Whately Accounting formerly The Accountants Office in Cairns, Queensland, Australia | Tax preparation service

Whately Accounting formerly The Accountants Office

Locality: Cairns, Queensland, Australia

Phone: +61 7 4041 7773

Address: 80-84 Abbott Street 4870 Cairns, QLD, Australia

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

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24.01.2022 Employer Cashflow Boost

23.01.2022 Single Touch Payroll (STP) is a new way of reporting tax and superannuation information to us. You will report your employees payroll information, such as salaries and wages, pay as you go (PAYG) withholding and super information to us each time you pay them. Small employers with 19 or less employees need to report through STP any time before 30 September 2019.... Micro employers with less than four employees: have additional options including using low cost or no cost products, or quarterly reporting through their registered tax or BAS agent. Large employers with 20 or more employees should already be reporting through STP. See more

22.01.2022 Todays general advice relates on the costs an employee can claim working from home....if you have been asked to work at home by your employer during self-isolation. Work related use of the following: Running expenses - lighting, heating, cooling, cleaning, decline in value of equipment, repairs to equipment, other costs like printer, paper, ink and stationery.... Phone and internet - YES Occupancy (rent or interest on home loans) - NO. Calculating running expenses: Actual use - with a designated work area - calculating actual cost of each unit of equipment including power cleaning etc used or estimating a percentage based on floor area used for the period of working from home over the whole year multiplied by the actual cost of that area. OR Actual use - no designated work area - calculating actual costs of each unit of equipment used per hour, multiplied by the hours worked from home, not including costs like power, cleaning etc. OR 52 cents per hour of working from home. Generally the easiest calculation method. Calculating phone and internet Up to a $50: $.25/landline call. $.75 / mobile call. $.10 for text message Actual use - reviewing your telephone bill or estimating a percentage for a four week period. The claim needs to be reaasonable, and only applicable to the part of your bundled plan as was used for work related purposes. You can not claim occupancy costs like rent or interest on your mortgage.

22.01.2022 Weve joined the network Trading Mates www.tradingmate.com.au

21.01.2022 If you have already lodged your March 2020 BAS - you may notice that the Cashfloow Boost for Employers Payment/CREDIT has been applied to your Integrated Client Account. Refunds can be expected as early as 23rd April 2020, but generally CREDITS will be applied from April 28th 2020. If you have NOT lodged your March 2020 BAS - rest assured as soon as you do, if you are elibigle the Cashflow Boost for Employers will be applied to your Integrated Client Account. Job Keeper applications are also available via Business Portals and Tax Agent Portals.

21.01.2022 Weve made it super easy for you to park your car when coming to see us to get your Tax, Compliance and Business Advice #whatelyaccounting #accountantsbyeducation #notbynature #taxtime #taxrefund #cairns #taxback

21.01.2022 How do I register my business for Job Keeper? Short video, no sound. 1. Open a web browser. 2. enter www.ato.gov.au... 3. click on the top link to Covid-19 support. 4. click on Job Keeper link 5. click on Register for Job Keeper 6. Enter your business/entity details - all lines are mandatory to complete, so have your information ready: Business Name ABN Contact Name Email address Confirm Email address Mobile Phone Number 7. Submit your claim You will need to verify that your income has reduced by 30% - based on the same month last year. Assumption is that this will be done via the Business Activity Statement. If you are using an electronic Accounting package, and have registered for Single Touch Payroll, you do not need to do anything else. Take the time to ensure your payroll system is up to date. Details of how you make a claim If you are a sole trader is not available yet. You will continue to pay your employees as normal and receive $1,500 per fornight in to your nominated bank account with the ATO. Ensure your bank details are up to date with the ATO.

21.01.2022 Do you have a current ATO Debt? If youre having difficulty paying your tax, the ATO encourage you to contact them as early as possible to discuss your situation as they have a range of options to support you through this period. This could include deferring your income tax, FBT and excise payment due dates up to 12 September 2020, stopping interest accruing on your tax liabilities, and low interest payment arrangements. Make the call, discuss your options and stay in touch.

20.01.2022 Tax Offsets v Tax Deductions Whats the difference? A tax offset is a full dollar benefit to the taxpayer. ... A tax deduction is a reduction of tax payable: therefore only a percentage of the amount spent benefit to the tax payer. If you were playing along at home when the dust settled after the election you would have heard about the low and middle income tax offset, which many individual tax payers in Australia will qualify for after lodgement of their tax returns payable on assessment.

