Patrick Anthony Pty Ltd in Parramatta, New South Wales | Lawyer & law firm

Patrick Anthony Pty Ltd

Locality: Parramatta, New South Wales

Phone: +61 2 9785 8559

Address: Level 7, 91 Phillip Street 2150 Parramatta, NSW, Australia

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

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25.01.2022 Visiting our clients @lil__miss__piggy new venture in Surry hills today. Tasting their delicious coffee and setting them up on @xero. Drop in for a coffee and a bite if your in the area. #xero #supportsmallbusiness

25.01.2022 We are now on Instagram! Follow us @patrickanthony__ Stay tuned for hints and tips... #smallbusiness #thetradiesaccountant

24.01.2022 Did you know your entitled to long service leave if your in the building and construction industry, even if your self employed? Many of the new clients that join our firm will often have missed this! For NSW based tradies refer to www.longservice.nsw.gov.au ... #longserviceleave #thetradiesaccountant

23.01.2022 If you are in the building and construction industry, be aware that if you have not yet completed your Taxable Payments Annual Report (TPAR), the ATO will be in touch from February. If you are unsure on what TPAR is or unsure if you need to report, the attached ATO link has more information. https://www.ato.gov.au//Overdue-taxable-payments-annual-r/

23.01.2022 Hiring a new employee? Make sure you see if your entitled to the new job maker hiring credit. This potentially allows you to claim up to $200 a week for any new employees! Like every good government scheme, there are a heap of conditions! ... Refer to the link below for further information. https://www.ato.gov.au//The-Austra/JobMaker-Hiring-Credit/ #thetradiesaccountant #jobmaker

20.01.2022 Legislation was passed last week confirming that the eligibility for the lower 27.5% company tax rate was changed. To qualify now, your company must have: - A turnover less than $25 million in the 2017-18 financial year ($50 million from 2018-19); and - Must have 80% or less passive income. So if you have a company that derives more than 80% of its income from passive income (rent, interest, dividends for example), then the 30% tax rate will still apply! So any bucket compa...nies as part of a trust structure could have a 30% tax rate applied. #legislation #tax #passiveincome The attached link has more information and examples. https://www.ato.gov.au/rates/changes-to-company-tax-rates/

20.01.2022 Jobkeeper has been extended till the 28th of March 2021. However rates and eligibility has changed slightly. In summary changes are: 28 September 2020 to 3 January 2021... $1,200 per fortnight if work more than 20 hours per week $750 per fortnight if work less than or equal to 20 hours per week Need to show a 30% drop in sales for both the June 2020 and September 2020 quarters in comparison to 2019 ( if turnover is less than $1billion) 4 January 2021 to 28 March 2021 $1,000 per fortnight if work more than 20 hours per week $650 per fortnight if work less than or equal 20 hours per week Need to show a 30% drop in sales for the June 2020, September 2020 and December 2020 quarters in comparison to 2019 ( if turnover is less than $1billion) #thetradiesaccountant #jobkeeper #covid19

19.01.2022 There has been a great deal of confusion surrounding the governments $1,080 tax offset. This is not a tax bonus, or extra cash everyone is going to receive. It is simply a reduction of your income tax liability. The link below has more info! https://amp-news-com-au.cdn.ampproject.org//f1445c353ee263

19.01.2022 I think one of the most interesting aspects of this years Federal budget, which hasnt received much attention, is the proposed extension of the director penalty regime to include GST. If you are a director of a company, this has major implications for you! As part of this change, you as a director, can be held personally liable for the GST liability of your company. Currently as a director, you can be held personally liable for super and PAYG withholding. But this expansion is a major shift in what the ATO can seek from you personally. No start date or much details are available as yet, but its something worth keeping an eye on.

18.01.2022 Starting from the 2018 financial year, you can no longer claim deductions for the cost of travel you incur relating to your residential rental property. However, you can still claim such travel expenses if; 1. The rental property is a commercial property; 2. You are carrying on a rental property business; or... 3. The property is owned by an excluded entity (such as a company or unit trust). For more information, or for all your business and individual tax compliance needs, contact us.

