Loft Accounting & Business Services in Perth, Western Australia | Financial service

Loft Accounting & Business Services

Locality: Perth, Western Australia

Phone: +61 402 436 036

Address: U6, 45 Cedric Street, Stirling 6021 Perth, WA, Australia

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

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25.01.2022 New post added at loftaccounting.com.au - LinkedIn Company Page URLLinkedIn Company Pages I'm in the process of setting up a LinkedIn page for Loft Accounting & Business Services and linking the URL to our website. I didn't want to use the default '13579839' as our LinkedIn URL. Instead, I wanted something more representative of our business name such as 'loftaccounting'. After searching through all the LinkedIn settings and help pages I searched the web and came across a very useful article from Jason Terry from Blue Gurus. Click here to read his article. Hope this helps!

25.01.2022 This is a good summary from the ATO of the rules about claiming home office expenses. This is a common question we get asked all the time. https://www.ato.gov.au//Deductions-y/Home-office-expenses/

25.01.2022 New post added at loftaccounting.com.au - Upcoming dates - February 2018Key dates for February 2018 21 February 2018 January monthly BAS due... 28 February 2018 December quarterly BAS due December quarter SG charge statement due December quarter PAYG instalment due

24.01.2022 New post added at loftaccounting.com.au - Instant Asset Write-Off Increased to $25k Prime Minister Scott Morrison pledged yesterday to increase the small business instant asset write-off to $25,000 from $20,000. Remember, if you buy an asset and it costs less than $25,000 (new or second hand), you can write off the business portion in your tax return.... The write-off will be available for small businesses with an annual turnover of less than $10 million and will now apply until 30 June 2020 (ie extending the scheme for another year). The government will be seeking to legislate the change when Parliament resumes on 12 February. Mr Morrisons office said, The $25,000 instant asset write-off will improve cash flow by bringing forward tax deductions, providing a boost to small business activity and encouraging more small businesses to reinvest in their operations and replace or upgrade their assets. You can contact us if you have any questions about the instant write-off rules.

24.01.2022 New post added at loftaccounting.com.au - Small Business BenchmarksDid you know the Australian Tax Office provides small business benchmarks to help you compare your businesss performance against similar business in the same industry? The benchmarks are calculated from income tax returns and activity statements from over 1.4 million small businesses across Australia. They account for businesses with different turnover ranges (up to $15 million) across more than 100 industr...ies. Your business industry code along with your main business activity (from your tax return) is used to sort the benchmarks. You can find your businesss benchmark by: Business type Benchmarks A-Z Business benchmarks by industry The most recent data available is from the 2014-15 financial year. Why not give it a go and see how your business compares with others or contact us for any advice or further information regarding small business benchmarks.

22.01.2022 New post added at loftaccounting.com.au - Want to Make BAS/Tax Changes?If you forgot to include some income in your tax return or found a bunch of receipts for items you didnt claim GST back on, dont worry, you can: request an amendment to a previously lodged income tax return... use your current activity statement to correct a GST mistake. It could mean you have to pay some tax that was missed previously, but it will probably reduce the likelihood of any penalties. Remember, you can always contact us for tax advice and we can prepare any necessary amendments.

21.01.2022 New post added at loftaccounting.com.au Government Proposes 12-month SG AmnestyA one-off, 12-month amnesty period for historical underpayment of the superannuation guarantee (SG) has been announced by the government (click here for media release http://kmo.ministers.treasury.gov.au/media-release/056-2018/), forewarning tougher penalties once the Single Touch Payroll (STP http://www.loftaccounting.com.au/single-touch-payroll/) regime kicks in fully next year. ... The amnesty offer applies for the 12 months from yesterday (24 May) and according to Minister for Revenue and Financial Services Kelly ODwyer, incentivises employers to do the right thing. The measure has been strategically announced one year out from the full implementation of STP across all business sizes, before the ATO enforces a tougher penalty regime for SG non-compliance. STP will roll out for employers with 20 or more employees on 1 July 2018, while employers with 19 or less employees will have to start reporting on 1 July 2019. Under STP, the ATO are going to have real-time data and know who is behind in payments and the penalty is enormous for not paying on time so it's really an olive branch and the calm before the potential storm if businesses don't do something about it and get their SG payments in order. Employers who have historical underpaid super will have to pay out the owed super in full, including the higher rate of nominal interest, but will sidestep the penalties for late payment. According to Ms ODwyer, the ATO will continue its enforcement activity against employers who do not own up voluntarily to their historical obligations during the 12-month amnesty period. Contact us at http://www.loftaccounting.com.au/contact/ if you need any further information on this announcement.

