TaxGo Accountants and Business Advisers | Finance

TaxGo Accountants and Business Advisers

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19.01.2022 There are plenty of 'hidden' fees involved in the purchase of a property and all these costs should be factored into the overall buying budget. https://taxgo.com.au//74-six-hidden-costs-when-purchasing-

19.01.2022 What does the Stimulus Package mean for your business and you? The uncertainty being created by the coronavirus has caused disruption for everyone across the country. In response the Federal Government has announced a yet to be legislated four-part package that focuses on business investment, sustaining employers and driving cash into the economy. For Businesses... 1. Tax-free payments up to $25,000 for employers This is not a direct cash payment but a credit equal to 50% of the PAYG amounts withheld from salary and wages paid to employees. The employer will need to lodge an activity statement to trigger the entitlement. If the credit puts the business in a refund position the excess amount will be refunded by the ATO within 14 days. If a business pays salary and wages to employees but is not required to withhold any tax then a minimum payment of $2,000 will still be made. 2. Increase and extend the instant asset write-off From 12 March 2020, the instant asset write-off threshold will increase from $30,000 to $150,000, and access to the write-off will be expanded to include businesses with an aggregated annual turnover of less than $500 million until 30 June 2020. 3. Accelerated depreciation deductions In addition to the increased instant asset write-off rules, accelerated depreciation deductions will apply from 12 March 2020 until 30 June 2021. This will bring forward deductions that would otherwise be claimed in later years. For example, let’s assume that a business purchases a new machine for $180,000 (exclusive of GST) in July 2021. In the 2021 tax return the business would claim an upfront deduction of $90,000. The business would also claim a further deduction for the depreciation that would have arisen on the balance of the cost. If the business is a small business entity and using the simplified depreciation rules, this would mean an additional deduction of $13,500 (i.e. 15% x $90,000). The total deduction in the 2021 tax return would be $103,500. Without the introduction of this investment incentive, the business would have claimed a deduction of $27,000 (i.e., 15% x $180,000). For Individuals 4. There will be a $750 one-off payment to those who are on social security, veteran and other income support recipients and eligible concession cardholders as of 12 March 2020. Please stay positive and we wish you health, vigour and goodwill during this challenging time. https://taxgo.com.au//77-the-stimulus-package-what-you-nee

15.01.2022 With the end of the financial year just around the corner, there are a range of strategies available to minimise your business tax burden. Please feel free to book a consultation if you have any questions. https://www.taxgo.com.au//65-year-end-tax-planning-strateg

15.01.2022 Did you know you can now access your voluntary superannuation contributions to help when it is time to purchase your first home? https://www.taxgo.com.au//75-help-with-saving-for-a-first-

10.01.2022 Family trusts are an excellent tool for many people who are seeking to protect the long-term future of their families by ensuring that more of your hard work and enterprise remain in your family’s hands. https://www.taxgo.com.au/family-trusts

10.01.2022 There's something about a new year that brings new hope. So why not take control of your finances this year with these free budgeting tools? Happy New Year for 2019! https://www.taxgo.com.au//71-kick-off-2019-with-this-budge

09.01.2022 The uncertainty being created by the coronavirus has affected businesses across the country with supply chain disruptions and changing customer habits to minimise any potential contact with the virus. https://taxgo.com.au//76-support-for-businesses-affected-b

08.01.2022 Good news - The legislation was passed today on the business changes proposed in the budget. Learn more .... https://taxgo.com.au//72-proposed-tax-changes-from-the-201

08.01.2022 Small business owners and accountants are spoilt for choice when it comes to accounting software with all the major vendors running cloud-based computing services. It's never been easier to manage and get information on your business and allow you to focus on what you do best - serving the customer. https://taxgo.com.au/tax-ti/69-accounting-software-round-up

07.01.2022 The Australian Business Register (ABR) is working with Australian Securities & Investments Commission (ASIC) in preparation for the retirement of trading names. https://www.taxgo.com.au//67-trading-names-are-being-retir

04.01.2022 NSW Government - Small Business Support Grant $10,000 The NSW Government has announced that they will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measure to keep small business afloat. Many local cafes, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply. https://taxgo.com.au//78-nsw-government-small-business-sup

03.01.2022 The ATO has reminded employers that legislation has been passed to extend Single Touch Payroll (‘STP’) to include all employers from 1 July 2019. https://www.taxgo.com.au//73-single-touch-payroll-begins-f

03.01.2022 Before selling any property over $750,000, Australian residents need to obtain an ATO Clearance Certificate (ACC). If you do not obtain an ACC then up to 12.5% of the settlement price will be paid to the ATO. https://taxgo.com.au//68-make-sure-you-are-cleared-for-sel

03.01.2022 Your super is your savings for your retirement and we all know that too many fees and charges can eat into that final nest egg. If you have received multiple superannuation statements this financial year then it might be a good idea to consolidate your super while you do your tax return this tax time. https://www.taxgo.com.au//66-consolidate-your-super-at-tax