Reliable Melbourne Accountants in Kensington, Victoria | Business service

Reliable Melbourne Accountants

Locality: Kensington, Victoria

Phone: +61 1300 049 534

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• Business service
• Tax preparation service
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24.01.2022 QUESTION Can the individual claim expenses such as depreciation etc. against the trust distribution that he receives from the discretionary trust? ANSWER... The client would not generally be able to claim a deduction for the expenses they have incurred personally in a case like this if the trust is a discretionary trust and the individual has not received any income from the trust during the year aside from distributions. One potential option for fixing this is to have the trust pay some salary or wages to the individual during the year or pay them an allowance which is intended to cover the costs associated with the work they perform for the trust. However, this could potentially trigger flow-on issues such as PAYGW, SG etc. Alternatively, the trust could potentially pay or reimburse some of the expenses associated with the vehicle directly, although you would then need to consider possible FBT issues in which case a similar problem can arise in connection with applying the otherwise deductible rule.

22.01.2022 Reliable Melbourne Accountants is one of Melbournes most renowned accounting firms, servicing small to large businesses, trusts, and non-profit organisations across various industries in Australia. We provide end-to- end accounting services including tax accounting, tax planning, payroll management, and GST reporting. We look beyond the numbers- we want to help your business achieve its maximum potential. We are techy, cloud-savvy, and are skilled with various accounting software such as Quickbooks, Xero, SAASU, MYOB as well as Sage One. We would love to hear from you- call us at 1300 049 534 and let us know how we can help! https://www.youtube.com/watch?v=EbJKHr8BSqE&feature=youtu.be

22.01.2022 Tax treatment of income when visa status changes from working holiday to skilled Working holidaymaker taxpayers is taxed at 15% for the first $37,000 if they have a 417 or 462 visa. After their working holiday visa expired and they continue to stay in Australia under s 489 skilled regional visa, any income derived while on 489 visas would be taxed at the applicable tax rates depending on their residency status (resident or non-resident). Therefore, you need to determine the...ir residency status which depends on several personal facts and individuals' circumstances. Please use the ATO's residency tool and details attached below: https://www.ato.gov.au//resi/residency---the-resides-test/ https://rmelbourneaccountants.com.au/ #taxrates #residents #ATO #tax #accountants #taxes #bookkeeper #bookkeepingservices #taxadvice #bookkeeping #bookkeepingtips #accountingservices #accountantlife #taxconsultant #payrollservices

22.01.2022 Reliable Melbourne Accountants On July 1, 2021, the superannuation guarantee rate will increase up to 9.5% to 10%. It’ll keep on increasing each year until it reaches 12% on July 1, 2025. Concessional cap will be increased from $25,000 to $27,500. Non-concessional cap will be increased from $100,000 to $110,000.... The Company tax rate for base entity will now reduce from 26% in 2020-21 to 25% in 2021-22 From 1 July 2021, the amount paid to closely held payees will have to be reported via STP. An individual closely-held payee is directly related to the entity from which they get paid, such as a family member, shareholder, director, or beneficiaries of a trust. When the insurance payout is more than the original cost of repair for damaged or destroyed personal items, then Capital Gain Tax might apply. https://rmelbourneaccountants.com.au/what-will-change-on-j/ #superannuation #smallbusinesses #tax #taxes #insurance #director #singletouchpayroll #rental #company

22.01.2022 2021/22 - Budget Tax Implications #Tax #taxlaw #taxation #superannuation #ATO #government #taxes #taxlaws #breweries #distillery #excisetax #offsets #clients #identitytheft #travelrestrictions #covid19businesssupport #medicare #smebusiness #smallbusinesses #reliabeaccountants #incometax #covid19relief https://rmelbourneaccountants.com.au/2021-22-budget-measur/

22.01.2022 UPDATE: Protect yourself and protect others. #coronavirus #covid_19 #health #safety

22.01.2022 The Government of Australia has declared their objective to pass legislation to introduce the measure to provide wage subsidies to the businesses which are affected by Coronavirus. Under this legislation, the assistance will be directed to the employers to pass on to the workers. The Prime Minister of Australia unveiled $130 billion support package to help businesses and the workers.