20.01.2022 New post added at loftaccounting.com.au - Australian Federal Budget 2018/19The Federal Budget 2018 was handed down in Canberra on Tuesday 8 May 2018. WINNERS... Personal tax rates staged 7-year reform plan. Means a tax break of up to $530 a year starting from 1 July 2018. Small business the $20,000 instant asset write off has been extended to 30 June 2019. Pensioners will now be able to earn $300 a fortnight without affecting their pension. LOSERS Tech giants like Google, Amazon and Facebook will be forced to pay more tax under a crackdown on the digital economy. Tax cheats cash payments over $10k made to businesses will be illegal. Smokers duty to be paid when tobacco enters country, new taskforce to help combat illicit tobacco smuggling and more ATO resources to help detect and destroy illicit tobacco crops. Contact us for any advice or further information regarding the Australian Federal Budget and how it affects you.

20.01.2022 New post added at loftaccounting.com.au - Fake myGov E-mailHigh alert issued over myGov scam This week, Stay Safe Online issued a high alert involving a fake myGov e-mail promising taxpayers a tax refund, but instead is designed to steal personal and financial information.... The email, which has the subject line Important information regarding your account, includes the myGov logo and claims to be from the myGov team. The form asks for your name and contact details, your myGov password and your credit card number. After you supply this information and click the Continue button, youll be automatically redirected to the myGov website. By then its too late and the scammer has your details. Click http://www.staysmartonline.gov.au//watch-out-fake-mygov-ta for more information including an example of the scam e-mail. As always, if you are unsure if an e-mail is from the ATO, you should contact us (http://www.loftaccounting.com.au/contact/) before providing any information.

19.01.2022 New post added at loftaccounting.com.au - Sleep Equals Success: Why Entrepreneurs Should Get More Shut-Eye In a world where it seems that most adults dont get enough sleep, its easy to think that chronic sleep deprivation is normal. Well, its not. Unfortunately, lack of sleep can cause a host of problems, including moodiness and poor judgment. When you are an entrepreneur, you cant afford either of these. Sleep isnt negotiable...Continue reading

16.01.2022 New post added at loftaccounting.com.au - Estimating Misquoting jobs can mean you are already on the backfoot before picking up any tools. Having a consistent estimation procedure in place is just good business. Most plumbers would prefer to pass on a project and lay on a beach somewhere, than to under quote the job and work themselves bankrupt....Continue reading

15.01.2022 New Jobkeeper Payment just announced by Scott Morrison. Here are the details. https://www.loftaccounting.com.au/jobkeeper-payment-inform/

15.01.2022 https://www.accountantsdaily.com.au//12419-ato-issues-high

15.01.2022 New post added at loftaccounting.com.au - Dont Let Workplace Stress Get the Best of YouWhether you're a busy business owner or a tireless professional, stress is likely part of your life. From countless meetings, staff hirings, marketing, and client relations, you have a lot to do in a given day. While you may not see stress relief as a necessity, there is evidence to suggest that taking part in stress-relieving activities can actually help you hit the ground running to achi...Continue reading

