McConaghy & Co Chartered Accountants in Gold Coast, Queensland | Financial service

McConaghy & Co Chartered Accountants

Locality: Gold Coast, Queensland

Phone: +61 7 5574 0966

Address: 97 Upton Street 4217 Gold Coast, QLD, Australia

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

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• Tax preparation service
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25.01.2022 Implementing The New Budget Tax Cuts - PAYG Withholding The ATO has announced that employers must ensure they are withholding the correct PAYG amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November 2020 onwards. The complexity of implementing these adjustments may be different for each employer. As such, some employees may notice the tax cuts reflected in their take-home pay within a few days or weeks, while for... others it may be longer. Any withholding on the old scales will be taken into account in the employee’s tax return. Employees and other payees will receive the refund relating to the reduced tax payable for the 2020-21 income year when they lodge their income tax return for 2021. Updated tax schedules are available at ato.gov.au/taxtables.

18.01.2022 JOBKEEPER 2.0 The JobKeeper Payment has been extended and is available for eligible businesses from 28 September 2020 until 28 March 2021. 1. The key changes include:... 1. Changes to JobKeeper payment rates for employees based on the total hours each employee worked during their reference period 2. There will be a tier 1 and a tier 2 JobKeeper payment rate for eligible employees 3. A requirement for the business to demonstrate a decline in actual GST turnover with a comparable period. If you are already receiving JobKeeper payments for your eligible employees and/or business participant, you don't need to re-enrol. You will need to pay your eligible employees and/or business participant at least the new JobKeeper amount that applies to them each JobKeeper fortnight. From 28 September until 3 January 2021, this will be either: Tier 1: $1,200 per fortnight (before tax) Tier 2: $750 per fortnight (before tax). From 4 January 2021 until 28 March 2021, this will be either: Tier 1: $1,000 per fortnight (before tax) Tier 2: $650 per fortnight (before tax). All rates are before tax. You'll need to continue to complete your JobKeeper monthly business declaration on time to be reimbursed for payments you made in the previous month. You'll need to tell us which payment tier you are claiming for each eligible employee and/or business participant in your November monthly business declaration. You'll need to determine and submit your decline in turnover for each quarter through our online systems. Eligible businesses and not-for-profits can enrol at any time until the program closes.

07.01.2022 JobKeeper Reporting for August/September 2020 To receive future JobKeeper payments you are required to report information to the ATO each month. The following items are needed for the August/September reporting period.... 1. Actual business turnover for the month of August (GST exclusive) 2. Projected business turnover for the month of September. 3. Details of any change to eligible employees since last payment. This information must be provided to the ATO by 14 September 2020.

05.01.2022 The JobKeeper Payment, which was originally due to run until 27 September 2020, will continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021. In addition, from 3 August 2020 the relevant date of employment will move from 1 March to 1 July 2020, increasing employee eligibility for the existing scheme and the extension. The payment rate of $1,500 per fortnight for eligible employees and business participants will be... reduced to $1,200 per fortnight from 28 September 2020 and to $1,000 per fortnight from 4 January 2021. From 28 September 2020, lower payment rates will apply for employees and business participants that worked fewer than 20 hours per week in the relevant reference period. From 28 September 2020, businesses and not-for-profits seeking to claim the JobKeeper Payment will be required to demonstrate that they have suffered a decline in turnover using actual GST turnover (rather than projected GST turnover). From 28 September 2020, businesses and not-for-profits will be required to reassess their eligibility with reference to their actual GST turnover in the September quarter 2020 to be eligible for the JobKeeper Payment from 28 September 2020 to 3 January 2021. From 4 January 2021, businesses and not-for-profits will need to further reassess their turnover to be eligible for the JobKeeper Payment. They will need to demonstrate that they have met the relevant decline in turnover test with reference to their actual GST turnover in the December quarter 2020 to be eligible for the JobKeeper Payment from 4 January 2021 to 28 March 2021. Contact us if you need any assistance with this.

02.01.2022 FEDERAL BUDGET 2020-21 The Federal budget was announced on Tuesday 6th October after a delay due to the coronavirus pandemic. Some of the key measures in the budget are: The instant asset write-off threshold - Businesses with turnover up to $5 billion will be able to write off the full cost of eligible depreciable assets of any value in the year they are first used or installed ready for use. The cost of improvements made during this period to existing eligible depreciable as...sets can also be fully deducted. Importantly, businesses with existing assets may also be be eligible to immediately claim a deduction for the existing assets if their written down balance is up to $150,000. Temporary loss carry-back - Companies (Pty Ltds) that made taxable profit and paid tax in 2018-19 or in later years, may be eligible to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years. This could likely to result in a refund of taxes paid in prior years. Please do not hesitate to contact us for assistance.