Kingdom Financial in Gympie, Queensland | Financial service

Kingdom Financial

Locality: Gympie, Queensland

Phone: +61 7 5370 2229

Address: 30 Exhibition Road 4570 Gympie, QLD, Australia

Website: http://www.kingdom.financial

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25.01.2022 Click on the link below for our July Economic Update

24.01.2022 If you have been watching our recent videos (including yesterday's chat with Brendan from the Gympie Chamber of Commerce) you would have heard us mention an issue with any excess Cash Flow Boost being withheld by the ATO and applied against existing outstanding debts (if the BAS was lodged before 28 April). Well we have some great news... The ATO earlier today scrapped the process of withholding any excess Cash Flow Boost and will now refund the excess to your bank account (irrespective of when you lodge your BAS)!!

24.01.2022 Did you know changes were made from 3 August to extend the employee eligibility for JobKeeper. This includes employees who: were hired after 1 March 2020 (and are still employed on 1 July 2020); satisfied the 12-month employment requirement under the definition of a ‘long-term casual employee’ for JobKeeper purposes by 1 July 2020 (where they had not previously satisfied this requirement by 1 March 2020); or did not qualify on 1 March 2020 due to their age or visa stat...us but have since met the relevant requirements by 1 July 2020 (e.g., employees who have since obtained the necessary visas). Any new employees need to be provided with an Employee nomination form TODAY and the minimum wages must be paid by 31 August 2020. If you have any questions about your specific situation, please feel free to contact us on 5370 2229. See more

24.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for July after today's meeting. The RBA has followed market consensus leaving the official cash rate unchanged at 0.25 per cent.

24.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for March after today's meeting. The RBA has held the official cash rate at a record low of 0.10 per cent.

24.01.2022 A new $2.5 billion program is expected to help Australia back on its feet by giving over 300,000 Aussies the opportunity to retrain and upskill, but also by expanding the apprentice and trainee wage subsidy to benefit 90,000 small and medium businesses. For more details click on the link below

24.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for April after today's meeting. The RBA has held the official cash rate at a record low of 0.10 per cent. Do you need a loan for a property, new vehicle or equipment? Please contact us and we will arrange a friendly meeting to undertake an assessment of your financial position to provide you with our best advice on setting up your loan to meet your needs.

23.01.2022 With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and grow your wealth. For 2020, key priorities are likely to include: Maximising superannuation contributions without exceeding the relevant caps... Bringing forward deductible expenses Deferring taxable income Managing capital gains Using a Family Trust or a bucket company to cap your tax at 27.5% Imagine what you could do with your tax saved! Reduce your home loan Top up your Super Have a holiday Deposit for an Investment Property Pay for your children’s education Upgrade your Car To discuss further, hit the link below to find out how we can help you manage this year's tax liability.

23.01.2022 Today marks the start of financial year 2020-21 and after an uncertain six months for the entirety of Australia, there are no shortage of July 1 changes business owners need to get across.

23.01.2022 Later tonight, Federal Treasurer, Josh Frydenberg will hand down the 2020-21 Federal Budget. Normally held in May, this year's Federal Budget has been delayed to October due to the impact of COVID-19. For client's of Kingdom Financial, watch your inbox for a post-budget summary. We will also be posting on our Facebook pages.

22.01.2022 Following months of speculation, the government has unveiled the long-awaited JobKeeper review, including changes to the wage subsidy scheme which will see it overhauled and extended beyond September to March next year.

21.01.2022 Here is a brief summary of the announcements from last night's Federal Budget. At this stage these announcements are just that, announcements, so caution should be exercised before making any decisions. The best advice would be to wait until the announcements receive Royal Assent before acting. If you have any questions regarding the impact of the announcements to your situation, please contact us on 5370 2229.

