Mohr Solutions in Wakerley | Accountant

Mohr Solutions

Locality: Wakerley

Phone: +61 407 699 964

Address: 11 Claire Place 4154 Wakerley, QLD, Australia

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

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25.01.2022 The ATO is moving to myGovID and Relationship Authorisation Manager (RAM) from 27 March 2020 to access certain Government Online Services. For those of you who use the ATO Business Portal, you need to transition to access it through your myGovID before 27 March 2020. AUSkey will be decommissioned and Digital Certificates will no longer be able to be used to access the ATO Business Portal. You need to download the myGovID app, follow the steps, enter your document ID information, go into RAM and approve access for you myGovID to access your account. Any questions please let us know.

23.01.2022 Our Pleasure to Be a Sponsor of Kingdom Business Summit 2020. An Awesome Time with Wez and the crew!

23.01.2022 $20,000 Asset Write Off Extended! The Government has announced in the budget that it will extend the $20,000 Asset Write Off for another 12 months to 30 June 2019 for businesses with an aggregated annual turnover of less than $10 million. Small businesses will continue to be able to claim a deduction for capital purchases of less than $20,000 first used or installed before 30 June 2019. Capital purchases of greater than $20,000 will continue to be depreciated in the general pool at 15% for the first year and at 30% for the subsequent years.

23.01.2022 2020/21 Federal Budget Released Normally, the Federal Budget would apply from 1 July 2021 giving time to adjust to the changes. However, these changes will apply from 1 July 2020 and apply to this Financial Year to help with the economic recovery from Covid by delivering tax cuts straight away. Benefits:... Tax cuts by changing the personal tax rates by pushing the 19% tax bracket from $37,000 to $45,000 and the 32.5% bracket from $90,000 to $120,000. Low Income Tax Offset increasing from $445 to $700. Low and Middle Income Tax Offset of $1,080 will apply again this Financial Year instead of being abolished. For Businesses, a JobMaker Hiring Credit will be created for employing workers previously on Government payments. For Further Details please see: https://mohrsolutions.com.au///Budget-Handout-2020-21.pdf While the Government tries to spend its way out of the Covid recession, Government debt is forecasted to potentially go to 45% of GDP with large deficits being the norm. We have a concern that this undermines stability of the economy in the long term.

23.01.2022 Step 4 in Maximising Superannuation. Step 4 is being proactive in the investment of your super. You need to make it work for you with income returns and capital growth but you also need to protect yourself from any market crashes and individual investment collapses. You need to do your investment research. People can have different risk profiles that affect their investing where they can accept higher levels of risk in order to try to achieve higher investment returns. People... can also have different risk profiles at different stages of life such as taking a more aggressive risk profile in their younger years and a more conservative risk profile when in retirement. Risk is the chance that an investment will not give you the returns you have hoped for, or that you will lose money. Almost all investments have risk but some have more than others. Risk profiles can range from conservative, moderately conservative, balanced, growth and aggressive. It is up to you to invest in a manner that you are happy with as you are responsible for your investments in superannuation. Whether your super is in an industry fund, public offer fund or a Self Managed Super Fund, you are responsible for the investment of your superannuation. When you have more than $300,000 in superannuation, the fees and costs of having a Self Managed Super Fund are generally cheaper than an industry or public offer fund. However, to setup a Self Managed Super Fund, you need specific superannuation advice from a licensed advisor. I am a licensed authorised representative of SMSF Advisors Network Pty Ltd and can assist you if you are considering starting a Self Managed Super Fund. You need to be proactive in the investment of your super. See more

22.01.2022 Step 2 in Maximising Superannuation. The non-concessional contribution cap reduced to $100,000 per year from 1 July 2017 which changed the 3 year bring forward rule to $300,000. Non-concessional contributions are after-tax contributions that you contribute to your super fund. People between the ages of 65 to 74 are only able to make non-concessional contributions where they meet the work test which is where you are gainfully employed for 40 hours in a consecutive 30 day perio...d. Step 2 in maximising your superannuation benefits is to utilise as much of your non-concessional contribution cap each year as cash flow allows. When you happen to sell assets, you may want to consider contributing part of the proceeds into your super. If you are under 65, you are able to utilise the 3 year bring forward rule where you can contribute $300,000 in one financial year with no further contributions in the next two financial years. You will need to have less than $1.4 million in superannuation to utilise the whole $300,000 bring forward rule. When you have more than $1.6 million in superannuation you are unable to make any non-concessional contributions. Due to the numerous rules, please seek specific advice in relation to your circumstances before using the bring forward rule. If you exceed your non-concessional contribution cap, you have two choices. You can either choose to withdraw your excess non-concessional contributions and earnings and the earnings amount will be taxed at your marginal rate of tax with a 15% rebate or you can leave your excess non-concessional contributions in the super fund and the whole amount of the excess non-concessional contributions will be taxed at the top marginal rate of tax of 47%. See more

