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Taxincentives

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25.01.2022 Read this before you make your vote

24.01.2022 Don’t fall into the dodgy deductions trap at tax time. While most Aussies try to do the right thing, we still see a range of false car claims each year, such as... people claiming: Expenses that were actually paid for or reimbursed by their boss Private trips (including driving between home and work, which generally can’t be claimed) Trips they didn’t even take! If you plan to claim vehicle or travel expenses, pump the brakes and read up on the rules first. For more info, visit www.ato.gov.au//Deductions-you/Vehicle-and-travel-expenses

22.01.2022 We are now taking appointments to complete your tax returns please let me know if you would like to me see in person or prepare your tax returns on line. Please let me know what month would be most convenient for you if you know anyone whether it be family, work colleagues or friends who require their tax returns done please forward and ask them to "like" our page We can also offer other services including GST Booking Services, End of Year Financial Reports, Tax Planning and ...other Tax Services TAXINCENTIVES TAX HEALTH CHECK Here at Taxincentives we like to offer assistance by devising a personalised Tax Health Check Plan (TAX ADVICE AND PLANNING TAX MINIMISATION) - business analysis of your operation to determine the health and profitability of your business - buying an investment property; whether it's your first or your fifth - starting up a business; types of entity structure and what model best fits you depending on your personal and tax circumstances - tax savings strategies ie; did you know you can distribute to family members who are over 18 years of age no other income ie $20,000 and is TAX FREE entities which operate under a Trust scenario If you would like us to devise a plan for your future then please contact us See more

21.01.2022 Coronavirus (COVID-19) JobKeeper Payment for employers and employees and other additional support measures The economic impacts of the coronavirus have provided significant challenges for businesses and their employees over from this unprecedented health and economic event. The Government will provide $1,500 per fortnight per employee, before tax, for up to 6 months.... Employer Eligibility business turnover is less than $1 billion, and turnover has reduced by more than 30% relative to a comparable period a year ago (of at least 1 month) business turnover is over $1 billion and turnover has reduced by more than 50% relative to a comparable period a year ago (of at least 1 month) the employer must have been in an employment relationship with the employees as of 1 March 2020, and confirm that each employee is currently engaged self-employed individuals will also be eligible as will not-for-profit entities Employers must ELECT to participate in the scheme. You will need to make an application to the Australian Taxation Office (ATO) and provide supporting documentation to demonstrate the downturn in your business. At present you can register your interest in the scheme on the ATO website at: www.ato.gov.au/general/gen/JobKeeper-payment Employee Eligibility employees are currently employed by the eligible employer, including those stood down or re-hired they were employed by the employer at 1 March 2020 they are full-time, part-time or long-term casuals (a casual employee employed on regular basis for over 12 months) are at least 16 years of age are Austalian citizen, permanent visa, Protected Special Category Visa holder, a non-protected Special Category visa holder who has continually resided in Australia for 10 years or more, or a Special Category (Subclass 444) Visa holder employees cannot be in receipt of a Jobkeeper Payment from another employer, this means if you have 2 jobs you can only receive this payment once Payment Process Eligible employers will get $1,500 per fortnight for eligible employees. They will pay all eligible employees $1,500 minimum per fortnight before tax. Employers are able to top up this payment if they have the means to do so. An eligible employee will need to be paid the full $1,500 per fortnight before tax even if their ordinary wage is below this amount.

20.01.2022 Tax Tip: personal super contributions can now be claimed as a tax deduction by most Australian workers. Previously, only the self-employed, unemployed, retirees, or those who earned less than 10% of their income as an employee, could claim a tax deduction for a personal super contribution. This means most people under 75 years old can claim a tax deduction for personal super contributions (including those aged 65 to 74 who meet the work test) as a result of this change, if yo...Continue reading

19.01.2022 Attention rental property owners: Tax time is almost here and we want to help you get your tax return right! Check out our brand new 2019 rental properties guid...e for up-to-date explanations, examples and tips to help you nail your rental income and deductions. View the guide at www.ato.gov.au/Print-publications/Rental-properties-2019 See more

