LBA Partners in Woree, Queensland | Business service

LBA Partners

Locality: Woree, Queensland

Phone: +61 7 4033 1144

Address: Suite 14, Woree Plaza, 12-20 Toogood Road 4868 Woree, QLD, Australia

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

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24.01.2022 Tax time 2020 is ending soon, if you haven’t lodged yet, there is still time, this year don’t forget to claim your work from home expenses. There are generally 3 ways of claiming work at home expenses, all of which give a different outcome. It is up to individual taxpayers to work out which method suits them best and gives them the biggest deduction. Remember to claim the expenses you have to be doing more than minimal tasks, the ATO says it has to be substantive, so simply checking emails or taking calls at home will not qualify. See here for more details: https://bit.ly/2ZdxcHj

23.01.2022 The ATO has extended its current data-matching program for another 4 years to ensure that online selling businesses and individuals are correctly meeting their registration, lodgment and tax obligations. It is expected that most sellers on eBay and Amazon will be affected. It is estimated that around 20,000 to 30,000 account records will be obtained each financial year and matched with ATO data holdings to identify compliance issues. Not sure if your online business has crossed the threshold from a hobby to a business? We can help.

23.01.2022 While the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data-matching programs. One of the more significant programs that have slipped under the radar due to the pandemic is the ride sourcing or ride sharing program. If you drive for Uber, Lyft or many other ridesharing apps, you may be affected. Under this program, the ATO will be acquiring data from ride sourcing facilitators to identify individuals providing these services for the 2019-20 to 2021-22 financial years.

23.01.2022 The ATO now has broader powers to retain refunds in instances where taxpayers have outstanding notifications. While the exercise of this discretion will not be taken lightly, the Commissioner indicates that it will be used in circumstances where the taxpayers are identified as engaged in high-risk behaviour or those engaging in illegal phoenix activity. For taxpayers whose refunds are retained, the ATO will communicate to them the reasons why it was necessary and also outline the actions that can be taken to avoid it in the future.

23.01.2022 The JobKeeper payment will soon be changing. In order to support businesses through a potentially prolonged economic downturn due to the pandemic, the government has confirmed it will seek to extend the payment beyond the current end date of 27 September to 28 March 2021. The extension of the payment comes with significant changes including an introduction of a part-time rate for those who were employed less than 20 hours per week, a slow tapering of the payment rate from $1,500 to $1,000 per fortnight, and more stringent eligibility requirements. Contact us today to find out more.

23.01.2022 The government has released details on proposed changes to super which are aimed at reducing unnecessary fees by ensuring super is paid to a single default account for employees, increasing transparency of super products via a rankings website, conducting annual performance tests for various super products to tackle fund under-performance, and ensuring trustees act in the best financial interest of their members. Remember, these and many other tax and super changes are coming in 2021 and we can help you stay in the loop on what changes may affect you.

23.01.2022 Individuals and businesses beware, the first data-matching program of 2021 calendar year has been initiated by the ATO and it relates to motor vehicle registries data. Information such as identification details (including names, addresses, DOB, ABNs) as well as transaction details (eg price of vehicle, type of transaction, vehicle garage address etc) will be acquired for the 2019-20 to 2021-22 income years. It is expected that records of around 1.5m individuals will be obtained each financial year and the program will encompass both new and second-hand cars.

22.01.2022 The government’s coronavirus economic response package included a provision to provide temporary relief for directors of financially distressed businesses from potential personal liability for insolvent trading. It is meant to provide some leeway for directors attempting to navigate companies out of these dire economic times rather than applying for voluntary insolvency. If you need to use this temporary relief, note there are conditions attached and it also does not extend to relief from statutory and common law directors’ duties.

21.01.2022 Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value for the associated audit. Due to COVID-19 impacts on the 2020 and 2021 financial years, the ATO has provided a concession for trustees of SMSFs in relation to valuation evidence. It will allow auditors to lodge an Auditor/actuary contravention report with reasons as to why to the trustee was unable to obtain the appropriate evidence. If the ATO deems the reason to be COVID-19 related, no penalties will apply.

20.01.2022 To combat phoenixing and other black economy activities, a new regime of director identification numbers (DINs) will come into effect in the near future. The new regime requires all directors to confirm their identity and will be a unique identifier for each person who is a director or elects to become a director. The identifier is permanently linked to the individual even if they cease to be a director. It is intended that the DIN will enable better tracking of directors of failed companies and prevent the use of fictitious entities. Click for more information https://bit.ly/2ZdxcHj

19.01.2022 The government has handed down its big spending budget in a bid to revive the economy. In terms of individuals, as expected, the government has confirmed that it will bring forward and backdate the previously legislated tax cuts by 2 years. Other measures include retaining the existing low and middle income offset, bringing forward the new low income tax offset (as a consequence of bringing forward the tax cuts), CGT exemptions for granny flats in certain circumstances, and cash payments for some income support recipients.

19.01.2022 Proposed changes to allow electronic information sharing between the ATO and the Family Law Courts in relation to super assets held by relevant parties during family law proceedings has been delayed. The measure was initially proposed to commence in July 2020 but is now predicted to commence July 2021 at the earliest, with the government citing the complexity involved in the mishmash of different family law jurisdictions in each state as the main reason. Once in place, it is hoped the measure will result in more timely and equitable property splits.