22.01.2022 The Federal Government has released a Second Economic Stimulus Package of $66 Billion now making their response in value of up to 9.7% of GDP. There is not as much detail as we would like but from what we can gather here are the benefits you may be eligible for: -$750 Payment to Social Security, Veteran, other Income Support recipients, Eligible Concessional Card Holders and Family Tax Benefit Recipients. This second payment is to be paid on July 13. This is in addition to th...Continue reading

21.01.2022 Depreciation Deductions for Renovated Properties. New legislation stops depreciation claims for second hand assets when purchasing rental properties. However, there are two exemptions that allow for depreciation deductions on plant and equipment which are purchasing substantially renovated properties or for new properties. If a property has been substantially renovated, you will be allowed depreciation deductions when the property is available for rent or rented out For more information see https://www.bmtqs.com.au//mav-44-depreciation-deductions-y

21.01.2022 With many people transitioning to working from home, the ATO has released a new rate for claiming Home Office Expenses called the Shortcut Method of 80 cents per hour. This allows individuals to claim a deduction for all running expenses incurred for work purposes at home due to Covid-19 between 1 March 2020 to 30 June 2020 at a rate of 80 cents per hour. This covers all running costs of Electricity, Cleaning Costs, Phone, Internet, Computer Consumables and Depreciation. This... rate does NOT allow you to have a separate deduction for Phone, Internet, Printing and Stationery. Therefore, it is an easy option but not likely to be the best option. You have three options being: Shortcut Method (80 Cents Per Hour) Fixed Rate Method (52 Cents Per Hour) Actual Costs Method The Fixed Rate Method is 52 cents per hour plus separate deductions for Phone, Internet, Printing & Stationery. The cents per hour rate is to mainly cover electricity, heating and lighting. The new Shortcut Method of 80 cents per hour covers everything with no further deductions for Phone, Internet, Printing & Stationery. The Actual Costs method is based on the actual usage for Electricity, Phone, Internet, Stationery, Repairs & Maintenance and Depreciation on Capital Items. Please click below for a copy of our Worksheet to help calculate Home Office Costs. Occupancy costs of Contents Insurance, Interest on Home Loan and Rates can be claimed on a business percentage based on the area floor size of the Office/Business area over the area of the whole House. Normally the area size of a Home Office is around 7.5% to 15%. Occupancy costs can only be claimed if the House is the Principle Place of Business and may bring in CGT consequences on the sale of the House. To claim Home Office Costs you need to have documented records of hours worked over a four week period and receipts for capital items such as computers and printers. Further details can be found from the ATO at: https://www.ato.gov.au//deductions-/home-office-expenses/

18.01.2022 The Best Tax Deduction and the Practicalities of Claiming it. Be mindful of the $25,000 Concessional Cap. Although, your Unused Concessional Cap Amount is now Carried Forward. Call Us for Direction.

18.01.2022 Employers with 19 or less Employees need to lodge their Single Touch Payroll (STP) Finalisation declaration by 31 July 2020. Check that your wages payments for the 2020 Financial Year are correct and then lodge the Finalisation Declaration through your STP software.

18.01.2022 Step 3 in Maximising Superannuation. Step 3 is utilising two of the four small business capital gains tax concessions being the Retirement Exemption and the 15 Year Exemption. You need to meet the basic conditions to be eligible to use these concessions which generally include running a business with a turnover of less than $2 million, you sell an active asset that is your business or is used in your business, you have no more than $6 million of net assets and if you are a co...mpany or a trust you need to have a significant individual. If you meet these conditions, then you may be able to choose to apply the Retirement Exemption and disregard Capital Gains of up to $500,000. If you are under 55, then you will need to roll this amount into your super fund. This $500,000 is a lifetime cap per individual. You also have the choice of using the Very Important 15 Year Exemption where if your business has continuously owned an active asset for 15 years or more and are over 55 years of age and retiring or permanently incapacitated then you can disregard the Capital Gain. This is a VERY IMPORTANT Exemption as you have the choice to roll an amount up to the amount of the sale proceeds NOT just the capital gain amount into your super fund up to your Lifetime CGT Cap of $1,445,000 (2018). Both of these CGT Concessions if contributed to super do not apply to you non-concessional cap and do not affect the amount of non-concessional contributions you can make in a financial year. The 15 Year Exemption can be very hard to quality for but if you can qualify for it, it can really benefit your superannuation. Please note that this is general factual information and we are not responsible for any outcomes of you making decisions on this information. Please obtain specific advice in relation to your circumstances. See more

