Prism Accounting | Business service

Prism Accounting

Phone: +61 1300 077 555

Address: Level 35 100 Barangaroo Avenue BARANGAROO 2000

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

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25.01.2022 Top Tax Strategies for 2020 Salary Earners As the end of 2020 financial year is approaching, we are sharing some simple yet effective tax strategies for Salary Earners to implement before 30 June 2020. https://www.prismaccounting.com.au/top-tax-strategies-for-/

25.01.2022 Is Your Main Residence Exempt from CGT? Most home owners are aware of the existence of the Main Residence exemption, however the complex rules regulating its application are not very well understood. Often, taxpayers do not realise that certain events and decisions they make can have significant tax consequences. In our recent Blog Post we discussed 5 common factors that may be affecting your eligibility for Main Residence Exemption https://www.prismaccounting.com.au/main-residence-exemption/

25.01.2022 If your business is claiming JobKeeper, you must ensure that wage condition is satisfied for ALL eligible employees ("one in, all in" principle). As a result of recent changes, employee eligibility has been expanded for fortnights starting 3 August to include employees who satisfied eligibility conditions as at 1 July (rather than at 1 March 2020). For the fortnights commencing on 3 August 2020 and 17 August 2020, the ATO is allowing employers until 31 August 2020 to meet the wage condition for all new eligible employees included in the Jobkeeper scheme under the 1 July eligibility test.

23.01.2022 Enrolment for JobKeeper payments is now open! You need to enrol by the end of April to be able to apply for the payments. Still confused about eligibility and requirements? We have summarised things you need to know about JobKeeper payments in this article: https://www.prismaccounting.com.au/jobkeeper-payments/

22.01.2022 We cannot wait to welcome you again in our office this tax season! We are now open for face-to-face meetings by appointment only. Your safety is taken very seriously and we have measure in place to minimise the risk of infection spread. However, we understand if you feel concerned about coming in. We still offer remote meeting via Zoom as an alternative, so we will still have you covered! To book an appointment (face-to-face or Zoom), follow the link https://www.prismaccounting.com.au/contact-us/appointments/

22.01.2022 No matter how tough it is, Covid-19 will not last forever! If you are a small business owner, it is certainly not the time to neglect your tax compliance and record keeping. If you follow these simple tips for business owner, it will make your tax time so much less stressful and minimise your compliance costs! This is something you will thank yourself for when the things will get back to normal! Find out more: https://www.prismaccounting.com.au/tax-tips-for-business-o/

21.01.2022 Treasurer Josh Frydenberg has announced that previous tougher eligibility rules for extended JobKeeper Payments (from 28 September 2020 to 28 March 2021) will be eased. Previously, to access JobKeeper payments from 28 September 2020, businesses would have to show a significant decline in turnover in both June and September 2020 quarters. Under the proposed changes, the turnover test will only need to be satisfied for the September quarter. To prove eligibility for the second ...period starting in January, businesses will have to show a major decline in turnover in December quarter but it will no longer be necessary to pass the test is the previous two quarters. The changes will also extend eligibility to employees who were on the books as at 1 July. It was previously required for employees to be employed by the business at 1 March 2020 to qualify as eligible employees. More details are still to come.

21.01.2022 JobKeeper 2.0 Infographic by The Tax Institute summarising the changes to JobKeeper Scheme after 27 September 2020.

20.01.2022 The NSW Government announced a new Small Business Recovery Grant of $3000 will be available to businesses highly impacted by Covid-19 to be used to cover marketing, advertising, fit out and staff training expenses. Application will open 1 July and close 16 August 2020. Eligible businesses and not-for-profits must meet a range of criteria including: - Australian Business Number as at 1 March 2020 registered in NSW; - Have total Australian wages below the NSW Government 2019...-20 payroll tax threshold of $900,000 as at 1 March 2020; - Have fewer than 20 Full Time Equivalent staff (including non-employing businesses) as at 1 March 2020; - Have an annual turnover of more than $75,000 as at 1 March 2020; - Have experienced a decline in turnover of at least 30 per cent from March to July 2020 c - Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020; - Have costs from 1 July 2020 associated with safely re-opening or scaling up their business. More information: https://bit.ly/3fFKEvH See more

