a warning that its paying extra attention to taxpayers claiming higher than expected deductions for the 2015-16 income year. Assistant Commissioner, Graham Whyte said that the ATOs ability to check work-related expense claims has become more sophisticated through use of technology and data analysis. ... Specifically, the ATO warns that taxpayers should ensure: their claims are justified they have not already been reimbursed for the expenses by their employer they are getting good advice they have evidence to support their claims the claims are related to their work they know what is and is not deductible they back up their data. Make sure you get the right advice on what you can and cant claim to avoid having to pay back shortfall tax and being imposed any hefty fines and penalties from the ATO.

16.01.2022 We are excited about this news and I'm sure many of our clients will be too!! The ATO has finally said handbags can now be tax deductible. So now might be the time to make that purchase you've eyeing off.... PRADA.. VERSACE... ... http://www.financy.com.au/ See more

14.01.2022 We are excited about this news and Im sure many of our clients will be too!! The ATO has finally said handbags can now be tax deductible. So now might be the time to make that purchase youve eyeing off.... PRADA.. VERSACE... ... http://www.financy.com.au/ See more

13.01.2022 News Alert !!!! Instant asset write-off increased and extended. If youre in business, do you know about the recent changes to the instant asset write-off??... The threshold has recently been increased from $20,000 to $30,000, and has been extended to 30 June 2020. The instant asset write-off has also been extended and now not only is available to small businesses, but also includes larger businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020. Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds: $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019 $20,000, before 29 January 2019. Business clients cant immediately claim a deduction for individual assets that cost $30,000 or more. They can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover. If you have any questions about the changes to the low cost immediate write off rules, then please dont hesitate to contact our office on 07 55476912 or [email protected]

12.01.2022 BREAKING NEWS. -STP TO COVER ALL BUSINESSES AS LEGISLATION PASSES. The extension of Single Touch Payroll to employers with 19 or fewer employees has finally passed both houses yesterday. This will mean that employers with 19 or fewer employees will have to report under STP rules from 1 July 2019. Businesses with 20 or more employees began reporting from 1 July 2018. Should you have any questions regarding Single Touch Payroll and the new rules, please dont hesitate to contact our office on 07 55476912 or [email protected]

11.01.2022 Alert!! New Legislation Passed- The Federal Budgets promise to provide a discount of 5% of the tax payable on income received from small businesses (if a sole trader) and on income received from unincorporated small businesses (trusts and partnerships) have now been enacted.

11.01.2022 Do you constantly lose your receipts and have your tax documents all over the place? Do you tear your hair out organising your records come tax time? There are so many effective and efficient options available today to help you store and better manage your taxation affairs and records. If you want to review or assess the options currently available to help you with your tax record keeping and look at how certain applications and software can help make things more efficient, then please contact our office on 07 55476912 [email protected]

11.01.2022 Happy end of financial year to you all !!!!! We are ready for the next one and hope you all are too !! We are looking forward to assisting you and ensuring the year ahead is a very big and successful one for all !!!

10.01.2022 NEWS ALERT....The Small Business Entity (SBE) turnover threshold has been increased from $2 million to $10 million!!! The Government has just recently secured Senate support for the passage through Parliament of legislation to assist small to medium businesses. While company tax cuts were the headline measure, included in the changes was an increase to the Small Business Entity (SBE) turnover threshold. Backdated to 1 July 2016, the SBE turnover threshold has been increased from $2 million to $10 million. Treasury estimates that this will allow an additional 90 000 to 100 000 businesses to qualify for a range of SBE tax concessions . If youd like to know more about the SBE concessions and whether youre business qualifies, then please contact our office on 07 55476912 or [email protected]