19.01.2022 Government Back Loans/Financing

18.01.2022 Often we are asked to take on new clients....when meeting with any new clients- the first question they want to know is how hard it is to change from their old Accountant? The answer is - not hard, but there are more questions you can ask of qualifed Accountant before jumping in!

15.01.2022 Second round of Covid-19 Business Grant, changed the original grant to now be a minimum payment of $20,000 to all small and medium business that employ staff. The initial grant is based on 100% refund of PAYG withheld paid on January, February, March, April, May or June 2020, the second grant for the period July to October 2020 the total of the two grants is capped at $100,000. The Australian Government could be announcing a third stimulus package in time.... All small to medium business owners should take the time to consider budgets/projections to assess how they can make it through during this unique time. For specific advise on your situation contact us for an online/zoom appointment.

15.01.2022 Coronavirus stimulus package announced by the government this morning (12.03.2020) Heres what we know: Benefit recipients will get a $750 cash payment... Pensioners and all recipients of Newstart, disability support payments, carers allowance, youth allowance, veterans support, family tax benefit, and health care card holders will receive an instant cash payment of $750. Payments will begin being rolled out from March 31. Businesses who employ apprentices will get wage subsidy payments The government has announced payments of up to $21,000 per small business to ensure they can afford to keep almost 120,000 apprentices employed. We know that in difficult economic times its the people with the least experience that are the hardest to keep on the books, Mr Sukkar said. Small and medium sized businesses will receive cash flow payments Almost 700,000 small businesses will be eligible for payments of up to $25,000 to assist through the tough period. These payments will be available through businesses BAS. Instant asset write off limits for businesses with a turnover of up to $500 million will also be expanded from $30,000 to $150,000. Coronavirus regional and community fund will be set up Regions and businesses which are most heavily impacted by the virus will be eligible for additional financial support through a regional and community fund established by the federal government.

15.01.2022 Job Keeper enrolment Word on the street is that your business has to register by April 30th or your business will miss out..... ...this is not entirely factual.... If your wish to receive Job Keeper for April 2020 enrol by 30 April 2020. Your entity needs to enrol by the end of April for payments in either the fortnights starting 30 March 2020 or 13 April 2020. If you do not qualify for payments in April, you can enrol after 30 April 2020.

15.01.2022 "Jobseeker" $1,500 per fortnight has not passed through parliament yet, when it does more details on how business owners will qualify will be released. The government is focusing on implementation over the next few weeks. All we know now is that employees including Casuals (those that have been employed on a casual basis for a minimum of 12 months) and also Sole Traders will qualify for a $1,500 per fornight payment PROVIDED your employer has a reduction in income by at leas...t 30%. It is this reduction that has limited details. From a business owners perspective (myself included) it raises concerns over how we are to fund this incentive in the mean time. Also how sole traders will qualify will require more detail, which is not available. The Treasurer announced this morning that business owners SHOULD apply for a line of credit with their bank and to continue paying people during the month of April, and until the payments from the government commence. Covid-19 Jobs Support Loans are available from now until September 2020. The maximum loan amount is 50% of your operational annual wage expense. Sole traders can include their own drawings in this amount. The loans are interest and repayment free in the first year, then a fixed rates of 2.5% applies for the rest of the 10 year term. Any support loans applied for by the business owner will need to be repaid, potentially putting the business owner under more pressure in the future. Consideration should be given to the businesses ability to repay ANY financing over the long term. When the Jobseeker payments come in they are to be onpaid directly to employees or the business owner faces action from the Government. If the business owner has a line of credit/Jobs support loan it should be the priority to pay this back first when the back payment is received - to the extent that it was used to pay employees over the interim period before the payments were received. Clearly there is a balancing act of cashflow required at this time, nothing is certain. Over the next month, or certainly until Covid-19 assistance funding is passed through parliament and starts rushing through the economy be patient with your decision making business owners as planning for the unknown is a challenge that we are all in. If you are interested in applying for the Jobseeker payment, business owners should register via https://www.ato.gov.au/general/gen/JobKeeper-payment/ If you are interested in applying for the Jobs Support Loans application via http://www.qrida.qld.gov.au//queensland-covid19-jobs-suppo

14.01.2022 Income Support Example if youre a sole trader. Chris is a sole trader, running an architecture practice, specialising in home renovations. Chris practice has been successful over the years, and he has been able to build up a reasonable amount of assets during his career, to a level that would ordinarily make him ineligible for an income support payment. The economic downturn due to Coronavirus has adversely affected Chris business, and his income has been reduced to zero.... Chris will be able to apply for the new JobSeeker / Coronavirus supplement and will not have his assets included as part of the eligibility assessment for the payment. He will also not be required to serve a Liquid Asset test Waiting Period, as that has been waived. Chris is eligible for the Jobseeker payment and, as he is married, will receive: JobSeeker Payment partnered rate of $510.80 per fortnight; plus Energy Supplement of $7.90 per fortnight; plus Coronavirus supplement of $550 per fortnight This brings Chris total fortnightly income support payment to $1,068.70. To ensure timely access to payments, new applicants are encouraged to claim through online and mobile channels The Coronavirus Supplement and expanded access for payments will commence from 27 April 2020.

