Seriously Accountants in Innisfail, Queensland | Financial service

Seriously Accountants

Locality: Innisfail, Queensland

Phone: +61 7 4061 1777

Address: 8 Mourilyan Road 4860 Innisfail, QLD, Australia

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• Tax preparation service
• Accountant
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25.01.2022 Hey! Superannuation Guarantee for the July-September quarter is due by 28 October. Pay now so you won't be late.

24.01.2022 WorkCover premium payments are due by 30 September If you have not yet paid, your premium payments are due by 30 September. If you pay before the 16th you may receive a 5% discount on your premium. Check your premium notice (sent to you after you've declared wages) for details on how to pay.

22.01.2022 Do you operate a Company? A company is a separate legal entity, and as such the profits and assets (including the money in the bank) belong to the company. Money taken out of the company for personal use must be accounted for.

22.01.2022 Sorry folks, we're closed today. Innisfail Show Holiday.

21.01.2022 Tax Time 2020 - Farm Workers

21.01.2022 There are a lot of things going on at this time of the year so it is easy to miss something... Have you reviewed your pay rates for wages? There was an increase of 1.75% to the minimum wage on 1 July 2020. Not all awards were affected on this date as the increase is being applied in 3 stages. Go to https://www.fairwork.gov.au/ to check out the relevant award.

20.01.2022 Congratulations Paul & Kelly

19.01.2022 The Taxable payments annual report (TPAR) for payments made to contractors or subcontractors is due by 28 August. This report is required for businesses providing services in: Building and construction Cleaning Courier or road freight Information technology ... Security, investigation or surveillance For each contractor you must report their ABN, name and address and the gross amount paid during the year including GST. See more

19.01.2022 Want to pay less tax and help others? Donate to a Charity! To be able to claim the donation it must be made to a DGR Deductible Gift Recipient. You can check this using the ABN at www.abr.business.gov.au. You must keep a receipt. Art unions, raffles and the like are not donations for tax purposes.

18.01.2022 JobKeeper Payment Monthly Declaration You need to make a business monthly declaration to the ATO to continue to claim payments made to your employees (or for yourself as the business participant). This can be completed from the 1st to the 14th day of the following month. The earlier this is done, the sooner businesses will be reimbursed for JobKeeper fortnights for that month.

18.01.2022 Withholding the Right Amount of Tax from Wages On 6 October 2020, the Australian Government introduced personal income tax cuts as part of the 202021 Budget. These tax cuts bring forward legislated personal income tax cuts from 1 July 2022 to 1 July 2020. Employers have until 16 November to adjust their payroll processes for the new withholding rates.... Your payroll software provider should issue an update shortly. Employers do not need to make any other adjustments or refunds for their employees. Any over-withholding that occurred prior to the updates to payroll software or processes will be applied as credits when the employees lodge their 202021 income tax returns.

18.01.2022 Super Contributions on behalf of your spouse Basically, if your spouse earns $37,000 or less and you contribute $3,000 to their superfund, you will get a tax offset of $540. ... Of course there is fine print, so check with us or your super fund for more details.

17.01.2022 Office is closed for the afternoon to watch and enjoy the Melbourne Cup!

17.01.2022 Tax Time 2020 - Apprentices

17.01.2022 If you were planning on doing some office work this weekend, we hereby grant you the weekend off! ATO systems will be unavailable this weekend including myGovID, Australian Business Register (ABR) and Single Touch Payroll (STP) from Saturday 14 November 6.00am to Sunday 15 November 11.00pm AEDT.

17.01.2022 Be Aware. The phone scammers are on the prowl. If you are contacted by someone telling you that you owe $$ to the ATO and if you do not pay a warrant will be issued for your arrest, or if you hang up the police will come around to take you away. This is not real. If they will only accept payment by itunes or gifts cards - this is not real. If they threaten you in any way, it is a scam. Hang up. If you are unsure, hang up. Call us on our usual number (not one they give you) and we will check what you owe to the ATO (if anything).

