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25.01.2022 So most of us have heard about the new $1,080 tax offset available, which is fantastic. I just want to make it clear however that this is a non-refundable offset, therefore it can potentially reduce the amount of tax owing on your income. If you have no tax owing, then you get no offset. For example, if you had $1,100 of tax to pay on your income, you can potentially reduce that tax up to $1,080. If you only owed $200 in tax, then you can potentially reduce that amount by ut...ilising $200 of the offset. I hope that helps. If you would like Stella Accounts to prepare your tax returns to get the best possible refund, please get in contact.

24.01.2022 #EOFY With end of financial year fast approaching, I have put together a quick checklist to help assist you with what information is required to prepare your tax return. INDIVIDUAL / SOLE TRADER TAX RETURN CHECKLIST... INCOME Most employers will report income, tax and super directly to the ATO and no payment summary will be issued to employees. Your employer should inform you when they have finalised and processed this information (most have until 31st July to do so). Once employers finalise this information, tax agents will be able to retrieve this information directly. Interest income, from savings accounts or term deposits for example. Bank account numbers are required too this year. Business Income (total gross sales), provide ATO BAS/GST statements if applicable Investment income, such as managed fund statements, dividend statements etc Rental Income Foreign income Crypto currency Capital Gains information eg. Selling investments DEDUCTIONS Work related expenses: o Motor Vehicle include logbooks or KM’s logged for work o Travel (fares and accommodation) o Uniform / Protective wear o Self-education expenses (study must be related to your income) o Union fees, professional fees, subscriptions and memberships o Home office, seminars and conference costs o Phone, computer and internet costs o Tools and equipment (please list separately if over $300 each) o Other expenses incurred that relate to earning your income Business related expenses Rental / Investment expenses Donations to registered charities Income Protection Insurance Personal Superannuation Contributions of Sole Traders (must provide letter from Superannuation Fund) Tax agent fees from last year OTHER Spouse / partner details, including their taxable income, exempt income, fringe benefits, and reportable superannuation received if any Child support payments made PAYG instalments made Tax agents can get employer income, Government paid income, interest income, dividend income, managed fund income, most share sales and private healthcare details from the Tax Agent Portal. This information is usually available by the 31st July. I am available for phone, email, online video or face-to-face appointments, whatever suits you best. After-hour appointments are also available on request. See you at tax time!

24.01.2022 I hope everyone is keeping safe and are well. Earlier this week, the Federal Government announced a Jobkeeper Payment to support employers, employees as well as the self-employed. The JobKeeper Payment will start on 30 March 2020, with the first payment to be received by employers in the first week of May. Employers must pass this payment on to their employees.... Eligible employers include businesses structured through companies, partnerships, trusts and sole traders. Not for profit entities, including charities and self-employed individuals are also eligible. Employers must elect to participate in the scheme. You can do this at: https://www.ato.gov.au/general/gen/JobKeeper-payment/ To be eligible, an employee must have been on the employer’s books on 1 March 2020. The JobKeeper Payment is open to full-time, part-time and long-term casuals (employed on a regular basis for at least the previous 12 months) and stood down employees. Employees that are re-engaged by a business that was their employer on 1 March 2020 will also be eligible. Self-employed individuals will be eligible to receive the JobKeeper Payment where they have suffered or expect to suffer a 30 per cent decline in turnover relative to a comparable prior period (of at least a month). Employers will be eligible for the JobKeeper Payment where the following criteria is satisfied: For business’s with turnover of less than $1 billion, there has been a reduction of more than 30 per cent in turnover relative to the comparable prior period (of at least a month); or For business’s with turnover of more than $1 billion, there has been a reduction of more than 50 percent in turnover relative to the comparable prior period (of at least a month); and The business is not subject to the Major Bank Levy. For more information, please see the below Government factsheets: JobKeeper Payment: https://treasury.gov.au//Fact_sheet_supporting_businesses_ Employer factsheet: https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p Employee factsheet: https://treasury.gov.au//Fact_sheet_Info_for_Employees_0.p Best wishes! Joanne Stella Accounts

23.01.2022 TPAR reports are due tomorrow.

22.01.2022 Are you now working from home? The ATO has announced a special arrangement due to COVID-19 for those people who work from home. The new arrangement is that each member in the same house that works from home can claim a special rate from 1st March 2020. All you have to do is record the number of hours you work from home from that date. This rate will be allowed regardless of whether you have a dedicated work office at home or not. ... This shortcut method does not prohibit people making home office claims under existing methods.

22.01.2022 Reminder - 30 September is the Single Touch Payroll Deadline! If you currently employ staff or are thinking about it, you will need to get on top of your Single Touch Payroll obligations. Contact Stella Accounts for your STP, payroll, bookkeeping, tax or accounting needs.