20.01.2022 Our August newsletter is ready to go....click on the link below for articles on: 1. Cash is king in a crisis 2. Super changes add flexibility 3. Understanding CGT when you inherit

20.01.2022 The Tax Office has earmarked August and September as potential time frames to restart its tax debt collection activities, after it hit pause on such matters earlier this year due to COVID-19.

20.01.2022 It was great to catch up with Brendan from the Gympie Chamber of Commerce to discuss all things Cash Flow Boost and JobKeeper Payment. If you're in business and not a member of the Chamber, we would encourage you to join.

19.01.2022 We've spoken to many people over the past few weeks who are somewhat skeptical over if the JobKeeper Payment program is worth it or even if it was real!! Well, it's both...so far we have managed to secure over $2M (and counting) of JobKeeper Payment support for our clients, with payments to commence from this week. If you've experienced a more than 30% downturn in your business income, it's not too late...contact us before May 8!

18.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for June after today's meeting. The RBA has followed market consensus leaving the official cash rate unchanged at 0.25 per cent.

18.01.2022 Our September newsletter is ready to go....click on the link below for articles on: 1. Tax Alert September 2020 2. Getting retirement plans back on track 3. Inflation, deflation: what's in a name

18.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for August after today's meeting. The RBA has followed market consensus leaving the official cash rate unchanged at 0.25 per cent.

17.01.2022 Stayed tuned for an announcement re JobKeeper 2.0 coming next week

17.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for October after today's meeting. The RBA has followed market consensus leaving the official cash rate unchanged at 0.25 per cent.

17.01.2022 Did you know that the JobKeeper Payment is not just for employers?? In fact, if you are a Sole-trader, Partner in a Partnership or a Beneficiary of a Trust you could be entitled to up to $19,500!! Want to know more, message us be clicking below. But be quick as there are cut-off dates fast approaching.

17.01.2022 Timely warning regarding potential tax-related scams

16.01.2022 The Federal Government announced earlier today the extension of the SME recovery loan scheme. If you're a business received JobKeeper between January 4 and March 28, and have a turnover of no more than $250 million, you could be eligible for a loan to support investment, refinance pre-existing debt, including debt from the previous SME guarantee scheme. Loans can also be used to purchase commercial property and to acquire another business.... However, they cannot be used to buy residential property, financial products or lease, rent, hire or purchase existing assets that are more than half-way into their effective life.

16.01.2022 If you’re continuing to work from home, you will be allowed to continue using the 80c per hour working-from-home deduction method to 30 June 2021.

15.01.2022 Our April newsletter is ready to go...click on the link below for articles on: 1/ Good records the best defence when the Tax Man knocks 2/ Weighing up costs and benefits of an SMSF 3/ Taking a break - a win for you and the economy

14.01.2022 The QLD Government has announced the Small Business Adaption Grant Program. The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience. Further details including eligiblity criteria can be bound by clicking on the link below.

14.01.2022 Our Director Ben, had the privilege to share some insights into starting a business with the Year 10 Economics & Business class earlier today at James Nash State High School. It was a great opportunity for Ben to return to "where it all began" and meet some amazing young people. Thanks to Mrs Karen Swift (who was also Ben's Economics teacher in the late 1990s!!) for facilitating the visit.

14.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for December after today's meeting. The RBA has held the official cash rate at a record low of 0.10 per cent.

14.01.2022 Great news...$150K instant asset write-off extended to 31 December 2020!!

14.01.2022 COVID-19 UPDATE: 29 March FAQ Below is the latest info from our friends at CCIQ relating to today’s COVID-19 restrictions as it applies to business. ...Continue reading

13.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for May after today's meeting. The RBA has followed market consensus leaving the official cash rate unchanged at 0.25 per cent.

13.01.2022 Click on the link below for our May Economic Update

13.01.2022 Our May newsletter is ready to go....click on the link below for articles on: 1. New tax shortcut for employees working from home 2. Keeping the economy moving 3. Time to reassess your financial priorities

13.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for September after today's meeting. The RBA has followed market consensus leaving the official cash rate unchanged at 0.25 per cent.

