LKR Accountants in Paralowie, South Australia, Australia | Accountant

LKR Accountants

Locality: Paralowie, South Australia, Australia

Phone: +61 438 872 428

Address: . 5108 Paralowie, SA, Australia

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

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24.01.2022 RBA, government splash $105bn in SME funding: Australian banks will now have access to $105 billion to lend out to small and medium businesses as the government and the Reserve Bank look to ease cash-flow pressures caused by the coronavirus crisis. Off the back of making an emergency cash rate cut to a record low of 0.25 of a percentage point, the Reserve Bank has announced it will set up a $90 billion term funding facility for banks to specifically support its small-business... clients. The scheme will allow Australian banks to borrow an equivalent of 3 per cent of their existing outstanding credit to Australian businesses and households, with access to additional funds if they provide more support to small and medium-sized businesses. The [objective] is to provide an incentive for lenders to support credit to businesses, especially small and medium-sized businesses. This is a priority area for us, said RBA governor Philip Lowe. Many small businesses are going to find the coming months very difficult as their sales dry up and they support their staff. Assisting small businesses through this period will help us make that bridge to the other side when the recovery takes place. Treasurer Josh Frydenberg has also pledged $15 billion to support smaller lenders to continue their support to small-business clients. The Australian Office of Financial Management (AOFM) will be provided with an investment capacity of $15 billion to invest in wholesale funding markets used by small banks and non-bank lenders. The governments actions will enable customers of smaller lenders to continue to access affordable credit as the world deals with the significant challenges presented by the spread of the coronavirus, Mr Frydenberg said. Small lenders are critical to Australias lending markets, often driving innovation and providing competition for larger lenders. CBA responds: The Commonwealth Bank of Australia (CBA) immediately moved to lower all existing cash-linked small-business loans by a full percentage point. We are strongly supportive of the RBAs new term funding facility. We intend to participate in this scheme to the fullest extent possible to access long-term funding at highly attractive rates to help support Australian households and businesses at this time, said CBA chief executive Matt Comyn. Small businesses will benefit from an interest rate reduction of 100 bps on all business loans linked to the cash rate. This is in addition to a range of measures announced last week which are available for businesses facing difficulty, including waiving merchant fees, waiving redraw fees, waiving early redraw fees on business term deposit accounts, and deferring repayments on vehicle and equipment finance loans.

22.01.2022 Welcome aboard Jasmine our newest Tax Consultant to join LKR Accountants, looking forward to working together!

21.01.2022 Compulsory reading: Coronavirus omnibus bill passes. The new coronavirus omnibus bill has been flagged as compulsory reading for all accountants as their advice becomes crucial in helping clients access support measures. The Coronavirus Economic Response Package Omnibus Bill 2020 has now been introduced into Parliament and covers the governments initial $17.6 billion economic stimulus package and its latest $66.1 billion support package.... The bill has now been passed by both houses after it sped through the parliamentary process with bipartisan support, and is currently awaiting royal assent. The Australian people can be reassured that tonight, their parliament reached across the political divide and passed the most significant set of measures since wartime, said Treasurer Josh Frydenberg. The bill details various measures, including the beefed-up instant asset write-off, accelerating depreciation deductions, the tax-free cash payments to small and medium businesses, and access to the early release of superannuation. Speaking to Accountants Daily, Chartered Accountants Australia and New Zealand tax leader Michael Croker said it was crucial for accountants to be well acquainted with the lengthy bill. Id really recommend that this bill becomes compulsory staff training straightaway, Mr Croker said. There are going to be a lot of phone calls being made particularly about this cash-flow boost. Accountants and bookkeepers will be under enormous pressure to get their clients BAS ready and lodged so the cash flows to eligible businesses from 28 April. However, Mr Croker also warned that accountants should tread carefully in helping their clients access the support measures, noting that the government would come down hard on those who were rorting the system. False or misleading statements made in haste now could come back to bite down the track. Fines and even imprisonment could apply in addition to having to repay the money, Mr Croker said. To guard against pop-up employer schemes designed to rort the incentive, the second-round statement makes clear that the cash boost will only be available to active eligible employers established prior to 12 March 2020, the date of the first COVID-19 stimulus announcement.

