Tim Herden Accounting in Toowoomba, Queensland | Business service

Tim Herden Accounting

Locality: Toowoomba, Queensland

Phone: +61 488 712 100

Address: 323 Margaret Street 4350 Toowoomba, QLD, Australia

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

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24.01.2022 Ever thought about superannuation ? This week I attended a very informative 2 day seminar on superannuation. It was hosted by Allan McPherson the adviser to the advisors. Topics covered included... * The Changes announced in the last federal budget * Contribution strategies * Drawing benefits and pensions * Super & Estate Planning * SMSF Investment rules So if you would like the latest facts and news around superannuation then please contact me.

23.01.2022 Do you know what tax deductions and offsets you are eligible for? The following tips may help you reduce your tax liability in your 2014/2015 return. By Paul Drum Claim work-related deductions...Continue reading

20.01.2022 Congratulations Goondiwindi I have just come back from a 2 day trip to Goondiwindi to catch up with clients. Goondiwindi never ceases to amaze me, everywhere you look there is positive energy, enthusiasm and pride in themselves and their business. I took a walk down the Main Street early Wednesday morning. Several businesses have changed hands recently, others have relocated. All of which have invested a lot of time and money into their new businesses and locations. All t...he shops look amazing. There is not one tired shop in the whole street. All this reflects the optimism have share in the local economy, their pride in their town, their business and themselves. So congratulations to everyone in Goondiwindi, I left there yesterday fully recharged and enthusiastic myself.

18.01.2022 Top tech tips for working with your accountant and bookkeeper. I have just read this article from Business IT, I hope you find it interesting. Your technology choices affect how efficiently you can work with an accountant or bookkeeper....Continue reading

13.01.2022 SuperStream deadline is approaching Get started now so you are ready by 30 June If you are an employer it’s important you know about some changes in the way you pay super and that you take action now. ... All employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format. If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline. What you need to do: There are a number of options you can choose to implement SuperStream. Depending on what works best for your business you can choose to use: your super fund’s online system a clearing house a payroll system that is SuperStream ready a messaging portal. The ATO also offers the Small Business Superannuation Clearing House as a free online service that you can use. If you are already using this service you can rest easy that you are SuperStream ready. If you have any queries or concerns contact me, I can help you become Superstream ready.

11.01.2022 AGE PENSION CHANGES COMING With the 1 January 2017 Assets Test changes less than 1 month away, it is important retirees who may be over the estimated Assets Test cut-off at that time understand the implications on their Age Pension entitlements. It is also important for all retirees to review their spending plans in light of how these changes impact their retirement over the longer term. A recap of what is changing... 1. Higher Assets Test thresholds The first of the changes is an increase in the Assets Test thresholds. This allows retirees to hold more assets before their pension starts to reduce under the Assets Test. For some retirees with lower asset levels, this may lead to higher pension entitlements. For others, the Income Test will continue to determine their entitlements. 2. Increasing the Assets Test taper rate The second change is an increase in the taper rate. This change will reduce Age Pension entitlements at a faster rate once assessable assets exceed the new Assets Test thresholds. The largest reduction in pension entitlements will occur at the new Assets Test cut-off thresholds. Pensioners with assessable assets above the new cut-off will see their pensions reduce to nil. We urge anyone who may be affected by these changes to contact their financial adviser to obtain the right advice for their personal circumstances.

11.01.2022 Get your self-managed super fund in shape. I liked this article I found in the AFR recently Get your self-managed super fund in shape. Michele Mossop by Trish Power...Continue reading

09.01.2022 Succession Planning Grant The Queensland Government is now offering grants of up to $2,500 if you are a Queensland producer to help assist in the costs associated with family business and succession planning. The Farm Managements Grants is available to producers who seek professional advice to assist with succession planning, or a family member wanting to acquire an interest in the family business. This will allow producers to seek a rebate of up to 50% of the fees paid for t...he advice, to a maximum of $2,500 per applicant, per financial year. Qualified professionals such as an accountant, financial planner or solicitor must provide the advice. You can apply for this rebate through www.qraa.qld.gov.au. For further information on the Farm Management Grants including criteria visit www.qraa.qld.gov.au or freecall 1800 623 946. Should you have any questions or queries please do not hesitate to contact our office.