13.01.2022 Click on the link below for our March Economic Update

12.01.2022 Domestic airfares to be subsidised by 50%!! The Federal Government will subsidise 50% of 800,000 domestic flights to select tourism destinations across Australia. The discounts will be based on average air fares, subject to final discussions with airlines, and will commence from 1 April. Destinations included in the scheme include the Gold Coast, Cairns, the Whitsundays, Alice Springs, Broome, Kangaroo Island and Merimbula.

12.01.2022 Did you know the temporary shortcut method for claiming working from home expenses has been extended further to 30 June 2021? What it means is that if you are still working from home due to the disruption caused by COVD-19 you can apply the higher tax deduction rate until 30 June 2021. If you have any questions, feel free to contact one of our experienced accountants on 5370 2229 or [email protected]

12.01.2022 Our June newsletter is ready to go....click on the link below for articles on: 1. Timing the economic reboot 2. Tax Alert June 2020 3. How COVID-19 changes tax time

12.01.2022 Earlier today, Premier Annastacia Palaszczuk announced the mandatory use of the Qld State Government’s Check In Qld app, effective 1 May. At this stage, the announcement only applies to the hospitality industry. For further info on downloading the app, whether you operate in the hospitality industry or a customer yet to download the app, head to this URL https://www.covid19.qld.gov.au/check-in-qld

11.01.2022 Merry Christmas from the Kingdom Financial team!!

11.01.2022 Are you completely satsified with your business accounting software? Have you been considering a change? With 1 July fast approaching, now is the pefect time to get the process started. With Kingdom Financial, you have the only Xero accredited migration experts in the Gympie region. That means Xero recognise us as experts when it comes to converting from your existing software to Xero. We're also Xero Gold Champion Partners, Xero Advisor Certified, Xero Payroll Certified, Single Touch Payroll specialists and we've been utilising Xero since 2014. So why not click below to get in contact with us so we can get you spending less time doing bookwork and more time doing the things you love!

10.01.2022 Did you know the ATO recently extended the "COVID-19 working from home deduction" until 31 December 2020? In short, this concession provides a 80 cents per hour tax deduction for work conducted at home. The concession is designed to cover all of the following: >phone expenses >internet expenses... >the decline in value of equipment and furniture >electricity and gas for heating, cooling and lighting See more

09.01.2022 To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020. The link below contains further detail of this stimulus measure.

09.01.2022 Lots of speculation in the media regarding possible early wind-up of the JobKeeper Payment program. This article should put those rumours to rest and allow recipients to breath easy.

09.01.2022 Ok, so here’s the latest (as in late this afternoon)...a business now has until the 8th May (previously 30 April) to make the April minimum payments of $1,500 per fortnight per employee. Yep...we wish the ATO would stop shifting the goal posts too!!

09.01.2022 https://www.accountantsdaily.com.au//14928-ato-warns-of-jo

08.01.2022 Following yesterday's great news regarding the extension of the instant tax write-off, the Government has announced that PAYG Instalments and GST Instalments will not be increased for indexation for the coming financial year. Further details contained in the link below. https://www.accountantsdaily.com.au//14474-cash-is-king-go

08.01.2022 Our October newsletter is ready to go...click on the link below for articles on: 1. Opportunities amidst the COVID-19 disruption. 2. Insolvencies go undetected, for now. 3. Life cover: More essential than ever.

07.01.2022 The Government and the ATO have just updated their processes for applying for the JobKeeper 2.0 Payment. We want to let you know how Kingdom Financial can help ensure your business receives the maximum amount of the JobKeeper 2.0 Payment. Did you know for every eligible employee or every eligible business participant, your business is eligible for up to $14,400.... Just like the original JobKeeper Payment, the process is anything but easy. First you need to assess your eligibilitytwice. Then identify your eligible employees. Then make correct wage payments. Then apply for the payment. Then submit monthly reports within 14 days of the end of each month!! And if you get it wrongyep, you need to repay! Sounds too risky?? Well, that is where Kingdom Financial can help. For a fixed fee, we can assist with ensuring your business receives the maximum amount of the JobKeeper 2.0 Payment. To receive your fixed fee agreement, please contact us ASAP. Time is of the essence.