18.01.2022 Superannuation Planning is SUPER IMPORTANT! The most comprehensive superannuation reforms since 2007 started on 1 July 2017. You need to be aware of the rules and proactive in planning for your retirement. Your 1st objective is to accumulate benefits of $1.6 million in your superannuation as this is the current limit of how much you can transfer into a pension for your retirement. This $1.6 million limit is called the transfer balance cap and will be indexed by CPI but only i...ncrease in $100,000 increments. When contributing to superannuation, your accounts are called Accumulation accounts. When Accumulation accounts are transferred to an Account Based Pension, your account balance becomes the capital value for your Pension account and it moves into ‘Pension Phase’ where you start drawing down pension payments. Income generated from capital investments supporting pension are tax free inside a superannuation fund. This is why Account Based Pensions are referred to as tax free because they provide tax free income inside the superannuation fund and the pension withdrawals are tax free to a member over the age of 60. When you retire, it is to your benefit to utilise as much of the current $1.6 million transfer balance cap as you can. See more

17.01.2022 $20,000 Asset Write Off Could End Soon. The $20,000 instant asset write-off continues for small businesses until at least 30 June 2018. Small businesses with a turnover of less than $10 million can deduct the business portion of each capital asset they purchase that costs less than $20,000. The $20,000 threshold was set to reduce back to $1,000 on 1 July 2017 until it was announced in the Federal budget that it will be extended for another year and is now expected to reduce t...o $1,000 on 1 July 2018. The possibility of being extended for another year exists but can’t be guaranteed. For eligible businesses, use it while it is available. Capital assets costing more than $20,000 can be added to a general small business pool where they are depreciated at 15% for the first year and 30% for subsequent years. Where the pool balance falls below $20,000 at the end of the year, the pool balance may be written off. See more

16.01.2022 For business with less than 20 employees, Single Touch Payroll (STP) is scheduled to start from 1 July 2019 where you are required to report wages and super information for employees to the ATO every time employees are paid. Whether that is weekly, fortnightly or monthly. Software products are generally STP compliant but if you have been using older versions of software or spreadsheets you will have to look at options on how you report. You can report STP through the Business Portal or your Tax Agent can through the Tax Agent Portal. However, lodging through software will be the best and most efficient option. If you are using software, you will need to make sure you register for STP by early June 2019 and enable your software to report. More information can be found at: https://www.ato.gov.au/business/single-touch-payroll/

16.01.2022 2019 Federal Budget Changes - Individuals What's In It For Me? Possibly, double the previous Low and Middle Income Tax Offset Amount up to $1,080. Increase the Low and Middle Income Tax Offset from 1 July 2018 for this Current 2019 Financial Year from $530 up to a maximum $1,080 to be received on assessment. To provide an immediate benefit to assist families with financial pressures. The application of the proposed benefit is:... -Taxpayers with taxable incomes of $37,000 or less will receive a benefit of up to $255. -Taxpayers with taxable incomes of $37,001 to $48,000 will receive a benefit of up to $1,080. Increasing at 7.5 cents per dollar after $37,000 of taxable income up to the maximum $1,080. -Taxpayers with taxable incomes of $48,001 to $90,000 will receive a benefit of up to $1,080. -Taxpayers with taxable incomes of $90,001 to $126,000 will receive a pro rata benefit phasing out at 3 cents per dollar. Protecting Us From Bracket Creep Increase the upper limit of the 19% tax bracket from $37,000 to $45,000. This is a good proposal but this is proposed to apply from 1 July 2022 being the 2023 Tax Year with 4 years to wait to benefit. Reduce the 32.5% tax rate to 30% from the 2025 Tax Year together with already legislated changes to increase the upper limit of the (now) 32.5% tax bracket from $120,000 to $200,000 and abolish the 37% tax bracket altogether. This is a great change where taxpayers earning up to $200,000 would pay no more than 30% tax plus medicare levy. This is heading in a very good direction. However, we still have to wait 6 years to benefit. Merge the Low and Middle Income Tax Offset and the Low Income Tax Offset to form one Low Income Tax Offset from 1 July 2022 with a maximum offset of $700. For More Information see www.mohrsolutions.com.au/articles

