Preston & Co in Indooroopilly, Queensland | Financial service

Preston & Co

Locality: Indooroopilly, Queensland

Phone: +61 7 3161 4537

Address: Ground Floor, 36 Station Road 4068 Indooroopilly, QLD, Australia

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

Likes: 207

Add/Update information

Reviews

Tags

• Tax preparation service
• Accountant
• Financial service

25.01.2022 Relationship building and communication is at the heart of what we do. Our clients benefit from our advice, reducing red tape, headaches and most importantly the cost. By having a much better understanding of your business and personal financial circumstances well reduce the stress and create more opportunities spend more money on the things that you love doing. Contact John to discuss your specific requirements via phone 07 3161 4537 or email [email protected]

25.01.2022 Do you employ staff? Big changes are coming to how regularly you need to report staff tax and superannuation payments to the ATO? From 1st July, Single Touch Payroll (STP) is the new reporting format all employers need to understand. STP requires employers to lodge their employees tax and super information with the ATO each and every time they pay their staff.... Through an STP ready payroll software solution, the following information must be lodged with the ATO each pay cycle: * payments to employees such as salaries and wages pay as you go (PAYG) withholding super information. The way you pay your employees wont change, however you will now be required to send this information to the ATO each time you pay them. Many providers such as Xero, MYOB and Quickbooks have already built STP functionality into their software. Your payroll manager will need to understand how this feature integrates with the ATO. All businesses are now required to submit STP data to the ATO effective 1 July 2019. Micro Businesses (4 or fewer employees) have been granted the option to submit STP data quarterly via their Bas or Tax Agent for two years. Send us a message to discuss the best solution for your business.

23.01.2022 Most businesses will need to see a 30% reduction in turnover to be eligible for the Jobkeeper Payment. But 30% of what exactly? And a reduction compared to when? Lots of questions and plenty of red tape as usual, but youll find the answers here... http://prestoncpa.com.au//28-jobkeeper-payment-eligibility

21.01.2022 We are thrilled to have supported the Ipswich BMX Club Friday night fundraiser for the farmers where we matched dollar-for-dollar the total donations raising over $1200.

19.01.2022 As Tax Time 2018 has kicked off, the ATO has profiled the five most common mistakes they see, including taxpayers who are: 1) leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing economy); 2) claiming deductions for personal expenses (e.g., home to work travel, normal clothes or personal phone calls);... 3) forgetting to keep receipts or records of their expenses (around half of the adjustments the ATO makes are because the taxpayer had no records, or they were poor quality); 4) claiming for something they never paid for often because they think everyone is entitled to a standard deduction; and 5) claiming personal expenses for rental properties either claiming deductions for times when they are using their property themselves, or claiming interest on loans used to buy personal assets like a car or boat. Dont get caught out! Make sure you are only claiming deductions where you have the receipt, have actually spent the money and it relates to the generation of your income! For more information visit http://prestoncpa.com.au/ or call or email John on 3161 4537 [email protected]

19.01.2022 Always be alert to scams and scammers - protect yourself - always ask that question, and if it doesnt look or sound right, it probably isnt! The ATO doesnt normally feel the need to tell you that theyll be paying you in AUD. So an email scam like this should be obvious and a good sign it might be a scam.

18.01.2022 Are you an SMSF Trustee? Our new website has details on the many ways Preston & Co. can help manage your Fund. https://prestoncpa.com.au/self-managed-superannuation-mana/

18.01.2022 Are you on our mailing list? We regularly send updates and publications to our valued clients and referrers. Jump on our website to make sure you dont miss a thing. http://prestoncpa.com.au/news

18.01.2022 Retirement used to mean settling down, but for some it now means jetting off. Personally, we cant think of why you would want to leave our Queensland weather! However, some Baby Boomers are considering retiring overseas as an alternative option to living in a country with a high standard of living and prices to match. As always, it does pay to do your homework. Find out why here. https://bit.ly/2HrxPDJ

16.01.2022 Are you buying or selling NEW residential property after 1st July 2018? ATO changes being introduced will mean the buyer will now need to withhold GST from the purchase price and pass it on to the ATO. There can be large financial penalties for both buyers and sellers who get it wrong. It will pay to make sure your conveyancing solicitor is on top of it. https://bit.ly/2tLbVri

15.01.2022 When can you take your super? The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund even if you change your mind. https://bit.ly/2wDtLxB

15.01.2022 YOUR business is OUR business. We are experts in small business, taxation, retirement planning and self-managed superannuation. Unlike larger city-based firms, we can help small businesses and self-funded retirees who want more personalised service by individuals who are invested in knowing your business and personal goals. Contact John or Carlos today to discuss your specific needs.

15.01.2022 So a while back Group Certificates became Payment Summaries ... Now we have Income Statements too ... Its all a bit SAME SAME BUT DIFFERENT really... Which one will your employer give you this EOFY?

