Sprout Accounting | Finance

Sprout Accounting

Phone: +61 417 073 034

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25.01.2022 Bookings essential for in-person appts at Sprout Accounting. He didn’t have an appt so I had to turn him away.

23.01.2022 Community Service Event ... Important you understand how the events will work so that Covid-19 safe practises are adhered to. Please read below. Check page for locations, dates, and times.

22.01.2022 Tenants and Landlords alike ... Important to note ... Discussions about 6 mths leniency on rent is all deferral, not waivers. That is, whatever you don’t or can’t pay now in rent or mortgage repayments, accrues. It doesn’t disappear, just waits until later. No one is getting a free ride. It’s compassion and consideration on a contract that still stands. ... https://www.facebook.com/tompanos.training/videos/2906769209366144/

21.01.2022 2017/18 Income Tax Returns ... Final lodgement date is 15 May 2019.2017/18 Income Tax Returns ... Final lodgement date is 15 May 2019.

19.01.2022 Remember to be kind ... Treat others how you’d like to be treated. This crisis will end eventually. Be able to hold your head high.Remember to be kind ... Treat others how you’d like to be treated. This crisis will end eventually. Be able to hold your head high.

16.01.2022 Understanding how to claim Home office Expenses in 2018/19 (An ATO Publication)

13.01.2022 DANGERS OF LODGING TOO EARLY... This year has seen an unprecedented amount of lodging of tax returns in early July. But doing so runs the risk of non-declaration of income and omitting other necessary information, as many of the data filling agencies haven’t yet completed their data sharing. In addition, new mandatory fields in the individual tax return makes it easier for the ATO to perform a partial internal audit before returning a tax refund. And unfortunately many self-lodgers are getting it wrong. Sourcing a reliable registered tax agent can be worth every ... https://au.finance.yahoo.com//why-340000-australians-wont-

11.01.2022 WHAT DOES AN ATO AUDIT LOOK LIKE... ?? Many taxpayers are surprised to hear they may not even know they have been audited by the ATO. Taxpayers mistakenly believe when they get audited, they will get a formal notice from the ATO requiring them to visit an office with their shoebox or laptop of saved receipts and proof data, and be subjected to a list of Do you have the receipt for ...? questions. However this is incorrect. There are varying levels and stages of audits perf...ormed by the ATO, and early level audits can merely be the process of detecting something in your tax return that is questionable, resulting in your file being highlighted as a future higher level audit possibility, whilst your accumulating lodgements over several years are viewed as being on alert for later investigation and audit. It’s these later stage audits of being required to lodge copies of every receipt that are then triggered. An individual taxpayer will likely not be informed that they are being subjected and investigated as an early level audit target. Registered Tax agents handle inquiries from the ATO on behalf of clients regularly, regarding clarification of claims and potential missing information. Often the ability of a registered tax agent to professionally and appropriate handle these early stage audits can keep a taxpayer off the list of next higher stage audits. The highly organised and efficient data matching services now performed between the ATO, employers, businesses, banks, listed companies (dividends and securities), PayPal, Land registry, Office of State revenue, and others, means the ATO can check your claims are correct, but also if you’ve omitted items that should have been included. Omitting and forgetting to include items in your tax return are still dealt with in the same way as purposefully excluding items. Taxpayers must consider the lodgement of their tax return with great weight. The enormous advantage of having a reliable registered tax agent is often undervalued by taxpayers. Taxpayers who consider the cost of a registered tax agent to lodge their annual tax return as unnecessary, or that the lowest quote to perform this service will generate the same result as a slightly higher quote is grossly uninformed. The quality of services of an experienced tax agent will determine their annual charge to prepare and lodge your tax return including all the extensive knowledge to prepare your tax return correctly to tax legislation, but also to be your support and intermediary when the tax office comes calling. Taxpayers viewing tax agent fees as a cost rather than an investment often results in missed quality services, missed support, and tax savings. See more

10.01.2022 ATTENTION XERO USERS.... It was announced this week that changes to bank feeds for Hubdoc will begin to effect your software as early as 18 March 2020. By 31 August 2020, the feature will be decommissioned and will be no longer available.

10.01.2022 Now is the time to action your business restructure into a company or trust. Special offer until 20 Sept 2019. Discretionary Trusts from $750 (+$220 setup fee) Pty Ltd Companies from $695 (+ $220 setup fee) Normally a 24 hour turn around. Accounting advice for best suit for you included in setup fee.... Phone Leharna on 0417 073 034 See more

07.01.2022 ATO has reported 1152 successful prosecutions in 2018/19 for taxpayers failing to keep appropriate records.ATO has reported 1152 successful prosecutions in 2018/19 for taxpayers failing to keep appropriate records.

07.01.2022 Clients please be very careful... There are some very invasive emails and SMS scams circulating about Covid-19 and JobKeeper entitlements. Always contact your Tax agent before replying to emails claiming to be the ATO. The ATO will contact me about your affairs, not you directly.

07.01.2022 A funny to get you through Monday!

06.01.2022 JobKeeper 2.0 Legislation just passed through Parliament. Eligibility criteria is 10% decline in sales from Jul to Sept 2020 compared to Jul to Sept 2019. Every business must get a turnover certificate from their accountant to verify and claim.

06.01.2022 From Sept 2019 the ATO have reported that they will be contacting ABN holders who they believe may not require their ABN registration any longer. This is a contradiction to policies previously provided about the ATO contacting taxpayers directly other than by writing, and Sprout Accounting has concerns about this considering the potential risk for identity theft. If you receive one of these calls and do not feel comfortable answering their questions, or can not establish if they are genuine or a scammer, tell them to "please contact my tax agent". You will not need to give them my details, as they will have it, and if they are genuine, they will follow your instructions. Please feel free to contact me if you have any concerns. It is better to be safe than sorry.

05.01.2022 Sprout Accounting offers JP (Qual) services. Available at flexible times for all clients.Sprout Accounting offers JP (Qual) services. Available at flexible times for all clients.

04.01.2022 For MYOB Software Users: my.myob which controls and manages your logins, and automatic electronic payments is having issues. You may not be able to connect into your datafile, or if you can, you may have limited use inside your software. MYOB are trying to fix the issue.