21.01.2022 http://onefla.re/118e7002

19.01.2022 Beefed-up instant asset write-off, SME cash payment among $17.6bn stimulus package The government has unveiled a $17.6 billion stimulus package, including a vastly expanded instant asset write-off and tax-free cash payments to small and medium businesses. Prime Minister Scott Morrison has now announced a suite of measures aimed at stimulating the economy off the back of the World Health Organisation declaring the coronavirus a pandemic....Continue reading

17.01.2022 Fresh $66bn package reveals bigger cash payments, access to super!!! Larger cash payments to small businesses and temporary access to superannuation have now been revealed in the second tranche of the governments economic support package in response to the coronavirus threat. Prime Minister Scott Morrison has now unveiled a $66.1 billion support package, just 10 days after he announced an initial $17.6 billion package that included a supercharged instant asset write-off and ...Continue reading

16.01.2022 TAX TIPS!!! Attention: TRUCK DRIVERS!!! Travel expense claims of truck drivers will be severely limited.... The ATO has nearly halved the amount of travel expenses a truck driver can claim as tax deductions without having to produce a receipt. For this current 2018 income tax year, employee truck drivers who receive a travel allowance can only claim $55.30 per day in travel expenses (but not for accommodation) without having to produce a receipt. [For the 2017 income tax year, the comparative amount was $97.40]. Practically, such a reduction means that a truck driver who claimed $70 per day for such travel expenses in 2017 could claim this whole amount without having to produce a receipt. However, if a truck driver were to claim $70 for such travel expenses in 2018, the taxpayer would only be allowed to claim $70 per day if the truck driver can substantiate the whole amount (i.e. the whole $70 not just the excess over $55.30). If you need to discuss this further or book an appointment please contact Leanne directly on 0438 872 428 Kind Regards Leanne Ross MIPA, AFA Accountant / Tax Agent LKR Accountants Phone: 0438 872 428 Email: [email protected] Web: lkraccountants.com.au

16.01.2022 ATO pressed to apply blanket lodgment deferrals: The ATO has been asked to consider blanket lodgment deferrals and to hold off on debt collection to give the profession time to cater to their clients suffering from the sudden coronavirus-induced downturn. The Institute of Public Accountants will today lobby the ATO to apply a blanket extension to lodgments, pointing to the enormous pressure the profession is facing in helping their clients access the governments $84 billion ...Continue reading

15.01.2022 Popular deduction set for rate rise: The cents per kilometre rate for calculating work-related motor vehicle expense deductions is set to rise after the ATO issued a draft determination. The ATO has issued a draft legislative determination to raise the cents per kilometre deduction rate for motor vehicle expenses to 72 cents for the income year starting 1 July 2020.... The rate last changed in 2018, which saw the rate rise to 68 cents. The cents per kilometre method currently allows taxpayers to claim up to a maximum of 5,000 business kilometres per car per year, without requiring written evidence. Work-related car expenses have been a focal point for the Tax Office in recent years, with 3.6 million taxpayers claiming more than $7.2 billion in 201718. According to the ATO, one in five claims is exactly at the 5,000km limit, with the agencys analytics picking up unusual claims by comparing taxpayer claims with others earning similar amounts in similar jobs. While some claims of exactly 5,000km are legitimate, weve found many people are unable to show how theyve arrived at this amount, and as a result, theyve had their claim reduced or disallowed in full, said ATO assistant commissioner Karen Foat last year. We are still concerned that some taxpayers arent getting the message that overclaiming will be detected, and if it is deliberate, penalties will apply. While some people do make legitimate mistakes, we are concerned that many people are deliberately making dodgy claims in order to get a bigger refund. We see taxpayers claiming for things like private trips, trips they didnt make and car expenses their employer paid for or reimbursed them for. The ATOs draft determination is currently open for consultation and will close on 14 April.

