United Tax & Accounting in Redbank, Queensland, Australia | Financial service

United Tax & Accounting

Locality: Redbank, Queensland, Australia

Phone: +61 7 3814 6648

Address: PO Box 806 4301 Redbank, QLD, Australia

Website: http://unitedtax.com.au

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• Tax preparation service
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25.01.2022 If youve allowed your employees to garage company cars at home, your business may be on the hook for more FBT. Heres one simple change which could help you avoid it. https://bit.ly/2MlWlv9

22.01.2022 How the ATO is helping businesses navigate uncertain times https://bit.ly/3eycbiy

21.01.2022 Have you been directed by your company to work from home to limit the spread of the coronavirus? If so, you may be able to claim a deduction for the additional running costs you incur. The costs you could claim include work-related portion of any heating, cooling, lighting for the area youre working from, work-related phone and internet, and work-related decline in value of a computer and associated office equipment. To claim these expenses, you must keep specific records ranging from diary entries to receipts. https://bit.ly/2MlWlv9

19.01.2022 Businesses nervous about the state of the economy in the wake of a potential second wave can breathe a sigh of relief; the government has confirmed its intention extend the JobKeeper beyond the current legislated end date of 27 September with a few tweaks to eligibility and payment rates. While the government has extended the JobKeeper from 28 September 2020 to 28 March 2021, not everyone currently on the JobKeeper will be treated the same. Part of the changes include the int...roduction of a part-time rate to better align the payment with the incomes of employees before the onset of the COVID-19 pandemic. The rates per fortnight for the following periods are: 28 September 2020 to 3 January 2021: full rate - $1,200; less than 20hrs worked (part-time rate) - $750. 4 January 2021 to 28 March 2021: full rate - $1,000; less than 20hrs worked (part-time rate) - $650. Employees who were employed for less than 20 hours a week on average in the four weekly pay periods ending before 1 March 2020 will receive the part-time rate from 28 September 2020. Businesses will therefore be required to nominate which payment rate they are claiming for each of their eligible employees. Payment by the ATO will continue to be made in arrears, and alternative tests are available where the employees hours were not usual during the February 2020 reference period. In addition to the change in payment rates, businesses that want to continue claiming the JobKeeper payment beyond 27 September 2020 will be required to reassess their eligibility with reference to their actual turnover in the June and September quarters as well as satisfying existing eligibility requirements. To be eligible for the JobKeeper for the period 28 September 2020 to 3 January 2021, businesses will be need to demonstrate that their actual GST turnover has significantly fallen in both the June quarter 2020 (April, May and June) and the September quarter 2020 (July, August, September) relative to comparable periods (generally the corresponding quarters in 2019). Similarly, to be eligible for the second JobKeeper extension from 4 January to 28 March 2021, businesses will again need to demonstrate that their actual GST turnover has significantly fallen in each of the June, September and December 2020 quarters relative to comparable periods (generally the corresponding quarters in 2019). A 30% decline is considered significant (in line with existing eligibility requirements) for most businesses not including not-for-profits. As the deadline to lodge a BAS for the September quarter or month is in late October, and the December quarter (or month) BAS deadline is in late January for monthly lodgers or late February for quarterly lodgers, businesses will need to assess their eligibility for JobKeeper in advance of the BAS deadline in order to meet the wage condition (which requires them to pay their eligible employees in advance of receiving the JobKeeper payment in arrears from the ATO). See more

19.01.2022 If youve hired contractors to help your business, whether it be delivering goods or solving IT issues, you may need to lodge a TPAR for the first time. Hurry, time is running out. https://bit.ly/3kL6QIt

19.01.2022 Small businesses still recovering from COVID-19 can take advantage of FBT concessions to lower the amount of tax paid, is your business eligible? https://bit.ly/3csN2aL

18.01.2022 Hot tip!! This will eliminate shoe boxes and faded receipts!

17.01.2022 Company directors beware, a new regime of director identification numbers will come into effect in the near future to assist in combatting black economy and phoenixing. https://bit.ly/2MlWlv9

17.01.2022 Thinking of upgrading your sole trader business structure to a company or a trust? Read this first and avoid the pitfalls. https://bit.ly/32kuZhE

17.01.2022 HAPPY 1st JULY & NEW FINANCIAL YEAR!!HAPPY 1st JULY & NEW FINANCIAL YEAR!!

17.01.2022 If your business has been considering an asset purchase, now is the time to take advantage of an unusually high instant asset write-off threshold https://bit.ly/2MlWlv9

