Nobel Thomas Melbourne Business Accountants in Carlton, Victoria, Australia | Business service

Nobel Thomas Melbourne Business Accountants

Locality: Carlton, Victoria, Australia

Phone: +61 3 9999 5900

Address: 71 Rathdowne Street, 3053 Carlton, VIC, Australia

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

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24.01.2022 https://www.melbourneaccountant.com.au/covid-19-an-opportu/ Policy makers should be treating the COVID-19 crisis as an opportunity to enact the comprehensive tax reform that Australia needs, say economists.

24.01.2022 Source: Accountants Daily The ATO has now outlined its compliance approach to the COVID-19 stimulus measures, including an update on a list of risky behaviours it has been encountering with the JobKeeper payment. The Tax Office has now published its overall COVID-19 approach to compliance in relation to the governments stimulus measures.... The overarching guidance material covers its Practical Compliance Guideline 2020/4, fraudulent arrangements to access the cash flow boost, and the recently published guidance on tax schemes revolving around the early release of super. In addition, the ATO has also now identified a number of fraudulent behaviour and claims relating to the JobKeeper payment. Some behaviours that will attract the ATOs attention over the coming weeks and months will include multiple eligible business participant claims, employees being incorrectly excluded under the one-in-all-in rule, and falsifying records or revising activity statements to meet the fall in turnover test. https://www.melbourneaccountant.com.au/ato-shifts-gears-on/

22.01.2022 APRA Extends Crisis Loan Deferrals for Banks Source: Investor Daily The prudential regulator has paved the way for banks to give customers an extra four months repayment holiday on their loans, extending its temporary capital treatment for loans with repayment deferrals from six months to 10.... In a statement, APRA said it would write to all authorised deposit-taking institutions this week advising that the regulatory approach announced in March around the treatment of loans with deferred repayments was to be extended for a maximum of 10 months after the repayment deferral started, or 31 March 2020, whichever comes first. https://www.melbourneaccountant.com.au/apra-extends-crisis/

22.01.2022 https://www.melbourneaccountant.com.au/taxpayers-cautioned/ Taxpayers have been urged to reconsider applying for the early release of super to simply obtain tax benefits, with the loophole going against the intent of the governments COVID-19 relief measures. Temporary early access to super was one of several changes made to superannuation as a part of the governments second stimulus package to offset the economic effects of the coronavirus outbreak.... Eligible individuals can apply for an early release of up to $10,000 in the 201920 financial year through the myGov website from 20 April. A second payment of up to $10,000 will be available from 1 July 2020, and members will have until 24 September to apply. SuperConcepts general manager of technical services and education Peter Burgess has now cautioned against a loophole that is currently making its way around the community.

22.01.2022 https://www.melbourneaccountant.com.au/what-does-the-oil-c/ Following a lack of demand for crude and an abundant supply, oil prices tumbled into negative territory, with sectors that usually take advantage facing a COVID-19 headwind, an industry expert has explained. According to JP Morgans global market strategist, Kerry Craig, the traditional winners from the low cost of crude oil are not benefiting due to a changing world.

20.01.2022 https://www.melbourneaccountant.com.au/treasurer-hauls-maj/

20.01.2022 https://www.melbourneaccountant.com.au/cash-v-accruals-ato/ The Tax Office has now released further guidance on the basic decline in turnover test based on GST turnover. According to the ATO, an entity will need to follow five steps to satisfy the test, namely: identify the turnover test period; identify the relevant comparison period; work out the relevant GST turnover; determine which shortfall percentage applies; and determine if GST turnover has fallen by the specified ...shortfall percentage. In clarifying the method to account for GST, the ATO highlights that entities may use an accruals basis of accounting to calculate both the current GST turnover and projected GST turnover as both calculations require you to include sales that you have made or are likely to make without any reference to when you are paid.

20.01.2022 https://www.melbourneaccountant.com.au/jobkeeper-enrolment/ In an ATO update on Thursday, such entities will be eligible if they carried on a business in Australia on 1 March 2020; satisfied the fall in turnover test; had an ABN on 12 March; and lodged on or before 12 March either a 201819 income tax return, or an activity statement or GST return for any period that started after 1 July 2018 and ended before 12 March 2020. These entities will then need to nominate an eligi...ble business participant, who must not be employed by the entity; be actively engaged in the business; and be either a sole trader, a partner in a partnership, an adult beneficiary of the trust, or a shareholder or director in the company. Importantly, the ATO notes that it is the entity, not the eligible business participant, that will receive the JobKeeper payment. The exception is a sole trader, who is both the business entity and an eligible business participant, and so receives the JobKeeper payment themselves, the ATO said.

