M J Edwards in Kalgoorlie, Western Australia | Tax preparation service

M J Edwards

Locality: Kalgoorlie, Western Australia

Phone: +61 8 9021 1716

Address: 19 Cheetham Street 6430 Kalgoorlie, WA, Australia

Website: http://mjedwards.com.au

Likes: 122

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• Tax preparation service
• Accountant
• Financial service

24.01.2022 Instant asset write off extended to $150,000 until June 30. Other tax incentives included. Early days, no details known yet https://www.msn.com//australian-battlers-and-/ar-BB1148Ne

21.01.2022 Still waiting for the banks to do anything that doesn't benefit themselves or for them to even make the slightest sacrifice for the greater good. Property owners, many being retirees, expected to give rent relief. Banks? Hah! Passing on full RBA rate cut? Not a chance. Cessation of repayments but no capitalisation of interest? Get real. A chance for a profit whilst everyone is doing it hard? Yup. I'd be delighted to be corrected, but #BanksDontCare

20.01.2022 In great news for the banks the Reserve Bank cut interest rates to an historic low today. This ensures they will continue to be able to gouge even greater profits out of customers already suffering due to the forthcoming recession by refusing to pass a rate cut on. Again. Royal commission? Hah! https://www.accountantsdaily.com.au//14155-reserve-bank-ma

20.01.2022 Tax Office: "Could everyone please hold off lodging their tax return? We can't handle it." Public: https://www.accountantsdaily.com.au//13258-lodgments-spike Straya!

19.01.2022 The government stimulus package was necessary and quickly implemented. Too quickly in my opinion as many aspects were badly thought out, Amongst the biggest losers were home day care centres who were expected to not charge parents and only receive 50% of the fees from the subsidy. The JobKeeper payment was meant to alleviate the rest of the burden by having staff costs covered.Unfortunately for the sole operated home day care centres that meant income dropped by half, with $750 a week meant to cover the rest. Some parents flatly refused to help by (e.g.) bringing own lunches, some offered to pay for their child but the carer was not allowed to accept. It was lose-lose as costs remained the same and income halved. https://www.abc.net.au//free-childcare-coronaviru/12332066

19.01.2022 It is amazing to believe that in 2019 people are still marketing schemes to give "early access to superannuation". Tip: If you hear that phrase hang up or walk out. This list is far from complete as there are many others. The risk stops with you if you go into one of these. All SMSF's are audited. The scheme will very likely be discovered.and you will lose out. If you are thinking about a Self Managed Super Fund see a registered financial planner and ask for their AFSL details. https://www.accountantsdaily.com.au//13774-tax-office-soun

18.01.2022 Tax Office: "Could everyone please hold off lodging their tax return? We can't handle it. Public: https://www.accountantsdaily.com.au//13258-lodgments-spike Aussie!

17.01.2022 I am in the process of changing phone providers. There may be a disruption to email and telephone services during the changeover, especially for calls to 9021 1716. Mobile service should be the least disrupted so please try 0427 996 148.

16.01.2022 You may receive a call from the Kalgoorlie Chamber of Commerce and industry about a consultation regarding the stimulus package entitlements. My clients should be aware I have them covered for this and if I haven't contacted you already (I am calling all business clients in due course) feel free to call me any time. (EDIT - My apologies to the chamber, I was not referring to them. Badly worded)

13.01.2022 Taxation assistance during current situation (source - Institute of Public Accountants): deferring by up to four months the payment of tax amounts due through the BAS (including PAYG instalments), income tax assessments, FBT assessments and excise; allowing businesses on a quarterly reporting cycle to opt into monthly GST reporting to get quicker access to any GST refunds;... allowing businesses to vary PAYG instalment amounts to zero for the April 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; remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities; and allowing affected businesses to enter into low-interest payment plans for their existing and ongoing tax liabilities. Importantly, assistance measures for taxpayers impacted by COVID-19 will not be implemented automatically by the ATO (unlike the relief measures for the 2019-20 bushfires). Therefore, anyone impacted by COVID-19 is required to contact the ATO Emergency Support Infoline (tel: 1800 806 218) when they are ready to request assistance. Once a taxpayer contacts the ATO, Mr Jordan said a support plan will be tailored for the taxpayer.

