Proacct in Balwyn, Victoria | Tax preparation service

Proacct

Locality: Balwyn, Victoria

Phone: +61 3 9880 9600

Address: 255 Whitehorse Road 3103 Balwyn, VIC, Australia

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

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• Tax preparation service
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04.02.2022 Over the years, Proacct has been proud to support grassroots community sport. This involvement in sport has included the support of the West Preston Lakeside Football Club (WPLFC). In last night’s AFL Draft, WPLFCs Garrett McDonagh was drafted by the Essendon Football Club. Everyone at Proacct would like to congratulate Garrett and the WPLFC on this magnificent achievement. ... We look forward to our continued involvement with WPLFC into the future. www.proacct.com.au

25.01.2022 Happy New Financial Year to all our clients, family and friends. Wishing everyone a safe and prosperous new year ahead. With Tax Time 2020 just around the corner, many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO has issued a warning against lodging too early, before all your income information becomes available. It notes that employers will have until the end of July to electronically finalise their employees’ income statements. This timeframe similarly applies to other information from banks, health funds and government agencies. www.proacct.com.au

25.01.2022 Have you been directed by your company to work from home to limit the spread of the coronavirus? If so, you may be able to claim a deduction for the additional running costs you incur. The costs you could claim include work-related portion of any heating, cooling, lighting for the area you’re working from, work-related phone and internet, and work-related decline in value of a computer and associated office equipment. To claim these expenses, you must keep specific records ranging from diary entries to receipts. Contact us for further information www.proacct.com.au.

23.01.2022 Australia has been battered by a combination of fire and flooding in the past few months, it is little wonder then the topic insurance payouts are on everyone’s lips. However, not everyone knows insurance payments may have tax consequences. For example, if you rent out your home or a portion of your home on a short stay website, you may be subject to CGT if you receive an insurance payout in relation to that home. Businesses that receive an insurance payment may be subject to varying tax consequences depending on what the payment is designed to replace. www.proacct.com.au

23.01.2022 The 2020 Budget has been handed down. Do you know how it’ll affect you personally? Find out more about the measures here https://bit.ly/34XJnfZ

22.01.2022 Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a transition to retirement pension which is available to individuals who are under 65 but have reached their preservation age. A transition to retirement pension may provide you with flexibility to work slightly less or as a tool for planning for retirement. This option is not available in all super funds and minimum/maximum withdrawal limits apply. Contact us for further details www.proacct.com.au.

20.01.2022 While the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data-matching programs. One of the more significant programs that have slipped under the radar due to the pandemic is the ride sourcing or ride sharing program. If you drive for Uber, Lyft or many other ridesharing apps, you may be affected. Under this program, the ATO will be acquiring data from ride sourcing facilitators to identify individuals providing these services for the 2019-20 to 2021-22 financial years. www.proacct.com.au

19.01.2022 A number of significant super changes have been introduced into Parliament as a part of the government’s plan to enhance super outcomes for Australians. If passed, the changes will allow individuals aged between 67 and 75 to make non-concessional contributions and salary sacrifice super contributions without meeting the work test. Other changes introduced in conjunction include lowering the age for downsizer contributions, increase in the maximum releasable amount under the First Home Super Saver Scheme, and removing the minimum threshold for super guarantee. www.proacct.com.au

19.01.2022 We are here to help. For all the essential information on the Covid-19 stimulus measures announced by our federal and state governments click on the following link. https://www.proacct.com.au/2020/04/covid-19-resources-2/

19.01.2022 The coronavirus has been biting into global financial markets and in an effort to contain the fall-out to the local economy, the government has released a stimulus package worth $17.6bn targeted at businesses, pensioners, and those in impacted sectors, regions and communities. It is expected that the package will provide direct support for up to 6.5m individuals and 3.5m businesses. In addition, tax administrative relief will also be provided including deferring tax payments up to 4 months, which is similar to the relief provided following the 2019-20 bushfires.

13.01.2022 If your business is thinking of hiring new staff, now is the time to take advantage of the JobMaker wage subsidy, contact us to find out more. www.proacct.com.au

12.01.2022 The government has committed to extending the coronavirus supplement beyond the currently legislated end date of 24 September for a further three months to 31 December 2020. However, the supplement of $550 per fortnight which effectively doubled various social security payments will be reduced to $250 per fortnight from 25 September, effectively slashing the JobSeeker from $1,100 currently to $800. Along with lowering of the payment rate, the asset testing and the liquid assets waiting period will also be reinstated. www.proacct.com.au

