Samantha Young Accounting, Bookkeeping & Tax Agents Service in Ryde, New South Wales, Australia | Financial service

Samantha Young Accounting, Bookkeeping & Tax Agents Service

Locality: Ryde, New South Wales, Australia

Phone: +61 416 188 533

Address: Coxs Road 2113 Ryde, NSW, Australia

Website: www.truelocal.com.au/business/samantha-young-accounting-bookkeeping-and-tax-agents-service/north-ryde

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24.01.2022 SIMPLER BAS (Effective 1 July 2017) Simplified GST reporting is now available so that from 1 July 2017, a small business with a GST turnover of less than $10 million can use the Simpler BAS reporting method. WHAT IS THIS?... As a small business, you will have less GST information to report on their BAS ie. you will only need to report: > G1 Total sales > 1A GST on sales > 1B GST on purchases The following GST information is no longer required: > G2 Export sales > G3 GST-free sales > G10 Capital purchases > G11 Non-capital purchases Simpler BAS does not affect how other taxes are reported (eg PAYG income tax instalments or PAYG tax withheld), or how often you lodge your BAS. You still need to keep records, such as tax invoices, as proof of any claims you make in your BAS and income tax return lodgements. BENEFITS OF SIMPLER BAS This reporting will reduce the complexity of GST bookkeeping and reporting, and in doing so reduces compliance costs. GST account set-up, ongoing bookkeeping, and BAS preparation and lodgement is then made much simpler as it will be easier to classify and code GST transactions. GST REPORTING METHODS From 1 July 2017 you no longer elect your GST reporting method, including GST instalments, on your BAS. Your GST turnover determines your GST reporting method. > If your GST turnover is $10 million or more, you report GST using the Full reporting method. > If your GST turnover is less than $10 million, you report GST using the Simpler BAS reporting method. > If your GST turnover is less than $10 million and you currently use the GST instalment method, you generally continue to use it if the instalment method is available to you, a GST instalment amount will show on your BAS. The GST turnover figure used to determine your GST reporting method is obtained from your ATO records. It would be previously advised by you, whether at GST registration or subsequently. Your GST reporting method will generally be rolled over at the end of each financial year based on your GST turnover. (You can contact the ATO on 13 28 66 to update your GST turnover and change your reporting method if you require). Should you require further clarification or advice regarding the above or any tax matters, please do not hesitate to contact me.

24.01.2022 ATO WEBINAR JOBKEEPER MEASURE I have just finished an ATO Webinar where we as tax agents and digital services providers are provided with some updates regarding JobKeeper Payments (JKP). Some interesting notes to share from the Webinar:... 1. You can only claim one $1,500 payment from one employer, even if employee is working at more than one job. Thus it will be the employees responsibility to advise which employer that they do not need to pay for the JKP. 2. ATO are in the midst of determining how the application of superannuation is to be applied as the initial consideration is that the JKP is not subject to superannuation. 3. ATO is also considering how JKP will also to impact payroll tax will. Finally, a question was raised: Why the top up to $1,500, even for people who do not earn this normally? Well, the reason was mentioned by our PM and it was along the lines of this payment was to be fair and to provide everyone with the same amount regardless of their original earnings. Hope you find this useful and interesting. The ATO has advised us that they will continue to hold these webinars to keep us, the tax agents/accountants informed so that we may also be the information conduit to our clients. So as usual, should you have any questions relating to your tax, please do not hesitate to contact your accountant or feel free to contact me and I can provide you with more specific advice. Kind regards, Samantha.

22.01.2022 LEST WE FORGET... Today is Anzac Day and despite all the things that are going on in the world today, Australians are taking a step back and spending today to remember those who served and died during all war and peacekeeping operations, both past and present. This year, my family and I took a moment together to come to remember our ANZACS...as we were watching the news about the ANZACS, my 6 year old was pretty interested and asked alot of about what happened and what this d...ay of remembrance is all about. As we discussed the idea of war and peace and sacrifice, my son was silent and I could tell he was really moved. He told me he was sad but also thankful that we have people who would fight for us and our country. He was sad and a bit teary but after a bit more talking about the ideas and some hugs, he was ok. However, what really touched me and I wanted to share with you (between the busyness of work and tax) is that even at this age, kids can really understand, appreciate and be thankful (even if its with innocence). My son went on to make this...reminding us throughout the day "to remember", "lets not forget" and "we will remember". So lets take a step back, reflect and be thankful! Happy Anzac 2020!