14.01.2022 Shoulder to shoulder: ATO details COVID-19 assistance Penalty remissions, deferred tax payments and varied PAYG instalments are among some of the administrative relief measures the Commissioner of Taxation has pledged to help businesses cope with the economic fallout from the coronavirus. Announced in the wake of the governments $17.6 billion fiscal stimulus package, the ATO has now signalled a flexible approach in the way it will handle taxpayers affairs over the coming m...onths. The string of measures will include up to a four-month deferral of the payment date of amounts due through the business activity statement, including PAYG instalments, income tax assessments, fringe benefits tax assessments and excise. The ATO will also allow quarterly GST reporting businesses to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to. Further, businesses will be allowed to vary pay-as-you-go (PAYG) instalment amounts to zero for the April 2020 quarter. Businesses that vary their PAYG instalment to zero will also be allowed to claim a refund for any instalments made for the September 2019 and December 2019 quarters. The ATO will also look to remit any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities, and allow affected businesses to pay their existing and ongoing tax liabilities by allowing them to enter into low-interest payment plans. Speaking at the Tax Institutes annual Tax Summit, commissioner Chris Jordan said his office would do its part to help the community through a harrowing start to the year. Our message to businesses feeling the impact of the coronavirus is simply this: let us know. Reach out to us. We can help, Mr Jordan said. The ATO will work shoulder to shoulder with businesses to assist them through this difficult period and do what we can to ease the pressure. Unlike the bushfire relief measures, which applied automatically to particular geographic areas, assistance measures for those impacted by COVID-19 will not be automatically implemented. Instead, businesses and their advisers will be required to contact the ATO on its 1800 806 218 Emergency Support Infoline to discuss their situation. However, the ATO will look to ease access to relief by establishing temporary shopfronts in areas of highest impact, starting with Cairns. The Tax Office will also consider other face-to-face options in other significantly impacted areas.

14.01.2022 Tax Office launches dedicated COVID-19 resource: The Tax Office has now launched a dedicated coronavirus web page to guide the tax profession and their clients through the governments $84 billion stimulus package. The ATO has now updated its website with essential information about tax and superannuation changes that have now become law following the passage of the governments economic support package through the Parliament.... The package includes various measures, including a supercharged instant asset write-off, accelerating depreciation deductions, the tax-free cash payments to small and medium businesses, and access to the early release of superannuation. Each of the measures have different timings, eligibility and processes. Some will be applied automatically and others will require an application, so I recommend heading to ato.gov.au/coronavirus to understand what is possible, said Commissioner of Taxation Chris Jordan. Mr Jordan also reiterated his agencys commitment to helping the community deal with the impact of COVID-19. In these difficult and uncertain times, the ATO is doing everything it can to reduce stress from tax and super-related obligations, Mr Jordan said. Our message to businesses feeling the impact of the coronavirus is simply this: Let us know. Reach out to us. We can help. The ATO will work shoulder to shoulder with businesses to assist them through this difficult period and do what we can to ease the pressure. Some of the ATOs measures include up to a six-month deferral of the payment date of amounts due through the business activity statement, including PAYG instalments, income tax assessments, fringe benefits tax assessments and excise. The ATO will also allow quarterly GST reporting businesses to opt in to monthly GST reporting in order to get quicker access to GST refunds they may be entitled to. Businesses will be allowed to vary pay-as-you-go (PAYG) instalment amounts to zero for the March 2020 quarter and be allowed to claim a refund for any instalments made for the September 2019 and December 2019 quarters. Interest and penalties applied to tax liabilities that were incurred after 23 January 2020 will also be remitted. Businesses that have existing and ongoing tax liabilities will also be allowed to enter into low-interest payment plans.

14.01.2022 To all my clients working from home!! Could you all please keep a log book of how many hours per day you are working from home, we can claim home office deduction at an hourly rate, currently it is .80 cents per hour. Thank you

12.01.2022 BEWARE OF TAX SCAMS!!! Taxpayers should keep their personal information (e.g. tax file number, bank account information and date of birth) secure and not disclose that information with anyone purporting to be from the ATO. A current scam involves taxpayers receiving phone calls (where ATO telephone numbers appear in the caller ID) that threaten the taxpayers with arrest or jail if money is not paid into certain bank accounts or tax debts are not settled with gift of iTunes ca...rds. Regrettably, many elderly and disadvantaged people react in fear and give the caller their personal information including access to their bank accounts or credit cards. The ATO is investigating these bogus phone calls and asks that taxpayers take as many details as possible from the caller in order that such information may be given to the ATO. If you or someone you know has fallen victim to a tax scam, please contact us so that we can report the scam to the appropriate people in the ATO.

