Key Tax Solutions in Padstow, New South Wales, Australia | Tax preparation service

Key Tax Solutions

Locality: Padstow, New South Wales, Australia

Phone: +61 2 9774 4412

Address: Shop 2, 78 Cahors Road 2211 Padstow, NSW, Australia

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

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25.01.2022 Our presenter for this week, John Reilly, of Key Tax Solutions will be discussing the fast approaching tax time, the new COVID-19 deductions + more. John has be...en working in professional accounting for more than 25 years and is a qualified Registered Tax Agent and licensed CPA Public Practitioner. Key Tax Solutions has been operating for 16 years, with clients Australia wide. They're an IT focused office putting their skills to the test as the staff have been enjoying remote work during the COVID-19 Lockdown. This is a presentation you don't want to miss! Register to join here: https://bnionline.zoom.us//vJAlceCorjsiJ3vi_-NjqXG1k5tjtcR

25.01.2022 #fbt #notforprofit #taxadvice There are few categories of exempt employers for FBT. There are none entirely exempt, there are relevant caps applicable. The most common employers are defined as a Public Benevolent Institution (PBI). A PBI is defined as per the Australian Charities and Not-for-Profit Commission (ACNC). The employer will also need to apply with the ATO for FBT Exempt status. The capping threshold for PBI employers is $30,000. This is the grossed up reportin...g amount. Essentially this means the first $14,422 - $15,900 (depending on the benefit provided) can be salary sacrificed by employees without any tax consequences. Any an example of a PBI is a religious institution, i.e. Catholic School. The other common employers are Public and Not-for-Profit hospitals (inc Ambulance). The capping threshold for these employers is $17,000. Again this is the grossed up reporting amount. Employees can receive benefits of $8,173 - $9,010 (depending on the benefit provided) without any tax consequences. This is a basic summary please get in touch if you require further information.

23.01.2022 With the end of financial year coming up there is now a light at the end of this COVID 19 tunnel. Now is the time to think about what you hope to achieve in your business for the next 12 months. Having a plan for your business will ignite your enthusiasm and focus!. You make plan for a holiday why not plan for your income to pay for that holiday. Setting the financial targets will keep you accountable to yourself , being accountable will keep you on track and will guide you to business success. If you would like to find out more about preparing a plan for your business please contact us on 9774 4412.

23.01.2022 Are you working from home? You can now claim 80 cents per hour for home office expenses. This is different to the 52 cents per hour rule and will only apply from 1 March 2020.

21.01.2022 JobKeeper update from the ATO

21.01.2022 In order to help small businesses better navigate the tax and super changes made to cushion the economy from the coronavirus, the ATO has updated its website to include some essential information - https://www.mybusiness.com.au//6775-ato-updates-super-tax-

21.01.2022 #accountingservices #taxation #accountingsoftware & We changed our whole practice to the Xero environment a few years ago. It was the best decision we ever made. Our preferred program we like our clients working on is Xero, we have found our clients experience in keeping the books up to date using Xero is much less painless for them. ... We converted the majority of our clients to Xero now, most were previously using MYOB. We managed the whole process for them and provided initial training to get them started and we are only a phone call away for additional support. All clients we have converted have been happy with the decision. We find Xero works the best in the online add on apps. We now use Xero Tax and Xero Practice Manager and the online synchronisation with other online apps have saved us huge amounts of time in avoiding keeping multiple databases up to date. I really love engaging with the latest technology and Xero has really met the mark for us. What’s your opinion of Xero?

20.01.2022 Were here to help! Are you anticipating cash flow issues as a result of impacts arising from the Covid-19 pandemic? We have been in contact with the Australian Taxation Office regarding our clients potential cash flow issues. The ATO were very understanding and are currently willing to negotiate and offer generous payment terms in relation to amounts owing. ... If you are concerned about your cash flow or have a current outstanding debt with the ATO, we are happy to contact them on your behalf to negotiate revised payment terms. This may help alleviate some of your worries in the current climate. Please call us to discuss how we may help.

