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Rondo Financial

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25.01.2022 Movember: Time to get around a good cause, Captain of the footy team Doug Hanel is looking to raise some funds for Movember. You can guarantee he'll be looking offensive come the 30th. If you'd like to donate, click the link below:... https://au.movember.com/donate/payment/member_id/12637761

24.01.2022 ATO: What they look for.. To help you get things right, you should consider the behaviours, characteristics and tax issues that attract the ATO's attention. The following behaviours and characteristics are just a few examples that may attract their attention:... - tax or economic performance is not comparable to similar businesses (benchmarks) - low transparency of your tax affairs - large, one-off or unusual transactions, including transfer or shifting of wealth, profit shifting, etc - non-lodgment of returns - tax outcomes inconsistent with the intent of tax law - lifestyle not supported by after-tax income - accessing business assets for tax-free private use (fringe benefits tax) - poor governance and risk-management systems.

24.01.2022 From 1 July 2021, the superannuation guarantee charge has increased from 9.5% to 10% per annum. As all employers are now on a single touch payroll software , the increase will be reflected on your payslips going forward each pay run.

24.01.2022 Tax Planning: 2019 Initiatives What you can do prior to 30 June to help minimise your tax liability ..

24.01.2022 ATO: Bitcoin / Crypto - Yes the ATO can track your transactions - Yes you will be subject to CGT ... More information to come ...

23.01.2022 ATO: Low Income Tax Earners If your taxable income is under the tax-free threshold of $18,200 you may still need to lodge a tax return. Common reasons for this include the following:... - you had pay as you go (PAYG) withheld from payments received during the year - you had a reportable fringe benefits or superannuation contribution amounts on your PAYG payment summary - you are running a business under an ABN - you are entitled to the private health insurance rebate but did not claim your correct entitlement as a premium reduction during the year - your were a liable or recipient parent under a child support assessment For any assistance with lodging your 2017 Income Tax Return please do not hesitate to contact our office.

22.01.2022 ATO: Motor Vehicle Deductions The Australian Taxation Office is warning taxpayers that they are paying close attention to claims for work-related car expenses this tax time. While its true that you dont need written evidence for claims of up to 5,000 kilometres per year using the cents per km method, you do need to be able to show that you were required to use your car for work, and how you calculated your claim.... - Taxpayers usually cant claim trips between home and work unless theyve got a good reason, such as carrying bulky tools or equipment to work. - If you make a claim for transporting bulky tools, you need to be able to prove you were required by your employer to take these items to work, AND that there was no safe place to store them - You also need to have spent the money yourself and not been reimbursed by your employer

22.01.2022 Motor Vehicle Deductions: Transport of Bulky Equipment Rafferty and Commissioner of Taxation [2017] AATA 636 - An employee was denied a deduction for home to work travel undertaken in a car where she claimed to be transporting bulky equipment used in her employment. The equipment was not considered to be bulky and in any event there was a safe storage facility available at her employers location.

22.01.2022 Hiring: Part-time Accountant Looking for an intermediate accountant experienced in the preparation of annual financial statements - Contract Work - Flexible Hours... - Commission Based if this applies to yourself or someone you know, please send all resumes to [email protected]

21.01.2022 Home Loans: Interest rates are well down with people receiving rates as low as 3.6% on owner occupier homes. If you think you're paying too much on your mortgage, feel free to contact our office and see if we can help you free up some cash.

21.01.2022 ATO: Work Related Expenses & Crypto Update It is essential that the following three rules are used in order to claim an expense: - you must have paid for something and NOT been reimbursed - it must be directly related to earning income & not a private expense, and... - you must have a record to prove it (invoice / receipt / etc) Our staff are well trained and aware of which areas the ATO will be targeting this financial year with a strong focus on travel apportionment, laundry claims, home office expenses, & crypto transactions. Crypto currencies is not recognised as money or currency in the ATO's eyes, but rather recognized as property. Any crypto transactions will be treated as assets for Capital Gains Tax purposes and will be treated accordingly for tax purposes. If you'd like any further information, contact our office now and see how we can help you.

21.01.2022 2017 Individual PAYG Payment Summaries: Group Certificates 2017 Individual PAYG Payment Summaries are in process for a number of clients with 50% done already... If any employees ask, the due date is the 14th July for employers to provide employees with their 2017 Individual PAYG Payment Summary.

19.01.2022 2017 Federal Budget: The 2017/18 Federal Budget has recently been revealed this week. Some continuation across the board from last budget, with small businesses continuing to benefit from lower tax rates resulting in more cash flow being available for investment & expansion. Bad news for those with student / HELP loans unfortunately.... you can read more here...

