Pol-Acc Business Services Pty Ltd in Sunshine West, Victoria | Accountant

Pol-Acc Business Services Pty Ltd

Locality: Sunshine West, Victoria

Phone: +61 3 9312 7130

Address: 1 Bell Street 3020 Sunshine West, VIC, Australia

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• Business service
• Tax preparation service
• Accountant

22.01.2022 Low income earners may need to lodge If your client's taxable income is under the tax-free threshold they may still need to lodge a tax return. Common reasons for this include, if they:... had pay as you go (PAYG) withheld from payments received during the year had a reportable fringe benefits amount on their PAYG payment summary had reportable employer superannuation contributions on their PAYG payment summary made a loss or can claim a loss made in a previous year were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income are entitled to the private health insurance rebate but did not claim their correct entitlement as a premium reduction were a liable or recipient parent under a child support assessment unless both of the following appliedThey received one or more Australian Government allowances, pensions or payments (listed on the Individual tax return instructions 2018 at question 5 or question 6) for the whole year. Their income was less than $24,535. See more

21.01.2022 Noticed anything odd with your clients' sales records? Electronic sales suppression tools (ESSTs) are used to facilitate tax evasion by deleting, changing or falsifying records and under-reporting income. They are often referred to as ‘phantomware’ or ‘zappers’, and are now against the law. Penalties up to 5,000 penalty units (as well as administrative penalties) apply for those who produce, supply, possess, use or knowingly assist someone with ESSTs. This currently equates t...o a penalty of up to $1,050,000. Advise your clients if they: possess an ESST acquired before 7.30pm 9 May 2017, they need to let us know in the approved form by 3 April 2019. They can apply for our transitional arrangement to avoid potential penalties. don't meet the above requirements for our transitional arrangement, they may be able to reduce potential penalties if they make a voluntary disclosure about their ESST as soon as possible. We are writing to businesses that may have an ESST in their point of sale system to advise them to take action. If any of these are your clients, we will let you know. If your clients use legitimate point of sale software, they should not be concerned. We can tell the difference between the correction of an error and the deliberate manipulation of sales records. The ban on ESSTs is part of the government response to recommendations from the Black Economy Taskforce.

21.01.2022 JobKeeper vs JobSeeker The Federal Government recently announced the JobKeeper Payment scheme, which is designed to assist employers (and self-employed individuals) affected by the Coronavirus pandemic to continue to pay their workers. The JobKeeper scheme has been well received and welcomed by all sectors of the economy....Continue reading

20.01.2022 Low and middle income tax offset now law In the 201920 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law. From the 201819 income year:... The low and middle income tax offset increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum. Taxpayers with a taxable income:of $37,000 or below can now receive a low and middle income tax offset of up to $255 above $37,000 and below $48,000 can now receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080 above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080 above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess. Check your practice management software for updates to ensure you are using the correct rates and thresholds when processing your clients' returns. Check with your digital service provider on how to install the latest updates to your software. See also: Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan Statement on administration of the low and middle income tax offset

20.01.2022 Tips for small business owners Paying tax is part of running a business. Mistakes with your tax can cost you time and money and lead to worry and stress. These tips will help you to pay the right tax:... Seek advice and support Check your business structure Keep good records Get your income and expenses right Seek advice and support A tax professional can help keep you on track and avoid costly mistakes. Make sure you: Choose a tax agent, bookkeeper or BAS agent who is registered with the Tax Practitioners Board. Keep your tax professional in the loop regular contact will help them understand your business and give you the right advice. Talk to your tax professional or come to us if you’re unsure of something or you're considering making changes to your business. Check your business structure Unnecessarily complex business structures can overcomplicate tax obligations. Talk to your tax agent to ensure your business structure suits the needs of your business. Keep good records Keeping good records is essential and will make it easier to report to us: Talk to your software provider or tax professional to check that your record-keeping processes meet current requirements. Make sure you conduct regular reconciliation processes by cross-checking figures with your bank statements and source documents (for example, till tapes, tax invoices and receipts). Use technology to run your business, such as point of sale software, accounting systems and mobile apps. These products can save you time and help you report accurately. Get your income and expenses right Ensure what you report is accurate: Report all of your business income, even if it has been paid in cash, or into a private account. We use data matching and benchmarking to help us identify hidden activities. The figures you report need to be exact so keep records from the get go and don't try and 'guestimate' after the event. Make sure your deductions genuinely relate to your business, and that you have the required evidence to support your claims.