19.01.2022 ATO Flags Key Early Access to Super Dates In an online update, the ATO said that ATO offices will generally be closed from midday of 24 December 2020 to the start of business on 4 January 2021. The last fund files prior to Christmas will be sent on 24 December 2020 this will include all approvals up to 22 December 2020.... To support individuals submitting a COVID-19 early release of super (ERS) application during our shutdown period, we will have staff available in our contact centre on 29, 30 and 31 December 2020 to assist individuals with submitting their application, the ATO said. https://melbourneaccountant.com.au/ato-flags-key-early-acc/

19.01.2022 Sympathetic and Understanding: ATO confirms compliance approach With JobKeeper requiring businesses to work out their projected turnover decline to determine eligibility, there have been concerns from employers that the ATO might come knocking when their actual turnover reveals a healthier figure. ATO second commissioner Jeremy Hirschhorn told a Senate inquiry he was aware of community concerns that the ATO might be nit-picking when it comes to the decline in turnover te...st. In the legislation, it asks people to make a reasonable estimate and a reasonable estimate is what is sufficient, Mr Hirschhorn said. If it ultimately turns out that the estimate was overly pessimistic and a business only went down 29 per cent, instead of an estimated 35 per cent, that is OK; what the legislation requires is a reasonable estimate. https://www.melbourneaccountant.com.au/sympathetic-and-und/

18.01.2022 NSW Lifts Payroll Tax Threshold NSW Treasurer Dominic Perrottet has revealed that the state’s payroll tax threshold will be increased to $1.2 million, up from $1 million. The tax relief announcement comes ahead of Tuesday’s state budget, with Mr Perrottet also revealing a $5 million tendering support service to help small businesses win a share of the $40 billion that the NSW government spends in procurement each ... year. https://dev.melbourneaccountant.com.au//nsw-lifts-payroll/

18.01.2022 15 FINANCIAL HABITS OF WEALTHY PEOPLE How do rich people make money and keep assets? In an article we came across this week, these were the 15 financial habits which were mentioned which we agreed with:

18.01.2022 https://www.melbourneaccountant.com.au/jobkeeper-documenta/ While the ATO has declared that it will take an understanding and sympathetic compliance approach when reviewing JobKeeper turnover projections, practitioners have now been urged to document their work as much as possible to cover all the bases when the ATO comes knocking. [The payments are going to flow] without much testing going on; in other words, the Tax Office isnt going to be able to sit there and scrutinise everybodys JobKeeper application now, the Tax Institutes senior tax counsel, Professor Robert Deutsch, said on Accountants Daily Insider.

17.01.2022 Help for Business - JobKeeper 2.0 You may have heard that the Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from 3 August if they meet the other eligibility criteria. If you have employees impacted by this change, please contact us... and we will work through the eligibility requirements with you. But just remember that these changes are not yet law. JobKeeper will also be extended beyond 27 September 2020. To receive JobKeeper from 28 September 2020, employers will need to reassess their eligibility with reference to actual GST turnover for the September 2020 quarter (for JobKeeper payments between 28 September to 3 January 2021), and again for the December 2020 quarter (for payments between 4 January 2021 to 28 March 2021). Most businesses will generally use their Business Activity Statement (BAS) reporting to assess eligibility. However, as the BAS is generally not due until the month after the end of the quarter, eligibility for JobKeeper will need to be assessed in advance of the BAS reporting deadlines to meet the wage condition for eligible employees. https://mailchi.mp//what-now-where-to-get-help-if-you-need

17.01.2022 https://www.melbourneaccountant.com.au/small-business-ombu/

17.01.2022 https://www.melbourneaccountant.com.au/new-10000-grants-up/

16.01.2022 Source: Accountants Daily The ATO has now announced a number of deduction hotspots that it will pay close attention to this year, in light of COVID-19. The Tax Office has begun bracing for a substantially different tax time this year, noting that it will likely see a flow-on effect from COVID-19 restrictions on work-related expenses claims.... ATO assistant commissioner Karen Foat has now urged taxpayers to reduce claims for work-related expenses in the last quarter of the 201920 year that would have been impacted by government-mandated restrictions imposed as a result of COVID-19. With more people working from home, working reduced hours or unfortunately not working at all, we expect to see claims for laundry expenses or travel expenses decline this year, Ms Foat said. If you arent travelling for work, you cant claim travel expenses. If you arent wearing your work uniform, you cant claim laundry expenses. https://www.melbourneaccountant.com.au/tax-time-2020-ato-f/

