The Accounting Division in Drummoyne, New South Wales, Australia | Financial service

The Accounting Division

Locality: Drummoyne, New South Wales, Australia

Phone: +61 2 9819 7178

Address: Suite 503, 19 Roseby St 2047 Drummoyne, NSW, Australia

Website: http://www.theaccountingdivision.com.au

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25.01.2022 Planning on going back to school while you work? The costs can really add up, but the good news is that your course fees may be deductible if there’s a sufficient connection between your course and your work: the course must either improve or maintain your skills or give you greater income-earning ability in your current job. But not all government-funded fees are eligible and you can’t deduct any repayments you make under any government loan scheme. We’ll be happy to talk you through all the eligibility requirements and ensure your claim stands up to ATO scrutiny.

23.01.2022 The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to check your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and think about new ways to improve your profit margins. The latest benchmarks are available for over 100 industries across categories ranging from accommodation to manufacturing, and health care to veterinary services. Contact us today for advice on assessing how your business measures up against your competitors. http://bit.ly/2WdibrW

20.01.2022 STP? Single Touch Payroll. 1 July is the deadline for all employers to be ready to send payroll information straight to the ATO every pay cycle using compliant software. http://bit.ly/30x5pDi

18.01.2022 While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust. Changes such as this are complex with each structure having its own distinct advantages and disadvantages. Before you consider a change, experts should be consulted to avoid costly mistakes which may stymie the success of your business.

17.01.2022 Single Touch Payroll comes in effect from 1 July 2019 for all businesses (some exceptions apply). Contact us for more info.

13.01.2022 The deadline for lodging your tax return is fast approaching. Before you rush off to gather all the documents for your tax return, beware of some changes in this year’s return, particularly in the areas of rental properties and superannuation. In addition to the changes in the tax return, the ATO has also outlined the top 5 most common mistakes they have seen and will be following up on. Whether you’re looking to maximise your deductions, have complex tax affairs, or just need more time to lodge, we can help!

13.01.2022 Gig economy platforms like Airtasker are allowing Australians to earn some extra cash by completing a huge range of odd jobs from gardening to data entry and even standing in line for concert tickets! But you must declare the gross income in your tax return and keep records of the amounts you earn so you can claim deductions, like platform fees and commissions. But if you earn $75,000 a year or more, you must register for GST and most users will also require an ABN. Talk to us to help you spend more time earning and less time on tax! http://bit.ly/2VWw7Sd

13.01.2022 Repayment holidays or loan payment deferrals as a result of COVID-19 for a majority of borrowers are due to end in September. If you or your business initially deferred a loan at the beginning of the pandemic, now is the time to start working out whether you can afford your repayments. To ensure that the interests of consumers are protected, ASIC has outlined some expectations of financial institutions in dealing with an orderly return to repayments including contacting consumers in a timely manner.

12.01.2022 Millions of Australians are now using the sharing economy to earn some extra money on the side. But the government is concerned that some of those receiving income from these platforms such as Airbnb may not be paying the right amount of tax simply because they are unaware of their tax obligations. The ATO does not consider this to be hobby income, it is assessable income that you must declare in your tax return. Talk to us today for advice on expenses you can claim and any CGT issues if you decide to sell your home. We’ll guide you through the maze.

08.01.2022 Do you run a business that would like to bid on Commonwealth government contracts? From 1 July 2019, the government is seeking to exclude from the tender process those businesses that do not have a satisfactory tax record. The initiative would apply to all tenders with an estimated value of over $4m (including GST) for all goods and/or services. Businesses that wish to tender must generally be up-to-date with their tax obligations and not have any outstanding debt. If you’re planning to expand your business, we can help you map out a plan for a smooth evolution. More info on our blog: http://bit.ly/2HdK4bp

08.01.2022 A new data matching program between the ATO and Centrelink is currently underway and will apply for the 2019-20 and 2020-21 income years. The program relates to the use of Single Touch Payroll (STP) data. It is estimated around 460m pay events will be exchanged during the active period and will affect approximately 10-12m individuals who are mutual clients of the ATO and Centrelink. Among other things, this data matching program will be used to deter behaviours so individuals adhere to their obligations and support existing enforcement and recovery activities.

01.01.2022 The government has announced it plans to extend the instant asset write-off opportunity for small businesses (with less than $10 million turnover) until 2020 and increase the asset cost threshold from $20,000 to $25,000. This is great news if your business is planning to buy assets in the near future. The key is to ensure the asset will be used in your business (or ready to use) in the year you claim the write-off, and to consider how any private use of the asset may affect your claim. Talk to us today for advice on how to fully utilise this write-off. http://bit.ly/2UgHVBZ #SydneyAccountant

01.01.2022 Working from home... most of us do it, but not many know what they can claim as tax deductions for the associated costs. Read about this on our blog: https://www.theaccountingdivision.com.au//home-deductions/

01.01.2022 Reminder: Check your employee pay rates - they've increased from 1 July 2019