POLA & CO chartered accountants in Warrnambool, Victoria | Tax preparation service

POLA & CO chartered accountants

Locality: Warrnambool, Victoria

Phone: +61 3 5561 2992

Address: 164 Liebig St 3280 Warrnambool, VIC, Australia

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

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24.01.2022 Newsflash. The $150k Instant Asset Writeoff has today been extended until December. Unless you need the deduction this financial year, there is no need to rush out & spend pre 30 June. 6

23.01.2022 CASHFLOW BOOST Employers that have received the initial cash-flow boost, delivered as credits in the activity statement system, are eligible for the second tranche when they lodge their activity statements for each monthly or quarterly period from June to September 2020. In a new notice published this week, the ATO has explained that the additional amount will be equal to the total initial cash-flow boost received by businesses and will be split evenly over the lodgements for... the periods June to September. This means that businesses lodging quarterly will receive 50 per cent of their total initial cash-flow boost for each activity statement, while those lodging monthly will receive 25 per cent per statement. An example provided by the Tax Office shows that if an employer, lodging quarterly, received an initial cash-flow boost of $10,000, they will receive two additional boosts of $5,000 each when they lodge their June and September activity statements. Similarly, a business lodging monthly that initially received a total of $50,000 will receive four payments of $12,500 when they lodge their June to September activity statements. See more

13.01.2022 Happy new year. And Happy 20th birthday GST.

02.01.2022 Instant Asset Write-Off The instant asset write-off allows businesses an immediate deduction for the cost an asset up to the value of $150,000. This applies to assets either new or second hand!... Assets must be installed and ready for use by the 30th of June. From the 1st of July, the write-off drops to $1,000 (unless there is a further policy announcement). The write-off available to motor vehicles is limited to $57,581, unless it has a carry capacity of more than one tonne or more than nine passengers. The write-off is also limited to the business portion of the assets use. The write-off is a reduction in your profit. It is NOT cash back from the ATO. The tax saving will be the asset cost multiplied by your margined tax rate. For most, this is 32.5% or 37%