07.01.2022 It’s our Birthday!! Today, marks 11 years since the commencement of the ‘accounting/tax/audit side’ of Kingdom Financial (formerly Ellingsen Partners). A massive shout out of appreciation to all of our clients, referral partners and staff for the journey thus far. Happy Birthday to us!

06.01.2022 Keep an eye on your myGov inbox this tax time! Most people will be accessing their income statement (previously called a ‘payment summary’) through our online services in myGov. If your myGov account is linked to our online services, we’ll let you know once your employer has made your income statement ‘tax ready’ - then, it can be used to do your tax return. Remember, many employers have until 31 July to do this.

04.01.2022 Good news!! Legislation enacting the "tax-related" announcements passed both Houses of the Federal Parliament late last week!! You may recall these announcements included the "bringing-forward" of previously announced tax cuts. The effective date for these changes is now 1 July 2020. The ATO has clarified that it will not adjust withholding schedules to account for any over-withheld amounts from the start of the current financial year to the date of the budget announcement.... Instead, these over-withheld amounts will be included in a taxpayer’s tax assessment at the end of the income year.

04.01.2022 The Federal Government’s plan to criminalise business cash payments of more than $10,000 has now been officially dropped!!

04.01.2022 Our November newsletter is ready to go...click on the link below for articles on: 1/ Making your savings work harder 2/ Easy ways to boost your credit score 3/ FBT changes under COVID: What are the rules?

04.01.2022 The Reserve Bank of Australia (RBA) has revealed its decision on the official cash rate for November after today's meeting. The RBA has broken with their recent approach and CUT the official cash rate to a record low of 0.10 per cent.

04.01.2022 Late last week, the ATO announced an extension of time to enrol in the JobKeeper Payment (JKP) program from 30 April to 31 May. Whilst that may appear as good news, it is anything but! You see, if you want to be elgiible for the JKP program for the month of April, you still need to make sure you have made minimum payments of $1,500 by 30 April. If you haven't, you need to "top-up" your employee(s) with extra wages by 30 April. Our fear is that the extension of time will lure people into a false sense of security and therefore miss making the required payments and therefore become ineligible for the month of April. Our advice, ignore the extension...keep working towards the 30 April deadline...we certainly are!!

03.01.2022 The working-from-home tax deduction concession has been extended until 30 September 2020!! More details

03.01.2022 Our December newsletter is ready to go...click on the link below for articles on: 1/ Maybe just maybe, Christmas is a little more in 2020 2/ What the US election means for investors 3/ Tax-effective ways to boost your super

02.01.2022 Today is May 4 which means JobKeeper Payments and associated reporting can begin. Below is the latest from our Director, Ben Ellingsen, on this step in the process (and a report on his round of golf earlier today).

02.01.2022 The Government has announced the new HomeBuilder program to support jobs and boost demand in the residential construction sector at a time when the construction industry is facing extreme uncertainty. The link below contains further detail of this stimulus measure.

02.01.2022 Happy New Year from the Kingdom Financial team!!

02.01.2022 Our July newsletter is ready to go....click on the link below for articles on: 1. New financial year - new perspective 2. Family trusts under ATO scrutiny 3. Your post-COVID business repair kit

01.01.2022 Did you know that from 1 July, the Company tax rate (for base rate entities with turnover <$50M) reduces from 27.5% to 26%. What does that mean? Well, if you're operating via a Company (or Trust that distributes to a Company), you would benefit by deferring as much income as possible to post-30 June so that the income is taxed at the lower rate. The end result is you pay less tax!!