16.01.2022 Tax Time 2020: ATO Cautions Early Lodgers Source: Accountants Daily The Tax Office has urged taxpayers to wait until the end of July to lodge their tax returns to minimise their risk of making mistakes.... Accountants have begun bracing for a horrendously busy tax time this year as individual clients are expected to lodge early to get their hands on potential refunds as soon as possible. However, ATO deputy commissioner Karen Foat has urged taxpayers to hold off from lodging until all their income details have been finalised. We often see people too eager to get a tax refund making obvious mistakes, which can either delay processing the tax return or result in a bill later on, Ms Foat said. https://www.melbourneaccountant.com.au/tax-time-2020-ato-c/

16.01.2022 Incomplete ATO client lists highlighted ahead of TPAR deadline The ATOs recent mailout of clients with a taxable payments annual report obligation may be incomplete, with practitioners urged to confirm that all clients have been correctly identified. https://www.accountantsdaily.com.au//14657-incomplete-ato-

14.01.2022 https://www.melbourneaccountant.com.au/ato-rolls-out-worki/ Under the new arrangement, taxpayers will be allowed to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses. The requirement to have a dedicated work-from-home area will also be removed, with multiple people in each household allowed to claim the new rate.... The new method will cover the period starting 1 March 2020 until 30 June 2020, with the ATO open to extending the method depending on when work patterns start to return to normal. Tax agents or self-lodgers must include the note COVID-hourly rate in 201920 tax returns should they nominate to use the new method. The simplified method will cover all deductible running expenses, including electricity for lighting; cooling or heating and running electronic items, phone and internet costs; and the decline in value of a computer, laptop, home office furniture and furnishings.

14.01.2022 Australians raid super in second round of early release Close to 350,000 Australians have now dipped into their superannuation for the second time this year, with $19.1 billion paid since the inception of the scheme. https://www.accountantsdaily.com.au//14607-australians-rai

12.01.2022 https://www.melbourneaccountant.com.au/guidance-has-never-/

11.01.2022 Source: Accountants Daily Accountants Daily understands the ATO is currently preparing guidance on the limited circumstances when an individual will be allowed to access some of their superannuation early before making salary-sacrificed super contributions to lower their taxable income. The tax arbitrage scheme, which made its rounds around the community in early April, had sparked concerns from tax experts, who warned of potential ATO scrutiny.... The material tax savings come from the 15 per cent tax on salary-sacrificed super contributions versus normal marginal rates of tax under ordinary income, and the eventual tax-free payments of the early super release. Individuals would have had to prove they met at least one of the eligibility requirements, including seeing a reduction in working hours by 20 per cent or more, or seeing a reduction in turnover of 20 per cent or more as a sole trader. https://www.melbourneaccountant.com.au/ato-set-to-issue-ea/

10.01.2022 https://www.melbourneaccountant.com.au/tax-storm-looms-for/ In a statement, Rice Warner executive director Michael Rice has warned the super will no longer be as sacred as it was in the past, with the sector exposed to scrutiny in how it is taxed across contributions, fund earnings and member benefit payments. The government will soon be due to complete its Retirement Income Review, with a report to be completed by the end of July. ... Mr Rice expects the report will dig deep into the retirement system and to be the basis for resetting government policy, with the COVID-19 crisis to lead to more substantial changes than the government would normally take. Industry speculation for example, he said, has forecast the mandated superannuation guarantee (SG) contribution from employers will meet its legislated increase of 10 per cent in July next year, before its eventual rise to 12 per cent is deferred. Rice Warner chief executive Andrew Boal told sister publication Investor Daily the government will be looking for ways to pay off its bloated national debt post-COVID-19.

