Strategy 1 in Devonport, Tasmania | Business consultant

Strategy 1

Locality: Devonport, Tasmania

Phone: +61 3 6427 7891

Address: 29a Murray Street 7310 Devonport, TAS, Australia

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• Tax preparation service
• Accountant
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24.01.2022 2020 Federal Budget - What It Means for You To kickstart the economy after Australia’s massive COVID-19 close down, the Federal Government has released a huge spending and tax cuts Budget for 2020. Here is our summary of the 2020 Federal Budget and what it means for you....Continue reading

23.01.2022 Temporary Relief For Financially Distressed Businesses The economic impacts of the Coronavirus and health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress. It is important that these businesses have a safety net to make sure that when the crisis has passed, they can resume normal business operations. One element of that safety net is to lessen the threat of actions that could unnecessarily push them i...Continue reading

23.01.2022 Keep your head - https://mailchi.mp//httpswhenfscomauthe-standard-you-walk-

21.01.2022 The Government has also promised to temporarily double the Jobseeker Payment, previously called Newstart, providing people with an additional $550 a fortnight.

21.01.2022 As movement is increasingly restricted across Australia to control the spread of COVID-19, the financial pressure on small businesses is intensifying but some help is out there.

19.01.2022 Jobkeeper turnover test

18.01.2022 The government and the Reserve Bank are looking to ease cashflow pressures by giving Australian banks access to $105 billion to lend out to SMEs #ausbiz http://ow.ly/S2ap50yQANW

18.01.2022 Some info on how it will be rolled out. Stay tuned for further emails.

18.01.2022 Bit of a read but gives examples on how the stimulus package applies as well. Boosting Cash Flow For Employers The Government is enhancing the Boosting Cash Flow for Employers measure it announced on 12 March 2020. The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000. These payments will help businesses and NFPs with their cash flow so they can keep operatin...Continue reading

17.01.2022 What a week this has been for all of us! As you would be aware, things have changed significantly around Australia with the recent announcements of enforced closing of some businesses and other restrictions imposed by the Governments to stop the spread of COVID-19. It is going to be a very tough time for all of us business owners over the next 6 to 12 months and some of us will be affected way more than others, but we want to reassure you that the team at Strategy1 are here a...Continue reading

16.01.2022 My Coast Realty proudly presents Info Fest. If you're looking to buy your first home, investment property or it's been a little while since you navigated buying... or selling your home, this event is for you. We have organised 3 of the best local minds to discuss the current real estate market, lending options and what you need to know from an accounting perspective. My Coast Realty's Principal, Vanessa Goodwin, Justin Delanty, Executive Officer at Lending4U and Accountant Ben Chandler from Strategy1 Accounting and Business Advisory Services will extend their knowledge and answer your questions. This is a FREE event with limited seating so secure your ticket today. For tickets click; https://www.eventbrite.com.au/e/real-estate-industry-info-f #MCR #lending4u #strategy1 #freeevent

15.01.2022 Early tax time lodgers cautioned on COVID-19 variables. Taxpayers chomping at the bit to lodge their tax returns have been urged to hold off for at least a few ...weeks as COVID-19 throws up new variables this tax time. Individual taxpayers are expected to rush in to lodge their returns early this year as they look to secure refunds, as well as the up to $1,080 low and middle income tax offset (LMITO). Loss of employment; reduced earnings; rental property losses due to tenants being unable to pay or have negotiated a lower occupancy rate; deductions for protective COVID-19 measures such as gloves, face masks, sanitisers; and increased working-from-home expenses, are some of the reasons why individuals are planning on lodging early this year with an expectation of a larger than normal refund on offer, said Andrew Conway, chief executive of the Institute of Public Accountants. However, a range of COVID-19-related payments including JobKeeper, JobSeeker and the cash-flow boost will come into play this tax time, alongside other pandemic-related variables that are set to impact claims. Mr Conway has cautioned taxpayers from lodging before such information is available on the ATOs pre-fill, a message that the ATO has been broadcasting in the weeks leading up to 1 July. Our strong message is to wait for the information to become available before you lodge; otherwise, you may end up with an unexpected tax bill and angst down the track. Discrepancies will create reverse workflow and expose taxpayers to interest and/or penalties, Mr Conway said. Those who have lost their employment this year and have received JobSeeker will need to wait for Services Australia to load this information into the pre-fill as this entitlement represents income which is taxable and needs to be added to other income. Services Australia does not normally withhold tax, so this may adversely impact on the individuals overall tax situation which may turn a refund into an amount payable depending on personal circumstances. Similarly, if the employers have not withheld the proper amount of tax from JobKeeper payments, this, too, can have an impact on the refund amount. Another COVID-19-related issue this year is where a sole trader is receiving JobKeeper as an active participant. This represents income and needs to be included as part of their business income. Also, the cash-flow boost is tax-free and can be excluded from business income. Likewise, the Tax Institutes senior advocate, Robyn Jacobson, believes taxpayers will save themselves the trouble of possible amendments if they wait a few weeks before lodging. It is not necessarily optimal to lodge your return as soon as 30 June ticks over. This is primarily because third-party information, such as from banks, health insurance providers and public companies that have paid dividends, takes a little while to come through to the ATO, Ms Jacobson said. If you rush to lodge your tax return early and not all the right information is available, you run the risk of making mistakes or inadvertently omitting income and having to amend your tax return. Why do your tax return twice when you can get it right the first time with a little patience? Single Touch Payroll Employers with 20 or more employees will have until 14 July 2020 to make a finalisation declaration for their Single Touch Payroll data, while employers with 19 or fewer employees will have until 31 July 2020. Once finalised by employers, the ATO will pre-fill the employees income tax return and display the information as tax ready in myGov. "Its important to check that your employer has finalised the information in your income statement and it is marked as tax ready before you lodge, ATO assistant commissioner Karen Foat said. Other information from banks, health funds and government agencies will also be automatically inserted into your tax return. For most people, this will happen by the end of July. Lodging once we have included all of your information in your tax return makes it even easier, but if you are lodging before then, make sure the information provided is complete, accurate and up to date to avoid delays or a debt later on.