15.01.2022 Small Business Tax Rate Now 27.5%! For the 2017 Financial Year, the corporate tax rate for small businesses was reduced from 28.5% to 27.5% and the aggregated turnover threshold to quality as a small business was increased from $2 million to $10 million. This reduces the income tax that corporate small businesses are required to pay. However, it also reduces the amount of franking credits that can be attached to dividends that are paid to and claimed by shareholders. Overall,... the benefit is a timing issue by deferring the payment of some tax to a later time period. The aggregated turnover threshold will increase to $25 million for the 2018 Financial Year and increase to $50 million for the 2019 Financial Year and beyond at this point in time. The next expected reduction in the corporate tax rate is in the 2025 Financial Year. Corporate small businesses include companies, corporate unit trusts and public trading trusts. The corporate tax rate remains at 30% for all other companies that are not small business entities. See more

14.01.2022 2018 Federal Budget Changes - Businesses. The $20,000 Asset Write Off Has Been Extended! The Government has announced that it will extend the $20,000 Asset Write Off for another 12 months to 30 June 2019 for businesses with an aggregated annual turnover of less than $10 million. Small businesses will continue to be able to claim a deduction for capital purchases of less than $20,000 first used or installed before 30 June 2019. Capital purchases of greater than $20,000 will co...Continue reading

13.01.2022 Welcome to 2020! "If You Always Do What You Have Always Done, You Will Always Get What You Have Always Got!" Albert Einstein. With the start of a New Year, we would like to encourage you to be strategic in planning your changes for 2020. Whether the changes are personal goals, financial goals, business growth or investment changes in your SMSF. 1. Be Strategic and Identify your Goals 2. List the Benefits: What's In It For Me? 3. List the Obstacles to Overcome. 4. Develop a Plan of Action 5. Set a Date for Achievement. Work hard and receive the rewards of Change!

12.01.2022 2019 Federal Budget Changes - Superannuation Remove the need to meet the Work Test to make voluntary superannuation contributions of both concessional and non concessional contributions by people aged 65 and 66 years from 1 July 2020. Access To The Bring Forward Rule for People Aged 65 and 66 Years Old.... Increase the Age Limit for Spouse Contributions for People Aged up to and including 74. Streamline the Administrative Requirements from 1 July 2020 of SMSFs when Calculating Exempt Current Pension Income and Remove the Requirement to Obtain an Actuarial Certificate under the Proportionate Method when all the Members are in 100% Pension Phase.

10.01.2022 Alternative Tests for Decline in Revenue for JobKeeper Payments The ATO has released more information on the Alternative Tests for Businesses which include New Businesses, Substantial Increase in Turnover, Irregular Turnover, Drought or Natural Disaster or Acquistion or Disposal. Information at: https://mohrsolutions.com.au//200504-Alternative-Decline-i... JobKeeper Payment Dates The payment dates for all JobKeeper fortnights are: 1. 30 March 12 April by Friday 8 May 2. 13 April 26 April by Friday 8 May 3. 27 April 10 May by Sunday 10 May 4. 11 May 24 May by Sunday 24 May 5. 25 May 7 June by Sunday 7 June 6. 8 June 21 June by Sunday 21 June 7. 22 June 5 July by Sunday 5 July 8. 6 July 19 July by Sunday 19 July 9. 20 July 2 August by Sunday 2 August 10. 3 August 16 August by Sunday 16 August 11. 17 August 30 August by Sunday 30 August 12. 31 August 13 September by Sunday 13 September Payments of Wages for the first 2 Fortnights were extended to this Friday 8 May 2020. So wages payments for the first 3 Fortnights need to be made by this Friday 8 May to be eligible.

09.01.2022 We can help you setup an SMSF. Here we discuss the process of preparing a Statement of Advice to compare your superannuation in an industry fund with an SMSF, the advantages and disadvantages and costs of an SMSF and whether it suits your objectives. Then setting up the SMSF, rolling over your benefits, setting up an investment strategy and investing your superannuation. After the Financial Year end, we prepare the Financials and Member Statements and organise the audit to show you where your superannuation is at to give you good information if you want to make changes or keep the same investments and strategy. What investments can you invest your super in? Answer: Shares, gold and silver bullion, crypto currency, cash, term deposits and more! Any Questions? Let Us Give You Direction!