17.01.2022 Do you currently have a trading name you use for your business that is not registered with ASIC? If so, its important to make sure that if you still wish to trade with that particular trading name, you will need to register that with ASIC as a registered business name. Reason is, from November this year, all trading names with be removed from the ABN lookup. Only registered business names will continue to be listed. https://www.ato.gov.au///Trading-names-are-being-retired/

17.01.2022 Do you own a rental property? Or even a factory or shop? A quantity surveyor report can save you thousands of dollars in tax! Its a one off cost and can be used for years to come! Feel free to reach out to us and we can refer you onto our contact who can provide a very competitive price! #thetradiesaccountant #qsreports

17.01.2022 The great thing about cloud accounting is that you can have clients in any part of the world with an internet connection, without having to leave the comfort of your office. However when you have clients in places like this , why wouldnt you want to come and pay them a visit. #cloudaccounting #lordhoweisland

16.01.2022 The ATO announced on the 13th of April that it will acquire information from the various State Government motor vehicle registry authorities for the 2016-17, 2017-18 and 2018-19 financial years, where the purchase price or market value is equal to or greater than $10,000. (Gazette C2018G00277) The ATO aims to identify non compliance with obligations under taxation and superannuation laws. These include identifying those taxpayers who have not met their obligations for GST & FBT, particularly where there could potentially be a private usage component for that motor vehicle. Well worth taking note.

16.01.2022 As you may be aware with all the issues around coronavirus, the Federal Government has introduced several measures to help small business in these uncertain times. These measures (whilst NOT law yet and are still before parliament) include the following, which may benefit your business; 1. An increase in the asset write off limit from $30,000 to $150,000 (effective 12th March 2020). The asset however needs to be purchased, installed and ready to use by the 30th June 2020 2. A... wage subsidy of 50% for your apprentice or trainees wages, for wages paid between 1 January 2020 and 30 September 2020. Capped at $21,000 per apprentice over all three quarters. You need to check with your apprenticeship provider to ensure your entitled to this and to claim it. 3. A tax free credit to offset your PAYG withholding (tax on wages) obligations for the March and June 2020 quarters. The credit will be 50% of your PAYG withholding obligations up to a maximum of $25,000 (with a minimum amount of $2,000) As mentioned previously these have not been passed into law by Parliament as yet, but are expected to be passed.

15.01.2022 Do you have adjusted taxable income over $90,000 as a single or $180,000 as a couple? If so, it is vital you get private health insurance that has hospital cover to avoid paying extra tax Either way you will pay something, whether it’s tax or a health insurance premium. But at least paying for health insurance means you have coverage ... #thetradiesaccountant #healthinsurance See more

14.01.2022 Could we see an end to Stamp duty on property? Interesting article in the Financial Review which looks at replacing the unpopular tax! https://www.afr.com//property-downturn-a-good-time-to-end-

14.01.2022 Are you sick of manually entering invoices and processing Payroll? @xero is here to help! Xero is a cloud based solution that every small business should have.... As a Certified Xero partner we can help transition your business into Xero. June is the best time to make that move so you hit the ground running from the 1st July 2020. Get in contact with us to help you make that change. #thetradiesaccountant #xero

14.01.2022 Are you paying an apprentice? The Federal Government has recently extended the wage subsidy to March 2021! Its also expanded the eligibility for the scheme to include bigger sized businesses. This rebate will be a welcome cash injection for businesses! ... Conditions do apply so its best getting in touch with your apprenticeship service provider to get more information. #thetradiesaccountant #australianapprenticeships

13.01.2022 Are you an employer with LESS than 20 employees? TAKE NOTE! Legislation has just been passed that requires you to implement single touch payroll from the 1st of July 2019. Single touch payroll is a new way of reporting pay information to the ATO and is done at each pay event. More information can be found on the ATO link below. To better assist small business, the ATO is looking at providing smaller employers with low cost solutions to allow them to be compliant without the ...need to invest in costly software. More information on this will come in early 2019! So keep this on your radar if you are impacted. https://www.ato.gov.au/Business/Single-Touch-Payroll/

12.01.2022 Did you know that from the 1st of July 2017 (2018 Financial Year) you can claim a tax deduction for super contributions that you make to your complying super fund. The removal of the 10% maximum earnings conditions means salary and wages earners can claim a tax deduction. A warning however, these amounts you claim as a tax deduction, are considered to be a concessional contribution, hence it counts towards your concessional contributions cap. Meaning after a certain point, it does become less cost effective to make such deductions.