21.01.2022 Companies Checklist Pre 30 June 2021 Reliable Melbourne Accountants Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends). The maximum franking percentage rules have changed recently we can discuss this with you Pay superannuation to deduct contributions in the current financial year... Complete a stocktake where required (see Do you need to do a stocktake?) Write-off bad debts and scrap any obsolete stock or plant and equipment Ensure any inter-entity management fees have been raised #accounting #tax #smallbusiness #finance #checklists #taxes #accountant #taxplanning #reliableaccountants https://rmelbourneaccountants.com.au/

20.01.2022 September 2020 Tax Round Update - https://mailchi.mp/e27/august-2020-tax-round-update-4802698

20.01.2022 #accounting #business #smallbusiness #taxfilling #taxreturn #accountants #accountingservices #businesstax

19.01.2022 Land Tax Rental relief For Landlord to be eligible for Land Tax Relief, the SRO has updated their requirements to now include a statutory declaration from tenants receiving rent reliefs. if your business is eligible and participating in JobKeeper?... If yes to the above please complete the following form LTX-Form-20: Coronavirus Land Tax Relief - Commercial Tenant Details. There will be a guide on how to complete it. https://rmelbourneaccountants.com.au/

18.01.2022 Warm wishes to you and your family on this EID. Eid Mubarak from Reliable Melbourne Accountants! #Eid #eidmubarak #Eid2021 #eidcollection2021 #eidcelebrations #happyeidmubarak #accountants #melbourne

18.01.2022 https://reliablebookkeepingservices.com.au/covid-19-tax-ro/

17.01.2022 Tips For Hiring Best Tax Accountants: https://www.articleted.com//-Tips-For-Hiring-Best-Tax-Acco #taxes #tax_advice #tax_return #tax_accountants #tax_accounting #tax_planning

16.01.2022 Including Australias acts, four Australian governments provided their own stimulus packages formally issued. A description of the main payroll tax concessions in answer to COVID-19 from all States and territories is given below. #covid_19 #payroll_tax #tax #tax_concession #tax_relief

16.01.2022 Registered tax agents without an AFSL temporarily able to give advice to existing clients about early access to superannuation. #Accountant #Superannuation #rmelbourneaccountants https://rmelbourneaccountants.com.au

16.01.2022 Jobmaker Hiring Credit: Employers and Employee Eligibility #Jobmaker #taxadvice #bookkeeping #bookkeepingservices #payroll #accounting #accountants #bookkeeper #bookkeepers #bookkeepingtips #taxconsultant #payrollservices #taxes https://reliablebookkeepingservices.com.au/jobmaker-hiring/

16.01.2022 Under the Stage 4 restrictions, workplaces that can remain open have additional obligations for employers, including: From 11:59pm on Wednesday 5 August, providers that require their staff to attend a work site must issue a worker permit to their workers this is the labour providers responsibility. From 11.59pm on Friday 7 August, every business must complete their COVID Safe Plan. For information on permitted industries visit DHHS. This includes both the labour hire provi...der and the host business. The COVID Safe Plan in place must be regularly updated. Labour Hire Providers must ensure that workers are issued with appropriate personal protective equipment (PPE) and are subject to an appropriate control, training and supervision to ensure compliance with the directives.

15.01.2022 HomeBuilder focuses on the residential construction market by giving tax-free grants of approximately $25,000. #construction #grants #HomeBuilde #buidinggrants #socialhousing #homebuilder #construction #realestate #customhomes #newhome #dreamhome #builder #homedesign #newconstruction #home #renovation #contractor #homesweethome #newhomes #luxuryhomes #homebuilding

15.01.2022 #GSTFREE #GST #Items #bread #Ingredients #Oils #Milk #Cream #Cheese #Eggs #Spice #Sauces #Condiments #Water #Fruits #Vegetable #Juice #Tea #Coffee #Babyfoods #Meats #Spreads #Cereals The following foods are GST-free: Bread and bread rolls without a sweet coating (such as icing) or filling a glaze is not considered a sweet coating... Cooking ingredients, such as flour, sugar, pre-mixes and cake mixes Fats and oils for cooking Unflavoured milk, cream, cheese and eggs Spices, sauces and condiments Bottled drinking water Fruit or vegetable juice (of at least 90% by volume of juice of fruit or vegetables) Tea and coffee (unless ready-to-drink) Baby food and infant formula (for children under 12 months of age) All meats for human consumption (except prepared meals or savoury snacks) Fruit, vegetables, fish and soup (fresh, frozen, dried, canned or packaged) Spreads for bread (such as honey, jam and peanut butter) Breakfast cereals. https://reliablebookkeepingservices.com.au/ https://rmelbourneaccountants.com.au/ Reliable Bookkeeping Services @Rmelbourneaccountants

14.01.2022 2019 has been such a successful year for Reliable Melbourne Accountants that about average of 25 customers per day viewed us on google! Thanks to the clients, colleagues and associated partners for your amazing efforts. 2020 will be bigger & Better!... Every business should be born again on the first day of January.

