Lyndell Ruth Panitz | Local business
Lyndell Ruth Panitz
Phone: +61 456 051 254
Reviews
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25.01.2022 Businesses don't miss out on Jobkeeper because you are overwhelmed by the complexity or difficulty in assessing your eligibility and applying. We may be able to help and can in many circumstances defer our fees until your cashflow improves. Message me if you would like a call for a no obligation chat
25.01.2022 Jobkeeper and Salary Sacrifice is a YES. The govt has confirmed that you can salary sacrifice some or all of your jobkeeper income.
25.01.2022 Haven't had a ruling but I'm guessing that the motor vehicle logbook that spans Covid-19 might not comply with the requirement that the "12-week period needs to be representative of your travel throughout the year" Yes people I will be one of the ones doing it again if necessary
25.01.2022 Make sure you monitor the things that ensure your business success
25.01.2022 The Queensland Government has secured an additional $500 million in funding for 12-month interest free loans for COVID19-affected businesses, doubling the initial commitment http://statements.qld.gov.au//queensland-doubles-funding-f
25.01.2022 Get those BAS in folks. The first Govt payments are starting to come through but only for lodged BAS. Remember due dates are the LATEST date for lodgement. In this environment earlier can be better.
24.01.2022 MYOB Quickbooks Xero - tools or tyrants?
22.01.2022 Just a reminder to businesses in this turbulent time. There is no relief on paying employee super on time. Even though the due date is not until 28 April, it will be easy to be distracted enough to miss it. PLEASE calculate and prepare now. Even if you forward date the payment, don't wait as the end of the quarter has passed and so the payment amount is already set.
19.01.2022 Hi, Just a quick message to reassure you that I am regularly participating in webinars regarding the impact of Covid 19 and especially the financial and support measures for businesses that the government are putting in place. In addition the Australia Society of CPA's are providing accountants with various resources to assist clients. As many of the proposed government measures are not in effect yet, there is no action required at this stage, (unless you are an employee o...r sole trader immediately affected in which case you should contact Centrelink) However, if you want to have a preliminary chat please be assured that I am available. Obviously at this stage I am minimising on site appointments, however there are cases where they are necessary and appropriate risk mitigation measures will be taken. Each business will be affected in different ways so I will be assisting in different ways depending on the circumstances. Remember there is help. Please use it. See more
18.01.2022 One of the things that's important in managing my practice is that I would rather make sure there's plenty of time available to meet the client's lodgement obligations, than 'stockpile' work to ensure no downtime. It's important for me to create a culture of being able to immediately respond to clients needs, even where not foreseen in advance. If I turn up on your business doorstep it probably means I think there's a risk you could get behind, so my sleeves are rolled up to help prevent that rather than fix it later. Who saw Covid coming. Not me but I'm glad to tackle it on the front foot. Who knows what's next. Not me but I'll be as ready as I can on my clients behalf. Here's today just FYI
17.01.2022 Let me preface by saying this isn’t specific tax advice, it’s describing a set of circumstances whereby you might need to get some specific tax advice. Claiming motor vehicle expenses for an individual salary and wages earning isn’t what I’m describing here. A business owes the Tax Office Fringe Benefits Tax on cars AVAILABLE for private use, depending on the records that are kept and the methods of calculation. The amount can be reduced (sometimes to nil), but let’s be real...ly clear that the starting point isn’t nil. A car* fringe benefit arises for any business vehicle which is available for private use, which includes driving to and from work. You can: a) Calculate and pay the FBT to the ATO based on a statutory formula of 20% of the vehicle cost including GST. This amount is reduced by 1/3 for FBT calculation purposes, in the FBT year commencing 1 April after the 4th anniversary of acquisition. b) Pay the business the amount of the statutory formula FBT which will include sending the GST portion to the ATO on the BAS (if GST registered) AND including the rest in the taxable income of the company c) Complete a log book in the prescribed manner for at least 12 continuous weeks under ‘normal’ business use conditions to establish the business use percentage. You must then either pay the FBT on the private portion to the ATO or reimburse that to the company which like b) has GST and income tax implications. The log book is valid for 5 years, then if you still own the vehicle you must complete another log book. The log book only applies to a particular vehicle, so once it is sold you’re back to completing another log book for any subsequent vehicle. Also beware that if your total annual usage changes significantly it could be an indicator that the current logbook isn’t representative and no longer valid. So what do I do? For my primarily work vehicle I have a 1000% ridgy didge log book. For another vehicle it’s a cheapy and business usage is intermittent so I pay the company the FBT amount (GST, income tax etc) so I don’t have the pain of continual log book record keeping. * Defined as a sedan or station wagon any other goods-carrying vehicle with a carrying capacity of less than one tonne, such as a panel van or utility (including four-wheel drive vehicles) any other passenger-carrying vehicle designed to carry fewer than nine passengers.
