Joseph Hughes Accountants in Brisbane, Queensland, Australia | Tax preparation service

Joseph Hughes Accountants

Locality: Brisbane, Queensland, Australia

Phone: +61 7 3266 6361

Address: Suite 32, Level 6, Northpoint 4000 Brisbane, QLD, Australia

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

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23.01.2022 Joe certainly loves his coffee.....enjoying the last days of holidays. We will be back in the office on Thursday ready and rested for the year ahead. Happy New Year everyone. We hope its a good one!

22.01.2022 The JHA team will be out of the office today....and no we are not having a day off! We will be attending the Xero Roadshow at the Brisbane Convention Centre checking out the latest new releases, products and what Xero is planning into the future. Our aim is to broaden our knowledge on all things Xero, so we can help serve our clients better.

21.01.2022 Are you ready?.........Joe is extending his first visit to Collinsville this year and will be available for appointments on the following dates: Monday 20th to Thursday 30th July. You can book your appointment online here https://ozyebenqwoxblfrmsu.10to8.com Alternatively you can arrange an appointment by calling Priscilla on 0476 786 492.... Joe is looking forward to seeing you all again very soon!

20.01.2022 Take Action Early!! Ideally, tax planning should commence on the first day of a financial year as opposed to waiting until the last few weeks of June. So, if youve not thought about ensuring you enjoy an efficient tax outcome for this financial year, start today.

20.01.2022 The JobKeeper payment has become a hot topic since the Federal Government announced the wage subsidy scheme for employers. Confused? Check out the facts here: https://www.ato.gov.au/general/JobKeeper-Payment/ Joe and the team are here to help!

19.01.2022 Ready Set Get a head start before tax time begins! Use the myDeductions tool in the ATO app to get organised and track your work-related expenses and other deductions. From July, you can upload your data to pre-fill your myTax return or email it straight to us. Download the app today at ato.gov.au/app

18.01.2022 Wow that went quick.... Joseph will be back in Collinsville again from the 26th to 28th August and in Ayr on the 29th August from 1-4pm. You will find Joe in the IGA Shopping Plaza in Collinsville..... just look out for his sign! and the Burdekin Neighbourhood Centre in Ayr. For all of your tax needs make sure you secure your appointment with Joe via [email protected] or calling on 0476 786 492.

18.01.2022 Are you planning on providing a Work Christmas Party and buying gifts for your staff? The cost of providing a Christmas party is income tax deductible only to the extent that it is subject to FBT. Therefore, any costs that are exempt from FBT (that is, exempt minor benefits and exempt property benefits) cannot be claimed as an income tax deduction. The costs of entertaining clients are not subject to FBT and are not income tax deductible. FBT obligations depend on the amoun...t spent, when and where a party takes place, who attends and the value and type of gifts given. Check out this link for more information and some good examples that could relate to your business: https://www.ato.gov.au//In-deta/FBT-and-Christmas-parties/

18.01.2022 Joes easy to follow tax tip for the week: If you are looking to minimize your taxable income for the 2020 financial year, use these 3 methods to help you: 1. Defer income until 2021 2. Pre pay expenses prior to June 30... 3. Maximize your concessional superannuation contribution See more

17.01.2022 Here is a brief summary of the temporary early access to superannuation measures.

16.01.2022 Heres a New Years Tax Tip: Remember to meet all three golden rules when claiming work-related expenses on your tax return: You must have spent the money yourself (and not been reimbursed).... The expenses must be directly related to earning your income. You must have a record to prove it. Check the deductions you can claim at ato.gov.au/deductions

16.01.2022 Tax Planning (6) - Saving Tax For those taxpayers with a marginal tax rate greater than 15%: Rule number 1 - maximise superannuation contribution. Rule number 2 - see rule number 1 Remember the law has changed so that personal contributions to super can be claimed even if you have superannuation support from your employer.... However you still need to bear in mind the Concessional Contributions Cap of $25,000 annually. You need to organise you contribution before June 30 each year. Then, prior to completing your return, organise your claim. Just follow the ATO instructions and let us know if you need assistance. See more

15.01.2022 The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers. Please click on the following link for a broad summary of the key aspects of the proposed JobKeeper Payment. https://treasury.gov.au//Fact_sheet_supporting_businesses_... Joseph and the team are available to answer any queries, via the usual communication options including zoom or a hangout call.

14.01.2022 Christmas is fast approaching and the JHA team would like to take this opportunity to thank all of our valuable clients for your continuing support throughout 2019. Our office will be closed from close of business Friday 20th December 2019 and re-open on Thursday 2nd January 2020. Wishing you a very Merry Christmas and a safe holiday season!!