07.01.2022 Innovation Statement: The tax implications you need to know. Same business test relaxed to become a ‘predominantly similar business test’ The current ‘same business test’ will be relaxed to allow businesses to access prior year losses when they make minor changes to their operations. As part of these reforms the ‘same business test’ will be replaced by a new and more flexible ‘predominantly similar business test’. Under the ‘predominantly similar business test’ companies wil...Continue reading

06.01.2022 Interest rate drop announced for Productivity Loans QRAA Chief Executive Officer, Colin Holden has announced the new interest rates for the Queensland Government’s Sustainability and First Start Loans for primary producers. The new fixed interest rates for loans drawn down from 1 July 2015 are:... Term Interest Rate 1 year 3.23% (down from 3.72%) 3 year 3.26% (down from 3.76%) 5 year 3.45% (down from 3.88%) Interest rates are next subject to change on 1 January 2016. Productivity loans are designed to give Queensland primary producers or aspiring producers the opportunity to take proactive steps in developing a sustainable and productive farm business through a Sustainability or First Start Loan. Sustainability Loans allow producers to invest in projects such as property expansion, predator fencing, improved water infrastructure and more efficient irrigation systems, whereas First Start Loans support those aspiring to buy their first farm or become partners in the family farm. Producers are strongly urged not to self assess - QRAA Client Liaison Officers are available to meet on-farm to discuss loan criteria, terms and conditions and the application process. What else you need to know: Loan amounts of up to $650,000 No set up or exit fees Loan term of up to 20 years Up to two years interest only Joint lending is available for producers who need additional finance beyond $650,000 For further information visit www.qraa.qld.gov.au or contact us on Freecall 1800 623 946. The Sustainability and First Start Loans are an initiative of the Queensland Government’s Primary Industry Productivity Enhancement Scheme administered by QRAA.

05.01.2022 ATO's apps and other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. The most useful features for small business include: ABN Lookup, which verifies business details.... Tax withheld calculator, which shows how much tax to withhold. Key dates, which can set important tax and super reminders and alerts. Report a concern, which enables users to report suspected tax evasion. The ATO has also released a new function for the app which includes a business performance check tool (which provides a snapshot of profitability, cash flow, working capital and debt serviceability). It also compares a business's performance against similar businesses in its industry using the benchmark database. ---------------------------------------------------------------------------- 'myDeductions' online tool Another online tool that came live recently is "myDeductions", which allows taxpayers to upload their receipts and information for deductions for the 2015/16 year. Taxpayers are advised to simply take a photo of a receipt and upload it. The deductions covered include work-related expenses, car expenses (it also includes a trip information calculator using Google maps) and other travel expenses, uniforms, self-education, and other types of deductions (such as the cost of managing tax affairs and donations). Data will be stored in the taxpayer's mobile device and, at the end of the financial year, can be shared with their tax agent.

04.01.2022 Drought Concessional and Drought Recovery Loan Schemes now open in Queensland Drought-affected farmers across Queensland can now apply for assistance through a Drought Concessional Loan or a Drought Recovery Concessional Loan, following the announcement of the opening for the 201516 application round. With up to 80 per cent of the state now recognised as being in drought, these loans will assist those farm businesses financially impacted by the effects of drought. The Austr...Continue reading

01.01.2022 Employers please note: Tax rates are changing. You need to use the latest tax tables to calculate withholding from 1 October 2016. New tax tables are now available at ato.gov.au/taxtables... If you use accounting software, contact your software provider for any software updates. If you require any assistance, or have any questions please do not hesitate to contact me.