ORAN PARK TAX SOLUTIONS in Oran Park | Business consultant

ORAN PARK TAX SOLUTIONS

Locality: Oran Park

Phone: +61 431 023 483

Address: 12 Austen Circuit 2570 Oran Park, NSW, Australia

Website: http://optaxsolutions.com.au

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25.01.2022 ***Did you know that?*** The Australian income year ends on 30 June. For the previous income year You have from 1st July to 31st October to lodge your tax return. If you use a registered tax agent to prepare and lodge your tax return, you may be able to lodge even after 31st October.

25.01.2022 **Australians to receive ‘instant’ income tax cuts in Federal Budget** Exclusive: Treasurer Josh Frydenberg is planning to backdate personal income tax cuts in Tuesday night’s budget ensuring workers have more money in their pockets and don’t have to wait for tax relief....Continue reading

24.01.2022 In this pandemic, we are trying our best to keep our community safe and provide the best services at the same time. Do not stress anymore to get your tax done b...y professional accountants. At Oranpark Tax Solutions You can now visit professional accountants virtually from home. Through our online system, E-signeture portal and virtual platform everything is as good as face-to-face meeting. Any enquiries? Call: 0431 023 483 Visit: optaxsolutions.com.au

20.01.2022 ***ATO catches 8,000 businesses double-dipping on JobKeeper*** Thousands of businesses have potentially rorted JobKeeper payments but none have been penalized. The Australian Taxation Office has received 8000 tip-offs about businesses or sole traders swindling the wage subsidy scheme since it began in late March, the Sydney Morning Herald reports.... At least 2200 employees have been found to be double-dipping on multiple payments. Employers found to have knowingly ripped off the system face fines of up to $126,000 or 10 years in prison. But while thousands of businesses have been told to repay JobKeeper overpayments, no financial penalties have been applied. A financial crime taskforce has 10 cases under investigation. Treasurer Josh Frydenberg says the enforcement of JobKeeper breaches is a matter for the ATO. "Whilst we recognize most businesses and employees are doing the right thing, there are a range of penalties available to the ATO, consistent with other tax laws they administer," he told AAP on Monday. But Labor says Mr. Frydenberg is responsible for ensuring the scheme can balance legitimate mistakes against deliberate rorting, which should be punished. "We're relying heavily on JobKeeper to keep people in work," shadow treasurer Jim Chalmers said. "But in order to do that we need to make sure it's not wasted, we're getting bang for buck, that there are the right compliance regimes, that people aren't doing the wrong thing." The treasurer and tax office have been contacted for comment. Source: Getty, Australian Associated Press, Yahoo Finance AU

20.01.2022 ***‘Don’t provide the information’: ATO issues JobKeeper scam warning*** The Australian Tax Office (ATO) has issued a major warning about a scam targeting vulnerable Australian businesses, urging Australians to delete the suspicious email. The email asks businesses to provide high resolution photos of the front and back of their Medicare card and driver’s licence, in order for the ATO to check JobKeeper and Backing Business Incentive Scheme. ... We’re receiving reports of email scams about JobKeeper and backing business investment claims, the ATO said on its website. The fake emails say we're investigating your claims. They ask you to provide valuable personal information, including copies of your driver’s licence and Medicare card. However, the email is a scam and those who receive it should delete the email straight away, and not provide the requested information. ATO scams on the rise The tax office said those who believe they’ve been targeted by a scam should call the ATO on 1800 008 540 to check its legitimacy, or report it to [email protected]. You should never give out your personal information unless you're sure of who you are dealing with. The ATO has been a popular disguise for scammers, with the tax office warning of an increase in the number of fake tax debt scammers in September. The tax office said it was concerned by the number of Australians falling for the scam and losing money. Under this scam, scammers pose as the ATO and tell victims they have a tax debt and will be arrested if they don’t pay it. These scammers will often request payment through unusual methods, such as cryptocurrency, prepaid credit cards or gift cards, and will try to keep people on the line until they have paid, the ATO said. If you receive a phone call, text message or voicemail like this, don't send payment or provide any personal information. Hang up and delete the message. Source - Yahoo News Australia.

