TMS Bayside Tax Services in Brisbane, Queensland, Australia | Tax preparation service

TMS Bayside Tax Services

Locality: Brisbane, Queensland, Australia

Phone: +61 418 183 950

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• Tax preparation service
• Accountant
• Financial service

24.01.2022 DEPRECIATION - It's a two edged sword. Great when you are claiming it but not so good when you need to adjust the cost base of the CGT asset when selling. Send me a message or email and I will explain more.

18.01.2022 Do you pay tax on the Super you withdrew during COVID? It depends. Were you on JobSeeker, were you unemployed, were you receiving Parenting Payment, were you made redundant or were your working hours reduced by 20% or more? Need advice, contact me for assistance.

16.01.2022 We expect the ATO Prefill information will be validated in the week ending 17th July 2020.

13.01.2022 Did you know you can get an easy $500 in Super Co-contribution from the ATO by contributing just $1000 yourself (NOT employer Super). There are a few rules but the major ones are 1. Have total income less than $38,564 (reduced up to $53564) and not claimed a tax deduction for the $1000 in personal super contribution. For a your person on low income this can be very helpful in that for example, 5 years x $1000 personal contribution will be $7500 in your Super.

07.01.2022 Every new and current company director will soon require a Director Identification Number (DIN). It is yet to be announced when the regulation will be activated. The DIN is unique to the director and enables secure tracking of their relationships across all the companies they have been involved with. There are big benefits to the new system. Using the number instead of personal details such as a name and address, ensures efficient set up, transfer and closure of companies. An...d as a huge boost to data integrity and security, the DIN will also prevent the use of false identities. As such, the DIN will tackle illegal phoenix activity. Phoenixing occurs when controllers of an indebted company actively avoid paying debts such as government taxes, suppliers and employee wages and superannuation by shutting down and transferring assets to a new company. It is estimated that phoenixing costs the Australian economy up to $5.1 billion every year.

03.01.2022 TAX COMPLIANCE, why it so important right now to have all your tax information, supporting documents and records correct - Tax practitioners are being warned to prepare for the ATO to ramp up its auditing efforts, after compliance activities were deferred at the height of COVID-19. The ATO will likely look to bide their time to collect revenue again in the coming months. As the ATO ramps up its auditing efforts, it’s likely that companies and individuals that fit the criteri...a of the Tax Office’s Top 500 and Next 5,000 programs are likely to attract auditing efforts. The ATO’s interest in these groups comes as a result of recent tax gap reports, which highlighted a 7.7 per cent tax gap in the sector worth $772 million. The Tax Office takes an industry-by-industry approach following COVID-19, and these groups have seemingly been less afflicted by the pandemic. Companies and individuals that fall into either of these programs should consult with their accountants and tax advisers early, and start preparing to prove that all appropriate steps are being taken to comply. ......courtesy accountantsdaily.com.au See more

03.01.2022 What is the difference between a 'car' and a 'motor vehicle' as described by the ATO. A 'motor vehicle' has the characteristics as being used for a business purpose. The test is simple, Gross Vehicle Mass (GVM) less Kerb Weight has to be more than 1 tonne OR have seating for 9 or more passengers. Most Utes pass the test but Sporty SUVs and sleek 4X4's fail. There are other exemptions but for specific uses. If a company buys a 'car' it is economically viable to have a logbook or endure a statutory FBT impairment of 20%. If you are buying a new motor vehicle for business purposes speak with your tax accountant first.