MCS Partners in Tuggerah, New South Wales, Australia | Tax preparation service

MCS Partners

Locality: Tuggerah, New South Wales, Australia

Phone: +61 2 4353 9988

Address: Unit 1/5 Colony Close 2259 Tuggerah, NSW, Australia

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

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• Tax preparation service
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23.01.2022 Government Small Business Support Series (Post One) Cashflow Support for Employers 1. Eligible businesses are any business that was a registered employer (registered for PAYG Withholding) prior to 12 March 2020. The turnover threshold to be eligible is $50 million per annum measured using turnover from 2019 financial year (until 30 June 2020) i.e. the most recent year.... 2. The maximum payment has been increased from $25,000 to $100,000 (split into two lots of $50,000). 3. The minimum payment has been increased from $2,000 to $20,000 (split into two lots of $10,000). 4. The first round will be calculated as 100% of the PAYG withholding of employees wages. 5. For quarterly lodgers, this will be 100% of your PAYG Withholding for your March BAS up to a maximum of $50,000. The same calculation will occur in the June quarter but please note this aspect is limited to $50,000 in total up to and including 30 June 2020. 6. For monthly lodgers, your March quarter payment will be 300% of the PAYG withheld in your March BAS with subsequent payments for April, May & June up to your maximum of $50,000. 7. An additional payment has been announced which is calculated as 100% of the payments received in point 5 and 6 above. This will split into two payments (50% each) which you will receive following lodgement of your June 2020 BAS and your September 2020 BAS. 8. The payments will be applied as a credit on your ATO account. Where this gives rise to a refund, the ATO has indicated they will issue refunds within 14 days. 9. The payments are tax-free to your business entity. 10. Please note, if you operate your business through a company and you withdraw these funds to meet personal payments, the payment from your company to you will have income tax implications. We will advise on this if required when we complete your March BAS.

11.01.2022 Interesting article from our Partners at SUM+ about the different parties involved in purchasing a property. Even with the extensive list, it doesn't include accountants & financial advisers. With so many moving parts, someone must take control of the process. We recommend clients use our "team" - businesses we partner with that we know and trust as it enables us to help project manage on behalf of our clients. The aim is always to give our clients the best outcome and as stress-free an experience as possible.

07.01.2022 Please note ATO will specifically target businesses that manipulate wages to maximise or boost the cashflow stimulus announced as part of the COVID-19 measures. We strongly recommended continuing with consistent behaviour to previous lodgements i.e. ensuring accurate reporting of wages.

04.01.2022 Government Small Business Support Series (Post Two) Australian Tax Office Deferral Support 1. Deferring by up to four months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise (careful planning will be required as they will need to be paid at some point).... 2. Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to. 3. Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters (you can choose to vary the company tax instalment to zero but bear in mind this could lead to a large amount due on completion of your 2020 tax returns). 4. Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities. 5. Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low-interest payment plans.

01.01.2022 Finally some meaningful support from the government for small business! We will need to hold off on advice until the finer details are released but it looks positive. In a nutshell, the three major announcements that may be accessible for our clients are: 1. Increase of the immediate asset write-off limit from $30,000 to $150,000. 2. Cashflow assistance for small business employers via a 50% incentive of PAYG Withheld for the March 2020 and June 2020 BAS periods capped at $25...,000 3. Wage assistance to help small businesses retain/employ apprentices