15.01.2022 Wrong calculation for JobKeeper could turn ugly Businesses applying the governments JobKeeper scheme in good faith could be caught out by a potentially ugly... calculation error that could render them ineligible for the payment, warns a law firm. Under the governments recently legislated JobKeeper scheme, eligible businesses will receive $1,500 per fortnight for each eligible employee, which will currently go for six months from the fortnight starting on 30 March 2020 to the fortnight ending on 27 September 2020. To be eligible, businesses must have suffered a recent decline in turnover as a result of the COVID-19 outbreak. Businesses will fulfil the relevant decline in turnover criteria if the business: Is an ACNC-registered charity (but not a university or school) and its turnover decreases by 15 per cent compared to the same month or quarter in 2019. Has a projected turnover likely to be more than $1 billion or had an aggregated turnover in the 2019 income year of more than $1 billion and its turnover decreases by 50 per cent compared to the same month or quarter in 2019. Is not one of the above entities and its turnover decreases by 30 per cent compared to the same month or quarter in 2019. Correctly calculating decline in turnover is crucial But according to CGW Lawyers special counsel Sarah Lancaster, the situation could get ugly for businesses that underestimate their decline in business turnover. For example, she said a business can reasonably assess its projected turnover for April 2020 as $100,000 when in April 2019 it was $150,000, meaning its decline in turnover is around 33 per cent and the business meets the decline in turnover condition at the test time. However, the businesss actual turnover for April 2020 could turn out to be $120,000, meaning its decline in turnover was actually 20 per cent. Ms Lancaster said the risk is that the ATO will later audit the business and deny it was eligible, in which case, the business will have to pay back the JobKeeper payments and interest, even though the payments have been paid to employees. The Treasury has provided some commentary in its fact sheet for employers that there will be some tolerance where employers, in good faith, estimate a 30 per cent or more or 50 per cent or more fall in turnover but actually experience a slightly smaller fall, Ms Lancaster said. However, we dont know what amounts to a slightly smaller fall is a 25 per cent fall in turnover slightly smaller than 30 per cent? The difficulty for businesses is that projecting their turnover in these times is not going to be easy. It is crucial for businesses to keep evidence about how they have calculated their projected turnover. Ms Lancaster said a business will not be entitled to the JobKeeper payment if it does not comply with the record-keeping requirements, which generally require the business to keep records to substantiate the information it provides to the Commissioner of Taxation. Under the legislation, the commissioner has the power to issue a written determination, by legislative instrument, that specifies the types of records and how those records should be kept, in order for an entity to satisfy the record-keeping requirements, she said. No determination has been made as yet, but we expect this will be issued in the coming weeks.

14.01.2022 There is more confirmation on the rules coming on Friday from the ATO

14.01.2022 Weve answered your questions about the Coronavirus Supplement including how much its worth, who is eligible and how to get it. (Some of you wont even need to apply.)