16.01.2022 With the majority of Australia now under lockdown to slow the COVID-19 pandemic, many employers are either encouraging their employees to work from home or have now instituted mandatory work from home policies. While working from home has its benefits, there may be extra expenses too, ranging from printing costs, the need for more internet data and perhaps even additional equipment. Depending on your circumstances, you may be able to claim a deduction for the additional runni...ng costs you incur, including expenses associated with heating, cooling and lighting in the area you are working from, work-related phone and internet, decline in value of a computer (work-related portion only), and decline in value of office equipment. To work out your expenses for heating, cooling, lighting, cleaning and the decline in value of furniture, you can either the fixed rate method or the actual value method. Under the fixed rate method, you keep records of your actual hours spent working at home for the year or keep a diary for a representative 4-week period to show your usual pattern of working from home. You can then claim a deduction at a rate of 52c for each hour that your work from home. The actual value method not only requires the keeping of a diary, youll also need receipts to show the actual amount spent and will be required to work out the cost based on floor area as well as other factors. For phone and internet expenses, you can claim up to $50 without having to analyse your bills in detail. The rates you can use to work out the cost of your work calls are 25c for calls made from your landline, 75c for calls made from your mobile or 10c for text messages sent from your mobile. If you would like to claim more than $50, you will need to work out the percentage of work use over a 4-week period using a reasonable basis (ie the number of work calls made as a percentage of total calls). If you have a work issued computer or laptop, you cannot claim any decline in value for the computer, this also applies to any work issued office equipment such as additional screens, a keyboard or a mouse. However, if you have purchased your own equipment such as a telephone, a printer or a computer chair, you can claim the full cost of items up to $300 or decline in value (depreciation) for items over $300. This is provided the purchased equipment is used purely for work purposes. The depreciation that can be claimed depends on the effective life of the asset purchased and for any equipment thats used both for work and personal purposes, an apportionment may have to be undertaken. Work-related portion of other running expenses including computer consumables such a printer paper, ink and various stationery can generally be deducted outright. See more

13.01.2022 If you’ve allowed your employees to garage company cars at home, your business may be on the hook for more FBT. Here’s one simple change which could help you avoid it. https://bit.ly/2MlWlv9

13.01.2022 This one is for all our small business owners! Did you know this? Have a read of this info the ATO has provided. Give us a call if you have any questions!

10.01.2022 Keep on top of your tax returns and locate your nearest accountant by using our Find an IPA Accountant tool : http://ow.ly/UgSn30oVqmK

09.01.2022 It is a new Financial Year & we are here for all of your Accounting and Tax needs. Call us today to see how we can help you! (07) 3814 6648

09.01.2022 Among the many unintended consequences of COVID-19, businesses that provide cars to their employees may now be on the hook for more FBT. Under the FBT regime, where an employee garages a work car at home, the business is deemed to be providing a car fringe benefit. However, with most people still working from home, the ATO notes that this could create unreasonable consequences for businesses. As such, it has outlined certain conditions where it will accept that a business is not holding the car for the purpose of providing fringe benefits to an employee.

09.01.2022 Want to win lucrative government contracts for your business? The first step is to obtain a STR http://unitedtax.com.au/category/news/

07.01.2022 Tax Time 2020 is just around the corner, but there is a very good reason why you shouldnt jump the gun and lodge your return too early, find out more here https://bit.ly/3jbJ0EG

06.01.2022 Contracts, Policies, Procedures Whats the difference? Learn about these 3 integral components that come together to form an internal voice for your business and a path for your employees in our Free Toolkit.

05.01.2022 While some sectors of the economy is suffering, others are booming, if youre 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.

04.01.2022 Want to know if your business and employees will be eligible for the JobKeeper extension? Contact us today to find out.https://bit.ly/2CAC2Jf

04.01.2022 If you accessed any of the federal governments COVID-19 packages, this article is for you. With many Australian businesses taking part in the governments COVID-19 stimulus package including the JobKeeper and the cash flow boost, the ATO has now commenced a compliance program to weed out those that are exploiting the stimulus; in order to level the playing field for the majority of businesses that are doing the right thing. The ATO has noted that it will not tolerate ille...gal behaviour or development of schemes that are designed to deliberately exploit COVID-19 stimulus measures or seek to avoid tax. It says it has already seen some examples of fraud and fraudulent attempts or people developing schemes to try and steal money from the community. Specifically, in relation to the JobKeeper, the ATO said it will be focusing its compliance efforts on the following: business income eligibility requirements; eligibility of employees; ensuring eligible businesses are correctly making claims; and ensuring entities are not manipulating their turnover in order to satisfy the decline in turnover test. To recap, to be eligible for the JobKeeper, generally the business (with an aggregated turnover of $1bn or less) would have needed to experience a 30% fall in turnover and had at least one eligible employee on 1 March 2020 who was currently employed by the business. Eligible employees usually have to be either Australian residents or holders of a Subclass 444 (Special Category) visa, and be employed either full time, part time or a long-term casual employee at 1 March 2020. For the cash flow boost, the ATO is on the lookout for employers who have entered into a scheme which is designed to: artificially restructure the business to gain access to the cash flow boost; artificially changing the character of payments to salary or wages to maximise the cash flow boost; inflating reported withholding amounts to maximise the cash flow boost; resurrecting dormant entities or phoenixing. Again, to recap, the cash flow boost was available to small or medium businesses, including sole traders, companies, partnerships or trusts (aggregated annual turnover of less than $50m) which held an ABN on 12 March 2020. In addition, the business must have made payments to employees subject to withholding (even if the amount required to withhold was zero), and the business lodged at least one tax return or activity statement/GST return for a specific period. ATO warns that severe penalties can be applied to tax avoidance schemes or those found to be breaking the law, penalties for fraud can also include financial penalties, prosecution, and imprisonment for the most serious of cases. See more

02.01.2022 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.