08.01.2022 One of my favourite quotes: "If you always do what you have always done, you will always get what you have always got!" by Albert Einstein. Whether it is in business or in your personal life, if there is something that you want to change and get a better outcome, think of what you can do differently and then do it. Test the new outcome and make changes until you are happy with the new outcome. Life is short, live it purposefully!

08.01.2022 2018 Federal Budget Changes - Individuals Personal Tax Cuts in a 3 Step Plan to be Implemented Over 7 years Step 1: Target Relief for Low and Middle Income Earners... The government will introduce the Low and Middle Income Tax Offset (LAMITO) which is a non-refundable tax offset of up to $530 per year made available for the 2019, 2020, 2021 and 2022 income tax years. It will be paid as a lump sum on assessment after lodgement of an individual’s income tax return. This LAMITA is in addition to the current Low Income Tax Offset (LITA) available to taxpayers. The application of the proposed benefit is: -Taxpayers with taxable incomes of $37,000 or less will receive a benefit of up to $200. -Taxpayers with taxable incomes of $37,000 to $48,000 will receive a benefit of up to $530. Increasing at 3 cents per dollar after $37,000 of taxable income up to the maximum $530. -Taxpayers with taxable incomes of $48,000 to $90,000 will receive a benefit of up to $530. -Taxpayers with taxable incomes of $90,000 to $125,333 will receive a pro rata benefit phasing out at 1.5 cents per dollar. Step 2: Protecting Middle Income Australians From Bracket Creep -From 1 July 2018, the top threshold of the 32.5% tax bracket will increase from $87,000 to $90,000. Allowing another $3,000 of taxable income to be taxed at 32.5% instead of 37%. These rates do not include medicare levy. -From 1 July 2022, the top threshold of the 19% tax bracket will increase from $37,000 to $41,000 and to further increase the top threshold of the 32.5% tax bracket from $90,000 to $120,000. -It is also proposed to increase the current Low Income Tax Offset (LITO) from $445 to $645 from 1 July 2022. This LITA will reduce at a rate of 6.5 cents per dollar between taxable incomes of $37,000 to $41,000 and reduce at a rate of 1.5 cents per dollar between taxable incomes of $41,000 to $66,667. Step 3: Ensuring Australian Pay Less Tax By Making The System Simpler The Government proposes to remove the 37.5% tax bracket entirely. From 1 July 2024, the government will extend the top threshold of the 32.5% tax bracket from $120,000 to $200,000. The tax bracket of 32.5% will apply to taxable incomes from $41,001 to $200,000 and taxable incomes exceeding $200,000 will be taxed at the top marginal rate of 45%. Income for a Person’s Fame or Image to Be Taxed Personally. From 1 July 2019, high profile individuals will no longer be able to license their fame or image to a company or a trust to take advantage of lower tax rates. Instead, the income will be required to be disclosed as assessable income to the individual.

07.01.2022 Step 1 in Maximising Superannuation. The concessional contribution cap for deductible super contributions has reduced to $25,000 per year for everybody from 1 July 2017 except for an exemption for people with account balances of less than $500,000 from 1 July 2018 usable in 2020 FY. Concessional or deductible super contributions are where a tax deduction is claimed for these contributions by either you or your employer. It is now necessary to review any existing salary sacrif...Continue reading

04.01.2022 Looking to Grow your Business in 2020? Utilise our Free Resources to help you grow your Business! You need to know your Financial and Business Metrics and Measurement of your Marketing Strategies so that you know What to Change and what Success and Growth looks like! Access the Resources here: http://mohrsolutions.com.au/business/

04.01.2022 A New Financial Year is here! What are you going to use to drive your Business forward this FY? It is Very Important to Know your Financial Numbers. Gross Profit %, Net Profit $ or %, Number of Leads, New Sales/Customers, Conversion Rate %, Average Cost per New Customer/Sale, Average Revenue per New Customer/Sale, Average Debtor Days, Productivity %. Average Debtor Days is good for keeping Debtors down and increasing cash in Bank account. Keep in Mind: If You Do What You Have Always Done, You Will Get What You Have Always Got. Time to Do Something New and Focus on a New Financial Measure!