20.01.2022 A flashback from December 2019. I was recording my video about PSI Rules when Australia was in the midst of a severe bushfire crisis that caused a lot of devastation. Even in the City, everything was covered in thick smoke. You could hardly see anything outside the window and you could smell the smoke inside the building. We spotted a few people walking down the corridor wearing masks. We were hoping it will end soon but little did we know that more were still to come. A lot ...has changed since the video was filmed, including a decision handed down by Full Federal Court in Fortunatow [2020] FCAFC 139 (17 August 2020), which provided clarification to the operation of unrelated clients test. The Full Federal Court allowed the Commissioner’s appeal from the Federal Court Decision. The Full Federal Court found that the taxpayer who obtained number of contracts through intermediary recruitment agencies as a result of his advertising on LinkedIn, did not satisfy the unrelated client test. Even though the taxpayer made an offer to the public at large, it was found that the clients decision to engage the taxpayer was not made as a direct result of that offer. It just proves that interpretation of tax law is not always clear cut. However, the fundamentals of PSI Rules remain unchanged. You can watch the video here:https://www.youtube.com/watch?v=9W2nl_k2B9c #psirules #psi #taxadviser #serviceincome #servicebusiness #incomesplitting #taxrules #taxlawupdates #taxcases #taxaccountant #sydneyaccountant #sydneytaxadviser #medicalaccounting #professionalservices #prism_accounting #prismaccounting #barangarootowers #businessstructure

19.01.2022 We want to say massive Thank You to all our clients who send their Tax Return information on time! You helped us pass the 85% on-time lodgment requirement, which means you will continue to get access to Tax Agent lodgment concession. Normally, taxpayers lodging tax return themselves must do it by 31 October. However, if you are lodging your return through a compliant Tax Agent, you may be eligible for an extension (till 31 March or 15 May for most taxpayers). The extension is only available if your Tax Agent has met the 85% on-time lodgment benchmark. This is why it is important to stay up-to-date with your lodgments.

17.01.2022 https://www.prismaccounting.com.au/income-tax-return/

17.01.2022 Due Date 14th July 2020: - Lodge monthly JobKeeper Declaration for June if your business is receiving JobKeeper Payments. You will need to provide your actual turnover for June 2020 as well as your expected turnover for July 2020. - Employers making payments through Single Touch Payroll no longer need to provide PAYG Payment Summary Statements (Group Certificate) to employees. Instead, they need to make Finalisation Declaration through Single Touch Payroll. When STP declara...tion is finalised, the employees will be notified through MyGov, and the status of their income statement will change to "Tax Ready". Extensions are available for small employers and for finalising data for closely-held payees. However, you should aim to make finalisation declaration earlier if you can. The sooner you finalise your STP data, the sooner your employees will be able to lodge their tax returns. See more

16.01.2022 Hiring employees for the first time can be a challenging exercise. Not only do you have to invest a lot of time and resources into recruitment process to make sure you are hiring the best person for the role, but you also need to consider your legal obligations. This checklist contains essential steps to guide you through the process of hiring workers in Australia. ___... Prism Accounting is a Chartered Accounting Firm in Sydney specialising in Small Business Taxation and Capital Gains Tax. Website: www.prismaccounting.com.au Contact: 1300 077 555 Linkedin: https://www.linkedin.com/company/pris... Facebook: https://www.facebook.com/prismaccount... SCHEDULE AN APPOINTMENT: https://www.prismaccounting.com.au/co... See more

15.01.2022 JobKeeper Payments in a nutshel. For further information, we have summarised the things you need to know about JobKeeper in this article https://www.prismaccounting.com.au/jobkeeper-payments/

15.01.2022 The deadline for paying April wages is 8 May 2020. Still confused about JobKeeper requirements? Download our FREE Checklist to guide you through eligibility checks and application process: https://www.prismaccounting.com.au/jobkeeper-checklist/

15.01.2022 MEET ELENA Elena is the founder and principal of Prism Accounting. She is a Chartered Accountant with more than 15 years experience in Accounting and Tax, both within public practice and commerce sector. Prior to starting Prism Accounting, Elena spent 5 years working as a Tax Consultant with a boutique accounting firm specialising in providing tax and business services to medical and health professionals, where she developed her expertise in Medical Accounting.... During her career in public practice, Elena took special interest in the areas of Capital Gains Tax and Small Business Concessions. After finishing her Bachelor of Accounting degree, she completed post-graduate studies to develop specialist legal knowledge in tax. Shehas Master of Business Law degree from University of Sydney. Elena is a regular contributor to ourTax Blog. Elenais a Chartered Tax Adviser with the Tax Institute and a Registered Tax Agent. Industry Specialisation: Medical Dental Allied Health Professional Services Tax Area Specialisation: Capital Gains Tax, Concessions and Rollovers Small Business Concessions Business Structuring and Restructuring Qualifications and Professional Designations: Chartered Accountants Australia and New Zealand (CAANZ) Chartered Tax Adviser (CTA) Bachelor of Accounting (BAcc) Master of Business Law (MBL) Registered Tax Agent #elenabytch #prismaccounting #prism_accounting #sydneyaccountant #sydneytaxadviser #medicalaccounting #medicalaccountant #cgtspecialist #capitalgainstax #charteredaccountant #charteredtaxadviser #taxagentsydney #accountantfordoctors

14.01.2022 Treasury Laws Amendment (2020 Measures No. 3) Bill 2020 has been introduced to the Parliament on 12 June 2020. The changes proposed in the Bill include: - Extending Cash Flow Boost for Employers eligibility to businesses making payments under Personal Service Income Regime which are subject to PAYG Withholdings. - Extending Instant Asset Write Off for assets costing up to $150,000 each to businesses with aggregated turnover of less than $500 million till 31 December 2020. In addition, the five-year-lock-out rule applying to small businesses exiting simplified depreciation regime will be temporarily suspended till 30 June 2021.

