WDS Business Group | Finance

WDS Business Group

Phone: +61 3 7022 6838

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25.01.2022 A NSW man was handed a criminal conviction and fined $1,500 yesterday after claiming false work-related expenses on his tax return The bank exec claimed more... than $15,000 in travel expenses for ‘overseas conferences’ even though he hadn’t left the country that financial year! If you’re thinking of claiming work-related deductions, remember to follow the three golden rules: You must have spent the money yourself and weren’t reimbursed It must directly relate to earning your income You must have a record to prove it. To find out more about the case and why it’s important to double check your claims, head to www.ato.gov.au//Case-s/Tax-crime-prosecution-case-studies/

24.01.2022 Download the handy summary. Link in bio. FOR GST YOU NEED: An ABN. ... To register for GST from the day you start, regardless of how much you earn. To pay GST on the full fare. To lodge business activity statements monthly or quarterly. To know how to issue tax invoices. FOR INCOME TAX: Include what you earn as income in your yearly tax return. Only claim deductions to the extent that they directly relate to providing ride-sourcing services. Keep records of all your income and expenses. Contact us for an obligation free chat to see how we can help you. #accountants #tax #taxagent #taxreturn #accountantmelbourne #taxadvisor #melbourne #taxtips #australia #uber #didi #ola #ridesourcing #ridesharing

23.01.2022 Tips for finding the best business ideas. Some of the best business ideas are crazy. There's no rules, Your best shot at picking the right idea is to make sure it’s a good fit for your personality and your skills. #businessopportunity #business #businessowner #businesswoman #Businessman #businesscoach #accountant

23.01.2022 The Golden Rules

21.01.2022 Did you know The Australian Taxation Office (ATO) considers bitcoin and other cryptocurrency as an asset for capital gains tax purposes. If you sell bitcoin or other cryptocurrency, trade one crypto for another or when used to obtain goods or services a capital gains tax (CGT) event occurs and some or all of the gain may be taxed. ... The ATO is collecting records from Australian cryptocurrency service providers as part of a data matching program, data provided to the ATO will include cryptocurrency purchase and sale information. More details available https://www.ato.gov.au//tax-treatment-of-crypto-currencie/ #bitcoin #crypto #cryptocurrency #tax #taxseason #business #consulting #taxtips #taxtime #taxreturn #taxexpert #melbourne #melbourneaccountant

21.01.2022 There are so many important things to do when starting a business, and that includes choosing the right business structure. The business structure you choose will determine important factors like; How much tax you pay Personal liability Asset protection (eg; will your family home be protected in the event of being sued) and Ongoing costs.... Get in touch and let us help you launch that new business. #businessadvisors #assetprotection #taxes #companysetup #newbusinessowner #soletrader #familytrust #taxation #businessadvisory

19.01.2022 If you own an investment property that is being rented or is genuinely available for rent, and want to know more about how we can help you maximise the deductions you may be entitled to claim for the expenses you incurred, contact us today. #rentalproperty #rentalproperties #investing #investmentproperty #investor #tax #accounting #accountant #taxexpert #taxreturn #australia #melbourne

18.01.2022 If you plan on preparing your tax return yourself the deadline to lodge is October 31. This year October 31 falls on a Saturday, so you will actually have an extra couple days until Monday, November 2nd. Make sure to get your tax return in on time as you can potentially receive a penalty for late lodgement. However, if you are looking at lodging with a registered tax agent we receive extended deadlines until 15 May next year. It’s important to know that you will need to make... sure you’re on the registered tax agents client list before the October 31 cut off to receive the extended deadline. Contact us on 03 7022 6838 or send us a message. Phone appointments also available. Tax returns starting from $135. *Maximum refund guaranteed* #tax #taxreturns #accountant #business #maximumrefund #maximumrefundguaranteed #melbourne #businessadvisor #consultant #taxtips #smallbusinessowner #taxseason #taxseason2020

14.01.2022 Do you own a rental property? Check out the rental video series with tax tips on: Recording keeping Deductions Declaring rental income and more!... No matter where you’re at in your property journey, you can find more info at www.ato.gov.au//Rental-prope/Rental-Property-video-series/

12.01.2022 What’s your new year business plan? Check out some of our tips Make the next 12 months more profitable and productive with these tips for business New Year planning. List out the three most important goals and critical ‘big picture’ accomplishments that you want for your business. Identify WHAT, HOW, and WHEN will you do the steps to achieve these.... Evaluate what still works and what no longer works for your business. Don’t be afraid to try out something new, perhaps even what seems risky. Set monthly metrics and quarterly goal-planning reviews instead of thinking of the year as a whole. Measure results and adjust the dials on your business plan every 3 months while keeping a close eye on results every month. Don’t do it alone. Be open to suggestions from your partners, business advisor, accountant, and the rest of your team. Write down your personal and professional development goals as well. Entering into the new year with all the uncertainties ahead and the pandemic still going on can be scary. However, it is important to remember that a bend in the road is never fatal unless you fail to turn. So take a deep breath and relax you got this! #business #businesstips #businessplanning #change #smallbusiness #smallbusinessowners #newyear #tips #melbourne #australia

