Trojan Accounting | Tax preparation service

Trojan Accounting

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25.01.2022 SUPERANNUATION WITHDRAWALS Notification has been sent that the ATO is starting audits on the withdrawals of funds from superannuation accounts. From spot checks it appears that at least 30% of withdrawals have been incorrect and this has created a need for the ATO to review further. Keep your documentation showing your loss of job or loss of hours to confirm your eligibility.

25.01.2022 SINGLE TOUCH PAYROLL Small business have to be ready for STP by the 1st July,2019. The ATO Has announced that it will be introducing a method for small payrolls so they do not have to use a cloud based program if the wish. Let me know if you are trying to organise and we can discuss the method that will best suit you.

24.01.2022 PROPERTY DEPRECIATION As we are all aware depreciation claims on investment properties were reduced at the last budget. No longer can you claim depreciation on fixtures and fittings if the property is second hand. There are some exemptions to these and one of those includes purchasing an investment property through a trust or a corporate entity. This will not suit all circumstances but if you would like to discuss this further please let me know.

23.01.2022 ATO OUTAGE It has been reported that the ATO has lost data due to the current system outage. I want to let everyone know that the ATO has confirmed that they have not lost data and after repairs all information is held on backups. If you are expecting a refund and it hasn't been received by New Year please let me know so that I can check your account.

23.01.2022 60,000 PLUS ATO INFORMANTS The ATO has information us that over 60,000 anonymous notifications were received by them from individuals informing on fraudulent and incorrect completion of tax returns by others. This number has increased dramatically and all will be reviewed by the ATO. It appears that people are unhappy with others lodging incorrectly, ensure you have your records complete for what you are claiming.

23.01.2022 DEPLOYMENT AND FAMILY TAX BENEFITS I attended a predeployment family information night last night and part of the information given was to inform the families to let Centrelink know about the tax free allowances that will be paid, not what I would recommend to you. This could possibly cancel all family benefits you receive for that financial year. Let me know if you want to discuss this further and have this area clarified.

22.01.2022 NOTICE OF INTENTION TO CLAIM Have you topped up your superannuation fund and want to claim this as a deduction in your return? A notice of intention to claim must be lodged with your superannuation fund to make this claim. Let me know if you want to know more.

22.01.2022 SINGLE TOUCH PAYROLL The ATO is still reviewing the processing of STP for small business owners, especially those with less than 4 employees and who do not wish to start paying a monthly fee to process payroll with larger online programs. It appears at present that providers are starting programs that cost $10 per month. The ATO has received many requests for a system that doesn't cost anything to those mum and dad entity's, I'll keep you updated.

22.01.2022 SGC AMNESTY The ATO has just declared a 12 month amnesty to get staff Superannuation payments up to date. Be aware once one touch payroll rolls out on the 1st July and ATO has immediate access to data expect greater and immediate fines for non-payment. If you are a business and behind in your SGC payments now is the time to address this.

19.01.2022 FRANKING CREDITS LOST If elected the Labor Party proposes to deny refunds for excess franking credits from 1 July 2019. This proposal would largely impact individuals and self managed superannuation funds (SMSF). Mr Shorten has argued that if you dont pay tax you shouldnt get a tax refund but by definition franking credits are a tax rebate to shareholders who receive dividends which have already incurred company tax. ... So franked dividend recipients have paid tax indirectly. To argue otherwise would be like arguing that an individual who has tax withheld by their employer hasnt paid tax and is not entitled to a tax refund if they are on a lower marginal rate.

18.01.2022 ATO DECLARES IT HAS IT'S EYES SET ON SHARE RIDING. Upon initial reviews the ATO has found that many share riding business are incorrectly claiming expenses relating to their motor vehicle. If you have taken up Uber driving as a business you should ensure that you have your log book completed when making your claims.

18.01.2022 7.2 BILLION CLAIMED IN MV EXPENSES With the tax office wanting to reduce personal refunds by 8 Billion dollars they have highlighted MV expense claims as the best place to start. Make sure you have your log book prepared before lodging this years return.

17.01.2022 BUDGET FOR YOUR LIFE Are you tired of never have money at the end of each week and not knowing where it all goes? Dont want to pay for the compliance of a financial advisor but want to get ahead with what means the most to you in life. We all have goals, we all have wants and we all have needs. When was the last time you worked out how much money your household has left after paying for your needs? How much additional savings can your extra income earn and how long will... it take for that extra income to grow to meet your wants and goals. Whether you are single, coupled, have a young family, studying, transitioning or reaching retirement a household budget can help you reach your goals for your life. As a qualified accountant I can help you create a budget that will take in all aspects of your life and even be able to give you advice on tax savings strategies. Lets work together for you to get ahead with your life goals.

