Sphere Accountants & Advisors Pty Ltd in Mornington, Victoria | Tax preparation service

Sphere Accountants & Advisors Pty Ltd

Locality: Mornington, Victoria

Phone: +61 3 8899 6399

Address: 101 Beleura Hill Road 3931 Mornington, VIC, Australia

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

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18.05.2022 SPHERE ACCOUNTANTS CLIENT ALERT APRIL 2022 Employees vs contractors: more clarity coming Recently, the High Court handed down a significant decision in a case involving the distinction between employees and contractors. Movement at the FBT station: COVID-19 tests, car parking FBT is generally seen as a relatively slow-moving and quiet area of tax law. But Budget day this year saw some movement at the FBT station, specifically regarding COVID-19 tests provided to staff..., and also car parking benefits. ATO urges vigilance: new TFN and ABN scams The ATO has warned about an increase in reports of fake websites offering to provide tax file numbers and Australian business numbers for a fee. Federal Budget fuel excise reduction: will all businesses benefit? The uncertainty around fuel availability has seen fuel prices soar across Australia. The recent Federal Budget proposed an answer via a temporary (six-month) fuel excise reduction. ATO’s COVID-related support for SMSFs The ATO is offering support and relief to SMSF trustees for the 20192020, 20202021 and 20212022 income years. Should you have any queries, then please contact the office at (03) 8899 6399 or email us at [email protected].

28.04.2022 FEDERAL BUDGET WRAP-UP March 2022 We are pleased to supply you with the special Budget edition of Client Alert, which outlines key announcements of the March 2022 Federal Budget. Click the link below to know more.

19.04.2022 SPHERE ACCOUNTANTS CLIENT ALERT MARCH 2022 Here's the latest edition of Client Alert, which contains information on a number of important developments up to and including 18 February 2022. Work-related COVID-19 tests may be deductible The Federal Government is hoping for some good press with the announcement that it intends to legislate to make both PCR tests and RATs tax-deductible for individuals who buy them for a work-related purpose, and exempt from FBT for employers... providing work-related tests to employees. Natural love and affection: commercial debt forgiveness The ATO has recently finalised a determination that explicitly states the exclusion for debts forgiven for reasons of natural love and affection requires the creditor (but not necessarily the debtor) to be a natural person. Last chance to claim the loss carry-back Businesses that need a little more financial help will have one last opportunity to claim the refundable loss carry-back offset in their 20212022 income tax returns. Tax debts may affect business credit scores Laws were passed in 2019 which allow the ATO to disclose information about overdue business tax debts to credit reporting agencies. Contributions into SMSFs: minimum standards One of the simplest but most important compliance obligations for trustees of SMSFs is ensuring that contributions from members can be accepted into the fund. SMSFs investing in crypto-assets: be informed and keep records ASIC warns that while crypto-asset investments are allowed for SMSFs, they are high risk and speculative, as well as being an attractive area for scammers targeting uninformed investors. Should you have any queries, then please contact the office at (03) 8899 6399 or email us at [email protected].

04.04.2022 Rent relief for small and family businesses Rent relief has been extended for small and family businesses experiencing financial hardship due to the latest wave of the pandemic. Read the article below for more details. ... Should you have any queries please do not hesitate to contact us. : ://..../------

21.03.2022 CLIENT ALERT - FEBRUARY 2022 We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 24 January 2022. COVID-19 vaccination rewards: tax implications While offering rewards or incentives for being vaccinated can be an effective way to help employees and customers to stay safe and businesses to stay open, it’s important to consider that there may be some tax consequences invol...ved for your business. Free mental health support for small business The Federal Government has announced additional funding to extend the availability of free mental health support to small business owners dealing with the current pandemic and recent natural disasters. Changes to recovery loan scheme for small and medium enterprises The SME Recovery Loan Scheme is available to eligible small and medium businesses with up to $250 million turnover, including sole traders and non-profits, but some of its conditions have now been fine-tuned. Need more money in retirement? Retirees who own their own home and need more money in retirement can now access a voluntary non-taxable fortnightly loan payment through the Home Equity Access Scheme. Income protection insurance in super: beware of offsets While income protection insurance through super has the advantage of providing a regular income for a period if you can’t work due to temporary disability or illness, ASIC has raised concerns about the lack of information given to super members, particularly about offset clauses. Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