16.01.2022 Tax Time 2020 Employers are no longer required to provide PAYG Payment Summaries (PAYGS) to employees. Most employers now submit wage data via STP. Before you make an appointment to complete your 2020 tax return, make sure your employer has "finalised" your wages so that it shows as "Tax Ready" with the ATO. Your Income Statement (what your PAYGS is now called) is available from your myGov account or we can access for you.

15.01.2022 Based on post "likes", the most popular budget announcement is ... drum roll please ... personal tax cuts!Based on post "likes", the most popular budget announcement is ... drum roll please ... personal tax cuts!

15.01.2022 Did you miss paying some employee superannuation guarantee? Time is running out... The ATO has reminded employers that the last day to apply for the superannuation guarantee amnesty is Monday 7 September 2020. Under the amnesty, employers can catch up on past unpaid super without incurring a penalty or paying administration fees.... To be eligible, the unpaid super must be for a quarter between Wednesday 1 July 1992 to Saturday 31 March 2018, and cannot be a shortfall amount already disclosed to or currently being examined by the ATO. Employers must either pay in full or arrange a payment plan to qualify for the benefits of the amnesty. Any amnesty amounts paid before Monday 7 September 2020 are tax deductible.

15.01.2022 Instant Asset Write-off extended Treasurer Josh Frydenberg announced today that the Government will extend the $150,000 instant asset write-off (IAWO) by six months until 31 December 2020. Under the measure, the asset must be both acquired and installed ready for use by 31 December 2020, instead of 30 June 2020. The IAWO allows businesses that have an aggregated turnover of less than $500 million (grouping rules apply) to claim a deduction for a depreciable asset that costs less than $150,000 (after claiming any GST credits).

15.01.2022 JobKeeper August This month's declaration for JobKeeper (which will be due by 14 September) includes 3 fortnights: Fortnight 9 commencing 20 July Fortnight 10 commencing 3 August Fortnight 11 commencing 17 August 2020.... Make sure eligible employees have been paid the full JobKeeper amount for the period. See more

14.01.2022 We are back in action

14.01.2022 Reminder: JobKeeper Payment monthly declaration due by 14th.Reminder: JobKeeper Payment monthly declaration due by 14th.

13.01.2022 JobKeeper Payment for Child Care Providers From Monday 20 July, employees of an approved child care services provider are no longer eligible for JobKeeper. This includes sole traders and those operating mixed services. If the changes apply to your business you must notify the ATO of all ineligible employees and business participants to stop receiving JobKeeper payments after the fortnight ending on Sunday 19 July 2020.

13.01.2022 You should also do a search of unclaimed monies held by the state government. Below is a link for Queensland but if you have lived in another state you should search their site too. https://www.pt.qld.gov.au//unclaim/search-unclaimed-money/

13.01.2022 Reminder: WorkCover wages declaration is due by 31 August. https://www.worksafe.qld.gov.au/premium

12.01.2022 Tax Time 2020 - Office Workers

12.01.2022 To be eligible for the Queensland Government Small Business Grant your business must: have been subject to closure or otherwise highly impacted by current shutdown restrictions announced by Queensland's Chief Health Officer on 23 March 2020 demonstrate you have experienced a minimum 30% decline since 23 March 2020, over a minimum 1-month period due to the onset and management of COVID-19 employ staff and have fewer than 20 employees at the time of applying for the grant... (employees must be on your payroll and does not include the business owner(s)) have a valid Australian Business Number (ABN) active as at 23 March 2020 be registered for GST have a Queensland headquarters have an annual turnover over $75,000 for the 201819 or 201920 financial year, or you can provide financial records that show this will be met for recently started small businesses have a payroll of less than $1.3 million not be insolvent or have owners or directors that are an undischarged bankrupt. If you received funding under round 1 you cannot apply for round 2.

