Lion & Son Pty Ltd in Mascot, New South Wales | Tax preparation service

Lion & Son Pty Ltd

Locality: Mascot, New South Wales

Phone: +61 2 9669 3755

Address: Suite 1, 949 Botany Road 2020 Mascot, NSW, Australia

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

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24.01.2022 ARE YOU ON A WORKING HOLIDAY If you work in Australia, tax will be withheld from your pay and youll be obligated to lodge a tax return each year. The Australian income year starts 1 July and ends on 30 June the following year.... From 1 January 2017 as a working holiday maker the first $37,000 of your income is taxed at 15%, with the balance taxed at ordinary rates. You are a working holiday maker if you have a visa subclass: 417 (Working Holiday) 462 (Work and Holiday). It is important to note most people who come to Australia for a working holiday or to visit will remain foreign residents for tax purposes and therefore any income earned prior to 1 January 2017 will be taxed at normal non resident tax rates, 32.5% for any income up to $87,000 When you lodge your tax return, we automatically apply the correct tax rates and thresholds based on the information you include in your tax return. Make sure that any income you earned as a working holiday maker from 1 January 2017 is correctly shown on your tax return to take advantage of the new tax rates. We work out how much tax you should have paid based on your actual income and expenses for the year. If too much was withheld from your pay, you will receive a refund for the difference but if you have not paid enough you will receive a bill. If you need further information you can visit www.ato.gov.au//international-tax-for-individuals/coming-t Or call us for an appointment.

23.01.2022 How to determine if workers are employees or contractors? We are constantly asked this question and the answer is rarely simple and straight forward. To correctly determine whether a worker is an employee or contractor, you need to look at the whole working arrangement. A worker isnt automatically a contractor just because they have an ABN or specialist skills or you only need them during busy periods. The ATOs Employee/Contractor decision tool attempts to make it easier to get the right answer. You can access this tool in the link below as well a further information that may help you to make the right decision.

22.01.2022 Superannuation for temporary residents departing Australia If you are a temporary resident working in Australia, your employer has to pay Superannuation Guarantee Contributions for you, if youre eligible. When you leave Australia, you may be able to access your superannuation as a Departing Australia Superannuation Payment (DASP).... You can claim a DASP from your super fund if all of the following apply: 1- You accumulated superannuation while working in Australia on a temporary resident visa issued under the Migration Act 1958 (excluding Subclasses 405 and 410) 2- Your visa has ceased to be in effect (for example, it has expired or been cancelled) 3- You have left Australia 4- You are not an Australian or New Zealand citizen, or a permanent resident of Australia. To Claim your DASP follow the link bellow. Your DASP will generally be paid within 28 days of receipt of your complete application; however, it may take longer if you submit an incomplete application or your super fund requires additional supporting documents. There are three possible payment options: 1- cheque 2- electronic funds transfer (EFT) to an Australian bank account 3- international money transfer (IMT) for fund applications only. For more information visit the ATO website or contact us.

21.01.2022 ARE YOU ON A WORKING HOLIDAY If you work in Australia, tax will be withheld from your pay and you'll be obligated to lodge a tax return each year. The Australian income year starts 1 July and ends on 30 June the following year.... From 1 January 2017 as a working holiday maker the first $37,000 of your income is taxed at 15%, with the balance taxed at ordinary rates. You are a working holiday maker if you have a visa subclass: 417 (Working Holiday) 462 (Work and Holiday). It is important to note most people who come to Australia for a working holiday or to visit will remain foreign residents for tax purposes and therefore any income earned prior to 1 January 2017 will be taxed at normal non resident tax rates, 32.5% for any income up to $87,000 When you lodge your tax return, we automatically apply the correct tax rates and thresholds based on the information you include in your tax return. Make sure that any income you earned as a working holiday maker from 1 January 2017 is correctly shown on your tax return to take advantage of the new tax rates. We work out how much tax you should have paid based on your actual income and expenses for the year. If too much was withheld from your pay, you will receive a refund for the difference but if you have not paid enough you will receive a bill. If you need further information you can visit www.ato.gov.au//international-tax-for-individuals/coming-t Or call us for an appointment.