12.01.2022 Are you an employee that has been temporarily working from home due to covid-19? There are 3 methods you can potentially use to claim your home office expenses for your 2020 Financial Year tax return. Maximize your tax refund by using the method that will give you the best outcome. Here’s a snapshot guide ... Temporary shortcut method: Claim 80 cents per hour worked from home between 1 March 2020 to 30 June 2020. Multiple people living in the same house can individually claim the 80 cents per hour worked deduction. Important to note that no other home office expense can be claimed as the 80 cents per hour is all inclusive. Fixed rate method: Claim 52 cents per hour worked from home, this covers the cost of your heating, lighting, cooling (electricity & gas) & the decline in value of home office furniture & fittings. In addition to the 52 cents per hour, you can claim a % of the work related use of your phone, internet, computer consumables, stationery, & decline in value of computer/laptop expenses. Actual cost method: Claim the actual work-related portion of all your additional running expenses, which you need to calculate on a reasonable basis. You won’t be able to claim a deduction for occupancy expenses such as rent & mortgage interest. More detailed information about working from home & the criteria/record keeping requirements for each method can be found on the link below https://www.ato.gov.au//deductions-y/home-office-expenses/

12.01.2022 Previously announced personal income tax changes that were scheduled to be implemented from 1 July 2022 have been brought forward and backdated to 1 July 2020. The upper limit of the 19% tax bracket increases from $37,000 to $45,000 (providing upto $1,080 in tax relief). The upper limit of the 32.5% bracket increases from $90,000 to $120,000 (providing upto $1,350 in tax relief). The low income tax offset will increase from $455 to $700. The low & m...iddle income tax offset (LMITO) of upto $1,080 has been retained for the 2020-21 income year. Tax cuts will be upto $2,430 for individuals and upto $4,860 for dual income couples. (Compared with the last financial year) The extra money will be received in your regular pay packets throughout the year. As soon as the ATO changes the pay as you go withholding (PAYGW) rates, employers can begin to deduct less tax from the eligible taxpayers each time they get paid. This is expected to take place within weeks. The new PAYGW rates will apply to future wage payments, meaning the already withheld taxes in excess of the revised rates dating back to 1 July 2020 will be refunded once the 2021 tax returns are lodged. #budget #federalbudget2020 #tax #melbourneaccountants #melbournebusiness #melbourne #taxcuts #taxrelief #taxpreparer #taxseason See more

09.01.2022 If you’re eligible and need to access COVID-19 early release of super, you now have until 31 December to apply in the 2020-21 financial year round. Note that you’ll need to submit an application for the 2020-21 financial year, even if you applied last financial year. To find out if you’re eligible, visit www.ato.gov.au//Withdrawi/COVID-19-early-release-of-super/

08.01.2022 Wishing you all a safe and happy holiday #festiveseason #holidays #happyholidays #business #smallbusinessaustralia #australianmade #togetherinbusiness #australia #melbourne

06.01.2022 Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time & money. Download the top 10 tax tips from our link in bio. #accountant #tax #taxagent #taxreturn #accountantmelbourne #taxadvisor #melbourne #taxtips #rentalproperty #investmentproperty

06.01.2022 No doubt we are currently going through some challenging times, look after one another and let’s all learn on how to take that next step after asking R U OK? Everyday of the year. #ruok #ruokday

05.01.2022 True or False: You can claim a standard $300 deduction in your tax return for work-related expenses? False! There is no such thing as an ’automatic’ or ‘standard deduction’. There are limited circumstances where receipts may not be required. You still need to calculate your claim on a reasonable basis, have spent the money and show the expense was related to earning your income.

02.01.2022 Standard eligibility criteria include; Being a business listed in the eligible sector and also; * Operate a business within Victoria * Be a sole trader with no employees*... * Operate from a commercial premises or location (and not a residential premises) for at least six months as a: * Tenant, licensee, or owner / occupier of a fixed commercial premises, or * Operator of a registered ‘mobile food premises’ (e.g. a food van) with a permit or commercial agreement to operate at specific location(s) * Be a participant in the Commonwealth Government’s JobKeeper Payment scheme * Be registered for Goods and Services Tax (GST) * Hold an Australian Business Number (ABN). *A business is assessed as having no employees if it is not registered with WorkSafe Victoria for WorkCover insurance and has an annual payroll of less than $7,500 for any person other than the business owner. More information & how to apply available on the business Victoria website https://www.business.vic.gov.au///sole-trader-support-fund# #business #businessowner #soletrader #soletradernetwork #smallbusiness #smallbusinessowner #smallbusinesssupport #victoria #melbournebusiness #melbourne #grants #accountant #businessadvisor #soletraders #soletradercommunity #soletradersuppport

01.01.2022 Have you been putting off doing your taxes? We can help you get your tax return sorted from the comfort of your home. With over 10 years industry experience helping clients achieve optimum results we’ve got your back. Feel free to send us a message or Contact us on 03 7022 6838 #tax #taxseason #business #consulting #taxtips #taxtime #taxreturn #taxexpert #business #maximumrefund #melbourne #melbourneaccountant