Williamson Partners in Ringwood, Victoria | Accountant

Williamson Partners

Locality: Ringwood, Victoria

Phone: +61 3 9020 0272

Address: 208/92 Maroondah Hwy 3134 Ringwood, VIC, Australia

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

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• Tax preparation service
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• Financial service
• Financial consultant

24.01.2022 The Australian Taxation Office has provided more guidance about the JobKeeper scheme. Extended Dates for Enrolment & Payment The ATO has extended the time to enrol for the initial JobKeeper periods to 31 May 2020. If you enrol by 31 May, you will still be able to claim for the fortnights in April and May provided you meet all the eligibility requirements for each of those fortnights. [ 664 more words ] https://www.williamsonpartners.net.au/jobkeeper-payment-up/

24.01.2022 The Australian Taxation Office has provided more guidance about the JobKeeper scheme. Turnover Test - Cash or accruals basis You may use an accruals basis of accounting to calculate both the current GST turnover and projected GST turnover as both calculations require you to include sales that you have made or are likely to make without any reference to when you are paid. [ 181 more words ] https://www.williamsonpartners.net.au/jobkeeper-payment-up/

24.01.2022 One of the recognised keys to business success is having knowledgeable, efficient and well-trained staff. But it is not always possible (or is indeed rare) to have potential staff walk in off the street who are a 100% perfect fit. People employed at any business will naturally benefit, to a lesser or greater degree, from relevant training. The good news for employers is that the costs of much of this training course fees, some travel costs and so on can be deductible to the business. [ 353 more words ] https://www.williamsonpartners.net.au/staff-training-costs/

24.01.2022 In this weeks update, as well as some updates on government support for businesses, weve included a number of resources to help with navigating your business out of the dire situation weve all been in. No doubt there are still tough times ahead but there are many reasons to be hopeful and were here to help you through it all. [ 770 more words ] https://www.williamsonpartners.net.au/covid-19-business-up/

23.01.2022 Answers to COVID-19 work-from-home expense questions and CGT concerns There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period - plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work from during this time. Capital gains [ 916 more words ] https://www.williamsonpartners.net.au/covid-19-work-from-h/

22.01.2022 Parliament passed the JobKeeper legislation on Wednesday 8 April 2020 which provided a framework for the Treasurer to make the rules for the scheme. On Thursday the treasurer legislated the rules for the scheme which will be administered by the Australian Taxation Office. Yesterday the Australian Taxation Office provided an update to how the scheme will work. The main points are below but we are still awaiting further clarification on some issues. [ 1,018 more word ] https://www.williamsonpartners.net.au/jobkeeper-payment-up/

22.01.2022 Most people are familiar with the employment interview: a nervous candidate meets with a supervisor, answers a series of questions about their experience, strengths, weaknesses and education, and sometimes takes an aptitude test. Employers have used employment interviews to choose between potential candidates since before the development of human resources departments. There is only so much you can learn about a person in an interview, though, and hiring the wrong candidate can cost you valuable time, money, and energy. [ 435 more words ] https://www.williamsonpartners.net.au/three-ways-to-move-b/

22.01.2022 The Victorian Government has announced an expansion of its Business Support Fund program for businesses affected by the reintroduction of Stage 3 restrictions in metropolitan Melbourne and the Mitchell Shire. A one-off grant of $5000 is available to eligible businesses located in the affected areas. Eligability Criteria operate a business located in metropolitan Melbourne or Mitchell Shire be a participant in the Commonwealth Governments JobKeeper Payment scheme [ 97 more words ] https://www.williamsonpartners.net.au/business-support-fun/

22.01.2022 If I put a work sticker on my car, can I deduct 100% of my car expenses? http://www.williamsonpartners.com.au//if-i-put-a-work-stic