12.01.2022 From 1 July 2020, the depreciation car limit will be increased to $59,136. This is the first increase in 5 years! This limit is important if you buy a car for your business, for a couple of major reasons; 1. GST is capped at 1/11th of $59,136 ($5,376). So even if the car costs you $77,000 and there was $7,000 GST in that purchase, you will only be able to claim a maximum of $5,376 worth of GST. 2. Also when calculating depreciation expenses for your vehicle, the same limit wi...ll apply. Let us know if you had any questions! #thetradiesaccountant #luxurycars #depreciation See more

11.01.2022 You should start seeing some extra cash in your pay in the coming weeks. This is because in the budget last week it was announced income tax cuts were being brought forward! Keep an eye out ... #thetradiesaccountant #taxcuts #budget2020

11.01.2022 Do you use your car for work? The easiest way to claim a deduction is by using the cents per km method. Simply add up your work related kilometers travelled (up to a maximum of 5,000) and multiply it by the ATO rate (72 cents from 1 July 2020). ... #thetradiesaccountant

10.01.2022 Getting our geek on!

08.01.2022 With the implementation of single touch payroll last year, it now means you may not actually receive a payment summary to complete your tax return this year. Rather, you need to access it via your my gov account or , as a tax agent, we can access the payment summary for you via the ATO portal and help complete your tax return. Feel free to get in contact if you would like to make an appointment.

08.01.2022 If you prepare your own tax return, don’t forget it’s due at the end of this month! However if you use a registered tax agent like us , it potentially won’t be due till May 2021! Get in touch with us if we can help ... #thetradiesaccountant #taxreturns

08.01.2022 Have you missed out on paying super for your employees? The super amnesty is a one off opportunity to catch up on these payments with some great benefits for your business. But time is running out since the amnesty ends on the 7th of September 2020! Act now! ... #thetradiesaccountant #superguaranteeamnesty

07.01.2022 Do you pay contractors? If your in the following industries, you need to advise the ATO the details of these contractor payments by the 28th of August. Industries include; Building and Construction Cleaning services ... Courier services Road freight services IT services Security, investigation or surveillance service #thetradiesaccountant #tpar

06.01.2022 From 1 July 2018, purchasers of new residential premises or subdivisions of potential residential land, will be required to remit the GST in the purchase price directly to the ATO, on behalf of the seller. This applies to everyone regardless if you are registered for GST or not. Its really important to ensure your conveyancer is aware of the change to ensure you are compliant. Some more information, including the type of transactions that are impacted and how much you are required to withhold, can be found on the attached link. https://www.ato.gov.au//your-/property/gst-at-settlement/

03.01.2022 GST has now been added to the growing list of things that directors of companies can be personally liable for. This is on top of super and PAYG withholding obligations just to name a few. Directors beware! https://www-accountantsdaily-com-au.cdn.ampproject.org//amp

02.01.2022 Have you worked from home during the Covid-19 lockdown? The ATO is being a bit more generous with the deductions you can claim. Ensure you speak to your accountant about claiming these when completing your 2020 Tax return. #covid19 #thetradiesaccountant #workfromhome Click on the link for more info: ... https://www.ato.gov.au//suppo/employees-working-from-home/

02.01.2022 Applications are now open for the $3,000 small business recovery grant. Eligibility criteria includes, Small business registered in NSW with an ABN as at 1 March 2020... Have wages below $900,000 Have fewer than 20 employees Have an annual turnover more than $75,000 Had a 30% drop in turnover Be in a highly impacted Industry (details on the service NSW website) Have costs from 1 July 2020 associated with safely reopening or scaling up your business For more information or to apply, simply go to the service NSW website below. https://www.service.nsw.gov.au/small-business-covid-19-reco #thetradiesaccountant #smallbusiness #covid19 #recoverygrants

02.01.2022 Are you building or renovating your home? You may be eligible for the Governments new $25,000 Home Builder Grant. Eligibility requirements are: - a person (18 years and over), ... - an Australian Citizen, - must meet certain income conditions, - contract a builder between 4th June 2020-31 December 2020 to do the work, - construction must commence within 3 months of signing the contract, - price of new home builds capped at $750,000 ( house and land value), - renovation price range applies of at least $150,000 to no more than $750,000 for existing homes valued at no more than $1.5m. Please note this does not apply to investment properties or owner/builder permits. The link below has more info #thetradiesaccountant #covid19 #homebuildergrant https://www.revenue.nsw.gov.au//covid-/homebuilder-program

01.01.2022 Do you have a rental property or offer short term rentals via online rental platforms? Take note! The ATO is now using data matching from online providers as well as the existing data matching from state and territory Bond Boards to seek out taxpayers who are avoiding their tax obligations. This not only aims to catch those under reporting income, but also those who use such rental platforms as a way to disguise their property as being genuinely available for rent, when in fact its not. They simply seek to claim expenses relating to that property.

01.01.2022 Did you know If your an employee or a business owner running your business as a sole trader or partnership, you can still pay money towards your super and claim a tax deduction! You don’t have to just rely on the employer 9.5% contributions. ... Conditions do apply but worth considering. #thetradiesaccountant #superannuation #soletrader #businessowner See more