13.01.2022 #taxes #taxconsultant #taxation #taxadvice #taxes2020 #taxcompliance #taxplanning #financialaccounting #financialreports #payrollservices #cloudaccounting #budgets #budgetplanning #budgeting

12.01.2022 The work we do is not easy, and we do with with a great attitude and teamwork. #Thankyou #Customerservice Vishwa Teja Daram

10.01.2022 $150k instant asset write-off extended for 6 months to 31 December 2020 https://hubs.ly/H0rgRCJ0

10.01.2022 JobKeeper Payment Fact Sheet Eligible employees must have been on the books as at 1 March 2020 Casual employees must have been employed on a regular basis for at least 12 months At last 16yo... An employee continues to be engaged inc full time, part-time, casual and stood down employees The employee must be an Australian citizen, holder of a permanent visa, protected special category visa holder, non protected special category visa holder residing in Australia for >10yrs, or subclass 444 visa holders Can be reengaged post 1 March, but the employee must have been an employee at 1 March Where an employee has multiple employers, can only claim from 1 employer Must prove a reduction in turnover of >30% vs the comparable period last year (of at least 1 month) Where a business has shown rapid growth (such as startups with little or no revenue last year) or has seasonal/lumpy revenue its yet to be confirmed how the 30% revenue test will be determined (if flexible) Subsidy payment is pre-tax Our interpretation is that Super IS payable on the portion of wages paid for hours worked (i.e. as per usual for employees who continue to work, on their fortnightly wage for hours) Our interpretation is that Super IS OPTIONAL on payments to employees is over and above their hours worked (i.e. if their fortnightly wage is $1,000 and they are eligible for $1,500 subsidy, then super is optional on the extra $500 only) https://rmelbourneaccountants.com.au/ https://reliablebookkeepingservices.com.au/

09.01.2022 After an eight-year successful run of Reliable Bookkeeping Services (RBS) with 92 5-star customer service reviews, we expanded our scope of services via Reliable Melbourne Accountants last year. One year on, we have amassed another 62 5-star reviews for Reliable Melbourne Accountants. Our heartfelt thanks and gratitude to our awesome clients and fantastic team for making this possible!

09.01.2022 #coronavirus #coronavirusimpact #covid_19 #business #tax #business_tax

09.01.2022 Deductibility of rental property landscaping Question The client is currently renting out an investment property and while tenants are still living in the property, my client (the landlord) completed some landscaping.... Answer: Costs involved in landscaping a property are generally seen to be capital in nature. Landscaping would generally amount to an improvement to the property which would have an enduring benefit. These expenses generally need to be added to the cost base of the property for CGT purposes under s110-25 (ie, can reduce a future capital gain on sale of the property). The client would not generally be able to claim depreciation or capital works deductions in relation to the landscaping work. In order to claim depreciation deductions under Division 40, it is necessary to identify specific items of plant or equipment. Landscaping expenditure would not normally give rise to items of plant or other depreciating assets, although you should check to see whether the client has incurred expenditure on items that could be classified as separate depreciating assets (eg, pumps etc). Expenditure on landscaping is specifically excluded from the capital works rules in Division 43. Refer to ATO ID 2006/235 which discusses this issue. https://rmelbourneaccountants.com.au/

09.01.2022 Registration for JobKeeper is available from Monday 20 April 2020. If applicable to you, you need to enrol by Thursday 30 April 2020, otherwise you will not be eligible to claim and receive JobKeeper payments for the month of April. This is a very short time frame and the process is quite complex. ... Due to the extreme time constraints involved with this process, its crucial that we have your total commitment to completing this process and that you are providing us with any required information in a timely manner on your behalf by Thursday 30 April 2020 (and therefore you would not be eligible for payments for the month of April). A fixed fee applies for the services rendered. #jobkeeper #COVID19 #employees #employers #SoleTrader #individuals #business #assistance https://rmelbourneaccountants.com.au/

09.01.2022 #tax #taxupdate #taxroundup #taxupdate2020 #taxpreparation #jobkeeper #payementrelief #repayment