14.01.2022 Great Work Darren & Shaun. JobKeeper Payment.

13.01.2022 A really useful summary prepared by Chartered Accountants Australia outling changes to Job Keeper (now referred to as Job Keeper 2.0).

13.01.2022 We have updated our Coronavirus and COVID-19 Prevention and Management video. As the situation develops, the details of the health advice has changed and we rem...ain committed to helping organisations with their COVID-19 response by keeping our content as up to date as possible. The updated video is now available on Safetyhub. #training #safetytraining #safety #onlinetraining

13.01.2022 Are you a woman in business looking to supercharge your professional and personal growth? Or a woman in business who is looking to empower other women in their ...business endeavours? Well, I have great news for you! Applications for the National Womens Business Scholarship are now OPEN! The program gives 90 female business owners, the opportunity to receive: - Nine months 1:1 mentoring with a business leader - 8 x Intensive Business Education Masterclasses - Support from a professional network and community of entrepreneurs and business leaders Rare Birds aspires to create a more diverse and inclusive workforce. Equally, this scholarship is designed for female business owners from marginal demographics* to connect them to the resources and networks they need to grow their business and achieve economic security, particularly those severely affected by the economic impact of COVID-19. Women interested in applying for one of the 90 programs, and business leaders interested in becoming a mentor on this program, head to: https://www.inspiringrarebirds.com/office-for-women-busine/ Application close July 17th.

12.01.2022 https://treasury.gov.au//Fact_sheet-Cash_flow_assistance_f

11.01.2022 We are here to help your small business. Most of enquiries have centered around the Small Business Stimulus for employers. If you are an employer registered as at 12th March 2020 you will be entitled to the Australian Government Stimulus for small business. If you were not registered at 12th March 2020, you can not backdate your registration. You will need to lodge your March BAS, on time, which will be April 28th. ... As soon as the quarter ends, contact your Accountant or lodge your activity statement online via the Busines Portal. Use the time in iso to update your electronic or manual accounting/bookkeeping. Ensure you can access your Busines Portal, as this will be the quickest way to lodge your BAS. Once the BAS is lodged, the cashflow assistance is an automatic payment based on the March 2020 PAYGW figure. For example a monthly PAYGW remitter, will be entitled to 300% x the PAYGW reported for March 2020. A quarterly PAYGW remitted will be entitled to 100% x the PAYGW reported OR a minimum of $10,000. The amount will be credited to your integrated client account. In most cases this means that you will not be required to pay, or in others it will reduce the amount of your total BAS payment required. If your integrated client account is still in CREDIT after applying your March 2020 BAS liability this amount will be refunded to your nominated bank account within 14 days. Make sure your correct bank details are current with the ATO, quickest way is to do this via the Business Portal. If your business needs assistance with paying your tax debt, you can contact the ATO directly. If you are in iso be proactive with this step now. There is always a way to get through this time, if we can help please contact us.

08.01.2022 The Currency (Restrictions on Use of Cash) Bill 2019......introduced into Parliament that imposes CRIMINAL OFFENCES for entities that make or accept cash payments of $10,000 or more. A common example would be a business selling an asset to a private purchaser who pays in cash. There is an exception for private to private transactions.... If you are in business and you knowingly accept a CASH payment of more than $10,000 - STOP and reconsider this transaction as it could land you in hot water!

08.01.2022 News update - the Term 1 break for students will now commence next Monday 30 March 2020. Five student free days have been declared for state schools from 30 Mar...ch-3 April. During this time, staff will continue to prepare resources to ensure continuity of learning. Term 2 will begin on Monday 20 April unless health advice determines otherwise. For updates please visit https://qed.qld.gov.au/abo/news-and-media/novel-coronavirus.