18.01.2022 September 2018 phone scam fake tax agent ATO impersonation scams reported by the community in September 2018 highlighted a new method of initiating a three-way conversation between the scammer, the victim, and another scammer impersonating the victim’s tax agent. Example... A scammer left a voicemail for Darren 1, advising they were from the ATO and that Darren would go to jail for five years if he did not contact the ATO due to an outstanding debt. Darren called back on the number provided and was advised to make a payment of $9,000 straight away, as the federal police had been assigned to the case and he would go to jail for five years if the debt wasn’t settled today. Darren provided the scammer with his tax agent's number who was supposedly then dialled in by the scammer via a three-way conference call. A man by the name of Michael Grey answered claiming he was from the same practice as Darren’s tax agent. ‘Mr Grey’ said that Darren’s tax agent was in a meeting and not available. A fake conversation was had between Mr Grey and the original scammer with Mr Grey agreeing there was an error with Darren’s tax return and that he owed money to the ATO. Mr Grey told Darren to go to a specific location and pay the $9,000 today. Darren withdrew cash and deposited it into a Bitcoin machine. 1 Not his real name End of example Know the status of your tax affairs. If you are aware of the details of debts owed, refunds due and lodgments outstanding, you are less likely to fall victim to a scam. You can regularly check your details via myGov or by contacting your registered tax agent. If you receive a call like the example above, you can hang up and call your tax agent independently. Other indicators to identify a scammer: They will tell you a complaint has been made against you and you are committing tax fraud or claim that you have to pay a debt that you know nothing about. They may threaten immediate arrest or court if you don't call them back or pay straight away. They won't provide explanations or allow you to ask questions about the debt and often get aggressive or abusive. They will ask you to pay using unusual methods of payment that the ATO does not use such as iTunes, Bitcoin cryptocurrency, store gift cards or pre-paid visa cards. They may offer a tax refund but you have to provide a personal credit card number for the funds to be deposited into. They don’t deposit money but instead steal funds from these cards without the knowledge of the cardholder. The ATO does not issue refunds to credit cards. It's OK to hang up and phone us on 1800 008 540 to check if the call was legitimate or report a scam.

18.01.2022 Coronavirus Special Update Government’s Stimulus Package in response to the Coronavirus Editor: What a changed world we are living in as we all try to navigate the challenges arising from the current Coronavirus Pandemic, including protecting the health and safety of our friends and family, and the viability of our businesses, employment and investments. The purpose of this communication is to provide you with an update relating to the Government's Economic Stimulus Package i...Continue reading

15.01.2022 Do you know how to recognise tax scams? This month, we are reminding the community about how they can recognise and protect themselves from identity theft and tax related scams, and how to report them. Talk to your clients about scams and let them know we will never:... threaten them with immediate arrest, jail or deportation call demanding immediate payment of a tax debt ask for payment via vouchers such as iTunes and Google play or Bitcoin request a fee be paid to release a refund. We are also working closely with retailers and the police, issuing a variety of flyers to help educate and protect you and your clients.

