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MBV Taxation & Accounting

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25.01.2022 ATO Data Matching - what will they find....

25.01.2022 First aid kit Torch and batteries Australian business number (ABN) details up-to-date We know that your ABN is the last thing on your mind when disaster ...strikes. But from sourcing masks during COVID-19, to helping firefighters locate the nearest petrol station, your ABN details are used to keep our community safe. If you’ve changed your business address, activity or contact info, now is the time to update your ABN details. Find out how at www.abr.gov.au//Updating-or-cance/Update-your-ABN-details/

25.01.2022 Needing your 2020 tax return processed? Have prior years to complete? Specializing in INDIVIDUAL TAX RETURNS. Bookkeeping BAS and all tax obligations going above and beyond to support SMALL BUSINESS ENTITIES. Prior overdue BAS's - no problem! All work can be done by face to face appointments or remotely. Fast & efficient service. Reasonable prices by a Registered Tax Agent.

24.01.2022 Thanks Trev! I’m wondering how my clients know me so well

23.01.2022 PSI unrelated clients test not met for services provided via intermediary. The Full Federal Court has allowed the Commissioner’s appeal against the Federal Co...urt decision on the application of personal services income (PSI) rules. #tax #PSI https://taxandsupernewsroom.com.au/5-minute-tax-updates-24/ See more

22.01.2022 QUARTERLY SUPERANNUATION GUARANTEE PAYMENT NOTICE! Pay by 23 October due to SBSCH systems outage

21.01.2022 BUSINESS OWNER? CLAIMING MOTOR VEHICLE RE-VISITED Just because you are a business owner, it does not automatically mean you can claim 100% of your vehicle. There seems to be so many people who do not understand the rule. The ATO states: WHAT YOU CAN CLAIM You can claim the cost of travelling:... directly between two separate workplaces for example, when you have a second job (If one of these places is NOT your home) THIS WIPES OUT MOST BUSINESS OWNERS WHO CLAIM THEY HAVE A WORKPLACE AT HOME from your normal workplace to an alternative workplace that is not a regular workplace (for example, a client's premises) while still on duty, and back to your normal workplace or directly home if your home was a base of employment you're required to start your work at home then travel to a workplace to continue your work for the same employer THIS DOES NOT MEAN INCIDENTAL WORK LIKE READING AND REPLYING TO EMAILS if you had shifting places of employment you regularly work at more than one site each day before returning home from your home to an alternative workplace that is NOT a regular workplace for work purposes, and then to your normal workplace or directly home (this doesn't apply where the alternative workplace has become a regular workplace) if you need to carry bulky tools or equipment that your employer requires you to use for work but you can't leave at your workplace (for example, an extension ladder or a cello) the tools or equipment are bulky, meaning that because of the size or weight they are awkward to transport and can only be transported conveniently by motor vehicle. Transport expenses can include the cost of driving your car, ride-share (such as Uber) and ride-sourcing, flights or catching a train, taxi or bus. WHAT YOU CANNOT CLAIM You can't claim the cost of driving your car between work and home if: you do minor work-related tasks for example, picking up the mail on the way to work or home you have to drive between your home and your workplace more than once a day you are on call for example, you are on stand-by duty and your employer contacts you at home to come into work there is no public transport near where you work you work outside normal business hours for example, shift work or overtime your home was a place where you ran your own business and you travelled directly to a place of work where you worked for somebody else you do some work at home.

18.01.2022 Let’s hope this doesn’t come to Australia

18.01.2022 Notification: Internet and Email is down atm. If the matter is urgent, call 0427 845844. Sorry for the inconvenience.

16.01.2022 ** RENT ASSISTANCE** Do you own your own home and have a relative living in your home receiving rental assistance from the Government? If the answer is yes, you as the home owner/s must declare that as income. It would be wise to get a written MARKET VALUE of your home when the payments began. Your home will incur a CGT (Capital Gains event) when you sell your PPR (Principle Place of Residence). A rental schedule would have to be included in your tax returns. Keep all receipts for Rates, Water Rates, Insurance, Loans (Interest) etc. If you require further information, please call me. 0427 845 844

16.01.2022 ** MEALS** Aged Carers and Disability Carers - commonly claimed but not allowable deduction... the ATO says: Meal and snack expenses You can't claim a deduction for the cost of food, drink or snacks you consume in the course of your normal working hours, even if you receive a meal allowance. These are private expenses.... See also: Nurses, midwives and direct carers' Travel expenses Nurses, midwives and direct carers' Overtime meal expenses Overtime meal expenses If you receive an overtime meal allowance under an industrial law, award or agreement, and it's included in your assessable income, you can claim a deduction for the cost of a meal you buy and eat when you work overtime. You can't claim a deduction if your overtime meal allowance is rolled into your salary and wages and not included as a separate allowance on your income statement or payment summary. You are generally required to get and keep written evidence, such as receipts, when you claim a deduction for overtime meal expenses. However, each year we set a reasonable amount you can claim for overtime meal expenses without receipts. If you received an overtime meal allowance, are claiming a deduction and spent: up to the reasonable amount, you don't have to get and keep receipts more than the reasonable amount, you must get and keep receipts for all your expenses. In all cases, you need to be able to show: you spent the money how you calculated your claim.