12.01.2022 Tax Treatment of Centrelink Income Compliance Program Refunds The ATO has advised that individuals who receive a refund from the Services Australia income compliance program do not need to take any action for tax purposes. That is: You will not be taxed on this amount. You should not include it in your tax return. You do not have to submit an amendment for a prior year return.

10.01.2022 We have the power!!We have the power!!

10.01.2022 JobKeeper Part 2 You have until 31 October to sort out payments to employees under the new tiers. Tier 1 employees must receive at least $1200 per fortnight and Tier 2 employees must receive at least $750 per fortnight.

10.01.2022 JobKeeper Extension - First date of importance 31 August The JobKeeper eligibility for employees has been extended to include: New employees engaged after Sunday 1 March 2020 that were in an employment relationship with a qualifying employer on Wednesday 1 July 2020 Existing employees not eligible at Sunday 1 March 2020, who become eligible employees under the new Wednesday 1 July 2020 reference date. Note: If the employee is a casual they must have been employed since 1 ...July 2019 and not a permanent employee of another employer. These employees must be added for the fortnight beginning 3 August and paid the minimum $1500 per fortnight. There is an extension on payment to 31 August, so that if you havent been paying these employees at least $1500/fortnight, you can do a top up. Employees must meet all other existing eligibility criteria including completing a nomination notice. See more

10.01.2022 Did you miss superannuation guarantee payment on 28 October? You should lodge a Superannuation Guarantee Charge Statement by 28 November to avoid penalties. You should lodge the statement even if you can't pay the amount due in full as a payment plan can be put in place. A SG Charge Statement is different from making your regular contributions. We can help you with this.

09.01.2022 The link for the Small Business COVID-19 Adaption Grant Program https://www.business.qld.gov.au//advice-s/grants/adaption

09.01.2022 Those kids again! We discussed Child Care Subsidy already, but Family Tax Benefit payments also require you and your partner to lodge 2019 tax returns by 30 June. If you are entitled to family assistance but didnt receive any payments in the 2018-19 financial year, you will also need to lodge a lump sum claim with Services Australia (Centrelink) by 30 June 2020.... If lodgement is not made by 30 June 2020: - you may miss out on additional FTB payments - receive a debt and have to repay the amount received in the 201819 financial year. If you are not required to lodge a return (low income or other circumstances), you must still notify Services Australia that you are not required to lodge.

08.01.2022 A second round of Small Business Grants for assisting with recovery from shutdown restrictions has been announced by Queensland Government. From 1 July you can apply for a minimum $2,000 up to $10,000 for: financial, legal or other professional advice to support business sustainability and diversification continuing to meet business operational costs including utilities, council rates, rent, telecommunication charges, insurance fees, licensing or franchise fees strateg...ic planning, financial counselling or business coaching aligned to business development and diversification building the business through marketing and communications activities (e.g. content development web pages, mobile apps, visual and audio media etc.) digital/technological strategy development digital training or re-training and up-skilling employees to adapt to new business models capital costs associated with meeting COVID-19 safety requirements specialised digital equipment or business specific software to move business operations online (e.g. logistics program for online ordering). See more

06.01.2022 Need some cash? Maybe the government is holding a stash for you! There are billions in unclaimed money from lost bank accounts, shares, investments, life insurance and deceased estates. Do a search of your name through ASIC and follow the instructions https://moneysmart.gov.au/find-unclaimed-money

06.01.2022 HELP Debts The threshold for 2020-2021 is $46,620. If you earn above this amount you will have to make compulsory loan repayments when your lodge your tax return. To avoid having a tax bill you should notify your employer to withhold extra tax from your wages by re-submitting a TFN Declaration Form and ticking Yes at Question 10.

06.01.2022 The power is out... Please note that not only are we sitting in the dark without aircon, but the phones don't work either.