14.01.2022 Dear Client Due to Australia’s heightened level of precaution due to COVID creating business uncertainty, we would like all our clients to know we are here to support and guide you through this difficult time Support for businesses and individuals includes:...Continue reading

13.01.2022 Landlords and Tenants COVID-19 Victorian Government The Victorian Government will bring urgent legislation to the Parliament in line with decisions of the National Cabinet to support tenants and landlords through the corona virus pandemic by reforming residential and commercial tenancy laws These include introducing a temporary ban on evictions, pausing rental increases for six months, and providing land tax relief for landlords and rent relief for tenants experiencing fina...Continue reading

10.01.2022 2020 Tax Return Changes Dear Clients This year will see changes in the way your tax affairs will be prepared and submitted due to the impact of COVID-19 has had on our everyday lives... Taxation and accounting services will be prepared either; online email communications video appointments i.e Skype Google hangouts (no face time ) over the phone appointments Video and over the phone appointments please contact me to arrange a time For those who live in Caroline Springs I will be able to pick up the relevant information Please contact me regarding relevant worksheets to assist you completing your tax returns and other tax obligations Regards Angelo Sangiorgi

09.01.2022 Commercial leases COVID-19 Code of Conduct for commercial tenancies introduced by the Federal Government on 7 April 2020. A key principle of the Code of Conduct is that loss associated with the reduction of turnover experienced by tenants should be shared between tenants and landlords to alleviate financial stress and...Continue reading

08.01.2022 SINGLE TOUCH PAYROLL REPORTING COMPLIANT BY 30 SEP 2019 Just a reminder from 1 July 2019 employers with less than 19 employees will be required to report and send wages and super information from your payroll or accounting software to the ATO as you run your payroll need to report through STP any time before 30 September 2019. When you start reporting:... you will run your payroll, pay your employees as normal, and give them a payslip your pay cycle does not need to change (you can continue to pay your employees weekly, fortnightly or monthly) your STP-enabled payroll software will send us a report which includes the information we need from you, such as salaries and wages, pay as you go (PAYG) withholding and super information You will be reporting super liability information through STP for the first time. Super funds will also be reporting to the ATO They'll let the ATO know when you make the payment to your employees' chosen or default fund. This is an important step toward making sure employees are paid their correct entitlements.

04.01.2022 Home Office Expenses COVID 19 The Australian Taxation Office (ATO) has a new method which will allow people to claim 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses; COVID 19 Hourly rate 80 cents method The changes will apply from March 1 2020 to June 30 2020, after which the ATO will review the arrangement for the next financial year as the COVID-19 situation progresses.... You can claim a deduction of 80 cents for each hour you work from home instead of recording all of your actual expenses for heating, cooling, lighting, cleaning and the decline in value of furniture. Other methods are still available BUT you can only choose one method 52 cents fixed method; you can claim a deduction of 80 cents for each hour you work from home which covers the entire year from 1 July to 30 June Actual running expenses; If you have a dedicated work area you are able to claim home office equipment, including computers, printers and telephones. You can claim the full cost (for items costing up to $300) or the decline in value (for items costing $300 or more). If you’re self-employed, you may be able to immediately write-off equipment costing up to $20,000 work-related phone calls (including mobiles) and phone rental. You can claim a portion reflecting the share of work-related use of the line if you can show you are on call, or have to phone your staff, employer, customers or clients regularly while you are away from your workplace heating, cooling and lighting costs of repairs to your home office furniture and fittings cleaning expenses computer consumables, stationery, telephone and internet costs claimed on an actual expense basis. occupancy expenses such as rent, mortgage interest, rates, land taxes and house insurance premiums (but only in limited circumstances) they can only be claimed for those taxpayers who are self-employed sub-contractors running their business from home, Employees and everyday workers can only claim running expenses Claiming Occupancy Expenses; maybe subject to Capital Gains implications when it comes to selling your home especially when your set aside a portion of your home used for running your business

03.01.2022 SUBSTANTIATION OF EXPENSES FOR TAX RETURN Dear Client Hundreds of thousands of Aussies are expected to receive please explain letters this year amid a dramatic escalation in the ATO’s crackdown on the $8.7 billion tax gap....Continue reading