11.01.2022 There's a lot of confusion out there about this $1080 low to middle income tax offset. It isn't a repeat of the "Rudd Money" we had last decade. This is a non refundable tax offset (formerly called a 'rebate'), and for many is an extension of an existing offset. If you qualify (see below) it 'may' result in an increased refund or decreased bill, but you cannot get back more tax than you paid because of this. https://www.ato.gov.au//Lower-taxes-for-hard-working-Aust/

11.01.2022 It is not my intent to provide advice, merely point out a very interesting concession. Previously this breached so many provisions. As an SMSF auditor I do not do accounting for any funds, however you may wish to discuss this with your advisor. I trust the ATO will provide a ruling so auditors can allow this when the time comes. (With thanks to Ryan McNally and Ausminer) Temporarily reducing rent in SMSF Question: My SMSF owns real property and wants to give my tenant w...ho is a related party a reduction in rent because of the financial impacts of the COVID-19. Charging a related party a price that is less than market value is usually a contravention. Given the impacts of the COVID-19, will the ATO take action if I do this? Answer: Some landlords are giving their tenants a reduction in or waiver of rent because of the financial impacts of the COVID-19 and we understand that you may wish to do so as well. Our compliance approach for the 201920 and 202021 financial years is that we will not take action where an SMSF gives a tenant who is also a related party a temporary rent reduction during this period.

10.01.2022 For many I would say this is fair enough. However there are many still struggling or recovering. Let's hope the wind down of these is not as rushed as their implementation. https://thenewdaily.com.au//jobkeeper-cuts-eligibility-re/

06.01.2022 "For the six months to end-March, NAB said underlying net profit dived 51% to A$1.44 billion" Banks. Doing it tough.

05.01.2022 Six and a half weeks (and the involvement of the Ombudsman) after #optus said there may be a delay of "an hour or so" the business landline is finally restored. Most of the leg work had to be done by me as their call centre were experts at fobbing off issues and blame to Telstra, me, anyone except them. If you're thinking of switching to optus, perhaps reconsider. Apologies to anyone unable to contact me during this time. [edit: I believe none of this has been the fault of the ladies in the local shop who have been very helpful]

05.01.2022 Instant asset write off extended to December 31 2020. https://www.accountantsdaily.com.au//14470-150k-instant-as

05.01.2022 Details of government stimulus package: https://www.publicaccountants.org.au//covid19stimuluspacka

03.01.2022 The ATO have released statistics about Self Managed Super Funds . These funds have now become a major election issue and the stats certainly hint at why. When I first started in accounting in 1994 a mentor said "The government is going to see all this money in super and want it." Over the years he has become increasingly correct. Then (and now) everyone was told to plan for their own retirement - just don't plan to retire too comfortably! Summary courtesy of trusteed.com.au...; full ATO stats https://www.ato.gov.au//Self-managed-super-funds--A-stati/ - 596,000 SMSFs holding $750 billion in assets, with more than 1.1 million SMSF members as at 30 June 2018 - at 30 June 2017, SMSFs had assets of just over $1.2 million on average - 48% of SMSFs held assets of between $200,001 and $1 million at 30 June 2017, accounting for 21% of total of SMSF assets - SMSF established in 2016-17 had average assets of $521,000, an increase of 38% from $379,000 for SMSFs established in 2015-16 - the median age of SMSF members of newly established funds in 2016-17 was 48 years

03.01.2022 Regretfully the land line telephone number of 9021 1716 is somewhere in limbo between Telstra and Optus who cannot work out who is to blame for it not working. Please use 0427 996 148 until these two technology giants can figure out how the telephone system works and reinstate it. Thanks and apologies.

03.01.2022 Again, discovered just how awesome the new single touch payroll system is today when the entire ATO online services and Mygov were down and I couldn't get any client information. "It's all online now dontchyaknow." Apologies to the clients I could not help today. Suggesting a rethink of this policy, but it won't happen

01.01.2022 On a Working Holiday? Don't lodge yet. Like most matters in taxation the concept of "residency" is not black and white. This was further complicated with the "working holiday" tax, where those on a working holiday were subject to higher levels of tax than residents, despite qualifying as a resident for tax purposes. In what I consider a victory for common sense the Federal Court ruled that a resident is a resident regardless of their intent to leave the country in the for...eseeable future, and those that qualify should not pay the higher tax. If I decided to emigrate in two years would it be fair for me to start paying more tax? The ATO as usual disagreed with losing and has appealed to the Full Federal court. The commissioner suggest holding off lodging and will grant extensions for amendments should the department lose again. https://www.publicaccountant.com.au//ato-appeals-addy-v-co

01.01.2022 Tax office releases its top excuses heard as to why people lodged late. With the deadline approaching for self preparers if you can't lodge by October 31 then see a tax agent (We get extensions ;) ) https://www.abc.net.au//top-excuses-people-give-t/11608078