17.01.2022 2020 TAX OFFICE HOTSPOTS with COVID-19 being a big part of working conditions for the 2020 financial year the ATO has indicated that it will be looking for those areas of expenses they may have ceased due to working from home or even not being able to work. There are also two distinct ways of claiming home office expenses and these should be reported separately. I'll discuss each of these were required when we prepare your return.

17.01.2022 END OF FINANCIAL YEAR and time is quickly passing us by. Now is the time to think about those expenses we are going to make as required for work and if so do you buy them now to have additional claims or leave until later. Also think about contributing extra to superannuation as a tax deductible contribution and the tax advantages received there.

16.01.2022 FEDERAL BUDGET AND YOU I am collating a newsletter with a few areas that will effect my clients and will have it out to you shortly. Some areas that will be covered will include: Business asset write off extension Reduced corporate tax rate changes Unincorporated small business discount... Medicare Levy Increase Removal of travel deduction on investment properties Superannuation savings for first home purchase HELP Debt repayments FTA(a) reduction if children not immunised CGT residence exemption CGT increased discount on investment in affordable housing GST on new property purchases Exempt superannuation savings on downsizing in retirement Skilled visa workers and fees to business If you would like to discuss any of these areas further please let me know. See more

14.01.2022 HOLIDAY RENTALS The ATO is taking a stronger stance on holiday rentals. Is your rental property properly advertised and available for rent? All holiday rental deductions are to be apportioned between rental property and personal use based on time used for either purpose. Based on how you advertise your property could reduce the amount of deductions allowable to your holiday property.... ATO is declaring that if your property is not advertised for rent on a continual basis, in as many places as possible then you are at risk of the property being regarded as available for personal use rather than investment and disallowing a large percentage of your claims. If you have a holiday home and would like to ensure that you can claim as much as possible please let me know.

13.01.2022 LABOUR SUPERANNUATION POLICY CHANGES A few more policy changes to occur under labour include: 1. tax deductions for superannuation contributions being removed when your income is from an employer. 2. High income threshhold being reduced to $200,000. Any super contributions received when you income is above this will be taxed at 30% and not 15%. 3. Limited recourse borrowing being removed. This will mean that investing through a SMSF will not be able unless you have the tota...l cash available in your fund to purchase the asset. 4. Nonconcessional contributions to be reduced. If you would like to discuss any of these further please let me know. See more

13.01.2022 SUPERANNUATION CONTRIBUTIONS The government has removed the lifetime contributions cap of $500,000 for non-concessional contributions. This again enables the use of contributions to your superannuation fund to increase to enable tax effect savings for retirement. Give me a call if you wish to discuss the tax effect on superannuation savings.

13.01.2022 HELP SCHEME FRAUDS NOW IN PLAY It is now being reported that fraudulent organisations are raising HELP debts with the government and receiving these payments against tax file numbers that are not registered for any education. As the ATO have paid the debt they automatically allocate the HELP debt against the taxpayer. Ensure your debt is yours.

12.01.2022 CASH BUSINESS UNDER TARGET BY ATO Over the next 4 weeks the ATO will be targeting restaurants, cafes and hair and beauty salons. These industries are predominately cash and under the scrutiny of the ATO so that all businesses pay taxes in a fair way. They will not be giving any notice, they will walk in and review the processes taken by the business to ensure all cash is accounted for in the correct manner. It has been reported that Perth and Canberra will be the main areas of concern for this period.

12.01.2022 TAX AUDITS A PLENTY FOR RENTAL PROPERTIES ATO has declared that they believe 9 out of 10 investment properties overclaim deductions at tax time. This 2019 financial year they have announced that they will double audits in this area.

11.01.2022 TAX RATES CHANGE 1ST OCTOBER Those who earn over $80,000 will now have the tax threshold of 32.5 cents increased to $87,000 cutoff. This will mean an additional $315 in your pocket per year if you earn over $87,000.

11.01.2022 INSTANT ASSET WRITE OFF The $20,000 instant asset write off has been extended to 30/06/2019. If you are a small business think about asset purchases you require prior to 30th June that will reduce your taxable income. I do not recommend this option if you do not require the asset.

11.01.2022 MERRY XMAS AND HAPPY NEW YEAR I wish everyone a wonderful Xmas period I hope you are all surrounded with loved ones and those close to you. Some members of your families may be away and I wish them all safe travels home when they can. Enjoy whatever break you are able to have and great things for 2017.

10.01.2022 SUPERANNUATION DEDUCTIONS Don't forget that starting this financial year personal contributions to your superannuation fund can be claimed as a deduction in your tax return. This can be used if you are in a higher tax bracket to reduce your taxes paid and increase long term savings. Give me a call if you want to know more.