14.01.2022 Capital Gains Tax - Shares Units and Similar Investments: Shares in a company or units in a unit trust (including a managed fund) are treated in the same way as any other asset for capital gains (CGT) tax purposes. For an investor, CGT applies to capital gains on shares or units when a CGT event happens, such as when you sell them (unless you acquired them before CGT started on 20 September 1985). However, profits on the sale of shares made as part of a business of share tra...ding are taxed as ordinary income rather than as capital gains. Use this link to find out more https://www.ato.gov.au//shares,-units-and-similar-investm/

13.01.2022 Tax Planning (7) - saving tax. Claiming a deduction for personal super contributions. Lets say youve been happily making personal contributions to your fund with the intention of claiming a deduction at tax time. For whatever reason you decide to rollover to a new fund. WARNING: you must ensure you notify your current fund of your intention to claim a deduction for any personal contributions prior to completing the rollover to the new fund otherwise, you will not be able to claim the deduction.

13.01.2022 Tax Planning (5) - Saving Tax Following on from previous post Tax Planning (4), another example. Clients often ask: should I accelerate payments on my investment property loan? Theyre not sure because paying off the mortgage lowers the tax deduction for interest so means more tax to pay or a smaller tax refund, at tax time. But the truth is, assuming a marginal tax rate of 39%: if you save $1 in interest you pay an extra 39 cents in tax. Overall you save 61 cents. Again, you are better off if you maximize gross income and minimize the costs you pay to generate that income. This example assumes allocation of funds to the loan is the best option at the time for either minimizing costs or maximizing income.

13.01.2022 Are you an employee working from home and incurring expenses due to COVID-19? The ATO have specific information available about home office expenses. Check out the latest information here. https://www.ato.gov.au//Suppo/Employees-working-from-home/

12.01.2022 As COVID-19 continues to challenge us, please be assured that Joseph Hughes Accountants is still fully operational. We are here to help our clients navigate their way through this difficult time. Our strategy is to continue to support and assist our clients remotely which is something our firm has been putting into practice for some time now. We are available by phone and/or email as usual. If needed we can also set up Teamviewer video conferencing or a hangout call. Joseph h...as found the following link below, (Economic Response to the Coronavirus) very informative. It has a summarised fact sheet for: Supporting individuals and households Support for Business and Supporting the Flow of Credit. https://treasury.gov.au/coronavirus As confirmed news becomes available we can advise you of your best options to manage tax and cash flows. If you have any questions at all about the government assistance packages for businesses please contact us. Stay safe everyone.

11.01.2022 Want to know more about our processes and what we do?.....check out our brochure below.

10.01.2022 Tax tip: Whether you rent out part of your home or an entire property, make sure that all of your income is included in your tax return. Rental-related income includes: rent payments... booking fees you receive rental bond money youre entitled to retain some insurance payouts Find out more at https://www.ato.gov.au//R/Rental-income-you-must-declare/

10.01.2022 Our beautiful country has not had the best start to the New Year, and sadly some of us have been affected by ongoing fires that have had devastating results. If you have been affected by a natural disaster such as bushfire, drought, storm, flood or cyclone, the ATO have a range of support available for you, including automatic deferrals for lodgment and payments, and fast-tracking refunds. If you would like more information on how the ATO can help you manage your tax affairs through this difficult time, please use the following link https://www.ato.gov.au/Individuals/Dealing-with-disasters/

09.01.2022 Joe is open for business in Collinsville again this week. Appointments available! Please ring 0476786492 or pop in and say hello to Joe at the Collinsville Plaza!

08.01.2022 Tax Planning (2) - Taxable Income The Taxable Income for any taxpayer is used to calculate the total tax and medicare levy to be paid. You calculate your taxable income by adding all gross income such as wages, business and investment income and subtracting all allowable tax deductions such as work and business expenses. Can you estimate what your taxable income might be for 2020?

08.01.2022 Tax Rates Do you know your marginal tax rate? Your marginal tax rate determines the number of cents you will PAY in tax for each EXTRA dollar of INCOME you earn. On the other hand, it determines the number of cents in tax you SAVE for each EXTRA dollar of DEDUCTION claimed. You can see the current marginal tax rates here: https://www.ato.gov.au/Rates/Individual-income-tax-rates/ If you know your estimated taxable income for 2019, you will now be able to determine your marginal tax rate and understand how much tax you would pay on each extra dollar of income earned, between now and June 30 June.