21.01.2022 If you havent given any thought to what your retirement will look like, nows a great time to start. It might not be the most fun thing to think aboutnot when there are vacations to plan or houses to buybut retirement planning is a vital part of your overall financial plan. Most people dream about the day they no longer have to work. [ 506 more words ] https://www.williamsonpartners.net.au/what-you-need-to-do-/

19.01.2022 The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties. Late last calendar year, the ATO revealed that it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time 2018, despite recent changes to the law in this area. New rules, introduced just over a year ago (and therefore perhaps not ingrained in many peoples minds), mean that investors can no longer claim travel expenses relating to inspecting, maintaining or collecting rent for a residential rental property as deductions, unless they are carrying on a rental property business or are an excluded entity. [ 923 more words ] https://www.williamsonpartners.net.au/rental-travel-expens/

19.01.2022 If youre a small business owner whose company hasnt gone through hard times, thats great but its likely to happen at some point. As much as we dream about being brilliant enough at business that well never face slow times, there are many things beyond our control that can negatively affect our business. Here are four tips for getting your business through difficult periods so you can look forward to many more years of business ownership. [ 483 more words ] https://www.williamsonpartners.net.au/4-tips-for-getting-y/

18.01.2022 Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Queensland Border Zone Extensions from October 1st Queensland’s border zone will be extended to 5 local government areas in NSW starting October 1st. These areas include: Byron, Ballina, Lismore, Richmond Valley and Glen Innes councils. South Australia-NSW Borders to Open at Midnight [ 1,650 more word ] https://www.williamsonpartners.net.au/covid-19-business-up/

18.01.2022 The Australian Government announced yesterday a wage subsidy for businesses effected by the Covid-19 virus pandemic. There are links to the relevant treasury fact sheets which provide more detailed information. JobKeeper Payment $1500 per fortnight wage subsidy for each employee employed at 1 March 2020 and still employed by the business for up to 6 months Applies to full time, part time and casuals with 12 months service [ 102 more words ] https://www.williamsonpartners.net.au/jobkeeper-payment/

14.01.2022 Treasury has updated their JobKeeper fact sheets (again) yesterday and have provided some more detailed information about the scheme. Parliament is sitting tomorrow (Wednesday 8 April 2020) and the bill to enable the JobKeeper scheme will be introduced along with the explanatory memorandum (EM). This will be the first chance we have to see the actual law and gain an understanding of the details of its operation. [ 224 more words ] https://www.williamsonpartners.net.au/jobkeeper-payment-up/

13.01.2022 Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the same business test. The same business test is relevant in a number of contexts, but most particularly in determining if a company is eligible to claim deductions for past year losses, current year losses and bad debts, and to determine if the existence of unrealised losses may affect future deductions and offsets that may be otherwise available. [ 443 more words ] https://www.williamsonpartners.net.au/the-same-business-te/

12.01.2022 The tax rules allow investing taxpayers to claim some deductions related to some of the expenses and costs that are generated when earning interest, receiving dividends or gaining other investment income. Remember, interest from a bank or other financial institution is part of your assessable income for the year. Even if the funds earning the interest are not subject to tax, the interest that this money earns is. [ 695 more words ] https://www.williamsonpartners.net.au/the-tax-deductions-a/

11.01.2022 Business Support Fund The Victorian Government's $500 million Business Support Fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail. Applications can now be made for the $10000 cash grants from the Victorian government at https://www.williamsonpartners.net.au/victorian-business-c/

10.01.2022 A major change in the way employers report the tax and super information for their employees to the ATO has been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually from 1 July 2018 for what the ATO refers to as substantial employers (those with 20 or more staff). Recently passed legislation extends STP to all employers, regardless of the number of staff, from 1 July this year. [ 417 more words ] https://www.williamsonpartners.net.au/single-touch-payroll/