10.01.2022 SINGLE TOUCH PAYROLL If you are an employer of more than 20 employees then single touch payroll will have to be used by you from the 1st July 2018. Less than 20 employees and you will have to use the new system by 1st July 2019. This will mean that all employees income information will be lodged with the ATO as it is paid and available directly from the ATO Portal at the end of each financial year. Your payroll software should be looking after all updates for you.

10.01.2022 Personal income tax cuts Under the changes, personal income tax cuts will be brought forward from their initial 2022 start date, while the LMITO a one-off tax offset worth $1,080 to those earning from $50,000 to $90,000 will be temporarily retained. The package will see the top threshold of the 19 per cent personal income tax bracket lifted from $37,000 to $45,000, while the top threshold of the 32.5 per cent personal income tax bracket will rise from $90,000 to $120,000.... As payroll systems cannot backdate these amended tax rates tax withheld will be amended for processing of wages moving forward and the difference on wages already received will be repaid when lodging your 2021 income tax return.

09.01.2022 SUPER CHANGES RECEIVE ROYAL ASSENT Planned changes delivered at the budget have now come into play. Some of those changes to keep in mind beginning 1st July 2017 are as follows: Contributions Cap will be reduced to $25,000 above that penalties will apply so if you are salary sacrificing you should review your expected contributions. Additional contributions being a tax deduction will become available to salary earners as well as business owners.... Tax free cap of $1,600,000 on retirement. If you have any queries or concerns please call to discuss. See more

08.01.2022 Hope everyone is doing well and looking after themselves during this challenging time. All of my clients should have received a newsletter on COVID-19 stimulus messages but I still need to update you on the Job Keeper stimulus. If you employer is eligible and you were either full time, part time or a casual for longer than 12 months or self employed then, if passed on Wednesday, you are able to collect $1,500 per fortnight through your employer as a job keeper. Your employer must want to re-engage you with payments starting 1st May back dated to 31st March. Government will pay $1,500 per fortnight to your employer and pass this to you as a wage. Please note no superannuation is payable on this payment if you are not working any hours. Liz

08.01.2022 GOVERNMENT REVIEWING 2011 TO 2014 After several more computer matching programs working to link hundreds of areas of income DHS has announced that it will start reviewing income declared by receipts of centrelink payments. The programs will verify income declared to income actually received through various avenues. Any discrepancies will be raised with the recipient and repayment plans organised.

08.01.2022 BACKPACKERS TAX On the 1st July, 2017 tax rates changed for working holiday markers on a 417 or 462 visa. If you are working on one of these visa's or employ staff working on these visa's the employer must register with the ATO to withhold at the working holiday maker tax rate of 15%. If not the tax will be withheld as a foreign resident at a rate of 32.5%

08.01.2022 FTB DEADLINE 30th June is fast approaching and your 2017 tax return needs to be lodged by this date so that you don't loose your family tax benefits for the year. It may be that you are owed monies so don't miss out and meet the lodgment date.

07.01.2022 LABOURS CHANGES TO CGT AND NEGATIVE GEARING Those investors interested to know Labour are looking at reducing the 50% discount on capital gains to 25% for an individual and reducing negative gearing to only new properties. If you have concerns that this will effect you give me a call and we can discuss your situation. Grandfathering rules will be introduced as well so as not to effect assets owned prior to this change.

05.01.2022 UNCLAIMED SUPER It has been reported now that as at 30th June 2017 there is more than $18 billion in lost or unclaimed superannuation being held. This would make it worth a look for some of you. The statistics also show that more than 50% of these funds belong to people in the age group 40 - 55. Top state is NSW with Mackay and Cairns being the top suburbs. Take a look and claim what is yours.

03.01.2022 NEGATIVE GEARING REMOVAL - LABOUR Just had clarification that the removal of negative gearing under Labour is not just for property but all negative gearing. Let me know if you want to discuss how this will effect you.

02.01.2022 TAXING OVERSEAS PURCHASES Come the 1st July any overseas suppliers that supply goods to Australian purchasers of greater than $75,000 per year will have to charge GST on the sale of their products. If you are looking to purchase items from overseas valued at less than $1,000 they have always been tax free. If you are looking to purchase any items less than $1,000 from a well known supplier you may want to make that purchase prior to 30th June, tax free, rather then pay the extra 10% on taxes.

01.01.2022 ATO AUDITS FOR LOG BOOKS The ATO are auditing and some of the areas they are concentrating on are log books for vehicle km's, computer use, phone and internet. The are also looking more into uniform costs as 6 million people are claiming 1.8 billion dollars in this area. Make sure you know how to claim correctly for your laundry. D5 is also a hot topic for this financial year.