12.01.2022 Tasmania has revealed its COVID-19 support package which will waive the payroll tax for some businesses and provide interest-free loans to struggling industries #tax #ausbiz http://ow.ly/JHKH50yPtxN

12.01.2022 The Commissioner of Taxation has now announced several administrative relief measures to help businesses deal with the impact of COV-19 #ausbiz #tax http://ow.ly/Ltci50yKwdT

10.01.2022 Tax time 2020: ATO cautions early lodgers. The Tax Office has urged taxpayers to wait until the end of July to lodge their tax returns to minimise their risk o...f making mistakes. Accountants have begun bracing for a horrendously busy tax time this year as individual clients are expected to lodge early to get their hands on potential refunds as soon as possible. However, ATO deputy commissioner Karen Foat has urged taxpayers to hold off from lodging until all their income details have been finalised. We often see people too eager to get a tax refund making obvious mistakes, which can either delay processing the tax return or result in a bill later on, Ms Foat said. With Single Touch Payroll now live for all businesses, apart from closely held payees, employers with 20 or more employees will have until 14 July 2020 to make a finalisation declaration, while employers with 19 or fewer employees will have until 31 July 2020. The finalisation indicator will allow the ATO to prefill the employees income tax return and display the information as tax ready. Its important to check that your employer has finalised the information in your income statement and it is marked as tax ready before you lodge, Ms Foat said. Other information from banks, health funds and government agencies will also be automatically inserted into your tax return. For most people, this will happen by the end of July. Lodging once we have included all of your information in your tax return makes it even easier, but if you are lodging before then, make sure the information provided is complete, accurate and up to date to avoid delays or a debt later on. Work-related hotspots for 2020. The ATO has also announced work-related expenses deductions that it will be paying close attention to this year, in light of COVID-19. With more people working from home, working reduced hours or unfortunately not working at all, we expect to see claims for laundry expenses or travel expenses decline this year, Ms Foat said. If you arent travelling for work, you cant claim travel expenses. If you arent wearing your work uniform, you cant claim laundry expenses. Its still important to meet the three golden rules: you must have spent the money and not have been reimbursed, it must relate directly to earning your income, and you must have a record to prove it. The Tax Office also expects to see a substantial increase in people claiming deductions for working from home as a result of COVID-19 restrictions. A new shortcut method has been introduced by the ATO for taxpayers to calculate home office expenses at a rate of 80 cents per hour for the period between 1 March and 30 June 2020. The new method is in addition to the existing fixed-rate method and actual-cost method, with taxpayers able to choose the appropriate method for their circumstances. Claims before 1 March 2020 must be under the two previous approaches.

10.01.2022 #BREAKING From midnight tonight, Tasmanians will be banned from leaving their primary place of residence, unless they are going to work, school, buying essenti...al supplies, or exercising. The order is expected to last for at least 4 weeks. The maximum fine for breaking these orders is $16,800 and/or 6 months in prison.

09.01.2022 Xero has integrated Hubdoc two years after the US$60 million acquisition deal #ausbiz http://ow.ly/Zb8150yW1Sl

09.01.2022 For those who take the lifeline, the brutal reality is that $20,000 of super will probably be the most expensive money they ever get their hands on. The reason? Compound interest.

07.01.2022 The Treasurer has released the rules governing the JobKeeper scheme #tax #accountants #ausbiz #JobKeeper http://ow.ly/PEPp50zgG9e

06.01.2022 Heres what you need to know.

06.01.2022 Lots more questions on this until it is passes as legislation.

05.01.2022 Anyone looking at how much you may get with the stimulus package with the Cashflow boost here is a calculator

05.01.2022 With more people working from home, working reduced hours or unfortunately not working at all, we expect to see claims for laundry expenses or travel expenses decline this year" @ato_gov_au #taxtime #WFH #tax http://ow.ly/xphm50A5ENt

05.01.2022 Stay tuned for more details on Monday.

04.01.2022 Temporary Early Access To Superannuation Summary The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans Affairs payments. While superannuation helps people save for retirement, the Government recognises that for those significantly financially affect...Continue reading

03.01.2022 JobKeeper eligibility guidance for sole traders and businesses operating as a company, trust or partnership has been updated by the ATO #tax #ausbiz #accountants #JobKeeper http://ow.ly/NKps50zgG7Q

02.01.2022 Grappling With Jobkeeper and the Turnover Test The sheer breadth of current stimulus measures is astounding and navigating the complexities of initiatives such as the JobKeeper Payment is placing an extraordinary amount of pressure on accounting and tax professionals, in what is already an unprecedented time of stress. According to Vanessa Priest, Member of The Tax Institute COVID-19 Stimulus Rapid Response Group and a Tax Director at Baskin Clarke Priest, one of the most vi...Continue reading

02.01.2022 The Morrison government will provide a historic wage subsidy to around 6 million workers who will receive a flat payment of $1,500 per fortnight through their employer, before tax. #JobKeeper http://ow.ly/usJo50z0syw

01.01.2022 Everyone should see what there bank is offering.

01.01.2022 Income Support For Individuals Economic response to the coronavirus The Government is providing support for individuals to assist them during the next six months. Increased and accelerated income support...Continue reading

01.01.2022 Australias major banks have outlined a range of support measures for those affected by the coronavirus pandemic #ausbiz http://ow.ly/apoH50ySxe4

01.01.2022 The ATO has said it will take no action on SMSF landlords reducing rent to tenants who are also related parties during the current economic downturn #SMSF http://ow.ly/vEfn50z0res