Southern Cross Accounting in Cornubia, Queensland, Australia | Tax preparation service

Southern Cross Accounting

Locality: Cornubia, Queensland, Australia

Phone: +61 1300 722 570

Address: 39a Woodhaven Place 4165 Cornubia, QLD, Australia

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

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23.01.2022 Superannuation guarantee amnesty A super guarantee amnesty was introduced on 6 March 2020. Employers participating in the amnesty need to apply by 7 September 2020. This is a special amnesty where by there will be: a) no penalties/admin fees and b) the payment will still be deductible to your business. Interest costs will be incurred though.... You will need to make a special application download link: https://www.ato.gov.au//SPR/downl/SG_Amnesty_form_2020.xls

20.01.2022 Super for the September quarter is due. Last date to receive payment is in two days. Check that you've lodged and paid.

11.01.2022 Jobkeeper 2.0 Updates Jobkeeper is extended until 28 March 2021. Employee eligibility start date is moved from 1 March to 1 July.... Existing Jobkeeper 1.0 ended 27 September 2020. Must reassess from 28 September 2020 for Jobkeeper 2.0. The payment will be targeted to businesses that continue to be significantly impacted by the Coronavirus. New rate from 28 September 2020 is $ 1,200 per fortnight. $ 750 per fortnight is the reduced rate for employees whose average hours per week during the 4 weeks in either March 2020 (if employee eligible then) or July 2020 (if employees became eligible then). Jobkeeper 2.0 eligibility test: Need to demonstrate that you have met the decline in turnover test of 30% for the quarter July 2020 to September 2020 to be eligible for the next quarter subsidies. This means that practically you will need to wait until September 30 has passed to finalise your eligibility results. This will be based on GST turnover. Businesses already enrolled in Jobkeeper do not need to reenrol for Jobkeeper 2.0 but must check their continued eligibility and submit this information to the ATO from 1 October 2020. Their existing enrolment will remain along with the existing employee nomination notices.

10.01.2022 2020/21 Federal Budget Main Highlights Personal Income Tax cuts are to be brought forward by two years to 1 July 2020 while the low and middle income tax offset (up to $1,080) will be retained for 2020-21. The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000.... The top threshold of the 32.5 per cent personal income tax bracket will increase from $90,000 to $120,000. 100% write off for assets up to $ 150,000 has been extended to 30 June 2022. Temporary tax loss carry-back Companies with be able to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years to offset previously taxed profits dating back to 2018-19. What this means is offsetting any current year losses against prior year profits and gaining a refund of company tax previously paid. Will apply to 2021 and 2022 tax returns. Exempting granny flat arrangements from capital gains tax - granny flat arrangements where there is a formal written agreement will be will exempt from capital gains tax (CGT) in relation to arrangements with older Australians or those with a disability. Fringe Benefits Tax - Reducing the compliance burden of record keeping The Government will provide the Commissioner of Taxation with the power to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records, to finalise their fringe benefits tax (FBT) returns. Superannuation Reform increasing the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. JobMaker hiring credit to employers from 7 October 2020 for each new job (must increase overall employment) created over the next 12 months for which they hire an eligible (currently on Jobseeker, Youth Allowance or Parenting Payment) young person $200 per week for a new eligible employee aged 16 29 years $100 per week for a new eligible employee aged 30 35 years Boosting apprenticeships wage subsidy - From 5 October 2020 to 30 September 2021, businesses of any size can claim the new Boosting Apprentices Wage Subsidy for new apprentices or trainees who commence during this period. Eligible businesses will be reimbursed up to 50 per cent of an apprentice or trainee’s wages worth up to $7,000 per quarter, capped at 100,000 places. The wage subsidy will support school leavers and workers displaced by the COVID-19 related downturn to secure sustainable employment.

03.01.2022 Our office is closed for the afternoon for Cup celebrations. We will be open again Wednesday morning. We wish you a fun and safe afternoon.

02.01.2022 a baby Platypus , you're welcome.