14.01.2022 Just a quick reminder to all those whose business has employees. Tomorrow is last date for payment of December quarter superannuation. It can but easy to forget after a public holiday weekend, so don't get caught out
14.01.2022 Just a shout out to be very careful that you fit all the jobkeeper criteria if you're enrolling. I had a client that ticked all the boxes except having lodged the tax returns by the March date. Despite extenuating personal circumstances at the time and having lodged the returns by the date of asking for discretion they were denied Jobkeeper. I have seen businesses enrol for Jobkeeper before applying for discretion where they don't meet all criteria. Please don't do that - make sure you know the fine detail. I'm sure the ATO will cross check later with criteria, leading to the businesses having to repay the Jobkeeper payments.
14.01.2022 I had something come up recently which is worth clarifying. Despite there being some circumstances where lodgement of a tax return is not required you (or your tax agent) MUST notify the ATO that's the case. Otherwise your record with the ATO will show outstanding lodgements. Worth watching is for school age children who have been issued with the tax file number for casual jobs. Once you have a tax file number the ATO assumes you have an obligation to lodge a tax return from that financial year onwards. Similarly if an ABN is issued. However if you are carrying on business being below the tax free threshold and having no tax withheld does not remove the obligation to lodge a tax return. Many times I've tidied up a client's record because their record showed an unlodged return from when they were about 15yo.
14.01.2022 Don't get too busy to monitor your business performance. Make sure you know if you're working for nothing!!
12.01.2022 Advice from a CPA webinar to practitioners but is useful advice to all businesses - important but not on the sheet is LOOK AFTER YOURSELF. Please do.
12.01.2022 Ok it's 1st June so those of you that are ready can submit your May Jobkeeper. I've attached some important criteria and dates. Please note fortnights (as opposed to weeks and months) are the relevant measure of the $1500 per employee provided the business eligibility is met.
10.01.2022 MYOB Quickbooks Xero tools or tyrants
08.01.2022 Well it's been a tough time for business and accountants. The government is doing what they can to keep everyone afloat but it's been very evident the ATO does not have the resources to handle the workload. The impact on the productivity of business and accountants has been horrendous, but on the upside the new Covid cases are ever diminishing. Lets hope the journey to the post covid world continues well. Just two more clients to lodge BAS by next Tuesday's due date. Jobkeeper client lodgements all done as far as can be at the moment. Feeling like that's a win. I am so impressed by the resilience and ingenuity of my clients and friends. Hang in there everyone.
07.01.2022 With the storms recently I just wanted to post this as a warning. If any trade business advertises "Contracts completed to the value of $3,300 and under" that's code for we don't have a QBCC licence. As such totally unregulated. Please check before engaging any contractor.
07.01.2022 The dangers of micromanagement - this can be applied in more situations than the workplace Micromanagement is a bad habit that can destroy creativity and innovation, yet many leaders who micromanage regard themselves as thorough and capable. What are the signs that you should look for if you suspect you are micromanaging your team? It’s easy to spot a micromanager especially when it’s your boss who is breathing down your neck. It’s more difficult, however, to recognise if y...ou are the one who is guilty of micromanagement. Keep an eye on these symptoms You need constant updates from your team - this can interrupt and actually hinder productivity and be a distraction You need to know every detail - check if this is the best use of your time You want things done your way - maybe there's actually a better way???!! You work crazy hours - check the productivity/output of the crazy hours (there's more to life) This is worth considering and contrasts with lack of management which is a whole different animal for another time.
07.01.2022 Big kudos to all my clients. Due date for BAS is tomorrow but we're all lodged today. Don't want BAS to hijack your business but so glad we've got it out of the way for another month/quarter. Keep kicking goals !
06.01.2022 I have wanted to write this for a while and I hoped I wouldn't have to. Unfortunately, a couple of nasty examples have prompted me to do so. There's been lots of talk about supporting each other through this Covid crisis, but I'm not always seeing it with employees and their employers. We're all in this together right??!! Don't put any more pressure on each other than is already there. PLEASE. If you are falling apart please consider that your employer may also be. And vice versa. Remember this situation has not been caused by them, nor is it in their control. Avoid underhanded malicious stuff. And especially avoid ultimatums. Just open, honest and mutually considerate discussion. Lets come out the other end without regret.
06.01.2022 With little over a week until the end of the financial year I think it's fair to say many accountants and tax agents will be feeling a little ragged. The constantly changing Covid related activities for businesses have put a huge strain on both businesses and their advisors. Consequently year end tax planning has been a brand new beast. I hope everyone has not been so distracted by Covid to neglect this vital part of the financial year. The very big challenge of this tax ...planning time has been what does next financial year look like. None of us know that. Consequently the planning may be more complex as many businesses are changing their operations, either temporarily or permanently. Cashflow forecasting will remain a vital component for most. Getting through this well means good planning, and frequent reassessment. We can maybe breathe a little sigh of relief as restrictions ease. But stay vigilant, take care of yourself and others. See more
02.01.2022 Multi tasking - super skill or overrated? Interesting research suggests we have lost the benefits of deep focus. Happy to send you the article if you pm me