13.01.2022 Is your small business accounting software up to the job? There are many options in the market now that will make your bookkeeping so much easier... See some thoughts below from a small business client we recently helped move to cloud based accounting program Xero.... We knew our existing accounting software had its limitations. But because of how much we used it in the business, we were always wary of moving to another package. Preston & Co. convinced us to move to Xero accounting software on the basis Xero would save us time with bookkeeping but also provide a better system for tracking our accounts receivable. It has been a great move. With Xero, we now have a much better system for tracking our debtors and following up late payers. And the payroll module makes the processing of weekly wages and staff payslips so much easier. The way bank transactions feed automatically into Xero each day means we are not spending nearly as much time doing our books as we were before. John at Preston & Co. kept a close eye on us during the change and was always available to chat. The switch to Xero has made a huge difference in the day-to-day administration of our business. Thanks to the help provided by Preston & Co. the whole process was made very easy and only took a few weeks before we were comfortable with the program and knew we had made the right move. Matt & Dacia Industrial Stainless Fabrication P/L

13.01.2022 When it comes to the rules around staff Superannuation, change might be the one constant. Take this quick quiz to test your knowledge of the current rules and the changes on the horizon. https://www.cpaaustralia.com.au//superannuation-guarantee-

13.01.2022 Today weve distributed to our clients an easy to read summary of the latest government stimulus package. If you are a small business or know of one that would benefit from this info whether they are a client of ours or not feel free to have them contact us for a free chat. If our doors have to close, our phones and emails will stay open.

12.01.2022 ARE YOU WONDERING HOW TODAYS $1,500 P.F. WAGE SUBSIDY ANNOUNCEMENT WILL PLAY OUT FOR YOUR BUSINESS? See below what we know so far. Contact our office for a more specific impact on your business. ELIGIBILITY... The policy involves paying employers $1,500 per fortnight for each employee they keep on over the next six months. Its been nicknamed the Jobkeeper allowance. A business will be eligible if it experiences a reduction in turnover of more than 30% relative to a comparable period in the prior year o ie. Mar20 vs Mar19, Apr20 vs Apr19 etc o Period being compared must be a period of at least one month long Employee must be an Eligible Employee as at 1 March 2020 and must continue to be employed. o Eligible Employees must be all of the following: - Currently employed (including those stood down or re-hired) - Were employed by the Employer on 1 March 2020 - Are Full Time, Part Time or long-term Casuals (ie. a Casual employed on a regular basis for longer than 12 months as at 1 March 2020) - At least 16 years of age - An Australian citizen or the holder of a permanent Visa as well as certain other selected Visa categories - Are not in receipt of the JobKeeper payment from another employer APPLICATION PROCESS For Businesses With Employees Register an interest in applying via the ato.gov.au website from 30 March 2020. Alternately, an on-line application process will be rolled out by the ATO shortly. First payment will be received first week of May and backdated to 30 March 2020. Eligible Employers will need to provide monthly updates to the ATO Eligible Employers will need to ensure Eligible Employees receive at a minimum $1,500 before tax per fortnight (even if they were on less than this prior) Superannuation is payable as normal on standard wages paid to the Eligible Employee. Eligible Employers can decide if Superannuation is also paid on any additional amounts paid as part of the top-up to $1,500. For Businesses Without Employees Those self-employed (sole traders) are also eligible These businesses will need to provide a declaration as to recent business activity These businesses will also need to provide a monthly update to the ATO to declare their continued eligibility for the payments. Payment will be made monthly to the individuals bank account.

11.01.2022 In the same month that desperate farmers made headlines preparing to destroy starving flocks and pleading with the public to pay a few cents more for their dairy products, Dick Smiths nationalistic brand announced its closure. The question is, will Australians pay more for a cause?https://bit.ly/2PwlrXt

10.01.2022 Coronavirus stimulus package. Key points for small business: 50% reduction in staff PAYG withholding payable on March & June quarter BAS (up to max. $25,000) 50% wages subsidy for apprentices and trainees (up to $7,000 per quarter per employee)... Instant Asset Write-Off threshold increased from $30,000 to $150,000 for purchases prior to 30 June 2020 (includes vehicles). Contact our office for more information on how and when these stimulus measures will become available to your business. Many small businesses are already feeling the impact of coronavirus. Conditions are looking to get worse for them. Help where you can. Buy local and support small business near you.

10.01.2022 We act for business owners in a range of industries and are focussed on assisting you from day one and being a partner to their growth and success. Get in touch if you require any assistance with your business today.

