The Tax Accountant in Chatswood, New South Wales, Australia | Financial service

The Tax Accountant

Locality: Chatswood, New South Wales, Australia

Phone: +61 2 8318 1456

Address: 11 Help Street 2067 Chatswood, NSW, Australia

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

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24.01.2022 Tax season is underway and to help Australians get their returns right, the Australian Taxation Office (ATO) has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. #business #accounting #sydneyaccountants #coronavirusfears #australianbusinesses #outbreak #economiccrisis #theaccountants #accountingsydney #accountingexperts #taxtime #taxcrunch #taxandaccounting #theaccountants #australianaccountants #financialadvice #ato #taxmyths #taxmyth #taxfacts #taxtips

18.01.2022 Be aware of emails, phone calls and text messages claiming to be from the ATO. A lot of scams are circulating during tax season, specifically pointing out a new malicious text message. ATO said that they are receiving increasing reports of several myGov-related SMS and ATO email address. Australians are being duped by the text as the ATO does, in fact, send email and text notifications when there are new messages in your myGov inbox, but there is one major difference. These ...messages will never include a link to log on to your myGov account, the ATO announced. Don’t click any links and don’t provide the information requested. Instead, you should always access the ATO’s online services directly via either the myGov website, the ATO website or the ATO app. All online management of your personal tax affairs should be done in ATO online services, accessed through your genuine myGov account. Any communications containing your personal information, such as your tax file number (TFN), will be sent to your myGov inbox, not your email account. You can make accessing your myGov account more secure by opting to receive a security code via SMS. It’s a quick and secure way to sign in to access ATO online services. If you receive an SMS or email from the ATO that you think is fraudulent, report it to: [email protected]. If you think you’ve received a fraudulent text or email from myGov, report it to: [email protected].

18.01.2022 The government announced plans for a six-month extensionto 31 December 2020of the instant asset write-off provided as a relief for businesses in response to the coronavirus (COVID-19) pandemic. According to the ATO, the following tips can help you get your instant asset write-off claim right: 1. Check if you're an eligible business... 2. Both new and second-hand assets can be claimed, provided each asset costs less than $150,000 3. Assets must be first used or installed ready for use between 12 March and 31 December 2020 4. A car limit applies to passenger vehicles. The limit is $59,136 for the 2020-21 income tax year 5. if your asset is for business and private use, you can only claim the business portion 6. Different eligibility criteria and thresholds apply to assets first used, or installed ready for use, prior to 12 March 2020. If you would like to find out more or are looking for a new accountant, please contact us at The Tax Accountant and we will be able to help you.

18.01.2022 From 28 September 2020, the JobKeeper scheme is extended. The first extension covers the JobKeeper fortnights between 28 September 2020 and 3 January 2021. To claim JobKeeper payments for this period, you will need to: - show that your actual GST turnover has declined in the September 2020 quarter -have satisfied the original decline in the turnover test but if you were entitled to receive JobKeeper for fortnights before 28 September, you have already satisfied the original d...ecline in the turnover test; are enrolling in JobKeeper for the first time from 28 September 2020, if you satisfy the actual decline in turnover test, you will also satisfy the original decline in turnover test (except for certain universities). You can enrol on that basis. -pay your eligible employees at least the JobKeeper amount that applies to them each JobKeeper fortnight. For JobKeeper extension 1, this will be either $1,200 for tier 1 or $750 for tier 2. -inform ATO whether the tier 1 (higher) or tier 2 (lower) payment rate applies to each eligible employee, eligible business participant or eligible religious practitioner. If you are already enrolled in JobKeeper and eligible for the extension, you do this in your business monthly declaration in November. You must also tell your eligible employees or eligible business participant which payment rate applies to them within 7 days of notifying ATO of their pay rate. #business#accounting#sydneyaccountants#coronavirusfears#australianbusinesses#outbreak#economiccrisis#theaccountants#accountingsydney#accountingexperts#taxtime#taxcrunch#taxandaccounting#theaccountants#australianaccountants#financialadvice#thestimulus#ato#australiantaxoffice #jobkeeper #jobkeeperextension

11.01.2022 The JobKeeper Payment scheme is a temporary subsidy for businesses significantly affected by coronavirus (COVID-19). Eligible employers, sole traders and other entities can apply to receive $1,500 per eligible employee per fortnight. It has been instrumental in supporting job retention, maintaining employment links and business cash flow, as well as providing income support to eligible employees. This extension will provide further support to significantly impacted businesses... so more Australians can retain their jobs and continue to earn an income. Employers will need to demonstrate that they’ve met the relevant decline in turnover in both the June and September quarters to be eligible for the JobKeeper payment in the December quarter, Mr Frydenberg said. Employers will need to demonstrate that they have met the relevant decline in each of the previous three quarters ending on 31 December 2020 to remain eligible for the payment in the March quarter 2021. The JobKeeper Payment will continue to remain open to new participants that meet the eligibility requirements. If you would like to find out more or are looking for a new accountant, please contact us at The Tax Accountant and we will be able to help you. #business#accounting#sydneyaccountants#coronavirusfears#australianbusinesses#outbreak#economiccrisis#theaccountants#accountingsydney#accountingexperts#taxtime#taxcrunch#taxandaccounting#theaccountants#australianaccountants#financialadvice#thestimulus#ato#australiantaxoffice #jobkeeper #jobkeeperextension #jobseeker Read more about it here: https://buff.ly/2ZUnJrL