21.01.2022 CHANGES TO PAYG WITHHOLDING TAX ON WAGES AMOUNTS The way tax is calculated on salary and wages has changed and may affect you as an employer. From 1 July 2017 the:... * temporary budget repair levy has been removed * Medicare levy low-income threshold increased. WHAT DOES THIS MEAN FOR YOU AS AN EMPLOYER? New tax tables taking into account these changes are now available for you to download or ask your payroll software provider for the relevant update. These tables apply to amounts withheld from payments made after 30 June, 2017. DID YOU HAVE EMPLOYEES THIS FINANCIAL YEAR (ie FY2017)? Remember, if you hired employees during the last financial year, you must: * have issued payment summaries to employees by 14 JULY 2017 * lodge your payment summary annual report by 14 AUGUST 2017. For further related and "interesting" read... 1. Tax Tables for Wages Paid From 1 July 2017: https://www.ato.gov.au/rates/tax-tables/ 2. Information about PAYG Withholding Annual Report: https://www.ato.gov.au/b/payg-withholding/annual-reporting/ 3. Information about your Employees: https://www.ato.gov.au/Business/Your-workers/

20.01.2022 Your FY2018 PAYG WITHHOLDING ANNUAL REPORT is due tomorrow, 14 August 2018. The report summarises all payments you have made as wages, salaries or other work-related payments and must be lodged with the ATO. For more information about this, refer to: * https://www.ato.gov.au/B/PAYG-withholding/Annual-reporting/ * https://www.ato.gov.au//how-to-lodge-your-payment-summary/... Please note that you should have already issued FY2018 PAYG Payment Summary Statements to your employees (this was due on 14 July 2018 - information about this can be found at https://www.ato.gov.au/Forms/PAYG-payment-summary-statement/). In addition, payments to building and construction industry contractors need to report the total payments made to each contractor for building and construction services on the Taxable Payments Annual Report, due by 28 August each year. Should you require any assistance with the above, please do not hesitate to contact me.

20.01.2022 RESOURCES TO CULTIVATE PERSEVERANCE, RESILIENCE & POSITIVITY As we learn to adjust to the impacts of Coronavirus (COVID-19) in both our professional and personal lives, I wish to encourage you to learn and build on skills that will assist in cultivating perseverance, resilience and positivity. My professional accounting body (CAANZ) has provided us Chartered Accountants with some great resources that I thought would be great to share with you:... Resilience and Leadership, LinkedIn Learning course (https://www.linkedin.com//build/resilience-and-leadership) The heart of resilient leadership: Responding to COVID-19A guide for senior executives, Deloitte Insights (https://www2.deloitte.com//heart-of-resilient-leadership-r?) The growth mindset toolkit, Positive Change Guru (https://positivechangeguru.com/growth-mindset-toolkit/) On Laughter, Anthony McCarten Tedx Talk (https://www.youtube.com/watch?v=b2qM1I-JCEQ) Stay safe and healthy! Samantha.

19.01.2022 ATOs ANNUAL OFFICE CLOSURE ATOs annual office closure will be between noon Friday 22 December and 8.00am Tuesday 2 January 2018. Per the ATOs website, returns or activity statements lodged on or after 7 December 2017 may not be finalised until after 2 January 2018.

18.01.2022 JOBKEEPER KEY DATES ACTION: Check/Bookmark this website if you are claiming JobKeeper payments to keep up-to-date with the Governments changes in when things are due: https://www.ato.gov.au//Job/In-detail/JobKeeper-key-dates/... Some of you may have been impacted with last Sundays 31st May deadline where this was the last day that enrolment for JobKeeper was going to be permissible for April and May months. Unfortunately the ATO had their systems maintenance effective from 6pm on Sunday 31st May resulting in many practitioners and their clients being locked out and unable to complete the enrolment process by this deadline date when they assumed that the deadline was available till midnight Sunday. Referring to the article, The Commissioner has now extended the deadline for enrolments for the month of June 2020 and later months to the end of the month in which the employers entitlement to the scheme arises. For example, if an employers entitlement for the JobKeeper scheme arises in June 2020, the employer now has until 30 June 2020 to complete the JobKeeper enrollment. Please ensure you enrol and report your figures (actuals or projected) by the relevant dates. Happy reporting! Regards, Samantha.