09.01.2022 Banks to defer small-business loan repayments for 6 months: Small businesses will be allowed to defer loan repayments for six months under new emergency measures announced by the Australian Banking Association. Australian Banking Association chief executive Anna Bligh said the relief package is expected to apply to $100 billion of existing small-business loans and said it could put as much as $8 billion back into the pockets of small businesses as they battle through these d...ifficult times. This is a multibillion-dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs, Ms Bligh said. The ABAs announcement comes after the Reserve Bank announced an emergency cash rate cut to a record low of 0.25 of a percentage point. The central bank also announced it would set up a $90 billion term funding facility for banks to specifically support their small-business clients. According to Ms Bligh, the banks will put in place a fast-tracked approval process. Small businesses can rest assured that if they need help, they will get it. Banks are already reaching out to their customers to offer assistance, and packages will start rolling out in full on Monday, she said. While this is first and foremost a health crisis, this pandemic has begun to have serious impacts across the economy, with small businesses beginning to feel the devastating effects. Small businesses are the most vulnerable part of economy and present the most pressing need for assistance in the economy today. Ms Bligh has advised that any small business who has not already been contacted should contact their bank to apply.

05.01.2022 TAX TIPS!!! Small business incentives extended!!! More can take advantage of the $20,000 immediate write-off for 2018 financial year.... Small businesses with an aggregated turnover of less than $10 million will be entitled to deduct plant & equipment assets with a value of less than $20,000 immediately.

01.01.2022 Coronavirus Crisis For all my clients please be advised below and visit my page regularly for updates! Access to superannuation... Employees who have been made redundant, or those who have their working hours reduced by 20 per cent or more, or sole traders whose businesses have been suspended or see a reduction in turnover by 20 per cent or more will also now be allowed to access up to $20,000 of their superannuation. Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020, and be able to access up to a further $10,000 from 1 July 2020 for approximately three months. The government will also reduce the minimum drawdown requirements for account-based pensions and similar products by 50 per cent for the 201920 and 202021 income years. The measure, similar to the approach taken in the 2008 global financial crisis, will benefit retirees by reducing the need to sell investment assets to fund minimum drawdown requirements. Deeming rates for pensioners will also be reduced by another 0.25 of a percentage point. To date, $189 billion has now been thrown to stop the economic fallout of the coronavirus crisis, including the first $17.6 billion package, the Reserve Bank of Australia and the governments $105 billion pledge to the banks, and the latest $66 billion stimulus package.

01.01.2022 ‘Compulsory reading’: Coronavirus omnibus bill passes. The new coronavirus omnibus bill has been flagged as compulsory reading for all accountants as their advice becomes crucial in helping clients access support measures. The Coronavirus Economic Response Package Omnibus Bill 2020 has now been introduced into Parliament and covers the government’s initial $17.6 billion economic stimulus package and its latest $66.1 billion support package.... The bill has now been passed by both houses after it sped through the parliamentary process with bipartisan support, and is currently awaiting royal assent. The Australian people can be reassured that tonight, their parliament reached across the political divide and passed the most significant set of measures since wartime, said Treasurer Josh Frydenberg. The bill details various measures, including the beefed-up instant asset write-off, accelerating depreciation deductions, the tax-free cash payments to small and medium businesses, and access to the early release of superannuation. Speaking to Accountants Daily, Chartered Accountants Australia and New Zealand tax leader Michael Croker said it was crucial for accountants to be well acquainted with the lengthy bill. I’d really recommend that this bill becomes compulsory staff training straightaway, Mr Croker said. There are going to be a lot of phone calls being made particularly about this cash-flow boost. Accountants and bookkeepers will be under enormous pressure to get their clients’ BAS ready and lodged so the cash flows to eligible businesses from 28 April. However, Mr Croker also warned that accountants should tread carefully in helping their clients access the support measures, noting that the government would come down hard on those who were rorting the system. False or misleading statements made in haste now could come back to bite down the track. Fines and even imprisonment could apply in addition to having to repay the money, Mr Croker said. To guard against ‘pop-up’ employer schemes designed to rort the incentive, the second-round statement makes clear that the cash boost will only be available to ‘active’ eligible employers established prior to 12 March 2020, the date of the first COVID-19 stimulus announcement.