18.01.2022 2018 Income Tax Returns: We are currently taking bookings for lodgment of your 2018 Income Tax Return for those clients wishing to have their tax lodged earlier this year. The ATO has spent a lot of time on data matching to ensure individuals are declaring all income earned during the financial year. Everything from PAYG Payment Summaries, to interest and dividends earned, as well as private health insurance information.... The hit list for 2018 and beyond includes crypto transactions, undeclared business income, wrongly-claimed non-business expenses and unpaid superannuation guarantee contributions. Contact our office to secure your spot now.

18.01.2022 Accounting Software: XERO XERO currently have an offer available of 50% off for 5 months expiring at midnight tomorrow. If you're thinking about switching over now would be the time to do so..... - online based platform (access from anywhere, no updates, no installation) - multiple user access (set access levels for users to hide sensitive information for directors eyes only) - up to date set of accounts to track cash flow / job costs / profit during the year - numerous help videos available online showing step by step instructions on how to use xero

18.01.2022 ATO: Single Touch Payroll for Employers from 1 July 2019, all Employers will need to have software capable of satisfying the ATO's single touch payroll requirements...basically the ATO gets up to date information for wages / super / payg each pay run. Most existing software providers such as XERO / MYOB / Reckon have already implemented the software with only registration required.... This is also a way for the ATO to track compliance of employers and issue penalties for any super payments not paid by the 28th of the following month each quarter for example. If you need to know whether your software is up to speed please do not hesitate to contact our office.

16.01.2022 Fair Work: Minimum Wage Increase The Fair Work Commission has announced a 3.3% increase to the National Minimum Wage applicable from the first full pay period commencing on or after 1 July 2017. The new national minimum adult wage will be $694.90 or $18.29 per hour. If you have employees under an award, it would be worth calling fair work and confirming what the new pays for each employee should be.... Employers checklist for 1 July 2017 No changes take effect until the first full pay period on or after 1 July 2017. An employer who has Award free employees must at least pay them at the National Minimum Wage rate from the first full pay period on or after 1 July 2017. An employer with Award free junior employees must pay those employees at the appropriate percentage of the National Minimum Wage rate from the first full pay period on or after 1 July 2017. Any employer who pays their employees at the minimum Award rate of pay will be required to increase pay rates by 3.3% from the first full pay period on or after 1 July 2017. The incoming increases to the Award rates of pay can be absorbed into an employee's current rates of pay if the result leaves the pay rate at least equal to the adjusted Award minimum rates.

16.01.2022 ATO: 2019 Focus The hit list for 2019 and beyond includes: - Crypto-Currencies - Air BNB & Similar Rental Arrangements... - Rental Properties (Repairs & Travel Deductions) - Claims for Standard Deductions using Substantiation Exceptions - Superannuation Deductions for Individuals Wrongly claimed expenses are mainly centred around laundry expenses, overtime meal & travel expenses, home office expenses, and motor vehicle expenses (both the cents per km method & logbooks) The ATO has outlined that "clients are not automatically entitled to claim standard deductions despite their being a daily rate available. They need to be able to show how they worked out their claims, so remind them to keep records when incurring expenses or be able to provide evidence on how they calculated their claim". Should you wish to discuss any of the above points further, please do not hesitate to contact our office.

16.01.2022 ATO: Laundry Claims This upcoming tax return the ATO is coming down hard on work related laundry claims, especially those claiming $150 for compulsory uniform. It must be for a uniform, protective or occupation-specific clothing that you were required to wear to earn your income to be deductible & you must be able to show receipts / calculations for your claim.... The following scenarios are not-deductible in the eyes of the ATO: - claiming for normal clothing, such as a suit or black pants. - claiming normal clothes because your boss told you to wear a certain colour, or items from the latest fashion clothing line - claiming normal clothes because you bought them just to wear to work

16.01.2022 Have a client chasing a part-time Admin person - payroll (Xero) - filing - 1 day a week to start... - all online work / work from home See more

14.01.2022 ATO: Company Tax Rate Good news, the small business company tax rate of 27.5% applies to both trading companies as well as passive investment companies (including those of you with a "bucket company"

13.01.2022 Your superannuation obligations for the September 2016 quarter are due by the 28th October 2016. Just a reminder that superannuation of 9.5% is due on the ordinary time earnings of employees and some contractors. This includes the following payments where an employee earned over $450 in a calendar month:... - Ordinary Hours of Work & Salary Payments, excluding overtime - Some Allowances - Annual Leave - Termination Payments in Lieu of Notice - Bonuses Contractors paid mainly for their labour are employees for superannuation guarantee purposes. This is the case even if the contractor quotes an Australian Business Number (ABN). If you need help understanding your superannuation obligations, contact our office now and we can help assess your superannuation liability.