18.01.2022 EMPLOYING A NEW PERSON TO YOUR BUSINESS? TFN DECLARATION FORMS CAN NOW BE DOWNLOADED! The ATO recognises that there is a lot of paperwork to complete when you hire new employees. They have developed a fillable TFN declaration form which is available on their website. You no longer need to order the form and wait for it to be mailed to you. Just download it from ato.gov.au/TFNdec or even better, ask your new employee to download the form and fill it in on the screen.... Once the form is filled in, simply print it off and get your employees to sign it. Then make a copy for your records and send the original to us within 14 days. Next step: Get your fillable Tax file number declaration form at: https://www.ato.gov.au//Dow/TFN_declaration_form_N3092.pdf Dont forget to also get your employee to complete an ATO Super Choice Form also: https://www.ato.gov.au//35c234b5-6918-4dd0-a3db-95edfd76ad Please note that there are many other considerations when operating a business and employing people. The above forms are just a start. Please feel free to contact me for further tax advice and guidance.

18.01.2022 FEDERAL BUDGET 2018 (9 May 2017 @ 7:30pm AEST) The Budget 2017-18 will be released at approx. 7:30pm (AEST) on Tuesday 9 May 2017. Tune in to hear about how the Government plans for our economys future, especially when there have been rumours of significant changes which may impact housing affordability, with further tax changes proposed. Recent changes to superannuation rules surrounding pensions, and taxation of superannuation balances, along with new rules set to apply to small business tax from 1 July 2016 will ensure that the Federal Budget will be an interesting one! For more information, go to http://www.budget.gov.au/.

17.01.2022 STARTING (OR THINKING OF STARTING) A SMALL BUSINESS? The ATO is holding some free small business education events as they are committed to delivering a better client experience for small businesses. By way of these events, the ATO want to help you (alongside us accountants) to access the right information, at the right time, in the right way. Hence, these workshops are taking place in New South Wales in 2017/2018 that are specifically designed for small business.... I encourage you to attend any of these events on offer: * Tax essentials for small business * Record keeping for small business * Employer essentials You can view the dates and locations of events by going via the link below: https://lets-talk.ato.gov.au/sbworkshopsnsw Should you wish to discuss further what was mentioned in the workshops, please do not hesitate to contact me for a tax appointment.

17.01.2022 CASHFLOW FOR SMALL BUSINESS SUCCESS I have just been to another online ATO webinar to look at how cash flow is the life blood for small business and to share with you some critical knowledge and cash flow management skills. We looked at how to identify issues and use a range of tips to help maximise a business cash flow.... We looked at improving the business cash flow management by: mapping cash flowing in and out of your business analysing your cash flow to head off any problems tracking and monitoring your cash flow using the 7 tips to maximise cash flow. Upon the conclusion of the webinar, we were provide with a summary: > Adopt good cash flow management > Appropriate accounting software > Map out your cash flow > Look at your pricing and payment terms > Calculate your tax and super > Separate GST > Have full view of your cashflow Thank you to the ATO for sharing their insights and providing small businesses with these tools. Feel free to connect with the ATO via their contact details attached.. As usual, please speak to your accountant for more information or do not hesitate to contact me. Regards, Samantha.

17.01.2022 JOBKEEPER PAYMENT Theres so much happening in the Australian landscape and today, the Australian Government announced a new JobKeeper Payment to provide wage subsidies to businesses that are significantly affected by COVID-19. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months.... This is yet to be law but the Government has announced its intention to pass additional legislation to introduce this new measure. If legislation is enacted, support will be directed to employers to pass on to employees. Should you wish to keep updated with this payment, please register your interest via ATOs Register for JobKeeper Updates (https://www.ato.gov.au/Job-keeper-payment/) For further informaiton about this Payment, refer to: https://www.business.gov.au//coronavirus/jobkeeper-payment JobKeeper Payment Information for Employers: https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p JobKeeper Payment Information for Employees: https://treasury.gov.au//Fact_sheet_Info_for_Employees_0.p Wishing all Australian businesses and their staff the very best and if eligible, may this subsidy provide some relief to you. Regards, Samantha.