09.01.2022 NEWS: ATO attempts to close popular loophole on company utes used by employees. Employers and tradies who operate company vehicles are being warned to prepare for a change in the ATOs approach to fringe benefits tax. Murray Howlett, a tax partner at Brisbane-based Pilot Partners, said the ATO is seeking input into new guidelines which he believes will have a substantial impact on how FBT is scrutinised.... Its a situation where employers have a view that all utes are FBT-free and lack of audit activity by the Tax Office has reinforced the view, he said. Unfortunately under draft new guidelines released by the ATO, many employers may find themselves exposed to FBT on these vehicles. Mr Howlett said that in order to remain complaint and avoid unwanted tax bills, employers will need to introduce a major cultural shift among workers quickly. Business[es] will require a radical change of culture around the use of the work ute by staff, he said. Currently, work utes are exempt from FBT where they are used for minor, infrequent and irregular personal use. If the ATO gets its way, that rule will effectively be scrapped in favour of an all or nothing test, said Mr Howlett, where that approach will only apply to journeys that deviate from a normal route between home and work by less than 2km, such as to do a school run or pick up groceries on the way home. Most employers dont realise that the full cost of the ute will attract FBT if this test is failed, said Mr Howlett. Now is a good time for Businesses to review their current practices and ensure their employees are aware of the ATOs proposed definition of minor and infrequent use and ensure any FBT obligations are dealt with accordingly. Watch this space for further developments on the ATOs activity on this matter. If you have any questions, please dont hesitate to contact our office on 07 55476912 or [email protected]

09.01.2022 Working holiday makers - employer registration extended !! The ATO has announced that employer registration for working holiday makers has been extended to Tuesday 31 January. Working holiday makers are those with visa sub-classes 417 and 462. ... Employers of working holiday makers must register with the ATO. Once registered, a withholding rate of 15 per cent applies to the first $37,000 of a working holiday makers income. Employers that do not register must withhold tax at 32.5 per cent for the first $37,000 of a working holiday makers income. From $37,001, normal foreign resident withholding rates apply. Penalties may apply for failing to register. The ATO says that employers of working holiday makers will not be penalised as long as they register by Tuesday 31 January, but they can still use the new withholding tax rate of 15 per cent from 1 January 2017. Contact our office should you fall into this category and need any assistance with the new registration and withholding requirements.

09.01.2022 Alert! - Zone Tax Offset changes for Drive in Drive out and fly-in-fly-out workers Draft legislation has been released for comment in regards to the proposal that From the 2015/16 income year, access to the Zone Tax Offset will be restricted to people whose normal residence is located within a... Zone or special area of a Zone. People who fly or drive to a Zone for workrelated purposes, but do not ordinarily reside in the Zone, will no longer be eligible to claim the Zone Tax Offset.

09.01.2022 New reports show that the Federal Government could raise as much as $46 billion a year if it axes the capital gains tax (CGT) exemption on the family home. What are your thoughts ??? http://mobile.abc.net.au//capital-gains-tax-reform/7079882

08.01.2022 BREAKING NEWS: PM announces $130 billion job keeper package as businesses head into 'hibernation' The Prime Minister has announced an investment of $130 billion to subsidies wages in order to ensure Aussies keep their jobs and businesses reopen following the coronavirus health crisis. ... The government has announced a wage subsidy package which will include a $1500 a fortnight "job keeper" allowance for those whose employers are forced to hibernate for the next six months. The aim of the package is to enable businesses to keep their workers on their payrolls through the coronavirus pandemic, and is applicable to full and part time workers, sole traders, and casuals who have been with their employers for 12 months or more. "Our plan will see our businesses large and small right across our entire economy share the load with our welfare system to deliver these important income supports. "Our JobKeeper plan sees every Australian worker the same way, no matter what you earn. There is not more support for some as there is for others. If one person falls on a hard time, if anyone falls on a hard time, it's the same hard time," said Scott Morrison. Also speaking to media on Monday, Treasurer Josh Frydenberg said that this package will give working Australians the "best chance to keep their jobs". "It will be available to full and part time workers, sole traders, and in the case of casuals to those who have been with their employer for 12 months or more. "From today, employers and sole traders will be able to apply to the Australian Tax Office. The payments will flow from the first week of May and be backdated to today. "If employees have been stood down by their employer since March 1, they are still eligible for these payments. To be eligible, their payments will need to have fallen by 30 per cent or more," said Mr Frydenberg. Maja Garaca Djurdjevic " My Business News" 30 March 2020 Should you have any questions please don't hesitate to contact our office on 07 55476912 or [email protected]