20.01.2022 Those facing severe financial hardship will be allowed to access their superannuation. Up to $20,000. You can access $10,000 in the 2019-20 financial year and another $10,000 in the 2020-21 financial year. This will be tax free. https://www.smh.com.au//financially-stressed-workers-to-be

20.01.2022 It's almost Tax Time! You don't want to miss this exclusive presentation from John Reilly of Key Tax Solutions on Wednesday 24th June. Considering it's almost T...ax Time, John will be discussing deduction for work related expenses for individuals, including some of the new COVID-19 deductions that are available. Register to join here: https://bnionline.zoom.us//vJAlceCorjsiJ3vi_-NjqXG1k5tjtcR

20.01.2022 #software #bookkeeping #efficiency & How good are electronic receipts? Being able to quickly take a picture of your receipt at the coffee shop or at the petrol station, you have done your filing. It really changed the way I ran my business and I have been encouraging as many clients as possible to do the same. ... The two systems we use are Receipt Bank and Hubdoc. Both allow you to take photos and upload them directly to the application. Once the data is imported, both systems use OCR to extract the data from the receipt and use this to pre-populate the fields needed for data entry and bookkeeping. It’s best to review the extracted information, as it’s not always perfect. Both systems work with the major small business bookkeeping systems, ie Xero, Intuit QuickBooks and MYOB. Once you have reviewed the receipt in Receipt Bank or Hubdoc, you publish it to your bookkeeping system. In your bookkeeping system, you simply match the bank transaction to the receipt. As an accountant, I love having quick access to further information of clients expenses. Receipt Bank, I believe is a superior product. However, Xero acquired Hubdoc a couple of years ago and now offer Hubdoc as part of their normal subscription pricing. It’s hard to beat a free upgrade that Xero offers. Do you have a preference?

19.01.2022 Just a reminder on the importance on paying your staff superannuation on time. With the introduction of Single Touch Payroll and Superstream, the ATO has access to information to detect if you have paid your staff superannuation on time. The potential penalties can cripple a business financially. Please note, unpaid superannuation can also potentially be a director's personal debt.

19.01.2022 More details to come, however this a great initiative by the Federal Government. It will reduce the pressure on Centrelink and save employers having to force employees to go on unpaid leave and/or terminating them. https://www.abc.net.au//coronavirus-government-t/12101648

19.01.2022 #fringebenefitstax #TaxPlanning #accountingservices The current FBT ( ) year is finishing soon, 31 March 2021. I thought I would discuss the most common fringe benefits, motor vehicles. There are two methods to calculating your Fringe Benefits Tax on motor vehicles. They are: ... & Statutory Formula is based on the value of the vehicle when it was purchased, including GST. The statutory rate is 20%. For example if your business owns an Audi acquired for $90,000, your fringe benefit is $18,000. The FBT debt is calculated on $18,000. Please be aware that you can only claim depreciation deductions for $59,136 (or instant asset write off currently, Mar 2021) on motor vehicles. The best way to reduce your FBT on your motor vehicles is by using the Operating Costs method for calculations. You will need to complete a log book to work out the business percentage use. You will calculate all running and ownership costs related to the motor vehicles.. The private use percentage is the value of your fringe benefit and the value used to calculate your FBT debt. Sometimes the FBT can be more than the deductions on luxury cars.

18.01.2022 Please be aware that the ATO has warned of yet another scam via SMS. Sadly, this one targets natural disaster victims. https://www.ato.gov.au//SMS-scam-targeting-natural-disast/

16.01.2022 We are getting ready today to return to the office tomorrow. As COVID is constantly changing our lives, we have setup our own COVID safe plan for Key Tax Solutions. We have setup our own QR code and will require all visitors to our office to register. We have masks available for all visitors and access to hand sanitiser and disinfectant wipes. I guess this is the new normal for now, but hopefully if everyone does the right thing, we won’t go back into lockdown and our kids can go back to school in person in late January.

