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Venture Private Advisory

Phone: +61 8 7078 3505

Address: 123 Greenhill Road

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

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25.01.2022 As a general rule, expenses relating to travel between home and work (and vice-versa) are non-deductible. However, a number of exceptions to this principle exist, including for situations that require bulky equipment be transported to and from work. Find out more: https://bit.ly/3aTSaSL

24.01.2022 Your time is valuable. Use it wisely.

24.01.2022 Welcome to our November Newsetter. Click to view articles on SMSF lending, GST and property settlement, as well as cyber safety tips from the ATO.

23.01.2022 Land tax relief is coming for landlords in South Australia. Read more details of this scheme in our blog: https://ventureprivateadvisory.com.au/land-tax-relief-landl

23.01.2022 It's time to create a savings plan that motivates you. Try these tips to get started: Set a savings goal. Set up a separate savings account. Change a spending habit to save. Pay off some debt after your regular expenses.... Need more help? Contact us today to arrange an appointment: (08) 7078 3505 See more

22.01.2022 Set yourself a routine for excellence.

22.01.2022 Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time. Find out more https://bit.ly/2YYPwqB

21.01.2022 The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. However, owners will continue to incur normal expenses on their rental property and will still be able to claim these expenses in their tax return as long as the reduced rent charged is determined at arms length, having regard to the current market conditions. Find out more about how this may affect you: https://bit.ly/2PBglvr

21.01.2022 It's a new financial year, and we have some interesting articles for you this month; including tax return tips and information about the instant asset write-off extension. Please contact our office if you would like to discuss these articles, or make a time to speak to one of our experienced accountants.

21.01.2022 To help you maximise your return on investment, Venture Private Advisory use their comprehensive knowledge about superannuation to successfully grow your SMSF. We can be hands-on with full management from setup to taxation strategies or hands-off with just admin management and day-to-day tasks. Learn more: https://ventureprivateadvisory.com.au//self-managed-supera

21.01.2022 Do something today that will reward you in the future.

21.01.2022 It's tax time As you will be soon lodging your tax return, it's time to start considering any work-related and income-generating expenses that you've paid over the 2019/2020 financial year. Here are some of the common expenses that you may be able to claim.

20.01.2022 It is important to be aware of the long term effect accessing your super may have. Find out how you can manage it correctly: https://bit.ly/39aFw0A

20.01.2022 An increase in the maximum number of allowable members in SMSF from 4 to 6 is being considered by Parliament. Learn more details: https://ventureprivateadvisory.com.au/smsf-regulations-allo

19.01.2022 On 21 July the government announced proposed changes to JobKeeper including an extension through to 28 March 2021. These changes do not impact JobKeeper payments until after 28 September 2020. Payments will be reduced to $1,200 a fortnight after September 2020. A further reduction to payments will occur in the first quarter of 2021, to $1,000 per fortnight. To remain eligible after September 2020, businesses must prove they are still in financial distress each quarter.... Down at least 30% pre-COVID-19 levels. Need more help? Contact our office on (08) 7078 3505

18.01.2022 The JobKeeper payment was originally due to end after 27 September 2020 however, it will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. Furthermore, there will be additional changes to the scheme. Read our blog post to find out more https://bit.ly/2EtPnUl

18.01.2022 We are a boutique firm offering quality services in: Accounting Taxation Business Advisory Contact us today to discover how we can help you: https://ventureprivateadvisory.com.au/contact

18.01.2022 Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. Find out more: https://bit.ly/32A0Rzx

17.01.2022 Learn and grow from your failures

17.01.2022 Your limitation, it's only your imagination.

16.01.2022 The sky is the limit!

16.01.2022 Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. To be thorough before coming in for your tax appointment, have this information prepared to enable us to complete your tax return: Payment summaries (now called income statements): These outline the income you have received from your employer, super fund or government payments such as from Centrelink or the Department of Veterans Affairs.... Bank statements: Details any interest you have earned during the period and fees you have paid. Shares, unit trusts or managed fund statements: Information on dividends or distributions youve received (dividends that youve elected to reinvest must be declared as income). Buy and sell investment statements: Needed to calculate capital gains and losses. If you bought or sold any shares you can access the details on your online broking account or you can get them from your investment adviser or stockbroker. Records from your rental property: If you use a property manager you will probably get an annual tax statement that details income and expenses, otherwise you will need to gather details of income received and expenses paid, including any capital gains or capital losses from the sale of property. Foreign income: Details of foreign pensions or other foreign income. Private health insurance policy statement: Information needed to complete the private health insurance section of your tax return. Contact our office on (08) 7078 3505 if you would like to discuss your tax return. See more

16.01.2022 Our September Newsletter is here! New articles on how Covid-19 is affecting your finances, updates to JobKeeper, and more.. (image - Kangaroo Island, SA)

15.01.2022 The ATO has been charged with running the JobKeeper Payment scheme, which is intended to support businesses that are financially affected by COVID-19 to help keep their staff employed. Find out more on how your business is impacted: https://bit.ly/2zMmrEq

14.01.2022 In addition to the Commonwealth Governments economic stimulus actions, the State Government has announced a one-off cash grant of $10,000 to small businesses and not-for-profits who employ people in South Australia. A small business entity is an entity with an aggregated turnover of less than $10 million. Find out what businesses and not-for-profits including eligible sporting and community organisations will need to be eligible: https://bit.ly/3glcC0b

13.01.2022 The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of COVID-19. Be aware of these risks: https://bit.ly/366GyJG