10.01.2022 How you might be holding back your business. Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks. https://bit.ly/2PwlrXt

09.01.2022 The Queensland Government has today released details of $10,000 Grants available to QLD businesses that were subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions. Applications are limited and assessed on a first in, first served basis. So if you feel you are eligible, we suggest you get your application underway ASAP. https://www.business.qld.gov.au//advice-su/grants/adaption

09.01.2022 Following on from our previous post, investment scams are often so professional, slick and believable that it can be hard to tell them apart from genuine investment opportunities. ASIC lays out how investment scams work and how to protect yourself from them here: https://bit.ly/2qoOCQY

09.01.2022 At Preston & Co we know that there are a lot of local businesses and self-funded retirees that leave the suburbs to seek accounting and tax advice in the CBD. We are based in Indooroopilly and easy to access without the inconvenience of traveling and paying for parking. Both John and Carlos offer a more personal service, at a much more competitive rate than CBD firms. Why not contact us today and find out for yourselves? Email John directly at [email protected] or phone 3161 4537.P

08.01.2022 As small business accountants, we get to see first hand the financial impact this drought is having on Queensland families and businesses. It all starts with the farmers, but the flow-on effect is felt just as hard across many rural industries. Our business has had a number of loyal farming and rural clients support us since day one. So we are proud to show our support for these rural Queensland communities by getting behind the great initiative of Ipswich BMX Club this Fri...day night with their fundraiser for the farmers. Preston & Co. have offered to match dollar-for-dollar the total donation the Club raises from their race nomination fees on the night. If you are a rider, get along for some great racing and show you support. If you are a spectator come out and be a part of what will be a fantastic night. The club will have a donation tin setup if you would like to show your support too. Great work IPSWICH BMX CLUB.

08.01.2022 Recent changes to licencing requirements mean almost all QBCC licence holders now need to lodge financial information with the QBCC on an annual basis. Even the previously exempt self-certifying licences (SC1 & SC2) with allowed turnover of less than $800,000 will now need to report their business financial information by the 31st December deadline. if you hold a QBCC licence, contact us to discuss what level of financial information you will need to provide.

08.01.2022 Have you seen our new website? Lots of info on the many ways Preston & Co. can help your business. https://prestoncpa.com.au/about-us/

07.01.2022 With Carlos flying the flag, Preston & Co are proud to support the Colombia Rugby League team as they start their journey towards qualifying for the 2021 Rugby League Emerging Nations World Cup. An impressive group of guys, with a passion for rugby league and a plan to put the sport on the map across Latin America. Come down for a look at some international footy this Sunday as the Condores take on India Jungle Cats (3pm Easts juniors, Holland Park).

06.01.2022 Do you have an insurance policy held in your Super Fund? If you have not made a contribution to the fund in the last 16 months, your account will become in-active on 1st July and your policy will be cancelled. If this impacts you, speak to your super fund or financial planner now.

06.01.2022 With EOFY approaching, these simple small business tax saving ideas are a must. Talk to us about other ideas more specific to your business. https://www.ato.gov.au//Take-advantage-of-small-business/

04.01.2022 A reminder that we are matching dollar-for-dollar the total donation the Ipswich BMX Club raises for drought relief from their race nomination fees this Friday night. If you are a rider, get along for some great racing and show you support. If you are a spectator come out and be a part of what will be a fantastic night. The club will have a donation tin setup if you would like to show your support too.

04.01.2022 http://www.qrida.qld.gov.au//queensland-covid19-jobs-suppo The Qld state government has released early details of the COVID-19 interest-free loan scheme they are opening to help business retain employees and maintain operations. There are no real details at this stage of the eligibility criteria etc, but are suggesting you email them on this link to register your interest and they will contact you with more details when they are released.

04.01.2022 With a number of telephone scams doing the rounds, heres some basic information on the circumstances and ways the ATO might contact you regarding a tax debt. When in doubt, a quick call to our office will put you at ease. . https://www.ato.gov.au//Do-you-know-how-to-recognise-tax-/

04.01.2022 If you are a small business effected by coronavirus, you should be speaking to your bank now about the deferral of your business loan repayments. https://www.abc.net.au//coronavirus-banks-custome/12073930

02.01.2022 How financially literate are your kids? Heres a few simple tips that might help you prompt the conversation about money. https://bit.ly/2OndHXr

02.01.2022 Do you need to break up with your old accountant? Finding it all a bit too hard? At Preston & Co we work with our clients to take the pain our of moving to a new accountant - we negotiate the transfer of your information from your old accountant to us. Thinking about a change? Call or email John at [email protected] to see how we can provide you with expert BAS & Tax services that suit your business.... http://www.prestoncpa.com.au

01.01.2022 Beautiful winter afternoon spent supporting Colombia Rugby League as they took on the Indian Jungle Cats. Fantastic effort by all the players involved, especially those that travelled from as far away as New Zealand and the USA. The Jungle Cats too good in the end 30-16. Congrats to both teams for a great show.