08.01.2022 Capital Gains Tax - Your Home and Other Real Estate: Most real estate is subject to capital gains tax (CGT). This includes vacant land, business premises, rental properties, holiday houses and hobby farms. Your main residence (your home) is generally exempt from CGT unless youve used it to earn rent or run a business, or its on more than two hectares of land.... Its important to: keep records of your real estate, including your own home (in case in the future you start renting it out or running a home business) remember that when you sell real estate, the time of the event (the time at which you make a capital gain or loss) is when you enter into the contract, not when you settle. You can find out more here https://www.ato.gov.au//C/Your-home-and-other-real-estate/

08.01.2022 Here is a summary of the tax relief packages.

07.01.2022 You may have noticed we havent posted for a while....but dont worry we havent gone anywhere!!! Joe and the team are busy working around the clock to make sure we are supporting and navigating our clients through the COVID-19 assistance packages. JobKeeper payments through to Cash Flow Boost... we have you covered. Happy Friday everyone, have a great weekend!

06.01.2022 Keeping our clients informed about the latest Government changes and how it will impact you or your business has been our No 1 priority over the last few weeks. We have had a lot of information and advice to get through in a short amount of time and our aim is to keep you and your business thriving. Lets stay focused, look forward not back..... we will be on the other side of this. Wishing you all a happy, healthy Easter at home everyone!! The JHA Team

04.01.2022 Taxable Income The Taxable Income for any taxpayer is used to calculate the total tax and medicare levy to be paid. You calculate your taxable income by adding all gross income such as wages, business and investment income and subtracting all allowable tax deductions such as work and business expenses. Can you estimate what your taxable income might be for 2020?

04.01.2022 If your business has received a grant or payment from the Australian Government or a state or territory government, you may need to include it in your tax return. Some grants and payments are assessable income and so need to be included in your tax return. Click below to find out more..... https://www.ato.gov.au//Have-you-received-a-government-p/

03.01.2022 If you have been financially affected by COVID-19, you may be able to access some of your superannuation early. Check if you are eligible and how much you can apply for here: https://www.ato.gov.au//W/COVID-19-early-release-of-super/

03.01.2022 Tax Planning (3) - Tax Rates Do you know your marginal tax rate? Your marginal tax rate determines the number of cents you will PAY in tax for each EXTRA dollar of income you earn. On the other hand, it determines the number of cents in tax you SAVE for each EXTRA dollar of deduction claimed. You can see the current marginal tax rates here: https://www.ato.gov.au/Rates/Individual-income-tax-rates/ If you know your estimated taxable income for 2019 - see prior post "Tax Planning (2) - Taxable Income", you will now be able to determine your marginal tax rate and understand how much tax you would pay on each extra dollar of income earned, between now and June 30 June.

02.01.2022 Watch out....Dont be scammed! There has been an increase of scams lately especially in relation to receiving payments from the ATO....Jobkeeper, Tax Refunds. Scammers are constantly developing new ways to steal from the community, and will often try to take advantage of people when they are most vulnerable. For the latest scam alerts click here: https://www.ato.gov.au//On/Identity-security/Scam-alerts/.

02.01.2022 Are you thinking of making a donation to a good cause this Christmas.....Did you know that you can only claim a tax deduction for gifts or donations to organisations that have DGR (deductible gift recipients) status? Not all charities are DGRs but dont let that stop you getting into the Christmas Spirit and giving to a good cause. You can check out the DGR status of an orgnaistion at http://www.abn.business.gov.au/DgrListing.aspx. Happy giving!!

02.01.2022 Joe's easy to follow tax tip for the week: If you are looking to minimize your taxable income for the 2020 financial year, use these 3 methods to help you: 1. Defer income until 2021 2. Pre pay expenses prior to June 30... 3. Maximize your concessional superannuation contribution See more

02.01.2022 Tax Planning (4) - Saving Tax Consider this: There are two employees, Bill and Ben, with identical salaries of $100,000 each. Bill has no tax deductions so his taxable income is $100,000. Tax payable is $26,497. On the other hand Ben is required to use his car for work. He spends $5,000 on deductible car expenses. Bens taxable income is $95,000. His tax payable is $24,547. Ben is pleased with this because he pays less tax than Bill. He saves $1,950 in tax However, Ben fails to realise he only has $70,453 in the bank whereas Bill has $73,503 or $3,050 more than Ben.. So, it pays to remember: you better off if you maximise your gross income and minimise any deductions, you have to pay, to carry out your work.