Russo & Co. Accounting in Wollongong, New South Wales | Accountant

Russo & Co. Accounting

Locality: Wollongong, New South Wales

Phone: +61 2 4226 5566

Address: 32 Market Street 2500 Wollongong, NSW, Australia

Website: http://www.russoandco.com

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• Tax preparation service
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• Financial service

24.01.2022 Our trainees are getting younger!

23.01.2022 Here are 100 positive news stories from 2018.

14.01.2022 ATO set to double audits of dodgy rental deductions..... Rental property owners are being warned to ensure their claims are correct this tax time, as the Australian Taxation Office (ATO) doubles down on tax agents attempting to claim travel to residential rental properties despite the rules changing in 2017. In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions, the ATO revealed. ... Assistant commissioner Gavin Siebert said that this year, the ATO has made rental deductions a top priority. "A random sample of returns with rental deductions found that nine out of 10 contained an error. We are concerned about the extent of non-compliance in this area and will be looking very closely at claims this year," he said. When it comes to dodgy claims, the ATO’s detection methods are becoming more advanced. "We use a range of third-party information including data from financial institutions, property transactions and rental bonds from all states and territories, and online accommodation booking platforms, in combination with sophisticated analytics to scrutinise every tax return. "Where we identify claims of concern, ATO staff will investigate and prompt taxpayers to amend unjustifiable claims. If necessary, we will commence audits," Mr Siebert noted. The government recently allocated additional funds to the ATO to extend its program of audits and reviews of rental properties. As a result, the ATO expects to more than double the number of in-depth audits it conducts this year to 4,500, with a specific focus on over-claimed interest, capital works claimed as repairs, incorrect apportionment of expenses for holiday homes let out to others, and omitted income from accommodation sharing. "Once our auditors begin, they may search through even more data including utilities, tolls, social media and other online content to determine whether the taxpayer was entitled to claims they’ve made," Mr Siebert said. While no penalties will apply for taxpayers who amend their returns due to genuine mistakes, deliberate attempts to over-claim can attract penalties of up to 75 per cent of the claim. In 2017-18, the ATO audited over 1,500 taxpayers with rental claims, and applied penalties totalling $1.3 million. "This tax time, our message to taxpayers is clear. If you are renting out a room or a property, any money you earn must be declared as income and any deductions you claim may need to be apportioned for private use," Mr Siebert said.

12.01.2022 The Tax Office has focused on several occupations within the SME industry that have a number of tax ‘grey areas’ as part of its broader compliance crackdown on work-related tax expenses. Last year, ATO tax commissioner Chris Jordan said he wanted to address the large number of incorrect claims made for work-related expenses deductions as a means of minimising the tax gap. Earlier this year, the Tax Office flagged a number of key items that small businesses should be consideri...ng ahead of tax time, including up-to-date records and a range of tax concessions. Now, the ATO has provided tax claim guides for some of the most common occupations, such as teachers, nurses, police officers, hospitality workers, tradies, office workers and IT professionals. As an example, for retail businesses, the ATO said they can claim a deduction for travel between two workplaces on the same day, work-related phone calls, overtime meal expenses where they worked overtime and were paid an overtime meal allowance, and uniforms that are unique and distinct to your employer. However, they can’t claim a deduction for plain clothes or makeup that their employer told them to wear, even if they work in a store that sells them. Further, the ATO said they also can’t generally claim the cost of home to work travel, even if you have to work outside of normal business hours. ATO assistant commissioner Kath Anderson said a key component of the campaign is simple, plain English guidance for the most common occupations, like teachers, nurses, police officers and hospitality workers. Last year work-related expenses totalled a record $21.3 billion, and we have already flagged that over-claiming of deductions is a big issue, Ms Anderson said. With so much money at stake, the community expects us to provide help where we can, not just take action when we see mistakes and errors.

12.01.2022 Hi everyone, we're excited to launch our Facebook Page for Russo & Co Accounting. Please share this with your friends, thank you!

11.01.2022 These delicious edible spoons are proof that we can create a plastic-free world

09.01.2022 The Age Pension is indexed twice a year, and changes that came into effect in March brought some good news for retirees on eligibility for both the part and full Age Pension. The upper assets thresholds went up from March 20 to: $253,750 for a single homeowner on the full Age Pension... $456,750 for a single non-homeowner on the full pension $380,500 for a homeowner couple on the full pension $583,500 for non-homeowner couples on the full pension 556,500 for a single homeowner on a part-pension $759,500 for a single non-homeowner on a part-pension $837,000 for a homeowner couple on a part-pension $1.04 million for non-homeowner couples on a part-pension These thresholds are important to understand, because the mix of assets and income (from superannuation, property or other investments) in retirement can impact your pension entitlements. See more

08.01.2022 Super contributions - changes to tax offset for spouse contributions On 1 July 2017, the spouse income threshold increased, meaning more people are eligible to claim the tax offset for the 2017-18 and future financial years. Taxpayers are entitled to a tax offset of $540 a year if all of the following apply: the total of their spouse's assessable income, total reportable fringe benefits amounts and reportable employer super contributions is not more than $37,000 and the contr...ibutions were not deductible to the taxpayer the contributions were made to a complying super fund for the income year in which the taxpayer made the contribution both the taxpayer and their spouse were Australian residents when the contributions were made when making the contributions the taxpayer and their spouse were not living separately and apart on a permanent basis their spouse had not exceeded their non-concessional contributions cap for the relevant year or had a total superannuation balance equal to or exceeding the transfer balance cap immediately before the start of the financial year in which the contribution was made. If their spouse’s income is between $37,000 and $40,000 you may be eligible to a part offset. See more

07.01.2022 Treasurer Josh Frydenberg has announced that he will commission a review into the retirement income system, which will include the interfaces of superannuation, government pensions and taxation. The IPA applauded the Treasurer's efforts, but admitted that such a review is long overdue. "The importance of trying to define what a retirement living standard the system should aim for is not well defined," said IPA chief executive Andrew Conway.Mr Conway warned that there is a b...udgetary consideration of funding the age pension and superannuation tax concessions and ensuring that the system is sustainable going forward. The need to encourage greater investment in superannuation to facilitate self-funded retirement is critical as Australia will not be able to fund government pensions in the future, especially considering our ageing population, Mr Conway said. Different mechanisms need to be considered given the longevity risk when superannuation members retire. This includes the development of annuity type products. However, he cautioned, all complexities in the system, which exist due to many competing interests, must be given due weight if we are to develop an equitable retirement income system. For instance, we cannot ignore the findings of the Productivity Commission report, which suggested reforms to benefit members through lower fees and higher investment returns could generate an extra $533,000 for a new job entrant today when they eventually retire, said Mr Conway. An essential element of this review will be to provide access to affordable financial advice, which is what public accountants, as trusted advisers, can deliver.

04.01.2022 Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. Taxpayers listen to advice from many sources, including tax agents, colleagues, family and friends, and even helpful shop assistants. While some advice is correct, some isn’t and it’s leading to mistakes and errors that can be costly, Ms Anderson said. Top of the list is the myth that everyone is entitled to claim a standard deduction of $150 for laundry, 5,000 kilometres for car...Continue reading

04.01.2022 https://au.finance.yahoo.com//-australia-is-the-best-econo

02.01.2022 Single Touch Payroll (STP) is a reporting change for employers. It started on 1 July 2018 for employers with 20 or more employees. You will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.... STP will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament. Count the employees on your payroll as of 1 April to see if you need to get ready for STP.