05.01.2022 JobKeeper Payment changes The government has introduced changes to the JobKeeper Payment. The changes to these rules include: employees eligibility for the JobKeeper Payment can now be assessed from 1 July 2020, rather than 1 March 2020... employees can now be nominated by new employers if their employment has changed since the JobKeeper Payment began. However, they can still only be nominated by one employer at any given time employers have until 31 August 2020 to meet the wage condition for new eligible employees under the 1 July eligibility test for: o Fortnight 10 commencing on 3 August, and o Fortnight 11 commencing 17 August 2020. Businesses can claim reimbursement for their new eligible employees between 1 and 14 September 2020, when they lodge their August monthly declaration. You can still enrol at any time for JobKeeper Payment until the program closes.

04.01.2022 It's a busy time of year for us, but we still want to see you! Make an appointment now to get your 2020 tax return done & dusted.

03.01.2022 From 28 September 2020, the JobKeeper Payment will be targeted to businesses that have been most significantly impacted, the payment rates will be stepped-down and two tiers of payment will be introduced. Business eligibility From 28 September 2020, organisations seeking to claim JobKeeper payments will be required to reassess their eligibility for the JobKeeper extension with reference to their actual turnover in the June and September quarters 2020. Organisations will need... to demonstrate that they have met the relevant continuing decline in turnover test in both of those quarters to be eligible for JobKeeper from 28 September 2020 to 3 January 2021. Organisations will need to further reassess their eligibility in January 2021 for the period from 4 January to 28 March 2021. Organisations will need to demonstrate that they have met the relevant continuing decline in turnover test in each of the previous three quarters to remain eligible for the March 2021 quarter. JobKeeper payment rates The JobKeeper payment rate is to be reduced and paid at two rates: From 28 September 2020 to 3 January 2021, the payment rate will be $1,200 per fortnight for all eligible employees who, in the four weeks before 1 March 2020, were working in the business for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $750 per fortnight for employees who were working in the business for less than 20 hours a week on average and business participants who were actively engaged in the business less than 20 hours per week in the same period. From 4 January 2021 to 28 March 2021, the payment rate will be $1,000 per fortnight for all eligible employees who in the four weeks before 1 March 2020, were working for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $650 per fortnight for employees who were working for less than 20 hours a week on average and business participants who were actively engaged in the business for less than 20 hours per week in the same period.

03.01.2022 Reporting Business Income 2020 You must report income from assessable government payments, such as the Supporting Apprentices and Trainees wage subsidy and JobKeeper payments. JobKeeper payments must be reported as: business income in your individual tax return if you are a sole trader part of business income if your business is a partnership, trust or company. Cashflow Boost is non-taxable, non-exempt and does not need to be included.

03.01.2022 Yesterday the Government announced it is extending the JobKeeper Payment until 28 March 2021 and is targeting support to those businesses who continue to be significantly impacted by the Coronavirus. The existing JobKeeper Payment will remain in place until 27 September 2020. If you currently receive JobKeeper Payment it remains unchanged and available until 27 September 2020.

02.01.2022 If employers want the superannuation guarantee for the last quarter to be included in the 2020 financial year it needs to be received by the fund by 30 June. Act now!If employers want the superannuation guarantee for the last quarter to be included in the 2020 financial year it needs to be received by the fund by 30 June. Act now!

02.01.2022 End of Financial Year chores: Bad debts - have you exhausted all avenues to recover what is owed? This bad debt should then be written off. Stocktake - count all stock you have on hand as close as possible to 30 June. Record whether you have valued it at cost (what you bought it for) or retail (what yo sell it for).

01.01.2022 Power is out! Ahhh...last day of the year, so much funPower is out! Ahhh...last day of the year, so much fun

01.01.2022 Do you have kids in childcare? If you haven't lodged your 2019 tax return by 30 June, you may not qualify for the Child Care Subsidy which restarts on 13 July. Contact us ASAP!