08.01.2022 Deadline of Tax Return (15 July, 2020) Your Tax Filing will now be due on this date. If you would need more time, then the request for an extension would be 15 October, 2020. Deadline of Tax Payment (15 July, 2020) If you owe to pay income tax for 2019, the IRS payment can be delayed until this time. You will not be penalised if you will be paying before this deadline. #taxreturn #incometaxreturn #taxpayments #covid19_impacts... #coronavirus #taximpacts See more

07.01.2022 The End of Financial Year is here! Not to worry, we are dedicating July 2020 to submitting all your tax returns timely and responding to any inquiries. Feel free to give us a call, we are happy to help. 1300 049 534 / 0432166714... Reliable Melbourne Accountants #Reliable #Melbourne #accountants

07.01.2022 The National Minimum wages that are currently paid to employees is $19.49 each hour, or $740.80 each 38-hour week. The different job types get different minimum wages. Read More:https://rmelbourneaccountants.com.au/minimum-wage-in-austr/ #minimumwageaustralia #nationalminimumwages #wages

07.01.2022 The Accounting during the difficult times are there to provide assistance and positivity in businesses. Being an entrepreneur, the key element to focus now a days in the times of downturn is to resist with the tough times that sets business up to be a rapid turning cash flow business, when in the future everything bounces back in a positive manner. #coronavirus #covid19 #businesess #business_aspects #coronabusinesschalenge #coronabusinesseffect

06.01.2022 Stimulus Packages

06.01.2022 Millions of Australians will receive $750 this week amid coronavirus pandemic The federal government will give 6.5 million lower-income Australians a one-off payment of $750 starting from Tuesday in the wake of the coronavirus pandemic. All social security, veteran and other income support recipients and eligible concession card holders will receive the cash handout. That includes people with commonwealth seniors health cards, those receiving family tax benefits, as well as J...obseeker (Newstart) and Youth Allowance recipients. #melbourne #wagessubsidynow #reliablemelbourneaccountants #lockdownforlove #lockdownforlove #stayathomeandstaysafe #brisbane #sydney #perth #canberra #sunshinecoast #victoria #geelong #nsw #nswgovernment #perthisok #perthbusiness #goldcoastbusiness #queensland #australian #townsville #southaustralia #cbr #wa #westernaustralia #northqueensland #northqueensland #australiangovernment #melbournebusiness #australianbusiness #sydneybusiness #sydneyjobs #adelaide #tasmania #northernterritory #austrade #newcastlensw #newcastlensw #qld #australiajobs #cairns #sydneyevents #darwin

05.01.2022 https://rmelbourneaccountants.com.au/tax-round-up-septembe/ #jobkeeper #taxadvice #financialreports #bookkeepingandaccounting #bookkeepingservices #accountingservices #bookkeeper #taxconsultant #cloudaccounting #accountingfirms #accountantlife #taxes2020 #taxplanning #taxation #accountingandaccountants #budgeting #irs #melbournebusiness #finance #recruitment #melbourne #accountingservice #bookkeepers #taxcompliance #bookkeeping #accountingandfinance #financialaccounting #bookkeepingsolutions #taxes #accountants

03.01.2022 #software #competitiveintelligence #businessadvice #humanresourceshr #hrmanagement #projectmanagement #projects #projectandprogrammanagement #management #feedback #Communication #bookkeepingservices #bookkeeper #bookkeeping #accountants #Melbourne #Australia #Reliable https://reliablebookkeepingservices.com.au/ https://rmelbourneaccountants.com.au/

03.01.2022 Home Builder Grant Eligibility for Building & Renovation - https://mailchi.mp//home-builder-grant-eligibility-for-bui

03.01.2022 #accountingsoftware #bestaccountingsoftware #accounting #xero #myob #quickbooks #saasu #accountants #accounts

02.01.2022 #taxes #tax_services #taxation #income_tax #tax_return #tax_planning #tax_preparation #tax_advice #tax

01.01.2022 #tax_accountants #tax_services #tax_advice #tax_prepation #taxes #tax_reduce #income_tax #gst

01.01.2022 September 2020 Guidelines for COVID-19 affected business - https://mailchi.mp//september-2020-guidelines-for-covid-19

01.01.2022 #tax #taxservices #taxaccountants #taxminimization #taxreturn #taxaccounting #incometax #personaltax #businessestax