16.01.2022 For more information regarding the JobKeeper Payment, please see the link below for Frequently Asked Questions. This legislation is being introduced to Parliament on Wednesday (8th April). Hopefully we will have some certainty before Easter. https://treasury.gov.au//JobKeeper_frequently_asked_questi

16.01.2022 #superannuation #accountingsoftware #accountingadvice BGL Simple Fund 360 & CAS360 When BGL upgraded their desktop products to online web based products, it was an easy decision for us to use them. CAS360, their corporate affairs or company secretary system, links in seamlessly with our database on Xero Practice Manager. This allows us to only update client data once, and all systems are updated. A bonus is when we update Xero Practice Manager, in CAS360 an alert appears ...advising us that potential and ASIC form needs to be lodged to update the company information change with ASIC. For our Self Managed Superannuation Funds we use BGL ‘s product Simple Fund 360. This also links directly in Xero Practice Manager, which saves huge amounts of time avoiding double entry of information. It also has a feature where clients can be invited to access the system so they can review their current superannuation funds performance. It shows annual contributions and a check to ensure you don’t go over the thresholds.This system all has bank feeds, similar to Xero and Intuit QuickBooks, it also has direct links to ASX to import dividend amounts and share pricing. Both are great integrated systems and a key part to my business. What’s your experience?

15.01.2022 It is in no way business as usual, however, we are offering options and working through our processes so that we can still help you. We are now using online meeting features such as Zoom (preferred option), Google Hangout, Facetime etc... We completed our first individual tax return using a Zoom Meeting this week. We sent the tax return out via DocuSign for Digital Signing and we offer online payment solutions.

15.01.2022 #ChristmasBonus #taxreturn #CashBonus You might not be organised enough to find the right gift for your team and the best way to reward would be with a cash bonus. The Christmas bonus is given at the discretion of the employer. They are not usually performance-based or part of a salary package. However, be mindful that it is treated in the employee's hands as part of the normal salary and wage income. Your staff will have to pay tax on this bonus, so remember to deduct PAY...G Withholding and pay your team the net amount in cash. You might even want to consider deducting PAYG Withholding at their marginal tax bracket. This might help them avoid a tax debt when they complete their next tax return. Christmas bonuses are considered Ordinary Time Earnings (OTE) for superannuation. Please remember you have to pay 9.5% superannuation on the gross amount of the Christmas Bonus. The best approach is to offer a bonus inclusive of superannuation and tax. This way your expenses are capped and then you can make the appropriate payments as required. I once remember receiving a $1,000 bonus, back in the days when I still had a HELP debt. Once superannuation and tax (including HELP) was deducted, I received about $475. What approach do you have in calculating a Christmas bonus for your team?

15.01.2022 The Australian Government has announced an economic response to Coronavirus to provide cash flow assistance for businesses. Here are the key points: - Applies to small & medium businesses with an annual turnover under $50 million - Eligible businesses must employ staff - Payment will be delivered as credit upon lodgement of your business activity statement for March and June 2020 quarter. It also applies to March to June 2020 monthly activity statements. - Payment will be 50%... of the PAYG tax withheld on your statement. A minimum of $2,000 and maximum of $25,000. - There are further payments if you are a business that employs apprentices and trainees. Please see link for further information. https://treasury.gov.au//Fact_sheet-Assistance_for_busines See more

14.01.2022 #taxdeductible #christmasparty #taxes Christmas parties are a great time to strengthen your connection with your staff, clients and suppliers. Unfortunately, there is no good news on the tax consequences of these events. Christmas parties are treated as Entertainment and generally not tax-deductible. For Christmas parties held on premises where only employees attend, all costs are not deductible and no GST credits are available. However, the costs are exempt from FBT.... Where Christmas parties are held off-premises; if they spend per employee is under $300 per head, it is exempt from FBT. As it is considered a minor benefit. However it is not tax-deductible and you can not claim GST credits. Above $300 per head, it is subject to FBT and you can now claim a tax deduction and the GST credits. This scenario does sound favourable, however the FBT applicable is approximately the same amount as the tax saved on the deduction and the GST credit you have claimed. For all expenditure on your clients attending your, ChristmasParty is not tax-deductible. Nor can you claim GST credits. However, it is exempt from FBT. Christmas parties are more about strengthening relationships. Don’t focus on the tax consequences, just be aware of them. What are you doing for your Christmas party?