16.01.2022 JOBKEEPER AND JOBSEEKER As expected, the Government is scaling down how much it pays to employees currently on JobKeeper. From the end of September, the fortnightly payment for full-time workers (we'll get to part-time in a moment) is decreasing from $1,500 to $1,200. That'll last until the end of the year, then from January 3 that will drop again, from $1,200 to $1,000 a fortnight for full-time workers....Continue reading

15.01.2022 Employers: Single Touch Payroll deadlines are just around the corner! You’ll need to ‘finalise’ and report to us by: 14 July, if you’ve got 20 or more employ...ees 31 July if you have fewer than 20 employees. There’s still time left on the clock, but if your data's ready to go now, why not avoid a last-minute rush? Find out more at www.ato.gov.au//Star/End-of-year-finalisation-through-STP/

15.01.2022 Use your book smarts to get loan smart If you have a study or training loan, make sure you’re aware of when your student loan repayment obligations kick in. ... New minimum income thresholds come into effect each financial year learn more at www.ato.gov.au//study-and-training-/compulsory-repayments/

15.01.2022 JOBKEEPER payment EXTENSION key points The JobKeeper payment rate From 28 September 2020 to 3 January 2021, the JobKeeper payment rates will be: ...Continue reading

13.01.2022 CLOTHING/UNIFORMS, laundry and dry-cleaning expenses You can claim a deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing and unique, distinctive uniforms. Example: Chef outfits, Police/Army Uniform. Ordinary clothes you wear at work (such as jeans, drill shirts, shorts, trousers, socks, closed shoes) are not regarded as protective clothing if they lack protective qualities designed for the risks of your work.... You can claim for a uniform, either compulsory or non-compulsory, that is unique and distinctive to the organisation you work for. Clothing is unique if it has been designed and made only for the employer. Clothing is distinctive if it has the employer's LOGO permanently attached and the clothing is not available to the public. PROTECTIVE fire-resistant and sun-protection clothing safety-coloured vests non-slip nurse's shoes rubber boots for concreters steel-capped boots, gloves, and heavy-duty shirts and trousers overalls, smocks or aprons you wear to avoid damage or soiling your ordinary clothes during your income-earning activities. Clothing that provides a degree of protection against the risk of illness or injury includes, but is not limited to, clothing that: is made to cope with more rigorous conditions, where conventional clothing would be inadequate is designed to protect you for example heavy duty shirts and trousers, distinct from ordinary cotton drill trousers, shorts and short sleeve shirts that may be considered as work wear but do not adequately protect the wearer from the risk of injury or illness has a density of weave which gives a UV rating sufficient to protect you from the sun where your job requires you to work outdoors. You can't claim the cost of purchasing or cleaning a plain uniform.

09.01.2022 Tax Toowoomba. Thank you Dan Pfingst for my gift! I love it!

06.01.2022 Do you know that we offer fixed pricing for debt collection in the construction industry? It's true. For claims that fall under chapter 3 of Building Industry F...airness (Security of Payment) Act 2017, fixed fees include all work from preparing or receiving the payment claim or payment schedule, whichever is applicable, until the adjudication decision is given by the adjudicator. Here is a schedule of our fees: Less than $10K - $2,000 Greater than $10K and less than $20K - $4,000 Greater than $20K and less than $50K - $6,000 Greater than $50K and less than $100K - $10,000 Greater than $100K - 10% of the claimed amount or hourly rate *All figures are exclusive of GST including the claimed amount* Our fixed priced services are all-inclusive and are centered around trying to achieve a commercial outcome for our valued clients. Need more information? Contact us today.

04.01.2022 Changes in JOBKEEPER

04.01.2022 SCAM ALERT With tax time in full swing, beware of myGov-themed SMS and email scams! These messages will often ask you to click on a link to verify your deta...ils, and may seem to be legitimate because they show in your ATO or myGov SMS message thread. Don’t click any links, and don’t provide the information requested. A genuine ATO or myGov message will never ask you to access online services via a hyperlink. Warn your family and friends to stay alert and visit our scam alerts page to learn more: www.ato.gov.au//Online-serv/Identity-security/Scam-alerts/

04.01.2022 Employees: Are you being paid all the super you’re entitled to? If you’re not sure how to check or get it corrected, follow our four-step process at www.ato.gov.au//In-detail/Growing-your-super/Unpaid-super/

03.01.2022 If you use $0.80 per hour method for COVID home office - it includes depreciation for furniture, therefore you cannot claim the cost of furniture if you had purchased new office furniture during the COVID lockdown.

02.01.2022 WHERE'S MY REFUND? For some clients, waiting for their expected tax refund can seem to drag out interminably, and some mistake receiving a receipt as a sign of an imminent ATO deposit into their bank. In most cases, documents lodged with the ATO online (including tax returns, refunds of franking credits and non-lodgment advice) should generally be finalised within 10 business days. ...Continue reading

02.01.2022 GOTTA LOVE SPRING!

01.01.2022 TFN SCAM ALERT The ATO is receiving increasing reports of people losing money to automated phone scams. These scammers will tell the recipient their tax file number (TFN) has been suspended due to illegal activity. They will then ask them to pay a fine to release it or transfer funds into a holding account to protect it from further misuse. The ATO is advising practitioners to warn their clients to look out for this scam and ask them to contact you or the ATO if they are ever unsure whether an ATO interaction is genuine.

01.01.2022 REMINDER | Taxable Payments Annual Report If you've paid a tradie or other contractor for building and construction services in the last year, you might need ...to lodge a Taxable Payments Annual Report (TPAR) by 28 August, if: you earn 50% or more of your business income or 50% or more of your business activity is from building and construction - including carpentry, engineering, painting, plumbing and architecture. you pay contractors for building and construction services. Over 70 occupations and work activities meet the ATO's definition of 'building and construction'. If you're unsure whether you need to lodge a TPAR, head over to the ATO website or have a chat with your Accountant