11.01.2022 If you or your business has been financially affected by the second lockdown in Victoria, don’t fret, the government has unveiled new support measures to get you through and on the road to recovery. The new measures include further land tax relief consisting of a 50% waiver and a deferral of payment until 31 March 2021 for landlords that provide eligible tenants with rent waivers, subject to certain conditions. The existing ban on evictions and rental increases will also be extended until 31 December 2020 and more grants will be made available. www.proacct.com.au

11.01.2022 We invite you to join the Proacct Footy Tipping Competition for 2020. The 2020 Toyota AFL Premiership season is not far away and kicks off on Thursday the 19th of March. The season opener between Carlton & Richmond at the MCG is sure to be fantastic.... Entry is FREE for all clients, so get involved and register for your chance to win cash prizes. Get amongst it! First Prize | $600 Cash Second Prize | $300 Cash Third Prize | $100 Cash Simply click on the link below and follow the prompts to create an account and join the league. Comp Name: 2020 Proacct Footy Tipping Competition Password: FOOTY2020 For more details, go to: https://www.footytips.com.au//2020_Proacct_Footy_Tipping_C Once you are registered, you can keep up with your tips by downloading the ESPN Footytips App for your smartphone Or access the link via our website @ www.proacct.com.au Should you have any issues registering your place or joining the competition, please contact Frank Surace. Email: [email protected] Phone: (03) 98809600 Best of luck The team @ Proacct

07.01.2022 Rental property owners along the rest of the economy have taken a hit to their bottom line. In this uncertain time, the ATO has provided some guidance on the deductibility of rental property expenses in various situations such as tenants paying reduced rent or the suspension of rent. For owners of short-term accommodation, the ATO notes that the situation may be more complicated due to changes in use such as increased private use and apportionment of expense deductions would depend on individual circumstances. www.proacct.com.au

07.01.2022 Businesses that received the initial cash flow boosts as a part of the COVID-19 stimulus measures are in line for additional payments for the June to September quarter. Generally, the additional amount businesses will receive will be equal to the total amount that they initially received and will be split evenly between the lodged activity statements. However, if you’ve made adjustments or revised your activity statements after lodgement, the amount of additional cash flow boost payments you receive may be different. www.proacct.com.au

06.01.2022 Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to be aware of this year. These include the tax treatment of early access super, the use of the simplified method to claim work from home expenses, payments related to being stood down, and redundancy or termination payments. Individuals will need to be aware of these potential pitfalls to maximise their deductions. www.proacct.com.au

05.01.2022 If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doing your business a favour by taking advantage of the instant asset write-off threshold of $150,000. Which is the highest it has ever been or will likely to be for a while. This measure was originally scheduled to end at 30th June 2020 but has been extended to 31st December 2020. www.proacct.com.au

03.01.2022 The Federal Government has announced it will extend the JobKeeper wage subsidy scheme beyond the end of the existing JobKeeper scheme on 28 September 2020. The extension will run up until 28 March 2021. You can read more detail in the following link https://proacct.us20.list-manage.com/track/click

02.01.2022 Enrolment for the JobKeeper payment is now open. For the tens of thousands of businesses that registered their interest, you can now follow some simple steps to enrol and ensure you meet the record-keeping requirements. Some of the more basic steps include eligibility requirements for both the business and nominated employees. Other requirements include notifications of the nominated employees and record-keeping of required notice, as well as paying nominated employees the specific JobKeeper amount by the end of April. www.proacct.com.au

02.01.2022 ATO has flagged a trend of private company directors either not lodging their tax returns or not reporting the correct amount of income received from the company in their tax returns. It encourages those taxpayers to either lodge their tax returns by the deadline of 31 October 2021 or request an amendment to their existing tax return through the appropriate channels. The ATO is due to commence lodgment reviews for company directors identified shortly and notes that those that voluntarily come forward may have penalties reduced. www.proacct.com.au

14.12.2021 SMSF trustees will have various relief applied for another year, due to the ongoing effects of the COVID-19 pandemic. The relief relates to residency requirements, related party rental relief, loan repayment relief, and the in-house asset threshold. For most of these issues, the ATO has indicated that it will not apply compliance resources to determine whether the SMSF meets various requirements. However, proper documentation is still required in regard to in-house assets, and in cases where changes have been made (ie rental relief or loans). www.proacct.com.au

09.12.2021 The COVID-19 disaster payment that has supported individuals unable to work in their usual employment due to the effects of lockdowns will be phased out gradually as the various States and Territories reaches vaccine targets of 70% and 80%. This means that depending on the State/Territory that you live and work in the date of phase out may differ. For example, it is expected that NSW will reach the 70% full vaccination target around 10 October, while Victoria won’t reach that target until at least 26 October.