Positive Tax & Accounting in Melbourne, Victoria, Australia | Financial service

Positive Tax & Accounting

Locality: Melbourne, Victoria, Australia

Phone: +61 424 262 700

Address: 2 Yorston Ct 3185 Melbourne, VIC, Australia

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

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• Tax preparation service
• Accountant
• Financial service

23.01.2022 Being informed should be priority.

21.01.2022 Are you self-employed or run a small to medium business? keep reading. Your 9.5% super guarantee contributions must be received by your superfund by 28 July to avoid penalties. If you pay by 30 June then they are deductible in this current year From 12 March 2020 small business will be able to write off assets up to a cost of $150,000 (up from $30,000) Small business taxpayers can claim prepaid expenses up to 12 months in advance. For example, pre payment of expenses such as ...rent, hire purchase, interest and advertising. Revalue old or damaged stock do a stock take Review plant and equipment for any obsolete items that could be written off. Not sure how to do it please talk to us, we can negotiate with the ATO on your behalf to help ease the stress you are under. See more

18.01.2022 Always there when you need it.

08.01.2022 Be always sure that your super is being deposited into your account.

07.01.2022 Buying an investment property with your SMSF Residential Investment property under SMSF cannot be rented by you, any other trustee or anyone related to the trustees. The rent paid must be at the market rate and must be paid promptly and in full at each due date. You need to ensure the purchase provides a retirement benefit for the trustees.... On properties held for longer than 12 months, the fund receives a one-third discount on any capital gain it makes upon sale, bringing any capital gains tax liability down to 10%. If you make a loss on your property, it cannot be offset against your personal taxable income outside the fund. Once trustees start receiving a pension at retirement, any rental income or capital gains arising in the fund will be tax-free. We can help you to set your own SMSF and enjoy the benefits at your retirement phase. Free consultation.

07.01.2022 Simpler depreciation for small business You can choose to use the simplified depreciation rules if you have a small business with an aggregated turnover (the total normal income of your business and that of any associated businesses) of less than: $10 million from 1 July 2016 onwards, $2 million for previous income years.... Under these rules, from 7.30pm (AEST) on 12 May 2015 until 30 June 2019 you: Immediately deduct the business portion of most depreciating assets that cost less than $20,000 each in the year you bought and used, or installed ready for use pool the business portion of most other depreciating assets that cost $20,000 or more in a small business asset pool and claim a 15% deduction in the first year (regardless of when you purchased or acquired them during the year) a 30% deduction each year after the first year Write-off the balance of your small business pool at the end of an income year if the balance, before applying any other depreciation deduction, is less than $20,000. The current instant asset write-off threshold is $20,000. This threshold applies until 30 June 2019. It has changed over the last few years. On 29 January 2019, the Prime Minister announced that the government will introduce legislation to increase the $20,000 instant asset write-off threshold to $25,000 from 29 January 2019 until 30 June 2020. This proposal is not yet law.

06.01.2022 Single Touch Payroll. Briefly, here is the STP process: 1. An employer will run their regular payroll to pay their employees (eg weekly, fortnightly or monthly) 2. Their employee receives their salary or wages, and their payslip as they did previously... 3. The employer’s payroll software includes mandatory fields to capture the STP data, which includes year-to-date salary or wages and super information 4. The STP data is sent to the ATO. The STP file is called a pay event. The way the file is sent will depend on the software. This may be directly, or through a sending service provider (a third party) 5. The ATO receives the STP data and matches the information to the employer and their employees 6. The ATO makes STP information available to employees through myGov, to employers through the Business Portal and to tax agents through the Tax Agent Portal. Employees can see their year-to-date tax and super information. See more

05.01.2022 Please be aware.

05.01.2022 Big changes come into effect for the banking industry tomorrow. www.7NEWS.com.au #7NEWS

02.01.2022 New cents per kilometre rate The Commissioner of Taxation has determined that the rate for work-related car expenses is 68 cents per kilometre for the income year commencing 1 July 2018. This determination applies to eligible taxpayers who elect to use the cents per kilometre method when calculating income tax deductions for their work-related car expenses.... Under the cents per kilometre method: you can claim a maximum of 5,000 business kilometres per car you do not need written evidence to show how many kilometres you have travelled, but you may be asked to show how you worked out your business kilometres you cannot make a separate claim for depreciation of the car’s value this amount takes into account all your vehicle running expenses.