18.01.2022 Mask requirements across Queensland are coming into effect from 5pm today (Monday 29 March). You must carry a face mask with you at all times when you leave h...ome, unless you have a lawful reason not to. You must wear a mask in indoor spaces, such as: shopping centres, supermarkets, retail outlets and indoor markets hospitals and aged care facilities hospitality venues such as restaurants and cafés (not required for patrons while seated; customer facing staff only) churches and places of worship libraries indoor recreational facilities and gyms (except if doing strenuous exercise) indoor workplaces (where safe to wear a mask and you can’t physically distance) public transport, taxis and rideshare, including waiting areas and queues for this transport airports and travelling on planes. It is strongly recommended you wear a mask outdoors if you are unable to stay more than 1.5m distance from other people, such as busy walkways and thoroughfares. Masks do not need to be worn in some circumstances, including children under 12 years, where people have certain medical conditions, and in workplaces where it is not safe to do so. You can remove your masks to consume food or drink. For the most up to date information about mask requirements visit: https://www.qld.gov.au//current-st/urgent-covid-19-update Please note a number of the above locations will not be open during the Greater Brisbane lockdown over the coming days. For full details visit: https://www.qld.gov.au/he/covid19/greater-brisbane-lockdown

17.01.2022 If you’ve been affected by the Coronavirus pandemic and want to access your super early, it may be beneficial to consult a qualified professional about the eligibility and other options that may be available to you. It won’t cost you an arm and a leg either, ASIC has recently granted a temporary AFS licensing exemption to allow registered tax agents to provide certain financial product advice about the early release of super under the Coronavirus condition, all for a maximum fee of $300. Early release applications will be accepted from 20 April 2020.

17.01.2022 Businesses the received the initial cash flow boosts are in line for additional payments, all you need to do is to lodge your activity statements to be eligible https://bit.ly/2ZdxcHj

17.01.2022 If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doing your business a favour by taking advantage of the instant asset write-off threshold of $150,000. Which is the highest it has ever been or will likely to be for a while. You’d better be quick though; this high threshold is slated to end on 30 June 2020 and will be replaced by a $1,000 threshold from 1 July 2020.

17.01.2022 If you run a small business with payees that include family members in a family business or directors or shareholders of a company, chances are you’re not yet reporting payments through the Single Touch Payroll (STP) regime. Basically, STP works by sending tax and super information from your STP-enabled payroll or accounting software to the ATO as you run your payroll. So, if you’re not already familiar with the system, you’ll need to get up-to-date as from 1 July 2021 all employers will need to start reporting payments through the system.

16.01.2022 As we move slowly into a post-COVID world, business travel and face-to-face meetings will be back on the agenda, here’s what you can deduct when travelling https://bit.ly/2ZdxcHj

15.01.2022 Repayment holidays or loan payment deferrals as a result of COVID-19 for a majority of borrowers are due to end in September. If you or your business initially deferred a loan at the beginning of the pandemic, now is the time to start working out whether you can afford your repayments. To ensure that the interests of consumers are protected, ASIC has outlined some expectations of financial institutions in dealing with an orderly return to repayments including contacting consumers in a timely manner.

14.01.2022 If your business is thinking of hiring new staff, now is the time, the Government will pay employers a subsidy of sorts for each eligible young worker employed over the next 12 months. The amount of the payment depends on the age of the employee, but may be up to $200 per week for those aged 16 to 29. The rules are not overtly complex, but the scheme is limited to certain types of employees and there are several key conditions that apply to both employers and the new employees so care should be taken.

14.01.2022 Has your business successfully applied for the JobKeeper? Beware as the ATO is devoting compliance resources to weed out what it terms schemes https://bit.ly/2ZdxcHj

13.01.2022 To many individuals, the difference between tax planning and tax avoidance is not immediately obvious, while the ATO considers the former to be a legal way to arrange your affairs to minimise the tax you pay, the latter could land you in legal hot water. So, how can you tell the difference? The ATO has outlined some common features of tax avoidance schemes in order to warn individuals to steer clear of them. While it is not always easy to identify these schemes, the old adage of if it seems too good to be true it probably is usually applies.

11.01.2022 With the JobKeeper program officially coming to a close, the payment that has supported more than 3m workers as its height and around 1m in the most recent quarter has been consigned to history. Although it is gone, it should not be forgotten by businesses that claimed the payments as the ATO has signalled that it will continue to maintain the integrity of the scheme through compliance activities. It has also outlined tax consequences for those businesses that wish to make voluntary repayments of the JobKeeper they have received during the life of the scheme.

10.01.2022 In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the development of real property was highlighted as a main issue. The ATO notes that arrangements SMSFs enter into to develop real property may cause issues with the sole purpose test, in-house assets, LRBAs, and NALI provisions to name a few. It notes that these arrangements involving SMSFs will be closely monitored to ensure that there are no contraventions to superannuation law.