13.01.2022 The deadline of Oct 31 for lodging your individual tax returns yourself is fast approaching ... If you'd like an extension till May 15 next year contact us as soon as you can

13.01.2022 FBT: Fringe Benefits Tax is essentially a tax on employers in respect of mostly non-cash benefits provided to employees in addition to, or in place of a cash salary. There are a number of options available to employers which can help minimise their FBT obligations as well as provide some useful income tax deductions. ... If you'd like to know more about where you can save on your FBT obligations, or just see if FBT applies to your business, contact our office today or click the link below.

12.01.2022 2017 Tax Planning Initiatives: Probably the biggest question we get asked by our clients is "how can we save money on our tax each year". As a small business owner there are a number of actions you can implement prior to 30 June which could save you thousands.... I've compiled a list of strategies that we implement ourselves to help minimize our tax obligations each year. Should you wish to discuss any of the initiatives further, please do not hesitate to contact our office to see which actions are best suited to your needs. http://rondofinancial.com.au/ne/32-tax-planning-initiatives

11.01.2022 Superannuation: To ensure you meet the super contributions deadline, we suggest you submit your superannuation batches by 5 pm today. This way the payments will reach the super funds on time and youll be able to claim these payments as tax deductions.

10.01.2022 ATO: Data Matching Program Over the past few years, the ATO has been expanding it's data matching program to ensure compliance for taxpayers lodgments. Currently the ATO is obtaining information from:... Banking Institutions (obtaining interest earned amounts) Private Health Insurance Providers (obtaining annual statements) Employers (Matching Taxable Payments Annual Reports to ABN Holders declared Income) Share Trading Sources (Dividend Information) Other key areas the ATO is targeting are: Share Transactions Online Selling Platforms Online Rental Platforms Credit & Debit Cards To find out more, a detailed list can be found in the news section on our website.

10.01.2022 ATO: Processing Dates 2019 ITR The ATO will start fully processing 201819 tax returns on 5 July 2019 and can expect to start paying refunds from 16 July 2019. They're aiming for Notices of Assessments for electronically-lodged current year tax returns within 12 business days of receipt / lodgement date.

10.01.2022 Scams: There's currently crew calling up tax payers about "overdue debts" and to call a number immediately and pay. If you have a debt, the ATO will always call your tax agent first rather than you directly

09.01.2022 Uber Drivers: GST The Federal Court has held that a person supplying uberX services is supplying "taxi travel" within the meaning of the GST Act, and therefore are required to be registered for GST under Division 44 of the GST Act. Uber B.V. v FCT [2017] FCA 110

08.01.2022 Big Congratulations to the team @ Nu-Vision Painting on their win

08.01.2022 ATO: Tax Returns The ATO require tax returns to be due by 15th May. If you havent lodged already there is still time ... feel free to contact us for last minute bookings

07.01.2022 Getting that recognition @ Nu-Vision

05.01.2022 As most of you know, we try to maintain an electronic office as much as we can and limit our use of paper for correspondence .... now theres this ... make your own choice

05.01.2022 Superannuation: Employers If you're looking for an extra tax deduction for 2019, it's worth paying your superannuation for employees prior to 30th June 2019 and claim the deduction this financial year

02.01.2022 Vacations over .... back on the grind as of this morning

01.01.2022 Box 33 are looking for 4 men in the Melville area for an experimental 12 week Strength program deigned by Senior SFG Tim Almond. WHAT YOU CAN EXPECT -MASSIVE gains in strength and body composition. -Full Nutritional guidance... -Private 1 on 1 sessions -Additional semi private session each week -To learn the system thoroughly -To learn the techniques thoroughly No strength training experience is necessary, theyll teach you everything you need to know.

01.01.2022 The hit list for 2021 Income Tax Returns and beyond includes: Crypto-Currencies: The ATO's general stance on bitcoin & other crypto-currencies is that buying and selling of the crypto-currency will fall under the capital gains tax provisions for income tax purposes. Separate Wallets need to be held for each entity, with buy and sell transactions recorded for each currency. Most online platforms will be reporting directly to the ATO Data-Matching System going forward.... Rental Properties: Repair claims will be heavily monitored in 2021 in regards to deductible interest, as well as anyone still incorrectly claiming travel deductions in regards to their rental properties. Claims for Standard Deductions using Substantiation Exceptions: Wrongly claimed expenses are mainly centred around laundry expenses, overtime meal & travel expenses, home office expenses, and motor vehicle expenses (both the cents per km method & logbooks for people who transfer bulky tools and equipment between home and work) with the ATO taking a strong stance on each of these. The ATO has outlined that "clients are not automatically entitled to claim standard deductions. They need to be able to show how they worked out their claims, so remind them to keep records when incurring expenses or be able to provide evidence on how they calculated their claim". Superannuation: Individuals who incorrectly claimed for the $10,000 withdrawal from their Superannuation Funds will be in the firing line if they did not satisfy all the necessary criteria last year.