24.01.2022 Just a quick update - YES we are still open, but please note, we have put some rules in place : - Our front door is locked But - Helen's "drive thru" window is open and she can help you from a safe distance - If you are permitted to enter the office, you will be required to have your temperature checked - You must use the hand sanitiser available at the counter... - You must practice social distancing - You must wear a face mask We disinfect the office and meetings rooms several times a day with eucalyptus spray and anti-bacterial wipes and although we have Not stopped face to face meetings (at present), we would (obviously) Prefer that clients take advantage of Zoom/Skype/Telephone appointments as this not only protects You but also Our staff. (Email, Client Portal and snail mail are the other options for delivery of your tax documents to us) There will be no face to face appointments after 4.30pm to ensure that we don't break the "non essential" travel rule. Zoom/Skype/Telephone appointments are excluded, so clients that are still working, can have an after hours appointment. As always, we will work with you as best we can. We thank you for your Co-operation during these challenging times - we want to see all your smiling face in person next year :)

16.01.2022 How Audit Insurance Can Help Your Business If you are a business owner, you can choose from different types of insurance coverage depending on what your business needs. Click the link below to know more: Contact Sphere Accountants & Advisors Pty Ltd today to see if an audit insurance is right for your business.

15.01.2022 The office will be closed from 12.30pm today (Friday 3/7) as we celebrate our Annual EOFY luncheon. Its a bit later than normal this year but dont fear, we will be back on deck Monday morning :)

13.01.2022 We are still open and available to assist you as per normal. Stay safe everyone!

12.01.2022 So many things to be Thankful for during these strange and challenging times, but we particularly our awesome clients who have taken the time to write a Google review. If you would like to leave your own Google review, please follow this link: https://g.page/sphere_accountants_mornington/review?kd... Or perhaps you would prefer to leave a Facebook review? Just look for the Reviews tab.

08.01.2022 . ’ ’ ? There are a lot of misconceptions and misinformation out there as to what is and what is not tax deductible. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO). Sometimes, the tax law can seem very unfair. However, as a taxpayer you must comply with the tax law. In this article, we have compiled a list of the most common myths and misconceptions that we encounter... year after year in the Individual Tax Return. Click the link below to know more:

07.01.2022 JOBKEEPER EXTENSION As you might have heard Jobkeeper is being extended. Please read the attached and contact us if you have any queries. Stay safe!

07.01.2022 Hi everyone, we are currently experiencing an internet outage which is affecting our phones. Our IT department are working furiously to get things back up & running as quickly as possible. We apologise for any inconvenience but please leave a message on our voicemail & we will get back to you as soon as we can Thanks

05.01.2022 One of the things that keep us motivated is how we can make you happy. Thank you so much Andrea for your wonderful words. We are always here to help you with your Accounting needs.

04.01.2022 - COVID-19 has affected a lot of Australians. Most notably, it affected livelihood, tax time, and lodgments. During these trying times, the Australian Tax Office (ATO) made some changes to support taxpayers and make tax lodgments a seamless process. Click the link below to read the full article:

02.01.2022 The Long-term Impact of COVID-19 on Australia’s Economy What are the predictions about the long-term impacts of COVID-19? When are we likely to see the economy to fully wake up from the hibernation and take a turn for the better for small businesses? Read the article below to know more:

01.01.2022 Stamp Duty Abolition: Its Effects on Capital Gains Tax On the 29th of May, Prime Minister Scott Morrison announced the abolition of Councils of Australian Governments (COAG). Click the article below to know more:... Contact Sphere Accountants & Advisors Pty Ltd and we would be more than happy to discuss how the stamp duty reform can benefit you.