14.01.2022 Beefed up instant asset write-off and tax-free cash payments to small and medium businesses

14.01.2022 New post added at loftaccounting.com.au - PPSRPersonal Property Securities Register (PPSR) Attention business operators ... Did you know? In 2012 a new law, which also established a national online register the Personal Property Securities Register (PPSR) was introduced which may increase risk to your business. A retention of title clause (indicating that the title remains with you until goods are paid for in full) in your contract or invoice, NO LONGER protects you on its own. There are many horror stories out there but the first case in Australia which was asked to consider the effect of the PPSR was the Maiden Civil case in 2013. In that case, a lessor of machinery to Maiden Civil (P&E) Pty Ltd did not register their interest of the PPSR. Maiden had also sought finance from a finance company and granted security over all its assets, including the hired machinery, to the finance company. When Maiden went into liquidation, the Court held that the lessor could not recover their machinery lent as it vested in the company and Maiden held the machinery subject to the finance companys registered security interest. Essentially, due to the lessors non-registration of their security interest, they lost their ownership rights in the machinery on the liquidation of Maiden. Do you: Sell goods on retention of title terms? Hire, rent or lease out goods? Buy or sell valuable second-hand goods or assets? Want to raise finance using stock or other assets as collateral? If yes, see how you can manage business risk by reading the PPSR business guide. Go to www.ppsr.gov.au for more information.

13.01.2022 New post added at loftaccounting.com.au - Latest ATO ScamScammers target taxpayers in voicemail hoax The tax office has found that scammers are now leaving taxpayers voicemail messages, with threats to penalise and punish for tax debts. They also accuse the recipients of suspected tax evasion. The scammers claim to be from the ATO and many threaten that a warrant for the person's arrest will be issued if they do not call the scammer back on the phone number provided, the A...TO said in a statement released this week. Taxpayers using the services of a tax agent should know that the ATO will unlikely contact them directly to discuss tax related issues. So if you receive a call from someone at the ATO you should be cautious and even ask for their phone number so you can call them back to verify where they are calling from. Remember that you don't have to provide any details over the phone and you should run it past your tax agent before divulging any information whatsoever. The scammers are getting quite sophisticated with modern technology. Recently, scammers were sending out fake e-mails asking people to complete a 'tax refund form' to receive a refund. They ask for online banking details, credit card numbers and other personal information that allows them to fraudulently take your money. If you receive one of these e-mails do not click or save the attachment as it may contain a virus and harm your computer. The ATO have an up to date list of scams which you can access here. If you are unsure if a phone call or voicemail is from the ATO, you should contact us before providing any information.

13.01.2022 New post added at loftaccounting.com.au - Tips for Young Startups: How to Turn Your Dream Into a RealityYoung entrepreneurs these days have many options when it comes to starting a business venture. There are several opportunities online when it comes to business platforms and e-commerce, meaning anyone with a clear vision and the drive to work hard can turn their dream into a reality. Whether you want to work remotely from home or create a business that will sustain you and ...Continue reading

12.01.2022 Fresh package with bigger cash payments and access to super https://www.loftaccounting.com.au/fresh-package-with-bigge/

12.01.2022 New post added at loftaccounting.com.au - Taxable Payments Annual Report (TPAR) This is a reminder to plumbers that your 2019 Taxable Payments Annual Report (TPAR) needs to be lodged with the ATO by 28 August 2019. Do you need to prepare a TPAR?... You will need to lodge a TPAR if you have made payments to any contractors for work done on building sites from 1 July 2018 to 30 June 2019. Please make sure your TPAR lodgement requirements are met to avoid non-lodgement penalties. In addition to the existing paper lodgement form, this year the ATO have introduced a TPAR online form that your tax agent can lodge on your behalf. You can contact us if you have any questions about the TPAR rules.

11.01.2022 Single Touch Payroll MUST READ FOR ALL BUSINESS OWNERS! Single Touch Payroll (STP) is now law for ALL business owners that have employees. What Is STP?... Employers of ALL sizes are required to electronically file each pay run with the tax office. Action Required You need to have STP-ready software installed and ready to go before 1 July 2019. This is something you cannot ignore! Click here for more detailed information: https://www.loftaccounting.com.au/single-touch-payroll-upd/ Contact us to help you through the process if you need it.