15.01.2022 Luxury property developer engaged in large-scale tax fraud finds a new home behind bars A Manly man was today sentenced to six years’ jail in the NSW District Court for goods and services tax (GST) fraud relating to illegal phoenix activity in the property and construction industry. He was also ordered to pay reparations of more than $1.8 million. Benjamin Ensor, 56, was convicted after an Australian Taxation Office (ATO) investigation found he had structured his companies to... fraudulently obtain GST credits and failed to report property sales to avoid paying GST, causing a loss to the Commonwealth of $3.4 million. Between 2008 and 2011, Mr Ensor lodged false Business Activity Statements (BAS) on behalf of nine companies of which he became the sole director, using the money he obtained to fund the purchase of luxury items including a marina at Lake Macquarie, a catamaran and a unit to live in. The funds were also used to meet expenses incurred during the course of developing five beachfront luxury apartments in Manly. Mr Ensor reported his companies’ expenditure was more than $24 million and claimed more than $2.2 million in GST refunds. To justify his GST refund claims, Mr Ensor: created false invoices that showed related companies provided project management services produced fraudulent invoices for the purchase of high-value excavators, trailers, trucks and catamarans. He also failed to report the sales of the Manly apartments on which he should have paid GST of more than $1.5 million. Assistant Commissioner Aislinn Walwyn said while some people viewed tax crime as victimless, this couldn’t be further from the truth. Illegal phoenix activity is a serious threat to the integrity of the tax and superannuation systems and costs the community billions of dollars every year, Ms Walwyn said. This case exhibits classic illegal phoenix behaviour. Companies were deliberately liquidated to avoid paying creditors and taxes. New companies continued operating the same or a similar business with the same ownership. As part of the multi-agency Phoenix Taskforce, the ATO is committed to taking strong action against illegal phoenix activity to protect all Australians. Today’s result demonstrates the ATO’s commitment to detecting and prosecuting the most egregious tax crimes and should serve as a warning to those who think they can flout the law and get away with it. If you have any knowledge or concerns about companies that may be exhibiting illegal phoenix behaviour you can report it to the ATO either online at ato.gov.au/reportaconcern or by phoning the phoenix taskforce hotline on 1800 807 875.

14.01.2022 JobKeeper Payment details still not available We would like to take this opportunity to update you on the JobKeeper Payment Scheme. Bills passed but no detail yet Yesterday, the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was introduced and passed both Houses of Parliament. Unfortunately, it did not contain the... finer detail of how the JobKeeper Payment Scheme (‘the Scheme’) will operate. What it did was set up a framework including giving the Treasurer the power to make Rules, by way of Legislative Instrument, as to how the Scheme will work. These Rules are not currently available. ATO’s role in the JobKeeper Payment Scheme Further, as previously announced by Treasury, the Commissioner of Taxation will be given certain discretions relating to the operation of the Scheme, including the ability to provide alternative turnover tests that can be satisfied if the tests already announced by Treasury cannot be met (e.g., that businesses with a turnover below $1 billion must have had or will have at least a 30% reduction in their turnover due to the effect of COVID-19). It is anticipated that the ATO will make this information available once Treasury has released the Rules. We believe this information is imminent and as soon as it is available, we will be working quickly to provide you with all the information you need to assist your clients. Are we expecting any major changes? We believe the information we previously provided you with at the time the Scheme was first announced by the Government and contained in the factsheets on Treasury’s website will be, on the whole, representative of how the Scheme ends up operating. We will be in touch very soon. See more

03.01.2022 Avoid errors claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more of your clients may now be eligible to claim a personal super contributions (PSC) deduction. Before you lodge your client's 2018 tax return, you can avoid common errors that lead to disallowed PSC deductions by:... checking if your client is eligible to claim, and if they made personal (after tax) super contributions directly to their super fund before 30 June 2018 ensuring your client has sent a notice of intent to claim or vary a deduction for personal super contributions to their super fund and has received an acknowledgement only claiming deductions for your client's after-tax personal super contributions, and not from before-tax income like; the Superannuation guarantee, salary sacrifice, or reportable employer super contributions shown on your client's payment summary. See more

02.01.2022 Black Economy Taskforce: extension of the taxable payments reporting system to contractors in the courier and cleaning industries On 9 May 2017 the Government announced that from 1 July 2018 businesses that supply courier or cleaning services will need to report payments made to contractors if the payments are for courier or cleaning services. These payments must be reported to the ATO each year using the Taxable payments annual report.

02.01.2022 End of year income information status for your clients If your clients' are linked to ATO online services through myGov, we will send them a myGov Inbox message to let them know that either: their employer has not yet completed their end of financial year income information with us and iftheir income statement shows as 'not tax ready' in ATO online services and they have not received a payment summary they should talk to their employer they have received a payment summary ...from their employer, this information is 'tax ready' and can be used in their tax return their employer has completed their end of financial year income information with us, through a payment summary annual report, and theyshould have received their payment summary from their employer and this information can be used in their tax return will not have an income statement in ATO online services. These myGov Inbox messages also advise your clients that you can access their payment summary information.