08.01.2022 Alert - ATO to focus on work-related deductions The ATO has announced that this year it will focus on work-related deduction claims that are higher than expected, in particular, car expense claims for transporting bulky tools, and deductions for travel, internet and mobile phone, and self-education. They will also be scrutinising employees who are incorrectly claiming costs they are reimbursed for by their employers. The ATO said that they will being taking a closer look at ...any unusual deductions and contacting employers to validate these claims. The ATO has also reminded that there has been a change in the rules for calculating car expenses this year and taxpayers need to use a logbook or the cents per kilometre method to support their claims.

07.01.2022 WARNING OF TAX SCAMS!!! News: The ACCC is warning against tax scams The Australian Competition and Consumer Commission (the ACCC) is warning Australians to steer clear of tax scams, after more than $1 million has been reported lost to their "Scamwatch" already in 2016, with over 300 people reporting they lost money to tax scams in the first half of 2016. ... According to the ACCC, these scams often use personal information found online and ask for payment for "unpaid debts". To check whether an email or a call is genuine, call the ATO on its official contact number, 1800 008 540. Suspected ATO email scams can be reported by forwarding the original email to [email protected]

06.01.2022 NEWS: SUPERANNUATION GUARANTEE AMNESTY. The Government’s superannuation amnesty for employers is now back on the table! It seeks to legislate the super guarantee amnesty that the Government failed to pass into law before the Federal Election. The legislation provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance.... Specifically, an employer that qualifies for the amnesty in relation to their SG shortfall for a quarter: Will have the administrative penalty waived ($20 per employee, per quarter) Will have Part 7 penalties waived (this can be an additional penalty of up to 200% of the shortfall owed) Will be able to deduct the late shortfall contribution (under current law, late payments cannot be deducted). The beneficial treatment provided by the amnesty is available for a quarter that ends at least 28 days before the start of the amnesty period. This means that the beneficial treatment provided by the amnesty is available in relation to the quarter starting on 1 July 1992 (which is the day that Superannuation Guarantee commenced) and all subsequent quarters until and including the quarter starting on 1 January 2018. An employer will not be able to benefit from the amnesty for SG shortfalls relating to the quarter starting on 1 April 2018 or subsequent quarters. To qualify for the amnesty, a disclosure must be made by an employer during the amnesty period. The amnesty period is the period that started on 24 May 2018 and ends 6 months after the day the legislation is passed (therefore, at least until March next year if the legislation passes next month). This is a practical measure that is all about reuniting hardworking Australians with their super. Our message to employers who owe super is: come forward now. Do not delay. This is a one-off opportunity to set things right, and going forward the ATO has the tools to spot unpaid super. Irrespective of whether the amnesty passes into law, all employers should strongly consider getting their superannuation affairs in order. There is now real time, and more granular reporting of superannuation liabilities and payments down to the employee level. The ATO will now know in close to real time if an employer is not paying superannuation in respect of any employee. Therefore, it will be in a position to immediately follow up late payers.

06.01.2022 NEWS: ATO reveals top tax time mistakes, set to contact 1 million taxpayers............. The ATO will be contacting over 1 million taxpayers either directly or through their tax agent in the coming months as part of its compliance activity, and have revealed the most common trouble spots for taxpayers at tax time. With tax time 2018 beginning this weekend, the ATO has continued its ongoing education campaign by publishing the five most common mistakes seen from its audits a...nd reviews from previous years. According to the tax office, the top five mistakes include taxpayers who are leaving out some of their income, those who claim deductions for personal expenses, those who fail to keep receipts or records, those who claim for something they never paid for, and those who claimed personal expenses for rental properties. ATO assistant commissioner Kath Anderson said the tax office would be taking a more proactive approach this year in a bid to clamp down on agents and taxpayers who push the boundaries. We are increasing our investment in education and assistance, as well as reviews and audits. This year we are expecting to make contact with more than 1 million taxpayers either directly or through their agents, Ms Anderson said. This tax time we will be paying close attention to claims for private expenses like home to work travel, plain clothes, and private phone calls. We will also be paying attention to people who are claiming standard deductions for expenses they never paid for. Around half of the adjustments we make are because the taxpayer had no records, or they were poor quality. Yet its so easy to keep your records, using the myDeductions tool in the ATO app. Just take a photo, record a few details and then at the end of the year upload the information to your agent or to myTax. Further, Ms Anderson said the ATO would be taking a close look at income, including capital gains on cryptocurrency. A temp job, cash jobs, capital gains on cryptocurrency, or money earned from the sharing economy is all income that must be declared. We are constantly improving our data matching tools and even a one-off payment may be enough to raise a red flag, she said. We are here to assist you and advise you at tax time. Should you have any questions please contact our office on 07 55476912