03.01.2022 2018 Federal Budget Changes - Superannuation Exemption from the Work Test To Make Personal Contributions in the First Ineligible Year. From 1 July 2019, the Government plans to provide an exemption from the Work Test for people aged 65 to 74 for voluntary contributions to superannuation where there superannuation balance is below $300,000 but only for the first year that they do not meet the requirements. Currently, people aged 65 to 74 need to meet the work test of working 4...0 hours in a 30 day period to be able to make personal contributions to superannuation. 3 Year Audit Cycle for SMSFs with a Good Record The Government intends to change the annual audit requirement of SMSFs with a good history of record keeping, compliance and lodgements from 1 July 2019 to a three-yearly requirement. SMSFs with 3 years of clear audit reports and on time lodgements will only be required to be audited every 3 years. This is a good change that will reduce costs in most SMSFS. Increasing the Maximum Number of Members in an SMSF or Small APRA Fund to 6. From 1 July 2019, the Government intends to increase the maximum number of allowable members in an SMSF or small APRA fund from 4 to 6 to allow larger families more flexibility in consolidating and managing their superannuation benefits. Preventing Inadvertent Breaches of Concessional Contribution Cap by Specific Employees. From 1 July 2018, the Government intends to allow individuals with taxable income above $263,157 and who have multiple employers to nominate that their wages from certain employers are not subject to the super guarantee requirements. This will help employees keep their concessional contributions from exceeding their concessional contribution cap and being taxed at their marginal rates of tax. The employee may have the possibility of negotiating to receive the forgone super as wages.

03.01.2022 Single Touch Payroll (STP) has been extended to apply to employers with less than 20 employees from 1 July 2019. Legislation has been passed by the Federal Government. Employers will need to register with the ATO and make sure they are ready to report wages, PAYG withholding and super payments from 1 July 2019. Assistance by the ATO includes: -The ATO will offer micro employers (1 to 4 employees) help to transition to STP and a number of alternative options such as allowing... those who rely on a registered tax or BAS agent to report quarterly for the first two years, rather than each time payroll is run. -Small employers can start reporting any time from the 1 July start date to 30 September 2019. We will grant deferrals to any small employer who requests additional time to start STP reporting. -There will be no penalties for mistakes, missed or late reports for the first year. -The ATO will provide exemptions from STP reporting for employers experiencing hardship, or in areas with intermittent or no internet connection. See more

03.01.2022 If you have become a Contractor or Self Employed what do you need to consider? First, you need to consider if your turnover is over $75,000 per year where you need to register for GST. You need to set aside income tax generally between 20% to 40% from your income by either putting money in a online saver account or registering with the ATO for PAYG Instalments and paying instalments to the ATO. How are you going to track your business income and expenses? Are you going to use spreadsheets or use software such as Xero, MYOB, Quickbooks, Sage or Reckon. What Financial Ratios will you manage and how will you evaluate your marketing strategies? Financial Ratios, Evaluation of Marketing Strategies, business income and expense worksheets and more here at: https://mohrsolutions.com.au/business/ Let Us Give You Direction!

01.01.2022 2019 Federal Budget Changes Businesses The Government has announced that it will increase the instant asset write off from $25,000 to $30,000 from 2 April 2019 to 30 June 2020 for Small Businesses with an aggregated annual turnover of less than $10 million. This will create 3 different thresholds during this 2019 Financial Year for Small Businesses: -Less than $20,000 from 1 July 2018 to 28 January 2019. -Less than $25,000 from 29 January to 2 April 2019.... -Less than $30,000 from 2 April to 30 June 2019 and onwards to 30 June 2020. Capital purchases greater than these limits will continue to be depreciated in the General pool at 15% for the first year and 30% for subsequent years. The pool balance can be deducted if the pool balance at the end of the year is less than $30,000. For the first time, Medium Size Businesses with a turnover between $10 Million and $50 Million will be able to access the instant access write off from 2 April 2019 to 30 June 2020 for assets costing less than $30,000. As Medium Businesses don't have access to the small business pooling rules, they must depreciate assets costing more than $30,000 under their normal depreciation rules. Deferral of Proposed Division 7A Changes to 1 July 2020 Expansion of the data collected by the ATO through Single Touch Payroll (STP) and sharing this data with other Commonwealth Agencies. From 1 July 2020, the Government will simplify and automate the reporting of any employment income for welfare recipients through STP. The Government will require ABN holders to do the following if they want to keep their ABN active: Lodge their income tax return from 1 July 2021 or Confirm the accuracy of their details on the Australian Business Register annually from 1 July 2022. For more information please see www.mohrsolutions.com.au/articles

01.01.2022 2018 Tax Planning Options (Video) https://www.youtube.com/watch?v=Pp31pg54LN4