10.01.2022 With the ultimate distraction of the pandemic, many businesses around Australia may not be aware that they will be required to lodge a Taxable Payments Annual Report (TPAR) for the first time this year. Not only has the TPAR expanded to include road freight, information technology, and security, investigation or surveillance services this year, due to COVID-19, businesses such as restaurants, cafés, grocery stores, pharmacies or other retailers that have hired contractors to deliver goods to customers may also be captured under the regime.

09.01.2022 Individuals or those with companies that earn income through personal effort and skills should be familiar with the concept of personal services income (PSI). This includes tradespeople but also for consultants that work in a wide variety of fields. Earning PSI is not an ideal outcome as it can limit the deductions you can claim. However, this situation can be potentially avoided if you satisfy the criteria for a personal services business (PSB) or apply to the ATO for a Personal Services Business Determination.

09.01.2022 The Federal Government is extending the special rules applying to bankruptcy actions and director personal liability claims, from 28 Sep to 31 Dec. With the special rules in place for longer, businesses have more time to trade their way out of difficulty. Are your customers struggling to pay their debts going to ride out the pandemic economic downturn or is there a fundamental change to their business that time just isn’t going to help. Whatever the reason, it is always prudent to review debtors objectively and negotiate special arrangements if necessary.

09.01.2022 Businesses with an apprentice or trainee beware. The Department of Education, Skills and Employment has commenced a new ongoing data-matching program in relation to the Supporting Apprentices and Trainees (SAT) measure. The Department is seeking to confirm the eligibility of employers receiving the subsidy as well as stamp out any potential double-dipping of government assistance. It is estimated that around 117,000 apprentices and trainees and more than 70,000 employers will be affected. For more details - https://bit.ly/2ZdxcHj

07.01.2022 While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust. Changes such as this are complex with each structure having its own distinct advantages and disadvantages. Before you consider a change, experts should be consulted to avoid costly mistakes which may stymie the success of your business.

07.01.2022 Enrolment for the JobKeeper payment is now open. For the tens of thousands of businesses that registered their interest, you can now follow some simple steps to enrol and ensure you meet the record-keeping requirements. Some of the more basic steps include eligibility requirements for both the business and nominated employees. Other requirements include notifications of the nominated employees and record-keeping of required notice, as well as paying nominated employees the specific JobKeeper amount by the end of April. See here for more details https://bit.ly/2ZdxcHj

07.01.2022 The super guarantee amnesty which allowed employers to come forward to declare any super guarantee (SG) shortfalls and self-correct SG underpayments with reduced penalties has officially ended. For businesses eligible for the amnesty, the work is not over, to retain the benefits of the amnesty, the super guarantee charge amount disclosed in the application must either be paid in full or a payment plan must be entered into. For businesses that are not eligible for the amnesty, the ATO has outlined its proposed treatment including administrative penalties.

04.01.2022 The maximum number of allowable members for SMSFs could soon increase from 4 to 6 if a recently reintroduced Bill passes Parliament. The Bill was previously a part of the 2018-19 Budget measures and was aimed at providing more flexibility to many SMSFs with aging members and larger families. By allowing more members, the government envisions that SMSFs will become a part of intergenerational solutions for managing long-term investments. It would also potentially allow members to plan around contribution caps and transfer balance limits.

04.01.2022 Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI). Due to ATO concerns that this change has not been explicitly communicated, a guideline has recently released which provides a transitional compliance approach for complying super funds in relation to certain non-arm’s length expenditure in gaining or producing ordinary or statutory income. Broadly, the ATO notes that it will not devote compliance resources to the issue for the 2018-19, 2019-20 and 2020-21 income years.

03.01.2022 The Taxable Payments Annual Report (TPAR) was designed to supress, if not outright eliminate the black economy by requiring businesses providing various services to lodge a report containing details of payments made to contractors or subcontractors. This year, the ATO has identified around 60,000 businesses that have not compiled with the lodgment requirements. It notes many businesses that have engaged delivery services (including food delivery services) though a contractor/subcontractor may not know that they have to lodge a report.

02.01.2022 Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to be aware of this year. These include the tax treatment of early access super, the use of the simplified method to claim work from home expenses, payments related to being stood down, and redundancy or termination payments. Individuals will need to be aware of these potential pitfalls to maximise their deductions. https://bit.ly/2ZdxcHj

01.01.2022 Businesses on the JobKeeper take note, there has been recent changes which extend the eligibility of the program so that more of your employees may be eligible. Employee eligibility has been changed to 1 July 2020 and individuals are also able to re-nominate a different eligible employer as at that date. For any newly qualified employees to receive the JobKeeper, some crucial forms and declarations needs to be lodged by an impending due date, but given that the program will run until March next year, it will be well worth it for employees and businesses.

01.01.2022 COVID-19 has turned lives upside down on a global scale, with one unintended side-effect being the drastic restriction of movement across borders. So, what happens to the tax status of an individual that arrived in Australia as a temporary resident staying longer than expected due to not being able to return to their home country? The ATO has provided some guidance on this issue and other scenarios where temporary residents earn income whilst in Australia and the effect of double tax agreements. See here for more detail: https://bit.ly/2ZdxcHj