05.01.2022 WARNING!! Do you do UBER Driving to earn extra Cash $ ??? Please be aware of your tax and GST obligations.! In recent case Uber B.V. v FC of T, the Federal Court has held that services provided by an Uber driver constituted a supply of "taxi travel" for GST purposes. Accordingly, the driver was required to be registered for GST. The ATO have advised that ride-sourcing enterprises should: ... keep records have an ABN and register for GST, regardless of how much they earn pay GST on the full fare received from passengers for each trip they provide lodge activity statements include income from ride-sourcing in their income tax returns. Drivers are also entitled to claim income tax deductions and GST credits on expenses apportioned to the ride-sourcing services they have supplied. For further information or advice on your taxation obligations please contact our office.

05.01.2022 News Alert !!!! Instant asset write-off increased and extended. If you're in business, do you know about the recent changes to the instant asset write-off??... The threshold has recently been increased from $20,000 to $30,000, and has been extended to 30 June 2020. The instant asset write-off has also been extended and now not only is available to small businesses, but also includes larger businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020. Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds: $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019 $20,000, before 29 January 2019. Business clients can't immediately claim a deduction for individual assets that cost $30,000 or more. They can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover. If you have any questions about the changes to the low cost immediate write off rules, then please don't hesitate to contact our office on 07 55476912 or [email protected]

04.01.2022 News Warning.....The ATO are on the Prowl!!! The ATO have revealed that shockingly up to 9 in 10 ‘other’ expenses claims have been adjusted and denied by the ATO as they reveal an excessive amount of dodgy claims being made. ATO assistant commissioner Karen Foat has revealed that nearly 700,000 taxpayers have claimed almost $2 billion of ‘other’ expenses for the last year.... A random sample of 400 of those ‘other’ expenses claims saw adjustments made to 88 per cent of them! We have been advised that the ATO are taking action to adjust and deny claims. With complex bench marking and data matching capabilities, and with this year being the first year that the ATO receives granular data when a tax return is lodged, the ATO are more equipped than ever and have all the information they need to make these adjustments to taxpayers claims. Make sure you get your claims right when you prepare and lodge your tax return, as not only will incorrect claims be denied or adjusted, heavy penalties can be imposed. If you have any questions, please don't hesitate to contact our office of [email protected] or 07 55476912

04.01.2022 REMINDER!!! A reminder for those of you in the building and construction industry that paid contractors in 2015-16, your Taxable payments annual report is due 28 August 2016. Please contact our office should you have any questions or need assistance.

04.01.2022 Tax time is coming and we are giving away FREE Taxation and Accounting Services!!! For your chance to win FREE professional accounting services for the lodgement of your 2016 tax ," Like" our Page, and "Like," "Share" and "Comment" on this post to enter. The lucky winners will be randomly selected at 5pm on June 30. Finding the right accountant can be a daunting task ...... What trait do you consider important in selecting the right accountant?? Comment below... See more

03.01.2022 How much do we need to put aside for Retirement? The answer to this question depends on what standard of living you want to live post retirement. There other considerations of course and estimating this is made more complicated by several unknown factors. For example, no one knows how long they will live or what medical necessities could surface down the track. Super Gurus recent release of figures, for the March 2018 quarter, shows that the super accumulation balances neede...d for a comfortable retirement are $545,000 for singles and $640,000 for couples. In annual pension payout terms, this equals $42,764 and $60,264 respectively. Details of what these amounts mean for spending capacity and standards of living are in the table below. How are you planning for your retirement? Have you thought about your future post retirement?