15.01.2022 Happy New Year! I hope you all got a lovely break over the holidays. Just a reminder that October to December 2019 BAS returns are due 28th Feb 2020. Best wishes for 2020!

14.01.2022 #EOFY With end of financial year fast approaching, I have put together a quick checklist to help assist you with what information is required to prepare your tax return. INDIVIDUAL / SOLE TRADER TAX RETURN CHECKLIST... INCOME Most employers will report income, tax and super directly to the ATO and no payment summary will be issued to employees. Your employer should inform you when they have finalised and processed this information (most have until 31st July to do so). Once employers finalise this information, tax agents will be able to retrieve this information directly. Interest income, from savings accounts or term deposits for example. Bank account numbers are required too this year. Business Income (total gross sales), provide ATO BAS/GST statements if applicable Investment income, such as managed fund statements, dividend statements etc Rental Income Foreign income Crypto currency Capital Gains information eg. Selling investments DEDUCTIONS Work related expenses: o Motor Vehicle include logbooks or KM’s logged for work o Travel (fares and accommodation) o Uniform / Protective wear o Self-education expenses (study must be related to your income) o Union fees, professional fees, subscriptions and memberships o Home office, seminars and conference costs o Phone, computer and internet costs o Tools and equipment (please list separately if over $300 each) o Other expenses incurred that relate to earning your income Business related expenses Rental / Investment expenses Donations to registered charities Income Protection Insurance Personal Superannuation Contributions of Sole Traders (must provide letter from Superannuation Fund) Tax agent fees from last year OTHER Spouse / partner details, including their taxable income, exempt income, fringe benefits, and reportable superannuation received if any Child support payments made PAYG instalments made Tax agents can get employer income, Government paid income, interest income, dividend income, managed fund income, most share sales and private healthcare details from the Tax Agent Portal. This information is usually available by the 31st July. I am available for phone, email, online video or face-to-face appointments, whatever suits you best. After-hour appointments are also available on request. See you at tax time!

14.01.2022 The QLD state government has announced a Small Business COVID-19 adaption grant program. The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience. The program aims to see small and micro businesses:...Continue reading

13.01.2022 #JobKeeper I hope you have been keeping safe and well! This post is just to let you know that if you are eligible in applying for the JobKeeper payments scheme as a Sole Trader, enrolment into this scheme is open from today. Enrolment must be done by 30th April or from when you become eligible (if that occurs before the cut off date in July at this stage).... The JobKeeper payments are for Sole Traders that have decreased turnover (sales including GST) by 30% or more based on the same timeframe last year and meet the other criteria. Please note, if you are a new business this year, you may still be eligible. If you have other employment or certain other income, this may effect your eligibility. Payments are $1,500 per fortnight before tax and will be classed as taxable income. If you would like me to look into your eligibility, enrol you into the scheme and lodge your monthly declarations I can do this for you for $125.00 per month. However if you would like to do this yourself, please see the following link to assist you with this enrolment process - https://www.ato.gov.au//j/sole-traders-and-other-entities/. Have a lovely evening!

07.01.2022 BAS (GST) returns for Oct-Dec 2019 are due to be lodged and paid to the ATO by this Friday to avoid penalties and interest. If you would like me to do this for you, let me know.

07.01.2022 Due to the COVID-19 virus, you will be able to access your super if you are unemployed or eligible to receive a jobseeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or the farm household allowance. Additionally, if after 1 January 2020 you were made redundant or your working hours were reduced by 20% or more you will also be granted access. Sole traders that have their business suspended or ha...ve a reduction in turnover of 20% or more are also eligible. Eligible individuals will be able to apply online through MyGov for access of up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 until 24th September 2020. There will be no tax due on amounts released and the money withdrawn will not affect Centrelink or veterans’ affairs payments. Stay safe everyone!

04.01.2022 INCOME TAX DEADLINE - 31st OCTOBER If you are not going to be ready to meet the 31st October deadline to submit your tax return, don't worry. Sign up as a client with Stella Accounts before 31 October and you will receive an automatic extension to lodge your tax return and pay any tax debt until 15 May 2020! ... Get in contact with me before the deadline via a Private message, email or phone me. [email protected] 0478 886 784

02.01.2022 #Accounting Software Is it time to streamline your business? Accounting software has many benefits that help streamline your business, for example, keeping a track of sales (paid and unpaid at any point in time), sending invoice reminders to customers for unpaid invoices, creating quotes and turning them easily into invoices, tracking expenses, tracking cashflow and so on. Personally I love Xero accounting software. Xero are doing a promotion at the moment for new client busi...ness edition plans. Take advantage of the 30 day free trial for your business and if it works for you and your business use the code BEAUTIFUL2020 to get 50% off for 4 months. Offer expires midnight AEST 30/06/2020.

01.01.2022 The ATO has created a FAQ page in regards to COVID-19. https://www.ato.gov.au//In-d/Specific-disasters/COVID-19/