09.01.2022 Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. One of the golden rules of superannuation is: the less you pay, the more you get. Always pay less than 1 per cent p.a. in fees so your super isn’t eroded by high fees, Mr Brycki advised consumers.... Unfortunately, there are almost twice as many high-fee funds (more than 1 per cent p.a. in fees) than low-fee funds (less than 1 per cent p.a. in fees). Mr Brycki noted that people can be reticent to change, and even when they know they’re in a Fat Cat Fund prefer to turn a blind eye than spend the 10 minutes required to save themselves serious cash in the future. https://melbourneaccountant.com.au/3-best-and-worst-super-/

08.01.2022 The Tax Office has now published Practical Compliance Guideline 2020/4, setting out how the ATO will apply its compliance resources to schemes that have been entered into to enable an entity to gain access to the JobKeeper payment or an increased amount of the payment. https://www.melbourneaccountant.com.au/ato-reveals-jobkeep/

08.01.2022 Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be fully deductible in the year it’s installed ready for use, rather than being claimed over the asset’s life. And, there is no cap on the cost of the asset. When it comes to second-hand assets the rules are a bit different depending on the size of the business. Businesses with an aggregated turnover under $50 million can claim an immediate deduction for the cost of second-hand assets under the new measures. https://melbourneaccountant.com.au/tax-deductions-for-inve/

08.01.2022 $150k Instant Asset Write-Off Set For Significant Drop Source: Accountants Daily Announced in the first round of the governments stimulus package in early March, the instant asset write-off threshold was increased by fivefold, rising from $30,000 to $150,000.... Access to the instant asset write-off was also expanded to businesses with an aggregated turnover of less than $500 million, 10 times more than the previous $50 million limit. However, the increased and expanded measure will only run until 30 June 2020, before reverting to its legislated $1,000 threshold and reduced eligibility to small businesses with a turnover of less than $10 million. While the write-off had been extended on a yearly basis in previous budgets, the postponement of this years budget to October has raised uncertainty over the future of the incentive, although Prime Minister Scott Morrison has declared that tax measures to encourage investment will be part of his JobMaker plan. The measure has been historically poorly received and it remains to be seen if business owners will reach for their wallets in the current economic environment. https://www.melbourneaccountant.com.au/150k-instant-asset-/

08.01.2022 he ATO has been called on to provide swift and extensive guidance on the governments economic stimulus measures as misinformation continues to sweep through the profession. With a large part of the governments $214 billion economic stimulus package to be administered by the ATO, the profession has now called for urgent guidance to help advise clients correctly. https://www.melbourneaccountant.com.au/ato-pushed-on-urgen/

08.01.2022 Victoria Launches Small Business Digital Rebate Victorian businesses will now have access to a $1,200 rebate to put towards adopting new digital products, including cloud accounting tools, to assist them in their COVID-19 recovery. Victoria’s Small Business Digital Adaptation Program is now open for registrations until 28 February 2021.... The program, part of the state government’s $3 billion Business Resilience Package, is open to sole traders as well as micro and small businesses that operate a business in Victoria, hold an ABN and are registered for GST as of 13 September. https://dev.melbourneaccountant.com.au//victoria-launches/

07.01.2022 ATO Updates JobKeeper Compliance Approach Source: Accountants Daily Practical Compliance Guideline 2020/4, which sets out when the ATO will apply its compliance resources to schemes to obtain access or to increase the amount of the JobKeeper payment, has now been updated to clarify its application and to provide additional examples.... The clarification now notes that before the Tax Commissioner looks to apply his compliance resources, the ATO will first seek to ascertain whether the scheme was effective in obtaining access to the JobKeeper payment, or an increased amount of a JobKeeper payment, including by applying the principles set out in Law Companion Ruling LCR 2020/1. LCR 2020/1 provides guidance on the JobKeeper basic decline in turnover test, and sets out the ATOs view on how to calculate GST turnover for eligibility to the scheme. The ATO has also now added two additional examples of schemes that will attract the commissioners attention. The first extra example includes where a company enters into a scheme to defer or reduce the price paid to suppliers so that these suppliers will be eligible for a JobKeeper payment. https://www.melbourneaccountant.com.au/ato-updates-jobkeep/

07.01.2022 ATO extends working-from-home shortcut method The Tax Office has extended its simplified working-from-home deduction method for another three months in the new financial year. The ATO has now amended Practical Compliance Guideline 2020/3, extending the new temporary 80 cents per hour method for calculating working-from-home deductions to 30 September 2020.... The shortcut method was introduced in April to help taxpayers track working-from-home expenses, with COVID-19 restrictions forcing many workers to adopt remote working practices. https://www.accountantsdaily.com.au//14589-ato-extends-wor

07.01.2022 Treasurer announces extension, expansion of SME loan scheme The Coronavirus SME Guarantee Scheme has now been extended to 30 June next year, to support a larger number of small and medium-sized businesses adapt and innovate during the coronavirus crisis. https://bit.ly/2CPhoVs