21.01.2022 D4 - Work-related self-education expenses To claim a deduction for self-education expenses, you must have met one of the following conditions when you incurred the expense: * The course maintained or improved a skill or specific knowledge required for your then current work activities * You could show that the course was leading to, or was likely to lead to, increased income from your then current work activities, or * Other circumstances existed which established a direc...t connection between the course and your then current work activities. If, when you incurred your expenses you satisfied the conditions necessary to claim a deduction, you can claim the following: * Your tuition fees payable under FEE-HELP (FEE-HELP provides assistance to eligible fee-paying students, who are not supported by the Commonwealth, to pay tuition fees) * Your tuition fees payable under VET FEE-HELP [VET FEE-HELP provides assistance to eligible full-fee paying students doing vocational education and training (VET) accredited courses with an approved VET provider] * Self-education expenses you paid with your OS-HELP loan (OS-HELP is a loan to cover expenses for eligible Commonwealth supported students who wish to study overseas towards their Australian higher education award) * The cost of your meals and accommodation during temporary overnight absences from home to participate in self-education * Your other expenses such as textbooks, stationery, student union fees, student services and amenities fees, course fees, and the decline in value of your computer (apportioned depending on private use and use for self-education) * Expenses for your travel in either direction between: - your home and your place of education - your workplace and place of education.

21.01.2022 Work out your tax residency The standards we use to determine your tax residency are not the same as those used by the Department of Immigration and Border Protection for example, you could be an Australian resident for tax purposes even if youre not an Australian citizen or permanent resident. The primary test of tax residency is called the resides test. If you reside in Australia, you are considered an Australian resident for tax purposes and dont need to apply any of... the other residency tests. If you dont satisfy the resides test, youll still be considered an Australian resident if you satisfy one of three statutory tests: 1- The domicile test: Youre an Australian resident if your domicile (broadly, the place that is your permanent home) is in Australia, unless we are satisfied that your permanent place of abode is outside Australia. 2- The 183 day test: If youre actually present in Australia for more than half the income year, whether continuously or with breaks, you may be said to have a constructive residence in Australia, unless it can be established that your usual place of abode is outside Australia and you have no intention of taking up residence here. 3- The superannuation test: This test ensures that Australian government employees working at Australian posts overseas are treated as Australian residents. For more information visit www.ato.gov.au or contact us on 02 9669 3755 See more

20.01.2022 As well as sole traders partnership are another way a business may operate and likewise it has its own pros and cons: Advantages A partnership has: * fewer set-up costs... * greater access to finance, because more people are involved * more people to share the workload * more people to share any losses and legal responsibilities. Disadvantages A partnership means: * net income (profits) or losses must be split between the partners, giving less to each person * a limited life span, as the partnership ends when any one of the partners leaves or dies * all partners are responsible for the debts of the partnership * partners can lose private assets if these are needed to pay off the debts of the partnership.

20.01.2022 The company or Pty Ltd: Advantages A company: * has far greater access to capital (funds) for the running of the business... * shareholders are not liable for the debts of the company * has an existence of its own; as shares can be traded or transferred, a company can potentially have an indefinite lifespan * generally pays a lower rate of income tax than individuals, meaning tax overall may be less. Disadvantages A company structure: * is more expensive to establish * has greater reporting requirements than a sole trader or partnership * limits the shareholders say in the running of the company; they can only vote for the directors who control the company.

18.01.2022 Is your Christmas Party a Tax Deduction??

18.01.2022 you should be aware that legislation has passed that reduces or removes some small business concessions. The changes take effect from 1 January 2014, which means they could affect your 201314 business income tax return. The new laws: reduce the instant asset write-off limit from $6,500 to $1,000... remove the accelerated initial deduction for motor vehicles. Instant asset write-off This means assets that cost less than $6,500 (acquired and installed ready for use by 31 December 2013) can still be immediately written-off. Any assets acquired or installed from 1 January 2014 onwards can only be immediately written-off if they cost less than $1,000. Accelerated initial deduction for motor vehicles You can only claim accelerated initial deductions for motor vehicles that cost $6,500 or more if they were acquired and available for use by 31 December 2013. From 1 January 2014 onwards, the special depreciation rules for motor vehicles no longer apply.

