Strategic Tax and Business Solutions | Consultation agency

Strategic Tax and Business Solutions

Phone: +61 7 5499 2986

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25.01.2022 Haven't yet received the Cash Boost payment on lodgement on your March 2020 BAS? The ATO is aware there is a problem and is asking taxpayers to email them using [email protected] and attach evidence such as wage records and invoices to prove that you are in business and do employ staff. This review can take up to 28 days for manual release of the funds.... Need help - please email or message us.

24.01.2022 Businesses: Don’t forget, you have until 31 May 2020 to enrol for JobKeeper to claim April and May payments for your staff! Make sure you’re ready to be reimbursed for JobKeeper payments by: checking both you and your employees meet the eligibility requirements, and paying your employees by the appropriate date for each fortnight. ... For more info, visit www.ato.gov.au//JobKeeper-P/In-detail/JobKeeper-key-dates/

23.01.2022 We have some exciting news!! Lisa Clarke, a qualified and experienced Chartered Accountant will be joining our team on Monday 6th July 2020. Lisa has been a long term local in the Moreton Bay region, growing up on Bribie Island & living & working in Redcliffe for the past 12 years. ... She has over 10 years experience in accounting & business services and is a Chartered Accountant. She has a keen interest in working with small businesses with extensive experience working with sole traders, trusts & companies. She is also experienced & enjoys working in the SMSF sector. ( our new Self Managed Superannuation Specialist). As of Monday she will be available for you to make appointments with for either your tax returns, advice or for anything else she can assist you with. Her direct email is [email protected] Welcome Lisa to our team, finally here after 7 years of chasing you.

23.01.2022 Employers: Are you enrolling for the JobKeeper payment? Make sure you check your eligibility and that you meet the turnover test. The ATO has checks and balances in place to assess all applications and if they need more info, they will contact you. For more info, visit www.ato.gov.au/general/JobKeeper-Payment/

22.01.2022 Family assistance payments If any of our clients receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, the client and their partners must lodge their 201819 tax return by 30 June 2020. Lodgment deferrals do not alter this requirement. If our clients are entitled to family assistance but didn’t receive any payments in the 2018-19 financial year, you will also need to lodge a lump sum claim with Services Australia by 30 June 2020.... Services Australia needs our clients' income details to balance payments for Child Care Subsidy and Family Tax Benefit. If lodgment is not made by 30 June 2020: - our clients receiving Child Care Subsidy may lose their ongoing entitlement - receive a debt and have to repay the amount received in the 201819 financial year Our clients receiving Family Tax Benefit may - miss out on additional payments - receive a debt and have to repay the amount received in the 201819 financial year. If applicable, you should notify us or the ATO if lodgment is not required and our clients mus confirm with Services Australia that they are not required to lodge. Services Australia can assist those who have special circumstances preventing them or their partner from lodging before the deadline. See also: https://www.ato.gov.au//Lodgm/Family-assistance-payments/

18.01.2022 Urgent JobKeeper action required This week, the Government has amended the JobKeeper rules to allow more employees to qualify for the JobKeeper payment. This is achieved by extending the eligible employee test to also include eligible employees who were employed on 1 July 2020 (in addition to those employed on the original 1 March 2020 employment date), where they are not currently nominated for JobKeeper payments with another entity....Continue reading

17.01.2022 The ATO is now saying that everyone who is eligible to receive the CashBoost Credit should have received it now. If you believe you are eligible and still haven't received it - call the ATO on 13 28 66, option 7 See attached link to ATO site in relation to eligibility - https://www.ato.gov.au//Eligibility-companion-guide-for-c/

16.01.2022 Have you enrolled for the JobKeeper payment? If so, it’s time to complete Step 2 and identify your eligible employees or business participants. You only need to do this step once using ATO online services. Your registered tax professional can also do it on your behalf (us) Check out the step-by-step guides at www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-guides/ or call the ATO directly on 132 866 or us on 0400540518

15.01.2022 May Jobkeeper Reimbursement - opens today! To be reimbursed for wages paid during May, or to receive Jobkeeper as a soletrader/eligible business participant for May - you need to lodge your financial declaration via MyGovID by 14 June 2020 - lodgement of your financial declaration for May 2020 is now open. You will need to provide the ATO with details of May actual turnover and June estimated turnover.... Had a downturn of over 30% in May 2020? You also can now enrol for Jobkeeper and submit the May 2020 financial declaration.