07.01.2022 State Launches $250m Growth Fund Source: My Business Victoria has launched a $250 million Business Growth Fund under which the state government will take either an equity or debt stake in businesses, rather than providing a grant, with the aim to spur longterm growth opportunities and boost employment.... The Victorian government has unveiled its new initiative, in partnership with First State Super, to support small to medium enterprises that want to grow but cant raise the funds or find the right investment partner. Recognising the difficulty small and medium businesses have in accessing capital amid a global coronavirus crisis, the state government has devised a plan that will see it invest in a business on commercial terms and take an equity stake in return for funds. https://www.melbourneaccountant.com.au/state-launches-250m/

07.01.2022 https://www.melbourneaccountant.com.au/tax-office-clarifie/ Source: Accountants Daily Eligibility to the cash-flow boost measure requires entities to have held an ABN on 12 March and lodged on or before 12 March 2020 their 201819 tax return or an activity statement or GST return for any tax period that started after 1 July 2018 and ended before 12 March 2020.... Likewise, sole trader and entities such as partnerships, trusts or companies looking to enrol for the JobKeeper payment under an eligible business participant will be required to satisfy the same eligibility requirements. As such, the Tax Office has now released Practice Statement Law Administration (PS LA) 2020/1, providing guidance to ATO staff on the commissioners discretion to allow further time in limited circumstances. The discretion will hinge on the policy intent of the law, with the ATO noting that the eligibility requirements were included to prevent new entities from being established, or inactive entities being revived, solely to obtain the benefits provided under either measure.

06.01.2022 ATO Reins in Early Access to Super Tax Schemes Source: Accountants Daily Australians looking to take advantage of a tax benefit loophole in the COVID-19 early access to super scheme have now been put on notice as the ATO releases guidance on when it will apply the general anti-avoidance rule.... The Tax Office has now drawn a line in the sand for tax schemes involving the COVID-19 early release of super where taxpayers withdraw and re-contribute super to claim a tax deduction. In its latest warning, the ATO notes that taxpayers who enter into a scheme mainly for the purpose of obtaining a tax benefit will now face the potential application of Part IVA, the general antiavoidance rule for income tax. https://www.melbourneaccountant.com.au/ato-reins-in-early-/

06.01.2022 https://www.melbourneaccountant.com.au/how-businesses-acro/

05.01.2022 https://www.melbourneaccountant.com.au/extension-granted-o/ The Treasurers initial JobKeeper rules specified that an entity that has qualified for the JobKeeper scheme must report their current and projected turnover to the ATO commissioner within seven days of the end of a calendar month, if the entity is entitled to a payment for a fortnight that ends in that month. However, the ATO has now confirmed it has extended this deadline by seven days, giving businesses until the 14 of each month to lodge their declaration.

03.01.2022 https://www.melbourneaccountant.com.au/ato-confirms-one-in/

03.01.2022 The $150,000 instant asset write-off has now been extended until the end of the year as the government looks to spur businesses to invest. The instant asset write-off threshold of $150,000 for businesses with an aggregated turnover of less than $500 million will now be extended to 31 December 2020. The extension, estimated to cost $300 million over the forward estimates period, will be available to around 3.5 million businesses.... Without the extension, the instant asset write-off threshold of $150,000 would have reverted to the $1,000 threshold and eligible only to small businesses with a turnover of less than $10 million after 30 June. [These measures] are designed to support business sticking with an investment they had planned, and encouraging them to bring investment forward to support economic growth over the near term, said Treasurer Josh Frydenberg in a joint release with Minister for Employment, Skills, Small and Family Business Michaelia Cash. https://www.melbourneaccountant.com.au/150k-instant-asset-/

01.01.2022 https://www.melbourneaccountant.com.au/ato-highlights-cash/

01.01.2022 https://www.melbourneaccountant.com.au/ato-issues-further-/ In an ATO update on Thursday, such entities will be eligible if they carried on a business in Australia on 1 March 2020; satisfied the fall in turnover test; had an ABN on 12 March; and lodged on or before 12 March either a 201819 income tax return, or an activity statement or GST return for any period that started after 1 July 2018 and ended before 12 March 2020. These entities will then need to nominate an eligible business participant, who must not be employed by the entity; be actively engaged in the business; and be either a sole trader, a partner in a partnership, an adult beneficiary of the trust, or a shareholder or director in the company.

01.01.2022 The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees. If your business currently receives JobKeeper, your arrangements will generally remain unchanged until 27 September 2020. From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. https://mailchi.mp/221e/jobkeeper-20-other-measures-5064878