13.01.2022 #keydates #tax #superannuation Upcoming Due Dates How are you going getting back into work for the new year? I think the Australia Day holiday marks the commencement of the work year, things have picked up the pace since returning to work on 27 January.... There are a couple of key due dates for lodgements in February. Your January monthly activity statement is due 21 February. This is for monthly lodgers only. The December quarter business activity statement this year is due on 2 March, due to there being a public holiday in WA on 1st March. Superannuation for the December 2020 quarter was due on 28 January 2021. If you did not pay by this date you have to complete a Superannuation Guarantee Charge (SGC) Statement and lodge it with the ATO by the 28 February 2021. The ATO is starting to enforce this lodgement, with single touch payroll the ATO has all the records now. Lodging the SGC can potentially reduce personal directors liability. See all 2021 key dates on our website. http://www.keytaxsolutions.com.au/resources/key_dates

13.01.2022 Are you ready for Single Touch Payroll? Please see the ATO information below. Our preferred software choice is Xero. You may need to change or upgrade your software. We are running a number of short and interactive Introduction to Xero training sessions at our Padstow office. ... Contact us if you would like more information. https://www.ato.gov.au/Business/Single-Touch-Payroll/

12.01.2022 Have you set up your myGovID for your business? AUSkey will be switched off on 27 March 2020. You will need to set up myGovID to access the Business Portal, this is a separate system to your individual myGov. Please see link for more info: https://www.ato.gov.au//Make-the-move-to-myGovID-and-RAM-/

12.01.2022 Thank you to the Torch Newspaper for the article on our family this week. Hope you are all coping with the changes to our lives and routines. Keep safe and healthy.

12.01.2022 #soletrader #tax #selfemployed Living the dream (or nightmare)? You have finally taken the leap and you are going to be self-employed. The most basic business structure you can trade as is a Sole Trader. Being a Sole Trader, you are the business. All you really need to get started is:... To apply for an ABN Registering for GST is only compulsory if your income (not profit) is above $75k annually If you would like to have a Business Name, you will need to register this business name with the ASIC. One of the biggest challenges for new Sole Trader is putting money aside to pay their tax. As a rule of thumb, I advise most clients to put aside 30% of what they earn for tax, i.e. savings. You can use these extra savings for super contributions, as you no longer have an employer paying these for you. Sole Traders no longer are covered by workers compensation insurance, I would recommend getting some sort of sickness and accident insurance which is similar. These are some challenges before you start dealing with customers...

11.01.2022 We are now conducting all in person appointments with a face mask. We are asking all clients to wear them as well as we cannot socially distance ourselves in the meeting room. We have disposable masks available at Reception and hand sanitiser.

11.01.2022 #profit #review #performancereview Review of last 6 months Now holidays are over and the kids are back to school, finally. It’s time to review how things have been running with your business for the first six months of the financial year.... I hear a lot that my accountant says I have made all this money, but I have nothing to show for it. This comment is the best reason to review your performance. Reviewing the details of the financial performance of the business will show you what’s working for you and what is not working. It’s more than looking at the sales figures. Sales figures are not the amounts making it to your pockets. Evaluate the margins on your sales, are you charging the right amount? Do you have the right amount of staff? Too little and you are not meeting your customers expectations, which can affect sales. Too many staff and the profit making it to your pocket is not enough and at times none at all. You may even have to put your own money into the business. Do you review your business’s performance? Feel free to reach out if you need help with your review. I have attached some helpful resources below. https://magazine.wharton.upenn.edu//mid-year-business-rev/ https://www.ontimetyping.com//the-six-monthly-business-re/

11.01.2022 Be aware the latest ATO scam

10.01.2022 When you lodge your March 2020 BAS, you are eligible for a 300% rebate on the PAYG Withholding amount reported (if you lodge your PAYG Withholding monthly). Th...is is up to a maximum of $50,000. If you report your PAYG Withholding quarterly, you will receive a 100% rebate. Please note GST will still be payable as well as other reported tax items. This will only benefit those businesses who employee staff.

10.01.2022 It’s been a busy time for us with the JobKeeper scheme. Payments from the ATO have started to be received directly in our client’s bank account’s this week, so expect that if you have enrolled in the scheme. The time to enrol for the initial JobKeeper periods has been extended until 31 May 2020. If you enrol by then you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for those fortnights. Please see the ATO link if you are an employer affected by Coronavirus and experiencing at least a 30% downturn in sales. Otherwise contact us on 9774 4412. https://www.ato.gov.au/general/jobkeeper-payment/employers/

10.01.2022 This made the team chuckle today. We are available for appointments via Zoom. They would have got away with it, if it wasn't for those meddling kids....