08.01.2022 If you have not already received a $750 for Economic Support Payment, a second wave of Economic Support Payments for the below Services Australia payments, is being paid from the 23rd of April 2020. Please note that many "Job Seeker" applications have also not been processed as of yet, but they are being worked on by Services Australia. Age Pension... Disability Support Pension Carer Payment Carer Allowance Parenting Payment Wife Pension Widow B Pension ABSTUDY Living Allowance Austudy Bereavement Allowance Newstart Allowance JobSeeker Payment Youth Allowance Partner Allowance Sickness Allowance Special Benefit Widow Allowance Farm Household Allowance Family Tax Benefit A Family Tax Benefit B Double Orphan Pension Or if you hold one of the following concession cards: Pensioner Concession Card Commonwealth Seniors Health Card Veteran Gold Card

08.01.2022 Do you shower your employees with gifts? Do you indirectly provide a benefits or use of employer assets to your employees, including yourself if you are a Director of your own company? FBT - Fringe Benefits Tax to the layperson - can be a nasty surprise for both yourself and your employee! The FBT Year ended 31st March.

07.01.2022 Only a few days to go before the Financial year ends.

07.01.2022 Sole Traders/Other Non Employee Job Keeper Information Who is also eligible for Job Keeper a sole trader a partner in the partnership (only one partner)... an adult beneficiary of the trust (only one beneficiary) a shareholder or director in the company (only one shareholder) As at 1 March 2020, the business owner is - aged at least 16 - an Australian resident (within the meaning of section 7 of the Social Security Act 1991), or a resident for income tax purposes and the holder of a special category (Subclass 444) visa. - not currently receiving government parental leave pay, dad and partner pay. - not currently totally incapacitated for work and receiving payments under an Australian workers compensation law in respect of your total incapacity to work. - not an employee (other than a casual employee) of another entity. A limit applies of one $1,500 JobKeeper payment per fortnight for one eligible business participant. If your entity also has employees, you may also be able to claim additional JobKeeper payments of $1,500 per fortnight per eligible employee. Turnover test applies: 30% fall in turnover (if their aggregated turnover is less than $1 billion) Payments are made in arrears, after the entity submits documentation (on a monthly basis). Register your interest via www.ato.gov.au From April 20th 2020 you will be able to continue your enrolment in this program via your Business Portal.

06.01.2022 Job Keeper Information for Employers Enrol for the JobKeeper payment (from 20 April onwards) You or a registered tax professional can enrol for the JobKeeper payment:... Step 1 Register your interest and subscribe for JobKeeper payment updates. www.ato.gov.au Step 2 Check you and your employees meet the eligibility requirements. Step 3 Continue to pay at least $1,500 to each eligible employee per JobKeeper fortnight (the first JobKeeper fortnight is the period from 30 March to 12 April). Step 4 Notify your eligible employees that you are intending to claim the JobKeeper payment on their behalf and check they arent claiming JobKeeper payment through another employer or have nominated through another business. Step 5 Send the JobKeeper employee nomination notice to your nominated employees to complete and return to you by the end of April if you plan to claim JobKeeper payment for April. Keep it on file and provide a copy to your registered tax agent if you are using one. Step 6 From 20 April 2020, you can enrol with us for the JobKeeper payment using the Business Portal and authenticate with myGovID. You must do this by the end of April to claim JobKeeper payments for April. Step 7 In the online form, provide your bank details and indicate if you are claiming an entitlement based on business participation, for example if you are a sole trader. Step 8 Specify the estimated number of employees who will be eligible for the first JobKeeper fortnight (30 March 12 April) and the second JobKeeper fortnight (13 April 26 April).

04.01.2022 If you have been affected by the recent devastating bush fires, the government has responded with extension of due dates for lodgment and/or payment of your business and individual tax obligations. The extension have been automatic in many cases, current clients if you are not sure we can help you check.

03.01.2022 https://spark.adobe.com/video/QAuHcZVHsxgsp

02.01.2022 Many changes to JobSeeker and JobKeeper were announced today! You can earn more income whilst you are on Job Seeker, without affecting your Job seeker payments. If you receive Job Seeker, the Economic Support Supplement will be reduced. From the 4th of August you will be required to look for a job if you are continuing Job Seeker, Job Search & liquid assets tests are re- introduced.... Reduced amount of Job Keeper payments will start from the fornight commencing September 28th 2020. If you work; > 20 hrs per fortnight- payments go from $1,500 to $1,200 from Sept 28th and then to $1,000 from Jan 1st 2021, finishing by March 28th. If you work; < 20 hrs per fortnight payments go from $1,500 to $750 from Sept 28th and then to $650 from Jan 1st 2021, finishing by March 28th. Further details are to be released over the next week - it is expected that the monthly business declaration will continue.

01.01.2022 Where the bloody hell are ya?