03.01.2022 Alert!! New Legislation Passed- The Federal Budget's promise to provide a discount of 5% of the tax payable on income received from small businesses (if a sole trader) and on income received from unincorporated small businesses (trusts and partnerships) have now been enacted.

03.01.2022 After working a ridiculous amount of hours and doing far too much overtime , working nights and weekends etc to be there to support my clients as much as possible during this crisis , I’m officially logging off . I’ll be off the work radar until Monday . Taking a much needed few days off to enjoy the mountain life to recharge the batteries . It’s time to rebalance . Thanking you all for your ongoing loyalty and support . #initogether #freshair #hiking #mountainbiking #spicersretreat #relax#recharge #goodtimes

03.01.2022 Warning!! The ATO has advised as part of their quest of ensuring an honest economy, they will soon be contacting tax-payers in the restaurant, cafe and takeaway, and hair and beauty industries and asking them to confirm they have not misreported anything.

02.01.2022 LODGEMENT DEADLINE REMINDER: The ATO has reminded taxpayers the deadline for lodging their own return is Saturday 31 October. If you will not be preparing your own tax return before this date, we encourage you to ensure you appoint a tax agent before this due date and be added to their tax agent list to avoid any late lodgement penalties.

02.01.2022 A friendly reminder to all that the 31st October is the deadline for individual tax-payers to lodge their 2016 income tax returns themselves unless they are on a tax agents lodgement list. If you havent yet prepared your own tax return and want to avoid receiving a late lodgement fine and penalty, then we encourage you to ensure you contact us before the 31st October to ensure you are added to our tax agent lodgement list and receive the tax agent lodgement extension to May/ June next year.

01.01.2022 News Warning.....The ATO are on the Prowl!!! The ATO have revealed that shockingly up to 9 in 10 other expenses claims have been adjusted and denied by the ATO as they reveal an excessive amount of dodgy claims being made. ATO assistant commissioner Karen Foat has revealed that nearly 700,000 taxpayers have claimed almost $2 billion of other expenses for the last year.... A random sample of 400 of those other expenses claims saw adjustments made to 88 per cent of them! We have been advised that the ATO are taking action to adjust and deny claims. With complex bench marking and data matching capabilities, and with this year being the first year that the ATO receives granular data when a tax return is lodged, the ATO are more equipped than ever and have all the information they need to make these adjustments to taxpayers claims. Make sure you get your claims right when you prepare and lodge your tax return, as not only will incorrect claims be denied or adjusted, heavy penalties can be imposed. If you have any questions, please dont hesitate to contact our office of [email protected] or 07 55476912

01.01.2022 WARNING!!!! High deductions on ATO's radar The ATO has issued a warning that it's paying extra attention to taxpayers claiming higher than expected deductions for the 2015-16 income year. Assistant Commissioner, Graham Whyte said that the ATO's ability to check work-related expense claims has become more sophisticated through use of technology and data analysis. ... Specifically, the ATO warns that taxpayers should ensure: their claims are justified they have not already been reimbursed for the expenses by their employer they are getting good advice they have evidence to support their claims the claims are related to their work they know what is and is not deductible they back up their data. Make sure you get the right advice on what you can and cant claim to avoid having to pay back shortfall tax and being imposed any hefty fines and penalties from the ATO.

01.01.2022 HOLIDAY RENTALS ON THE ATOs RADAR The ATO has announced that it is sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely available for rent. They advise that, to avoid making errors on their tax return, property owners should:... * keep accurate records to ensure they declare the right amount of rental income and have evidence for claims made; and * only claim deductions for the periods the property is rented out, or is genuinely available for rent. If a property is rented at below market rates, for example to family or friends, claims for deductions must be limited to the income earned while rented.