15.01.2022 ENROL FOR THE JOBKEEPER PAYMENT - Starts TODAY 20 April 2020. Information about this can be found on ATO website: https://www.ato.gov.au//e/enrol-for-the-jobkeeper-payment/... Tax & Super Australia have summarised the process for JobKeeper very well in 3 videos...please feel free to click through and follow the steps as advised by John Jeffreys, Tax Counsel of Tax and Super Australia: 8 Step Process for Confirming Eligible Employee effective 4 May 2020 (recorded 16 April 2020): https://vimeo.com/408724177 8 Step Process for JobKeeper Enrolment effective 20 April 2020 (recorded 16 April 2020) https://vimeo.com/408655141 JobKeeper Information from the ATO (recorded 16 April 2020) https://vimeo.com/408258934 Thanks for reading and do let me know if there are any tips or hints you can share with me when attending to this. Thanks, Samantha.

14.01.2022 SMALL BUSINESS SUPERANNUATION CLEARING HOUSE (SBSCH) END OF FINANCIAL YEAR PROCESSING DATES Did you know, superannuation payments are only considered to be paid for taxation purposes once they have been received by the super fund, not the date the SBSCH receives them? To make sure super funds receive your payments before the 30 June end of financial year deadline (so you can claim a tax deduction in the 2019 financial year), your payments must be received by the Small Busines...s Superannuation Clearing House (SBSCH) no later than close of business 21 June 2019. Please note, the ATO system has maintenance scheduled between 11:30pm Friday 21 June 2019 and 7am Monday 24 June 2019. During this time the SBSCH will be unavailable. So please make sure your super is lodged on SBSCH and payments are made by this Friday! PS. What is SBSCH? This is a free service by the ATO where you can use it to make Super Guarantee (SG) contributions. Eligible businesses are those with 19 or fewer employees or an annual aggregated turnover of less than $10 million. Refer to link for further information: https://www.ato.gov.au//Small-Business-Superannuation-Cle/

13.01.2022 Can you claim home to work travel? Generally not, but sometimes...

13.01.2022 THE ATO APP If you are an individual taxpayer, small business owner or self-managed super fund trustee, you can access relevant tax and super information and tools in one place. The ATO app gives you a quick and easy way to complete your tax time tasks anytime, anywhere.... * ATO Online services: log in to lodge your income tax return with myTax, then track your returns progress. * Voice authentication: set up your voiceprint for fast, easy and secure access to our online services (no need to find your myGov username and password!). * Payment plan estimator: if youre expecting a tax bill, use this to work out an affordable payment plan, then set it up using ATO Online services. * myDeductions: quickly share the income, expenses and car trips youve recorded throughout the year with your tax agent or upload it to prefill your tax return. The ATO app is handy all year round, with tools like: * Tax withheld calculator: work out how much tax to withhold from a workers pay. * Fuel tax credit calculator: work out how much you can claim. * Key dates: set important tax and super reminders and alerts. * Business performance check tool: check the financial health of your business and compare yourself against others in your industry. Remember, should you require any tax advice, feel free to contact me! Next step: Download or update the ATO app today. > Google Play: https://play.google.com/store/apps/details > App Store: https://itunes.apple.com//australian-taxation-/id664461825 > Microsoft: https://www.microsoft.com//australian-taxatio/9nblggh08hn6 Find out about: 1. ATO app (https://www.ato.gov.au/General/Online-services/ATO-app/) 2. Lodge online (https://www.ato.gov.au//Lodging-your-tax-ret/Lodge-online/) 3. myDeductions (https://www.ato.gov.au//Online-servi/ATO-app/myDeductions/)

13.01.2022 JULY is a BUSY month.

12.01.2022 https://www.news.com.au//news-story/050b85f35b65600baa7c62 Do you claim work related expenses, namely laundry expeses and car expenses? Do have an investment property and claim deductions? Do you have earnings from cryptocurrencies and sharing economy platforms like Uber. All of this will once again be closely scrutinised by the ATO. As the article reminds us: An audit is really just one component ... They do a lot of investigation in this space through technology they d...ata-match, they have benchmarks, if expenses are outside the norm people will get a letter which is not a full audit, it invites them to think again. Remember, if you cant substantiate it, you cant claim it. Make sure youve got the receipt or invoice or bank statement that proves you incurred the expense". Should you have any questions or require clarification about what you can and cannot claim, please contact me and I can assist/advise.