11.01.2022 It's tax time again! If any of my family or friends need help preparing tax returns this year just get in touch or pop in to see me at my office!

11.01.2022 New post added at loftaccounting.com.au - Year End Tax Planning Instant Asset Write-Off New legislation is now in place for the expanded instant asset write-off. In particular, businesses with a turnover less than $50 million can claim immediate deduction on depreciating assets purchased and first used or installed ready for use up to $30,000 each from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.... Given the significant expansion of the concession, many businesses may not be aware that they are now eligible for the concession. This is an opportunity for your 2019 tax planning strategy. You can contact us if you have any questions about the instant write-off rules.

11.01.2022 New post added at loftaccounting.com.au

09.01.2022 New post added at loftaccounting.com.au - Single Touch PayrollStreamlined reporting with Single Touch Payroll Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they pay their employees.... Employers may need to update their payroll solution to report through Single Touch Payroll. For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018. The Australian Government has announced it will expand Single Touch Payroll to include employers with 19 or less employees from 1 July 2019. This will be subject to legislation being passed in parliament.

08.01.2022 New post added at loftaccounting.com.au - How to Reduce Tax for TradiesDo you get everything back you deserve from the ATO at tax time? Here are some tips on tax deductions for tradies. Car expenses are a focus for the ATO so be aware of the latest ways to claim them....Continue reading

08.01.2022 New post added at loftaccounting.com.au - 6 Tips to Create Cashflow for PlumbersHaving your own plumbing business is a great thing. You get to work the hours you want, take holidays when you want, and answer to pretty much no-one. But it also means that you need to regulate your own cashflow and make sure you have enough money to live the life you want. Sometimes it can be hard to get paid, which then affects your own spending. This is a common problem for many small busine...sses and can be helped with a few small steps: How to improve your cash flow Invoice fast This is a pretty obvious one, but procrastination can get the better of us sometimes. The faster you send those invoices out the faster your clients due date comes around. It can help to carry around an iPad or smart phone and set up mobile invoicing through a cloud accounting system to help you do this. Make it easy for clients to pay straight away offer your clients different options to pay you right away. Many people dont carry cash these days so purchasing a portable EFT machine from the bank can be a great investment. It means youll get money straight away and wont be left chasing the money. Go steady Business is picking up and you want to expand fast but dont get trapped by the excitement too soon. It pays to think about where the money is going and what youll need in future. Dont splurge on that new ute or order too much extra equipment without crunching the numbers first. Get help Accountants can help sort your finances out. Especially if they are experienced with small business or tradies. They can help you get organised and give you tips on cash flow and prioritising. Stay regular Try giving yourself a reasonable wage regularly rather than grabbing chunks of cash from your business bank account. Use direct debit where you can with bills, and track what is paid regularly. It will give you a better idea of where you are sitting financially. Save where you can Take a look at your current bills, subscriptions and policies to see where you can save some money. If a membership isnt doing it for you anymore, give it the flick, or if youre no longer using a service then cancel the subscription. Likewise, if you havent looked at your insurance or updated your broker on new business details in a while take a second look and see if you can save some money here. By applying some of these cashflow tips you could see yourself chipping into some great savings and truly having a positive financial impact on your business. Our friends at Connect Business Insurance offer insurance exclusively to tradies which means they know what insurance package can best suit your business needs. Contact Connect Business Insurance today at www.connectbi.com.au or fill in their easy online form. As always, you can contact us if you want more information on how to improve your cashflow.

08.01.2022 Request Your FREE Initial Assessment

05.01.2022 New post added at loftaccounting.com.au - Upcoming dates - March 2018Key dates for March 2018 21 March 2018 February monthly BAS due... 31 March 2018 Last day of the Fringe Benefits Tax (FBT) year.

04.01.2022 http://www.loftaccounting.com.au/tax-time-myths/