17.01.2022 Claiming expenses for vehicles other than cars: If you are eligible to claim your vehicle expenses and your vehicle is a motorcycle or has a carrying capacity of one tonne or more, such as some panel vans and utility trucks, you can only claim your actual expenses. Your actual expenses include the cost of:... fuel and oil repairs and servicing interest on a car loan lease payments insurance registration. If you use your vehicle for both work and private purposes, you can use a diary to show how much of your expenses relate to each. Remember to keep receipts for your actual expenses this includes for fuel and oil costs. Bank statements and credit card transaction receipts are not sufficient evidence for fuel and oil purchases, you need to keep your actual receipts.

16.01.2022 It is often difficult to determine what is the right business structure under which you should start or operate your business, here are a few pros and cons you should consider when making this decision referring to sole traders. Features of being a sole trader Advantages The sole trader:... * has fewer formalities and costs in setting up the business * has full control of the business * receives the full benefit of profits made by the business * keeps all of the after-tax gains if the business is sold. Disadvantages The sole trader business: * has a limited life span, as it will cease to exist when the owner dies * has limited access to capital and no one to share any losses with * is legally responsible for all aspects of the business which means the sole trader can lose all their private assets if the business goes into debt. * Cannot distribute profits - which means the sole trader is liable for the full amount of tax payable on that profit.

16.01.2022 your personal circumstances always decide what is and what is not deductible, what is definitely not allowed for one person maybe for another, but these examples are almost all inexplicable.

12.01.2022 If you recently have started a business, the following ATO video will help you understand the way you pay tax on this type of earnings. Understanding the system is the first step towards maximising your allowable deductions and minimising the tax you need to pay.

11.01.2022 Thinking about self-managed super? If you set up a self-managed super fund (SMSF), youre in charge you make the investment decisions for your superannuation funds, but youre also responsible for complying with the super and tax laws. Its a major financial decision and you need to have the time and skills to do it. If you are unsure if a SMSF is the right choice for you? we can help you decide, set up and manage your SMSF.

10.01.2022 The Trust: Advantages A trust: * provides the opportunity to minimise tax through the distribution of net ... income to beneficiaries * has limited liability if the trustee is a company * has perpetual existence and does not cease with the death of a beneficiary * can provide increased asset protection. Disadvantages A trust: * is more expensive to establish * has higher compliance costs, such as regular legal and accounting expenses * can distribute profits to children under the age of 18, who may be taxed at a high rate * has beneficiaries who can have complex PAYG instalment calculations.

09.01.2022 Be weary of add on insurance, always make you understand what the insurance is for, the likelihood of a claim and the level of cover you are paying for.

09.01.2022 airbnb has become a popular way to supplement your income, and like Uber there are some important tax implications to be aware of. Like any other form of income the money you make from airbnb is taxable and the amount of tax you would pay will depend on your marginal rate of tax, this could be as high as 49%. But not all is bad news, there are a number of deductions available to you if you are generating income from airbnb. These expenses are related to the running of the h...ome you are earning the income from eg: * home insurance * council rates * water rates * telephone / internet expenses * electricity * repairs and maintenance, etc All of these expenses will help reduce the income generated and hence your tax bill. It is also very important to consider that your residence/home it is exempt from Capital Gains Tax (CGT), but this exemption will be affected if the property is used for commercial purposes, like airbnb income, meaning that if in the future this property was sold you may be liable to pay CGT on the proceeds of the sale. As always consult your financial or tax adviser for more details on how these rules may affect you considering your personal circumstances.

06.01.2022 It is important to keep track of your super. If youve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment.You can find out if you have any lost or ATO-held super by doing a quick search here:

04.01.2022 YOU DONT NEED TO PAY MEDICARE LEVY If you are not entitled to Medicare benefits you are eligible to claim an exemption from Medicare Levy in your tax return. You are exempt from paying the Medicare levy if you:... 1- Are a temporary resident and you did not have any dependants or they were all in an exemption category for that period 2- Are not an Australian citizen To claim an exemption you must have a Medicare Entitlement Statement from the Department of Human Services. A letter from Medicare is not sufficient. See link below for an application form.