12.01.2022 NEED A BREAK? DONT HAVE A KIT KAT, THERES FREE CHILDCARE RELIEF (DUE TO COVID-19) On 2 April 2020, the Government announced a temporary relief package to support families and the early childhood education and care (ECEC) sector due to the impact on child care enrolments and attendance. The new arrangements make child care services fee-free for families. The changes took effect on 6 April 2020 and remain in place until 28 June 2020.... The package will mean: * the Government will pay 50% of the sectors fee revenue (up to an hourly rate cap based on a time before parents started withdrawing their children in large numbers) as long as the services remaining open and that there be no charge for care. * Funding will be applied from 6 April 2020 and the system will be reviewed after one month and an extension will be considered after three months. * Families who have terminated enrolments since 17 February 2020 are encouraged to get back in contact with their centre and restart arrangements. For more information, please have a look at these links: - Economic response to coronavirusfree child care: https://www.aph.gov.au//Coronavirus_response-Free_child_ca - Early childhood education and care relief package, Joint Media Release 1: https://ministers.dese.gov.au//early-childhood-education-a - Keep up to date with the Departments COVID-19 information: https://www.dese.gov.au/covid-19

12.01.2022 WHAT YOU CAN CLAIM FOR TAX IF WORKING FROM HOME DURING CORNAVIRUS (COVID-19) How are you these days with the situation with COVID-19 and the changing landscape of how we eat, work and play? I hope you are keeping well and safe during this time of COVID-19 and may we not only survive during this time but thrive and learn how to manage our time and our resources with those around us, both at home and in the community.... These are unprecedented times where we have more businesses taking a safety approach and having their staff work from home and logging in remotely. With this change in the nature of how you work also may mean there may be a number of deductions available to you depending on your personal situation. Also, you may be be aware that the Government is trying to assist businesses and households who have been impacted by COVID to get through this crisis, especially as the world deals with the significant challenges posed by its spread. In attached communication notice, I have collated information from various sources which I hope will assist you in understanding what you may be entitled to. As usual, if you are unsure about any of the information provided in this sheet, please speak to your accountant. Wishing you a safe and healthy period during this COVID-19 time. With thoughts and best wishes, Samantha.

11.01.2022 JOBKEEPER PAYMENT - INTERESTING DISCOVERY You only need to satisfy the fall in turnover requirement once you dont need to retest turnover each month. At the time you enrol in the JobKeeper payment scheme, you need to confirm that your business in a relevant period has had, or is likely to have, a:... * 30% fall in turnover (for an aggregated turnover of $1 billion or less) * 50% fall in turnover (for an aggregated turnover of more than $1 billion), or * 15% fall in turnover (for ACNC-registered charities other than universities and schools). HOW TO CALCULATE A FALL IN TURNOVER FOR THE FIRST FORTNIGHT STARTING 30 MARCH 2020 To work out your fall in turnover, you can compare either: * GST turnover for March 2020 with GST turnover for March 2019 * projected GST turnover for April 2020 with GST turnover for April 2019 * projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019. How you choose to project your fall in turnover is not dependent on whether you report a quarterly or monthly BAS, though you can do that if it is easier. If you work out that you qualify for the JobKeeper payments for the first fortnight because your turnover has declined by the relevant amount, you remain eligible and do not need to keep testing turnover in following months. However, you will have ongoing monthly reporting requirements. More information will be provided soon. The Commissioner of Taxation also has the discretion to set out alternative tests that can establish your eligibility when turnover periods are not appropriately comparable (for example, if your business has been in operation less than a year). We will provide more information soon about alternative tests. Reference from ATO: https://www.ato.gov.au//Job/Employers/Eligible-employers/ Please note that there are still a lot of questions about how this will apply and how it will work so please be patient as the ATO works on this and as us tax agents and accountants continue to be informed via webinars, newsletters and other means. Should you wish to review your own personal situation and see whether you are eligible, please contact your tax agent/accountant or myself. Regards, Samantha.