14.01.2022 Instant Asset Write Off up to $150,000 Friend or Foe? Instant Asset Write Off threshold of $150,000 was extended till 31 December 2020 for businesses with aggregated turnover of less than 500 million as part of Government’s Coronavirus Economic Response. While these measures may seem generous, the incentive may not be beneficial for every business. Before you decide to heavily invest in assets for your business, you need to consider the following issues.... https://www.prismaccounting.com.au/instant-asset-write-off/ See more

11.01.2022 Small Business Entities can be eligible for range of tax concessions. Some of these concessions apply automatically, some are optional and some are subject to additional eligibility criteria. Speak to your tax adviser to find out if your business is eligible for for some of these concessions and how to utilise them to get maximum tax benefit.

10.01.2022 The super guarantee (SG) amnesty is a one-off opportunity for employers to disclose and pay previously unpaid super guarantee charge (SGC), including nominal interest, they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018. Employers have until 7 September 2020, to disclose, lodge and pay unpaid SG amounts for their employees. Employers can claim deductions and not incur administration charges or penalties during this amnesty. To be eligible for t...he amnesty you must: - have not been informed the ATO is examining or intends to examine your SG obligation for the quarter(s) your disclosure relates to, and - disclose an SG shortfall for an employee that you havent already disclosed to the ATO (or disclose additional amounts of SG shortfall for a quarter previously disclosed), and - disclose for quarter(s) starting from 1 July 1992 to 31 March 2018, and - lodge your completed SG amnesty form with the ATO so it is received no later than 7 September 2020. You will also need to pay the amount owing to the ATO or set up a payment plan after you lodge the SG amnesty form. You need to do this to avoid being disqualified and losing the benefits of the amnesty. More information can be found on the ATO website: https://www.ato.gov.au///Superannuation-guarantee-amnesty/

10.01.2022 Due Date 28th July 2020: If you are employing workers, don't forget to pay Super Guarantee obligations for the 1 April - 30 June 2020 quarter. Minimum Compulsory Super Guarantee is calculated at 9.5% of Ordinary Time Earnings by the due date. Failure to pay minimum compulsory super guarantee amount will result in Super Guarantee Charge and administrative penalties applying.

09.01.2022 Do you only see your Accountant once a year to do your tax? You may be missing on some tax planning opportunities. It may be too late to make any changes after the year has ended. At Prism Accounting, we take proactive approach to tax planning as it is an ongoing process. It's never too early to see your accountant to identify any tax minimisation opportunities. * #taxplanning #seeyouraccountant #proactiveaccountant #taxminimisation #taxadviser #sydneyaccountant #prism_accounting #accountantinsydney #charteredaccountant

09.01.2022 The Treasurer, Josh Frydenberg, has announced that the Government is to make changes to clarify the operation of the JobKeeper rules: - Alternative decline in value test will be available for special purpose service entities that provide employee labour to group members and that have not met the basic test for decline in turnover. - Charities will be allowed to elect to exclude government revenue from the JobKeeper turnover test. ... - Religious practitioners who are not employees of their religious institutions will be allowed access to JobKeeper payments. - One in, all in principle requiring employers to nominate all their eligible employees will be incorporated in the Rules. - Full time students aged 17 and younger, who are not financially independent, will not eligible for the JobKeeper Payment. This clarification will apply prospectively, which would mean an eligible employer that has already met the wage condition of paying such an employee $1,500 for a fortnight could be entitled to a JobKeeper Payment in arrears for that fortnight. - International Aid Organisations will be allowed to meet the requirement that not-for-profits pursue their objectives principally in Australia. The current requirement that employees must be Australian residents to be eligible under the JobKeeper program would remain in place. - Universities will have to include the core Commonwealth Government financial assistance for turnover tests. Details: https://ministers.treasury.gov.au//media-/jobkeeper-update