14.01.2022 Sole traders: Looking to claim the JobKeeper payment? Check out the new video below to find out the steps you need to take. Remember If you’ve already enrolled it’s time to identify yourself or your eligible employees using the ATO online services. For more info, visit www.ato.gov.au//JobKeeper/Sole-traders-and-other-entities/

13.01.2022 Employers: The due date to meet the eligibility criteria for April’s JobKeeper payment is almost here! You have until midnight tomorrow, 8 May, to have paid the minimum $1,500 to your eligible employees for the JobKeeper fortnights 30 March-12 April and 13 April-26 April. The ATO has started processing payments, so if you’ve completed all the steps and meet the eligibility requirements, you should receive your reimbursement within 14 days. If you haven’t completed all the steps, the ATO will be in touch. Find out more at www.ato.gov.au/general/JobKeeper-Payment/

11.01.2022 Good morning We are having issues with our appointment booking system through Facebook. We will be removing the option to book through the booking system, however feel free to call 0754992986 or message us for a suitable appointment time.... Thanks

08.01.2022 July is almost over! This is why it is imperative that, if you are reporting for the Construction Industry, you know what your responsibilities for annual reporting to QBCC are. Remember, the QBCC would have issued you a new annual reporting date. But if you fail to report by this date, your QBCC license is at risk of being cancelled and your business listed on a suspended/cancelled licensees list on the QBCC website. Annual reporting is a once a year submission based on the... information required for each licensee’s financial category. Your category is determined by your allowable turnover, and the information provided can be based on your own internal management accounts. For sub-categories SC1 and SC2 (up to $200,000 and up to $800,000 in maximum revenue, respectively) you will need to enter into your QBCC portal your: Profit and loss figures. This is your revenue and expenses; and Assets and liabilities figures. Categories 1, 2 and 3 (up to $3,000,000, $12,000,000 and $30,000,000 in maximum revenue, respectively) you will need to enter into the myQBCC portal your figures and provide relevant paperwork: Profit and loss statement Balance sheet Aged debtors and creditors listings; and Statement of cash flow. Categories 4-7 (up to $60,000,001 to $240M in maximum revenue) you will need to enter into the myQBCC portal your figures and provide relevant paperwork: Profit and loss statement Balance sheet Aged debtors and creditors listings Statement of cashflows Notes to the financial statements Written declaration (this will appear in the online portal as a download); and Description of the measurement (basis and accounting policies relevant to those statements; OR If you are an ASIC reporting entity, a copy of the report or documents lodged with ASIC if provided within 30 days of ASIC lodgement. Please contact us on 0754992986 should you require any assistance or have any questions.

06.01.2022 Hi everyone, It’s that time of the month again to report for jobkeeper. Please email through your information so we can do this as soon as possible for you.

06.01.2022 Did you apply for Jobkeeper correctly? You needed to: 1. Enrol your business - soletrader and for businesses with employees... 2. Identify eligible employees and business participants 3. Submit the April monthly financial declaration If you have done all of this and haven't yet received your Jobkeeper payment, wait until 15 May 2020 before calling the ATO.

06.01.2022 Jobkeeper payments to your staff!! Your Fortnight 03 is due for payment on or before 10th May for the period 27th April to 10th May 2020. The full $1500 (less tax) for each eligible staff member needs to be paid as per payroll processing procedures.

05.01.2022 There has been a lot of interest in the JobKeeper Payment. Here are some answers to common questions the ATO are seeing: Do I have to enrol for the JobKeeper Payment by a certain date? As long as you meet the eligibility requirements for employers, sole traders or other entities, you can enrol anytime up until the scheme closes. ... Can an employer choose not to participate in the JobKeeper Payment scheme? Even if an employer meets all the eligibility criteria, it’s up to them to decide if they would like to participate or not. Can an employer choose which employees they want to keep paying? No. If an employer decides to enrol for JobKeeper payments, they must identify all eligible employees. For more info, visit www.ato.gov.au/JobKeeper

05.01.2022 Areas of Practice Tax returns and financial statements... Individual Sole trader Partnership Trust Companies SMSF Advisory services Business startups GST & PAYG Registrations ABN Registrations Company, trust, partnerships & SMSF Formations QBCC Licensing Business activity statements Accounting software Bookkeeping Entity set up and advice Capital Gains Tax, Rental properties and investments If we have missed anything please contact us.

05.01.2022 Heads up - the ATO is commencing reviews of business eligibility for Jobkeeper from today - make sure that you have evidence to support your self-assessment process - particularly those that used alternative tests to confirm eligibility.

04.01.2022 Jobkeeper Key Dates - ATO https://www.ato.gov.au//Job/In-detail/JobKeeper-key-dates/

01.01.2022 Jobkeeper 2.0 Rules have been released! For the first extension period running from 28 September 2020 to 3 January 2021, employees who worked for 80 hours or more in the 28 day period before either 1 March 2020 or 1 July 2020 will receive $1,200 per fortnight, while all other employees will receive $750. For the second period running from 4 January 2021 to 28 March 2021, the rate will drop to $1,000 per fortnight and $650 per fortnight, respectively.... To qualify for the first extension period, entities will need to satisfy the new actual decline in turnover test for the quarter ending 30 September. Small business entities will need to demonstrate a decline of 30 per cent relative to its comparable quarter in 2019. To qualify for the second extension period between 4 January 2021 and 28 March 2021, the turnover test will need to be applied for the quarter ending 31 December 2020. The Commissioner of Taxation will be allowed to specify an alternative decline in turnover test, and an alternative reference period for working out if the higher or lower JobKeeper rate applies in respect of eligible employees, business participants and religious practitioners. https://www.legislation.gov.au/Details/F2020L01165

01.01.2022 QLD business owners - the QLD Govt is offering small business grants of up to $10k 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. https://www.business.qld.gov.au//advice-su/grants/adaption