11.01.2022 JULY is a BUSY month so take note of the following dates for your diary! 1 July - Its the 1st day of the new financial year, time to celebrate the going of the old year and the bringing in of the new year! It is also the start of a new payroll tax withholding rates! Relevant websites regarding tax tables and tax withheld calculator can be found on website below: * https://www.ato.gov.au/rates/tax-tables/... * https://www.ato.gov.au/calculators/tax-withheld-calculator/ 16 July - Employers need to issue PAYG withholding payment summaries to their employees. 23 July - monthly BASs are due 28 July - June quarter superannuation guarantee is due; June quarterly BASs are due; June quarter PAYG instalments are due Note, if you lodge your quarterly activity statements via a registered tax agent, due date for lodgement and payment is 25 August.

10.01.2022 50% OFF QUICKBOOKS SPECIAL OFFER - Accounting Software for Account Record Keeping This is offer is perfect for someone who is currently using an Excel spreadsheet and could benefit from using an accounting package which has all the appropriate reporting requirements you need to manage your business. Have a look at the attached information and if you are keen, please let me know. The offer is ONLY AVAILABLE UP UNTIL 31 JULY 2018 so feel free to have a look at the product and l...et me know if you are interested. Samantha Young, Edwin Choi

10.01.2022 Budget Night is over and now it is time to review the highlights that may impact you. Thanks to some of my subscriptions, please find summarised information that will provide you with a good overview of the Federal Budget 2018.

07.01.2022 THIS WEEK IS SCAMS AWARENESS WEEK ?? Do you think you are too smart to be scammed ?? Many Australians believe they would never fall victim to a scam and could confidently spot one or know what to do if they were targeted. However, scammers are becoming more sophisticated in their attempts to trick people into paying money or providing personal information.... The ATO wants you to protect yourselves from scammers during Scams Awareness Week 1216 August. Know that the ATO will never: * call demanding immediate payment or threaten them with arrest * conference call in a third party such as tax agents or law enforcement * prevent them from discussing their tax affairs with you or a trusted advisor * request payment of a debt via iTunes, Google Play cards, other vouchers or cryptocurrency * ask them to pay their tax debt into a bank account not held by the Reserve Bank of Australia. Therefore, do not to engage if you are unsure if an interaction from the ATO is genuine. It is best to phone ATOs scam hotline on 1800 008 540 or https://www.ato.gov.au//identity-/verify-or-report-a-scam/ to verify if the contact is legitimate. It is better to get the details of the person on the phone and the department that they are from plus a reference if available, hang up and then call the ATO directly on their general line and be sure that you are indeed speaking to someone from the ATO. !!! NEVER GIVE OUT ANY INFORMATION ABOUT YOURSELF !!! For more information refer to: > Online security - https://www.ato.gov.au/gen/online-services/online-security/ > Scamwatch - https://www.scamwatch.gov.au/

07.01.2022 ARE YOU A SMALL BUSINESS? HAVE YOU THOUGHT ABOUT STARTING A SMALL BUSINESS? HERE ARE SOME PERKS THAT COME WITH BEING A SMALL BUSINESS... There have been some great tax reforms that have taken place for small businesses and here are a few for your thought and consideration: 1. REDUCTION IN TAX RATE FROM 30% to 27.5%... Companies, corporate unit trusts and public trading trusts who report an annual turnover of less than $10 million will qualify for this reduced tax rate. Please note that for the 2016-17 reporting period, the onus is on the business (or their tax advisers) to know if they are eligible for the reduce tax rate. According to the Australian Tax Office (ATO), where a company has lodged their 2016-17 tax return using the 30% tax rate, and believes they are entitled to the 27.5% tax rate, they should seek an amendment as we are unable to accurately identify these taxpayers. The company tax rate is anticipated to be further lowered with the original Budget proposal involving a gradual reduction in the company tax rate to just 25% by 2026-27. 2. SIMPLIFIED DEPRECIATION RULES This includes the instant asset write-off threshold of $20,000, which has been extended until 30 June 2018. Refer to my FB post dated 5 April 2017 for details regarding these rules. 3. SIMPLIFIED TRADING STOCK RULES 4. OPTION TO ACCOUNT FOR GST ON CASH BASIS AND PAY GST BY INSTALMENTS PER ATOS CACULATION. 5. SIMPLIFIED METHOD OF PAYING PAYG INSTALMENTS AS PER ATOS CALCULATION. 6. VARIOUS OTHER TAX CONCESSIONS SUCH AS FBT CAR-PARKING AND WORK-RELATED DEVICE EXEMPTIONS. 7. SIMPLIFIED GST REPORTING Therefore, please consider: > are you making the most of the small business concessions available to you? > if you could benefit from a more tax effective strategy? > if you have lodged your 2016-17 return and was taxed at 30%, are you eligible for a credit?

