PN Accountancy and Taxation in Canberra, Australian Capital Territory | Accountant

PN Accountancy and Taxation

Locality: Canberra, Australian Capital Territory

Phone: +61 401 654 431

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• Tax preparation service
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19.01.2022 TAX TIPS 2020 Are you a business, employee, student, investor or tax agent? Check out our tax tips for 2020. Employees COVID-19 has changed the way we work, and this could affect your 201920 return. Find out what tax deductions you might be eligible to help you legitimately reduce your tax liability.... Investors The rental market and investment returns have been disrupted by COVID-19, meaning it’s more important than ever to keep up-to-date with changes and correctly apply the various rules and concessions available to investors. Small business Running a small business is always a challenge, even before a pandemic. But with many businesses struggling more than ever, now is the time to look at your books, get up to date on your tax obligations, access any tax concessions that are available to help your business and obtain professional tax advice, especially in areas where more complex tax issues arise. Call us today to discuss your Tax and Business Compliance

16.01.2022 HOME OFFICE DEDUCTION - COVID Its advisable to check both methods for maximum tax benefit.

13.01.2022 Chartered Accountants CA Australia, Chartered Tax Adviser Tax Institute Australia. Registered Tax Agent. Enquire today. Mobile:0401654431. Canberra based small Accounting company.

08.01.2022 How salary packaging works Salary packaging is when you arrange to receive less income after tax, in return for your employer paying for benefits out of your pre-tax salary. The benefits could be things like a car or a phone. For example, you might package a salary of $100,000 so that you receive:... $85,000 as income $15,000 car as a benefit This reduces your taxable income to $85,000. You can benefit as you may pay less income tax. You need to arrange your salary package before you get paid. You can't package your salary after you've earned it. Salary packaging is usually more effective for people on middle to high incomes. What you can salary package You can salary package benefits you would normally pay for with your after-tax income, such as computers, cars, child care or super. But it depends on what your employer offers and you may have to pay tax. Most employers will offer salary sacrifice for super to all employees, but may restrict who can package other benefits. Benefits fall into three categories: fringe benefits, exempt benefits and super. Fringe benefits Fringe benefits can include: #salary sacrifice for a car #health insurance #loans (usually for a car) #school fees #childcare fees #other personal expenses Your employer pays fringe benefit tax (FBT) on these benefits. Exempt benefits Exempt benefits include: #portable electronic devices #computer software #protective clothing #tools of the trade Your employer will not have to pay fringe benefits tax on these. Super Putting some of your pre-tax income into super has benefits for you and your employer. Your super fund will tax these contributions at 15% the same as your employer's contributions. For most people this will be lower than their marginal tax rate. See salary sacrifice and personal super contributions for more information on how this can benefit you. Call us today on 0401654431 for an assessment of your Salary Packaging Benefit. PN ACCOUNTANCY is a Canberra based Chartered Accountancy practice.

07.01.2022 Job Seeker Extension till March 2021- Eligibility rules The rules you need to meet to get JobSeeker Payment depend on your situation. You’ll need to meet all of these:... you’re between 22 and Age Pension age you meet residence rules you meet the income and assets tests. You also need to meet rules for 1 of these situations: You meet our definition of unemployed and you’re looking for work. You’re sick or injured and are unable to do your usual work or study for a short time. Temporary changes to eligibility rules during coronavirus (COVID-19) You may be able to get JobSeeker Payment if your work situation changes because of COVID-19. The change in your work situation can be for 1 of the following reasons. You’re: a permanent employee and have lost your job a sole trader, self-employed, a casual or contract worker and your income has reduced caring for someone who’s affected by coronavirus Call us today on 0401654431 to access your eligibility.

03.01.2022 Instant Asset Write Off Q&A Is the $150,000 instant asset write-off subject to the luxury car limit of $57,581 or can it apply to luxury cars purchased for up to $150,000? For depreciation purposes, the cost of a vehicle is reduced to the car limit. This is because the provision that gives a taxpayer an instant asset write-off refers to the adjustable value of the asset. The term adjustable value is further defined to mean the cost of an asset if it has not been used or b...een installed ready for use for a taxable purpose. However, the cost of an asset consists of two elements, these being the first element and the second element. Subsection 40-230(1) ITAA97 states that the first element of the cost of a car is reduced to the car limit if the cost exceeds that limit. Therefore, for a car that costs above the cost limit, the cost limit of the car can be claimed as an immediate tax deduction (and no more) in the period to 30 June 2020 if all the necessary conditions have been satisfied. Are property improvements eligible for the $150,000 instant asset write-off? Under the measures contained in the Coronavirus Economic Response Package Omnibus Bill 2020, the threshold is increased from $30,000 to $150,000 for amounts that are included in the second element of an asset’s cost as defined in s 40-190 ITAA 1997 (effectively subsequent capital expenditure relating to that asset). Such amounts can be immediately deducted under this measure if (a) the cost of the related asset was subject to the instant asset write-off in an earlier year, and (b) the amount is included in the second element of the asset’s cost during the period commencing on 12 March 2020 and ending on 30 June 2020. Source: Coronavirus Economic Response Package Omnibus Bill 2020, Sch 1 Can general pool balances under $150,000 be fully written off at 30 June 2020? The amendments in the Coronavirus Economic Response Package Omnibus Bill 2020 provide that if the balance of a small business entity’s general small business pool is less than $150,000 at the end of an income year that ends on or after 12 March 2020 but before 1 July 2020, then the entity can claim a deduction for the entire balance of the pool. Source: Coronavirus Economic Response Package Omnibus Bill 2020, Sch 1 Will supply chain disruptions that prevent an asset being installed ready for use before 30 June 2020 be taken into account? There is currently nothing in the legislation (or any government announcements) for the new instant asset write-off to cater for this, or to provide any flexibility in relation to the requirement that the depreciating asset be first used or installed ready for use for the period from 12 March 2020 and ending on 30 June 2020. Source: Coronavirus Economic Response Package Omnibus Bill 2020, Sch 1 For further discussion please contact PN Accountancy &Taxation Pty Ltd- Canberra M: 0401654431 E: [email protected]