Swifter Accounting & Tax Agents in Gold Coast, Queensland | Business service

Swifter Accounting & Tax Agents

Locality: Gold Coast, Queensland

Phone: +61 7 5556 0771

Address: 11 Rosewall Place, Oxenford 4210 Gold Coast, QLD, Australia

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• Business service
• Tax preparation service
• Accountant

19.01.2022 Please be aware that scammers are impersonating the ATO by texting messages about refunds and requesting you visit a link and log on with your phone number etc to make your claim. This is particularly distressing as some members of the public seem to think that they will be getting a tax payment based on the latest advice from the ATO. Please ignore these texts and phone messages. If any tax refunds are payable by the ATO they already have your personal information so you do not need to do anything.

13.01.2022 Don't get scammed. The ATO never asks for your confidential details by email. To confirm any email sent to you is from the ATO go to ato.gov.au/onlinesecurity. Look suspicious? Do not take chances, forward suspicious emails to [email protected]

10.01.2022 Please be aware that taxpayers are being cautioned on abusing ‘tax arbitrage’ of early super release. Taxpayers have been urged to reconsider applying for the early release of super to simply obtain tax benefits, with the loophole going against the intent of the government’s COVID-19 relief measures. Temporary early access to super was one of several changes made to superannuation as a part of the government’s second stimulus package to offset the economic effects of the coro...navirus outbreak. Eligible individuals can apply for an early release of up to $10,000 in the 201920 financial year through the myGov website from 20 April. A second payment of up to $10,000 will be available from 1 July 2020, and members will have until 24 September to apply. SuperConcepts general manager of technical services and education Peter Burgess has now cautioned against a loophole that is currently making its way around the community. We are hearing about people who either voluntarily or involuntarily agree to reduce their hours by 20 per cent or more for what could be a short period of time, and then make salary sacrifice contributions to their superannuation fund, Mr Burgess said. They then apply to have $10,000 released from their superannuation fund in this financial year and a further $10,000 released in the next financial year before 24 September, under the government’s new COVID-19 compassionate ground condition of release. Depending on the individual’s income and their available concessional contribution cap space, this can result in a material tax saving for the individual. According to Mr Burgess, the tax arbitrage comes from the 15 per cent tax on salary sacrificed super contributions versus normal marginal rates of tax under ordinary income, and the eventual tax-free payments of the early super release. Mr Burgess believes the ATO will likely scrutinise such situations where an individual is salary sacrificing yet accessing the early super release measure. We need to remember the purpose of this new compassionate ground condition of release is to provide financial relief for those impacted by COVID-19; it shouldn’t be seen as an opportunity to embark on tax arbitrage strategies, Mr Burgess said. It’s also worth noting the application for release is likely to involve the completion of an online ‘approved form’, which means penalties apply to false and misleading statements. It will be difficult to justify a claim for the early release of some of your superannuation on COVID-19 compassionate grounds if you are making salary sacrifice contributions to your fund.

08.01.2022 Be aware of tax scams! The ATO advise that scammers can use information to impersonate an agent and send scam emails, SMS or social media messages to their clients. To protect yourself keep personal information secure including AUSkeys and Tax File Numbers. If anyone receives a suspicious email claiming to be from the ATO, they should not click on any links or open attachments nor respond to the sender but instead forward the entire email to [email protected] and then delete from your inbox and sent folder.

02.01.2022 For those still seeking to do their tax, we specialize in multiple years and will do our utmost to provide the best outcome for you. Don't continue to pay penalties and interest, just put it on your to do list now and get it done! Call Joseph on 0429200070 Monday-Thursday 9am-5pm for an appointment to discuss your requirements.