07.01.2022 SINGLE TOUCH PAYROLL (STP) - A reporting change for employers. Starts from 1 July 2018 for employers with 20 or more employees. This is an ATO initiative aimed at streamlining the way employers report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time employees are paid.... STP will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament. To work out if you have to report through STP from 1 July 2018, all you need to do is count the number of employees on your payroll on 1 April. If you have 20 or more employees, youll need to get ready for STP this year. You can do the headcount after 1 April, but the count must reflect the number of employees who were on your payroll on 1 April. You dont need to send the headcount to the ATO, but you should keep a copy of the count for your records. Busy times, like long weekends, seasonal work or special events often mean employers need to hire additional workers to keep up with the workload and temporarily increase their headcount to 20 or more employees on 1 April. You will be exempt from reporting under STP from 1 July 2018 if you: * had fewer than 20 employees for at least 10 out of the preceding 12 months * reasonably expect to have fewer than 20 employees for at least 10 out of the immediately following 12 months. You dont need to inform the ATO if you use this exemption. If you have to report STP, have a look at the below link for our to get ready for STP: https://www.ato.gov.au//get-ready-for-single-touch-payroll/

06.01.2022 SOLETRADERS AND OTHER ENTITIES + JOBKEEPER SCHEME ENTITLEMENT Sole traders and some other entities (such as partnerships, trusts or companies) may be entitled to the JobKeeper Payment scheme under the "business participation" entitlement. However, not-for-profit organisations are not included. A limit applies of one $1,500 JobKeeper payment per fortnight for one eligible business participant. If your entity also has employees, you may also be able to claim additional JobKeepe...r payments of $1,500 per fortnight per eligible employee. The entity, not the eligible business participant, receives the JobKeeper payment. The exception is a sole trader, who is both the business entity and an eligible business participant, and so receives the JobKeeper payment themselves. This recognises that there are a lot of businesses who work in that company and do not get paid a wage as such but would be impacted by this situation. For more information regarding eligibility, please refer to: https://www.ato.gov.au//J/Sole-traders-and-other-entities/ If you are eligible, you will then need to continue the steps in the link. ~ PLEASE NOTE THAT YOU NEED TO ENROL BY 30 APRIL 2020 to be eligible for the first batch of fortnightly payments! ~ This first batch of fortnightly payments is for for payments in either the fortnights starting 30 March 2020 or 13 April 2020. Happy enrolling! Regards, Samantha. PS. The JobKeeper Payment is a scheme to support businesses significantly affected by the coronavirus to help keep more Australians in jobs. The JobKeeper Payment is administered by the Australian Taxation Office (ATO).

06.01.2022 BE AWARE - ATO IS FOCUSING ON WORK-RELATED EXPENSES This year the ATO will be paying close attention to what people are claiming as other work-related expense deductions. Before you include claims for work-related expenses at label D5 this year, make sure you can show:... * you spent the money themselves and were not reimbursed * the expense was directly related to earning your income * you have a record to prove it. * If the expense is for work and private use, you can only claim a deduction for the work-related portion. Remember, you are not automatically entitled to claim standard deductions. You will need to be able to show how you worked out your claims, and remember keep records when incurring expenses or otherwise, be able to provide evidence on how you calculated your claim. Note, you can keep track of your deductions using the myDeductions tool in the ATO app (found on Google Play or App Store) then email your accountant your data for inclusion in the tax returns. Source: https://www.ato.gov.au//In/focus-on-work-related-expenses/