12.01.2022 A notice was posted recently in the Commonwealth Gazette (C2020G00570) of a data matching program that is to be launched between the ATO and Services Australia the government body that became the executive agency in February this year in the Social Services portfolio (responsible for health, social and welfare payments and services). The notice of the new data-matching program notes that the exchange of data involves comparing information held by the ATO in relation to the ...JobKeeper payment and information reported to Services Australias customers in relation to social security payments. The aim, as described in the Gazette notice, is to uncover people who may be registered for both the JobKeeper program and social security payments, and identify social security customers who may need extra support to correctly declare their income, to help prevent them getting an overpayment. A protocol document describing the program was developed in consultation with the Office of the Australian Information Commissioner, which is available here. In this document, it is stated: This program involves the Agency receiving a data file from the ATO which will contain a list of all employees who have been nominated for JobKeeper Payment by an eligible employer. The Agency will then undertake a matching process of this data against the Agencys social security payment customers and claimants. It says the matching process compares the following fields of data of each payee: tax file number family name given name additional name (other name) date of birth. The announcements this week of changes to the JobKeeper scheme appears to have no bearing on the direction of the data-matching program. Email us at [email protected] if you have any queries regarding this article.

11.01.2022 To help your business manage your tax obligations, our tax advisory services include the following: Preparation of Activity Statements Preparation of Income Tax Returns Calculations of Capital Gains Tax and advice on tax amounts payable Preparation of Fringe Benefits Tax (FBT) Returns... Evaluation of GST and FBT obligations Taxation advice regarding business structures and asset protection Management of relationship and activities with the Australian Tax Office Contact us today to arrange an appointment: (08) 7078 3505 See more

11.01.2022 The ATO redirected staff this year away from performing audits to help with the roll-out of JobKeeper and similar stimulus measures. However, with those measures now in place, audits are set to return. Here's what you need to know: https://ventureprivateadvisory.com.au/audits-still-atos-rad

09.01.2022 Finance stress can be difficult to deal with especially living through a global pandemic. If you have been impacted by the current climate there are a number of support services available including; bank and home loan support, Centrelink supplements and health and well-being support. If you're feeling overwhelmed please contact us today for help: (08) 7078 3505

09.01.2022 Keep going, you're almost there.

07.01.2022 It's time to take 5 to stretch Try these stretches without having to leave your desk!

05.01.2022 Changes made to SMSF legislation in 2012 loosened the rules surrounding SMSF borrowing ability, and tweaks throughout the decade since have evolved to the point that an SMSF can borrow to invest in a single investment property without fear of compliance issues. Learn more in our blog: https://ventureprivateadvisory.com.au/smsf-lending

04.01.2022 More support for taxpayers in the face of the COVID-19 health crisis has just been announced in the form of a suspension of the indexation of tax instalments for the 2020-21 income year. Find out more https://bit.ly/2XaMz4A

04.01.2022 PAYG installments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage your installments to suit your circumstances. Find out more: https://bit.ly/2DRDozg

04.01.2022 Happy Father's Day to all the great Dad's out there.

02.01.2022 Change is sometimes necessary. It's up to you to rise to the challenge.

02.01.2022 Have you been working from home during COVID-19? Here is a list of expenses from the Australian Taxation Office that you will be able to claim: Electricity expenses associated with heating, cooling and lighting the area from which you are working and running items you are using for work Cleaning costs for a dedicated work area Phone and internet expenses Computer consumables (for example, printer paper and ink) and stationery... Home office equipment, including computers, printers, phones, furniture and furnishings you can claim either the - The full cost of items up to $300 - A decline in value for items over $300 Contact us today to arrange an appointment for your Tax return. (08) 7078 3505

02.01.2022 To assist with health and safety during COVID-19, it is now possible to electronically sign and witness some documents. Here's how it works in each state: https://ventureprivateadvisory.com.au/electronic-execution-

01.01.2022 The boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to 31st December 2020. Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000. To get your claim right, remember: Check if youre an eligible business. Both new and second-hand assets can be claimed, provided each ass...et costs less than $150,000. Assets must be first used or installed ready for use between 12 March and 30 June for a claim for the 2019-20 year, or between 1 July and 31 December for a claim for the 2020-21 year. A car limit applies to luxury passenger vehicles. The limit is $57,581 for the 2019-20 income tax year. If your asset is for business and private use, you can only claim the business portion. You can claim a deduction for the balance of your small business pool if its less than $150,000 at 30 June 2020 (before applying depreciation deductions) Different eligibility criteria and thresholds apply to assets first used, or installed ready for use, prior to 12 March 2020. The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each cost less than $150,000. The extension will also give businesses additional time to acquire and install assets (which can be new or second-hand), as they will now have until the end of the calendar year. If you have questions about the instant asset tax write off, email us at [email protected]

01.01.2022 Venture Private Advisory assist with both residential and commercial property investments. Wealth and investment services include: Property acquisition and funding Assessments of lease agreements Determining Tax-effective ownership arrangements Maximising returns and financial forecasting Learn more: https://ventureprivateadvisory.com.au/se/wealth-investments

01.01.2022 The JobKeeper payment is now available to eligible businesses to 28 March 2021. For all the latest news, check out our August Newsletter.

01.01.2022 Everything you've once wanted is on the other side of fear!

01.01.2022 From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of peoples retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance by default when an account has been inactive for more than 16 months. Generally, a member holds an inactive super account if the account has not received any contributions or rollovers for 16 months or longer. From 1 April 2020, additional rules were introduced. Find out more https://bit.ly/2PCyRDo