08.01.2022 Did you know that eligible businesses can qualify for JobKeeper in ANY test period being: - A month of March, April, May, June, July, August or September 2020 - A quarter starting 1 April 2020 or 1 July 2020.... You can only be eligible for JobKeeper payments for JobKeeper fortnights that end on or after your turnover test period starts. However, once you satisfy the required decline in turnover, you do not have to retest your eligibility again to qualify for JobKeeper in subsequent months till 27 September 2020 (when the original JobKeeper program ends) If you qualified in July, or any of the earlier months, it is not too late to apply. To claim JobKeeper for July, you must enrol by 31 July 2020. Need help? We can provide assistance with checking eligibility, enrolling and reporting for JobKeeper Payments. Contact us: https://www.prismaccounting.com.au/contact-us/

08.01.2022 End of Year Tax Planning 2020 for Business Owners Tax planning should always be done in advance. Business owners need to make certain critical decisions before year end. We have listed certain steps and tax planning strategies you should consider implementing before 30 June 2020. https://www.prismaccounting.com.au/end-of-year-tax-plannin/

08.01.2022 A good accountant should educate clients and be able to explain complex tax concepts in plain English. Do you agree? * * *... #taxadvisor #taxadvice #taxconsultant #trustedadvisor #charteredaccountant #prism_accounting #sydneyaccountant

07.01.2022 Discretionary Trust Resolutions are due to be made by 30 June. Trustees of discretionary trusts must make a valid resolution to make beneficiaries presently entitled to the income of the trust estate by the end of financial year. Failure to do so will result in trustee being assessable on the net income of the trust at the highest marginal rates.

06.01.2022 On 14 August, the Treasurer issued legislative instrument to amend JobKeeper eligibility criteria to include employees who commenced employment after 1 March 2020 provided they were eligible employees of the business as at 1 July 2020. The change to the employment reference date takes effect from 3 August 2020. That means that businesses need to reassess eligibility of employees who commenced working after 1 March and were on the books as full-time, part-time or long-term cas...ual employees at at 1 July 2020 to determine if they are eligible for JobKeeper for the fortnights commencing 3 August 2020. There is no need to retest the existing employees who are already eligible based on 1 March reference date. It is important to remember that employers need to notify employees, receive back the nomination forms and satisfy wage condition in respect to ALL eligible employees to continue receiving JobKeeper Payments (one in, all in principle). As nomination notice must be given within 7 days, employers must ensure that newly eligible employees must be provided with the notice by 24 August (being the first business day after 7 days from 15 August when the amendments took effect). * #jobkeeper #jobkeeper2 #jobkeeperpayments #covid19australia #covid19business #covid19update #covidsupport #smallbusinessaccountant #smallbusinesssupport #accountant #sydneyaccountant #prism_accounting See more

05.01.2022 The ATO has announced that in response to coronavirus restrictions, the Home Office Expenses fixed rate deduction of 52 cents per hours has been increased to 80 cents. Employees will no longer need to have a dedicated work area to claim a deduction. The measure will apply to Work from Home expenses from 1 March 2020 to 30 June 2020.

04.01.2022 ATTENTION: Prism Accounting has moved to a new address: We are now located at: Level 35, 100 Barangaroo Avenue (International Tower 1) BARANGAROO NSW 2000 We can't wait to welcome you there!

03.01.2022 COVID-19 Stimulus Package: Cash Flow Boost Payments for Small and Medium Businesses that employ staff. The Government will provide tax-free cash flow boosts between $20,000 and $100,000 to small and medium businesses and non-for-profit entities that make eligible payments that are subject to withholding obligations. Read more https://www.prismaccounting.com.au/covid-19-cash-flow-boos/

02.01.2022 Covid-19: JobKeeper 2.0 New Rates, Eligibility Rules. On 21 July 2020, the Government announced it will be extending JobKeeper Payments from 28 September until 28 March 2021. The extended JobKeeper program will continue to operate post 27 September in a modified form to support those businesses who continue to be significantly impacted by the Coronavirus. The payments rates will be reduced in two stages with different rates applying to eligible employees and business participants depending on whether they work more or less than 20 hours a week. The turnover test requirements will also be modified. More information: https://www.prismaccounting.com.au/covid-19-extended-jobke/

01.01.2022 If you are working from home, don't forget to keep records of your work-related expenses and costs. #stayhome #wfh #workfromhome #stayhomesavelives #homeoffice #taxexpenses #taxdeductible

01.01.2022 Did you make Personal Super Contribution in 2020, for which you intend to claim tax deduction? To make your personal super contribution tax-deductible, you need to provide a Notice of Intent to claim a deduction for personal super contribution in the approved form to your super fund (Section 290-170 Notice). Avoid delays with lodging your tax return and provide Notice of Intend to your super fund now. The form can be downloaded from the ATO Website, or your super fund may have their own. After receiving and processing your Notice of Intent, your super fund will provide you a letter acknowledging receipt and acceptance of your notice and confirming the amount of super contribution you can treat as tax deductible for that year. Download Notice of Intent: https://www.ato.gov.au//Notice-of-intent-to-claim-or-vary/