09.01.2022 Income support for individuals, including sole traders. This link contains a summary of the governments economic response to help individuals. Hoping you find it useful. As always contact us if you need help. https://treasury.gov.au//Fact_sheet-Income_Support_for_Ind

08.01.2022 A big thank you to our fabulous clients. We received a lovely 'Welcome to Padstow' plant today. Last week was beautiful flowers and a bottle of Moet which we shared. Very grateful!

08.01.2022 Don't forget your 2019 individual tax return is due on 5 June 2020. If you haven't lodged as yet, please contact us. We can organise a Zoom meeting for you and there are a number of ways you can get your information to us. Call us on 9774 4412.

07.01.2022 Enjoying our daily catch up Microsoft Teams meeting.

07.01.2022 Happy Friday from Key Tax. Drinks and nibbles for our first networking afternoon at the Padstow office. Enjoy!

06.01.2022 Its been a busy time for us with the JobKeeper scheme. Payments from the ATO have started to be received directly in our clients bank accounts this week, so expect that if you have enrolled in the scheme. The time to enrol for the initial JobKeeper periods has been extended until 31 May 2020. If you enrol by then you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for those fortnights. Please see the ATO link if you are an employer affected by Coronavirus and experiencing at least a 30% downturn in sales. Otherwise contact us on 9774 4412. https://www.ato.gov.au/general/jobkeeper-payment/employers/

03.01.2022 #taxplanning #sutherland #jobkeeper Hope you are enjoying time off and hopefully, you are able to be with family and friends at this time. It’s amazing how fast things have changed in the last 12 months due to COVID-19. Here’s to a better 2021. TAX ADVICE ... So relax a little longer, you have until the 28 January 2021 to lodge your December monthly declarations to claim the Jobkeeper for December. It’s the December BAS every year, you get the additional four weeks to lodge your BAS, it is due on 28 February. Did you know if you lodge your 2020 tax return through a registered Tax Agent, you can potentially without any penalties? Any payment you need to make when lodging your return does not need to be paid until this date as well. Sometimes when we prepare clients tax returns earlier, we calculate them and they have a large debt, we advise them that they can delay lodgement until May. Sometimes people need more time to pay. You can’t avoid the debt, however, we can help manage your cash flow by delaying payment where possible. Comment below if you have any questions.

02.01.2022 Moving Day!!! Insert stress here

02.01.2022 Business Coaching in the dark... thanks Integral Energy. Still a successful evening. Thanks Colin Potts for running a great session.

02.01.2022 Look at these amazing flowers we received today! We are very lucky to have such wonderful clients. Happy Friday everyone

02.01.2022 Business Coaching at KeyTax

01.01.2022 If you thinking about buying an investment property, speak to Anna Porter about finding the right property for you.

01.01.2022 We would like to thank everyone for their support throughout this year. We had some big changes this year. We have moved our office, we have upgraded our IT infrastructure to be completely in the cloud. Our biggest change was Kristen moving to Melbourne and shes still working with us from Victoria. Wishing you all a Merry Christmas and all the best for the New Year. We are closing our office today (20 Dec) from 3pm and well be back on Monday 6th January 2020.

01.01.2022 #virtualassistant #smallbusinessowner #growyourbusiness Thrive Tuesday Do I need a Virtual Assistant? ... I could say of course you need a VA but this isn’t always true. It really depends on your business size and what your goals are. Check out the Infographic and see if you find yourself in the description. If you do, you may want to consider hiring a Virtual Assistant. I understand that a VA seems like an expense at first, but I assure you that if you pick the right VA: Your business will grow Your customers will receive better service; and You will have more time for the things you love How about trying it out? VA contracts are usually flexible and don’t bind you for months on end. I always ask myself what is the worst thing that can happen... To find out more read my blog post about needing a Virtual Assistant. https://bthriven.com/find-our-if-your-business-is-suitable/