03.01.2022 FAMILY TRUSTS AND LAND TAX SURCHARGE Recent changes to the land tax and other states duties legislation have come into effect and now most discretionary trust are potentially at risk of being taxed at high rates due to these changes. Discretionary trusts generally allow for a wide range of classes of individuals and entities to be beneficiaries, this feature is one of the major advantages of setting up a discretionary trust as it provides great protection for any property or ...assets held in the trust given that no beneficiary can be said to own the assets. It also allows for great discretion when distributing profits. Unfortunately this same advantage can now act against you because if any of the classes of beneficiaries attracts a "foreign person" then the whole trust will be subject to the new high Land Tax and Duties rates. This can happen even if the trust has never distributed to such a person or if no intention to distribute exists at all. The fact that the trust deed may allow for distributions to a "foreign person" is sufficient. In NSW the Foreign Surcharge Duty is currently 8% and the Land Tax Surcharge is 2%. Note that these are in addition to the duty and land tax rates already applicable. In order to avoid these surcharges you need to take immediate steps to ensure the trust deed is amended to exclude any "foreign person" from any of the classes of beneficiaries.

03.01.2022 Are you an Uber driver?? With the increase in popularity of this service a lot more people are considering signing up to become a driver. Although this poses some interesting possibilities to generate extra pocket money, there are some important facts you need to be aware of before you sign up.... Leaving aside legal and insurance issues, if you decided to become an Uber driver you are now according to the ATO providing ride-sourcing services (also known as ride-sharing, ride-booking, taxi or ride-hailing services) and there are tax implications and GST obligations for drivers who provide this type of service and carry on an enterprise. For more information visit the link below or contact us for an appointment.

02.01.2022 How are they taxed? Sole trader The profit from a sole trader business is taxed at personal income rates. This means there is only one amount of tax-free threshold ($18,200) and no opportunity for the owner to distribute any of the income to any other party.... Partnership Profits are split among the partners and will be taxed at each partners personal income tax rate. Husbands, wives or family members may go into partnership to get lower tax rates if they split the income. There are special tests under the tax law to ensure they are really partners in business, and are not just using the structure to avoid tax. Company Companies lodge their own tax return and pay tax on their taxable income (assessable income less allowable deductions). Companies pay income tax at a flat rate of 30%, whatever their level of taxable income. A company does not have to pay the Medicare levy. A companys distribution to shareholders can be as fully franked, partly franked or unfranked dividends. If company tax has been paid on the companys distribution to shareholders, the dividend is said to be franked and a franking credit is associated with the dividend. Franked dividends can be either fully franked (the whole dividend carries a franking credit) or partly franked (only part of the dividend carries a franking credit). An unfranked dividend has no franking credits. Trusts Trusts generally distribute their profits to beneficiaries who will pay tax at their own personal income tax rate, including the higher rates for children aged less than 18 years. Distributions can also be made to beneficiaries that are not persons, like companies, superannuation funds or other entities whose taxation will depend on their circumstances.

01.01.2022 Commercial Hire Purchase Post 1 July 2012 While previously GST was only payable on the purchase price of the vehicle or asset, as of the 1 July 2012 GST is payable on the purchase price of the asset or vehicle, all term charges (interest), and any fees. The newly-introduced GST on fees and interest will be payable upon settlement of the agreement, and can either be added to the loan or paid up-front. The changes to Commercial Hire Purchase contracts essentially have no net ef...fect on GST registered business. However, they will produce significant differences in cash-flow, as the extra GST needs to be paid by the business and then later claimed back on Business Activity Statements. For this reason, businesses financing cars, commercials vehicles and other business equipment should consider other finance options which are likely to be more cash-flow friendly and/or more cost effective options. Companies, partnerships, sole traders and other businesses who have historically financed vehicles and business equipment using a CHP may wish to consider the other finance options available to them, such as a Chattel Mortgage or a Finance Lease.

01.01.2022 For many people this could be the first time they are declaring a rental property or they may be thinking about buying one. This video will help you understand the basics to get the most tax benefits out of your investment.