Montville Tax in Montville, Queensland | Tax preparation service

Montville Tax

Locality: Montville, Queensland

Phone: 0418 225 032

Address: 6 Kondalilla Falls Road 4560 Montville, QLD, Australia

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

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24.01.2022 Temporary work from home - Update As an update on my previous posting regarding home office expenses I can advise that the ATO has introduced a shortcut method for claiming. From 01 March 2020, if you have been working from home, you can claim a flat amount of .80c per hour to cover all costs including phone, internet, IT costs etc. This method will greatly simplify your claim. You simply keep a record of hours worked. However, if you choose this method no other home office expenses can be claimed.

23.01.2022 Tax treatment of cryptocurrencies in Australia Specifically bitcoin Cryptocurrencies, especially bitcoin have become a key surveillance area for the Australian Taxation Office (ATO). The ATO is presently working to monitor tax compliance and associated tax obligations. Here is an outline of the ATO’s proposed tax treatment of cryptocurrencies: Investment If you are holding bitcoins as an investment you will pay capital gains tax on any profits when you dispose of them ... Trading If you are trading bitcoins for profit, the profits will form part of your assessable income Carrying on a business If you are using bitcoins as payment for goods or services or accepting bitcoins as payment for goods or services, the transactions will be subject to GST Mining bitcoin If you are mining bitcoins, any profits you make will be included in your assessable income Conducting an exchange If you are buying and selling bitcoins as an exchange service you will pay income tax on the profits and transactions will be subject to GST. See more

20.01.2022 The end is nigh for paper activity statements The ATO has issued guidance that indicates that the days of having activity statements issued on paper are fast approaching dinosaur status. It says that when an activity statement is lodged electronically through one of four channels online services for agents, the practitioner lodgment service (PLS), Standard Business Reporting (SBR) enabled software, or when a client links their myGov account to the ATO paper statements from then on will not be issued. One last paper statement may be sent out if the first electronic lodgment is after the activity statement generate date, but the ATO says electronic filing should be maintained thereafter.

18.01.2022 Second JobKeeper Payment extension. The second JobKeeper Payment extension starts from Monday 4 January 2021 and covers the JobKeeper fortnights between Monday 4 January 2021 and Sunday 28 March 2021. It means the payment rates for eligible employees will change.

15.01.2022 Professional Taxation Services. Home based office allows for a relaxed, personal approach with competitive pricing. We also complete returns via email. Special rates for those under 21 or full time students. Senior discounts apply.

14.01.2022 Professional Taxation Services. Home based office allows for a relaxed, personal approach with competitive pricing. We also complete returns via email. Special rates for those under 21 or full time students. Senior discounts apply.

13.01.2022 Online tax returns - We do online returns so you won’t have to leave the house. Just send an email and we will be in contact.

11.01.2022 COVID-19 working-from-home shortcut deduction extended As the COVID-19 pandemic continues to affect some taxpayers’ working arrangements after 30 June 2020, the ATO has now announced that the date of effect of PCG 2020/3 has been extended. The "shortcut" method now applies from 1 March 2020 to 30 September 2020

11.01.2022 Temporary work from home If you're an employee and temporarily work from home due to recent events, such as COVID-19 (coronavirus), you may be able to claim a deduction for expenses you incur relating to that work. You may be able to claim a deduction for additional running expenses you incur such as heating, cooling and lighting. You can also claim the work-related proportion of the decline in value of office equipment. In most cases, if you work from home as an employee and... claim working from home expenses, there are no capital gains tax (CGT) implications for your home. You must keep records to show these expenses and how you have calculated your claim. Calculating running expenses There are two ways to calculate your running expenses: you can claim a fixed rate of 80cents per hour you can calculate your actual expenses. Fixed rate: Montville Tax will happily provide more precise information on claiming these expenses. Please contact us. However, to summarise - You can claim a deduction of 52 cents for each hour you work from home instead of recording all of your actual expenses for heating, cooling, lighting, cleaning and the decline in value of furniture. To claim using this method, keep records of either: your actual hours spent working at home A diary for a representative four-week period to show your usual pattern of working at home. This can be used as an average for the period that you worked from home. However, if your work pattern changes you will need to create a new record. You need to separately work out all other home work area expenses, such as: phone and internet expenses computer consumables and stationery decline in value on computers or other equipment. Actual expenses: Montville Tax will happily provide more precise information on claiming actual expenses. Please contact us. However, to summarise - To calculate actual expenses for a dedicated work area you will need: receipts for - home office equipment used for work purposes, repairs to the home office or furniture and equipment used for work purposes, cleaning expenses of home office, any other day-to-day running expenses for the home office calculate the percentage of work use for your assets Calculate cost of clearing expenses exclusively for the office based on floor area work out the cost of your heating, cooling and lighting See more

07.01.2022 Online tax returns - We do online returns so you won’t have to leave the house. Just send an email and we will be in contact.

03.01.2022 RECORD KEEPING FOR SMALL BUSINESS Good record keeping helps you keep track of the money you’ve made the money you’ve spent your cash flow position.... It also helps provide a snapshot of your current situation to help with your business decisions and planning, which is why it’s important to do it properly. Consider your record keeping practices, do you: keep records electronically and make a backup so they don’t fade or get lost, and keep them for five years reconcile sales regularly to help you identify problems early, such as administration errors remember to account for stock taken for personal use only use your business account to pay for business expenses, so you don’t need to sort through and separate your business and personal expenses all the time keep complete and accurate records as you go along, instead of leaving it until later? Good record keeping practices will make everything so much easier when it’s time to lodge your tax return. See more

03.01.2022 Saturday Humour Whacky Tax Facts ???? A controversial tax proposed in New Zealand in 2003, officially dubbed agricultural emissions research levy, came to be known as the fart tax by the farmers who would have borne the tax (being levied on livestock holdings to counter the cost of greenhouse gas emissions from their animals). A consortium from NZ’s livestock industry agreed to pay for a portion of this research (just not via taxation), although the government reserved the right to reconsider the tax if the industry withdrew from the agreement.

02.01.2022 Mary Herd, the business owner, has many years of experience in the taxation industry and is looking forward to helping clients with all their taxation requirements. Book an appointment or, if more convenient, let’s do business online. Phone, email or check the website www.montvilletax.com.au

02.01.2022 Lost your tax file number? Here’s what to do - You might want to rifle through your paperwork and check the following, as your TFN should be on them: your income tax notice of assessment for a previous year any correspondence sent to you from the ATO... a payment summary from your employer an account statement from your superannuation fund. if you use the services of a tax agent or accountant, ask them for your tax file number as you will have previously provided it to them. If not however, you can call the Australian Taxation Office (ATO) on 13 28 61 from 8am to 8pm Australian eastern standard time (AEST) Monday to Friday to find out what you can do to get your TFN. You can also phone on Saturday between 10am and 4pm (and Sunday at the same hours, but only until the end of October). The ATO will need to make certain you are who you say you are, and that you’re the correct person with whom to be discussing your tax affairs (identity theft can, and does, occur) If, however you have reason to suspect your TFN has been stolen or may be being misused, there’s another number to call 1800 467 033. The ATO is keen to track down unauthorised TFN use as soon as possible.

01.01.2022 How can I get a tax deduction for my income protection??? The ATO allows you to claim the costs of your income protection premiums for policies taken out separate to your Superannuation. So, if you have income protection as part of your super package, the premium is not tax deductible. If your insurance is a policy outside of your Super, the costs ARE deductible. (Which for many people means, it makes sense to move income protection out of your super and into a private policy.)