05.01.2022 LOWER COMPANY TAX RATES (from 30% to $25%, applicable from 2017-2027 financial years) In May 2017, the Australian government passed the first phase of the Enterprise Tax Plan, a series of corporate tax cuts from the 201617 to the 202627 income years. In the first stage of the plan, companies that carry on a business and have an aggregated turnover of less than $10 million for 201617 are entitled to the concessional tax rate of 27.5%. By 202627, all companies that carry on... a business and have an aggregated turnover of less than $50 million will be taxed at 25% permanently. FROM THE 201617 INCOME YEAR, the lower tax rate is 27.5%. This lower rate must be applied to small business entities that: 1) have an aggregated turnover of less than $10 million, and 2) are carrying on a business. If your business turns over $10 million or more, the rate is 30%. FROM THE 201718 INCOME YEAR, companies that are base rate entities must apply the lower 27.5% company tax rate. A base rate entity (a concept that came into effect on 1 July 2017) is a company that: 1) has an aggregated turnover less than the turnover threshold which is $25 million for the 201718 income year, and 2) is carrying on a business. If your business turns over $25 million or more, the rate is 30%. FUTURE INCOME YEARS, the 27.5% rate will remain the same for the 2018-29 income year, however, the base rate entities turnover threshold will rise to under $50 million. The rate will then reduce to 25% by the 202627 income year. A summary of the turnover and rates are summarised in the attached table. Should you have further questions regarding your business, its turnover or eligibility for the new or existing tax rates, please do not hesitate to contact me.

02.01.2022 Listening to an amusing tax seminar from ATO Felix Manero (Director, Individuals and Intermediaries, ATO) about the "ATO Insight and Future Focus" of the ATO. Interestingly, this is how many tax practitioners are working in NSW and looks like glass ceiling is lifted here..

02.01.2022 INITIAL JOBKEEPER PAYMENT DEADLINE EXTENDED TO 31 MAY 2020, HOWEVER... ** PAYMENT MUST BE MADE BY THIS FRIDAY 8 MAY 2020 ** (regarding first 2 fortnights payments)... The JobKeeper enrolments has been extended for initial payments as the ATO provided an extension of time for employers who wish to enrol for the first two JobKeeper fortnights to 31 May, an extension from 30 April. This mainly relates to the first two fortnights that run from 30 March to 12 April, and 13 April to 26 April where the ATO will now accept the late payments of the minimum $1,500 per fortnight as long as they are paid by 8 May. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights. This means that you can make two fortnightly payments of at least $1,500 per fortnight by 8 May, or a combined payment of at least $3,000, said the ATO. Please also note that you need to meet all the eligibility requirements for each of those fortnights. This includes paying your employees by the appropriate date for each fortnight. The ATO has a dedicated RSS feed for COVID-19 related content on ato.gov. This allows you to set up your system to tell you when new or updated content is published. Follow the RSS newsfeed instructions to set it up today. (Refer to link: https://www.ato.gov.au/RSS-news-feeds.aspx) The extension in time to meet the wage condition comes after the ATO registered the alternative tests (https://www.ato.gov.au//In-det/Applying-the-turnover-test/?) and the Treasurer revealing that further changes would be made to the JobKeeper rules. The ATOs updated guidance on enrolment date and payment date can be viewed here (refer to link: https://www.ato.gov.au/General/JobKeeper-Payment/).

01.01.2022 ATOs "HIT LIST" FOR 2017 TAX TIME Here is an article from News.com.au that is a good read with the end of 2017 financial year coming up: http://www.news.com.au//n/f28acada3220681f4d5694cde7d63ef9... Please note the three "golden rules" per ATOs Assistant Commissioner Kath Anderson: 1. you have to have spent the money yourself and cant have been reimbursed, 2. the claim must be directly related to earning your income, and 3. you need a record to prove it. Finally, please read the end where it looks at eleven dodgy deductions. Feel free to contact me should you wish to discuss the points raised in the article and seeing how it is applicable to your personal tax situation.