15.01.2022 ***Budget 2020 income tax cuts: It’s time to update your payroll, ATO says*** The Australian Taxation Office has updated its tax withholding schedules, to reflect the personal tax cuts announced in this year’s federal budget. The tax cuts apply to the 2020-21 financial year and passed in parliament last week.... Now, employers must make adjustments in their payroll systems to ensure the changes are correctly reflected in employees’ pay packets. Businesses have until November 16, 2020, to implement the changes into their payroll. But, the changes will apply to all payments made from October 13. The ATO noted in its announcement that implementing the change may be more complex for some businesses than others. As such, some employees may notice the tax cuts reflected in their take-home pay within a few days or weeks, while for others it may be longer, the statement said. Any withholding on the old scales will be taken into account in the employee’s tax return. Businesses can access updated schedules and a tax withholding calculator here. The updated information follows a tax cut for some 11 million Aussies, announced in this year’s federal budget, which is backdated to July 1 this year. Lower- and middle-income earners will get a backdated cut of up to $2,745 for singles, and up to $5,490 for dual-income families, compared to 2017-18. While employees won’t get refunds, per se, for tax already paid this year, their annual contribution will be evened out through reduced tax withholding via payroll deductions, for the rest of the financial year. The tax cuts are intended to put more money into the pockets of hard-working Australians and their families, Treasurer Josh Frydenberg said in the budget speech on October 6. Australians will have more of their own money to spend on what matters to them, generating billions of dollars of economic activity. Source - SmartCompany

14.01.2022 *** Did you know that the government is making changes to our insolvency framework to better serve Australian small businesses, their creditors and their employees *** Aimed to help small businesses recover from Covid 19, the changes will introduce new processes suitable for small businesses from 1 January 2021, reducing complexity, time and costs to small business. Essentially this is like a get out of jail free card for businesses facing financial strife in the form of...Continue reading

12.01.2022 We thank you for your continued business. Our team is grateful for your partnership. We send you wishes for a healthy, happy and prosperous Christmas and New Year.

11.01.2022 ***Tax Time*** We are here to provide you with the best TAX service for YOU and your company. Tax return... GST (Bas & IAS) Book Keeping Single Touch Payroll Home and Personal loan Business Setup and Registration The company, individual, Sole traders, property investment owners, partnership or Trust. We are one stop solution for all. BOOK your appointment now! Call now: 0431023483 Mail us: [email protected] Visit us for more: Optaxsolutions.com.au

07.01.2022 Get your tax done in time. In this pandemic we care about your safety, at Oranpark Tax Solutions, you can now visit us virtually. Book your appointment today!

04.01.2022 Relatable huh?

02.01.2022 **Not possible': ATO confirms major tax cut detail** Australians will need to wait until July 2021 to see some of the benefit of the Government’s Budget tax cuts, the Australian Tax Office (ATO) has confirmed. The Government on Tuesday announced it would bring forward tax cuts originally scheduled for July 2022 with the tax cuts to be implemented immediately and backdated to 1 July 2020. ... And while taxpayers will see the benefit flow through to their pay packets as soon as the ATO can see bipartisan support for the cuts, it will take longer for Australians to receive the benefit of the backdated payments. This will instead come at the end of the financial year next year. The adjustments to the withholding schedules are designed to ensure that taxpayers have the correct amount of tax withheld from their pay going forward, the ATO said in a statement on Thursday. It is not possible for the ATO to determine the extent of ‘over-withholding’ that may have occurred for each and every taxpayer as this is highly dependent on individual circumstances and will be different for everyone. Any ‘over-withholding’ that occurred prior to the employer updating their payroll software and processes will be included in the tax assessment of the employee at the end of the income year. Around 11.6 million Australians will see some form of tax cut at a cost of $17 billion under the Budget move as Treasurer Josh Frydenberg attempts to kick start the economy. Who gets what in 2020 Budget tax cuts? Here’s how it will break down for you: Here’s a breakdown of how it will work for you: If you earn up to $40,000, you’ll save up to $1,060 If you earn more than $40,000, up to $80,000, you’ll save up to $$2,160 If you earn more than $80,000, up to $100,000, you’ll save up to $2,445 If you earn more than $100,000, up to $120,000, you’ll save up to $2,745 If you earn more than $120,000, up to $200,000, you’ll save up to $2,565 Source - Yahoo Finance AU.

02.01.2022 **‘Get your return right’: ATO issues new warning** Australians who haven’t yet filed their tax returns have mere days to do so, the Australian Taxation Office has warned. ATO assistant commissioner Karen Foat is advising taxpayers to lodge soon, or risk missing the cut-off date....Continue reading

01.01.2022 **Important and sensible’: Small businesses welcome tax breaks despite opposition** Upcoming taxation changes will boost investment and put more money into the hands of struggling business owners, according to small business ombudsman Kate Carnell. But one of Australia’s leading tax experts warned the changes would make it easier for businesses to over-claim their expenses....Continue reading