10.01.2022 Looking into affordable video chat and voice calling options for your small business? These four popular, user-friendly alternatives to Skype will help you connect seamlessly with staff, colleagues, and customers. Read on for a breakdown of each apps features to decide on the best fit for you. WhatsApp With more than 1 billion users worldwide, WhatsApp is currently the most popular multi-media messaging app for mobile in existence and its free! [ 519 more words ] https://www.williamsonpartners.net.au/alternatives-to-skyp/

10.01.2022 Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! [ 315 more words ] https://www.williamsonpartners.net.au/why-bookkeeping-is-c/

09.01.2022 Businesses with an aggregated turnover of less than $500 millionin an income year can deduct capital allowances for a qualifying depreciating asset at a rate of 50% of its cost. This is in addition to the normal depreciation that is claimed on the cost of the asset after deducting the 50% amount. A qualifying depreciating asset must satisfy several conditions, including: [ 147 more words ] https://www.williamsonpartners.net.au/accelerated-deprecia/

08.01.2022 If you produce assessable income at home, or some of it, and you incur expenses from using that home as your office or workshop, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions. Otherwise the ATO takes the view that expenditure associated with a persons place of residence is more likely to be of a private nature. [ 1,278 more word ] https://www.williamsonpartners.net.au/tax-deductions-for-w/

08.01.2022 All business owners need to be aware of their break-even point that is, the number of units they need to sell in order to cover their operating costs. Once youve reached your break-even point, its time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make wise business decisions that support greater growth. [ 463 more words ] https://www.williamsonpartners.net.au/do-you-know-your-bre/

08.01.2022 Understand entertainment expenses http://wp.me/p4XZvG-gC

08.01.2022 On Tuesday 21 July the Federal Government announced an extension to the JobKeeper program to 28 March 2021. The current JobKeeper program is unaffected until its conclusion on 27 September 2020. The extended program is targeted at businesses still impacted by Covid-19 and will require businesses to retest their eligibility for the extended program. For a business to be eligible for the period 29 September 2020 to 3 January 2021 it will have to demonstrate the relevant (30% in most cases) fall in actual turnover in both the June and September quarters. [ 248 more words ] https://www.williamsonpartners.net.au/jobkeeper-2-0/

07.01.2022 From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment. If the PAYG withholding rules require a business to withhold an amount from a payment that the business makes to a worker, the business must: [ 421 more words ] https://www.williamsonpartners.net.au/removing-tax-deducti/

07.01.2022 Business Support Fund The Victorian Governments $500 million Business Support Fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail. Applications can now be made for the $10000 cash grants from the Victorian government at https://www.williamsonpartners.net.au/victorian-business-c/

06.01.2022 Australian Government stimulus package to assist individuals and businesses with the economic effects of the coronavirus pandemic. Within each summary below you will find a link to the relevant treasury fact sheet which provides more detailed information. Boosting cash flow for employers An increase from the first package, small and medium business and not-for-profit (including charities) employers with aggregated annual turnovers of under $50m will be eligible for tax-free payments of up to $100,000 per employer. [ 1,178 more word ] https://www.williamsonpartners.net.au/coronavirus-economic/

06.01.2022 Its the line item most often left out of a small companys budget: the business owners salary. Lets face it: you can always spend cash on your business. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need to earn a living and paying yourself can actually help your business succeed. [ 507 more words ] https://www.williamsonpartners.net.au/get-paid-first-why-y/

06.01.2022 When you own a business, any time you speak in public youre representing your company. Thats a lot of pressure, especially when you consider that most people are already nervous about speaking in front of people. Theres no magic cure for fear of public speaking but there are some things you can do to feel more confident, comfortable and natural in the spotlight while drawing your audience in. [ 520 more words ] https://www.williamsonpartners.net.au/four-tips-to-being-a/

05.01.2022 There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arms-length or when no actual cash changes hands. A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes. For example, lets say that Humbert transfers his rental property to his daughter Dolores for no consideration. [ 765 more words ] https://www.williamsonpartners.net.au/when-valuations-of-p/

05.01.2022 While many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions. The key changes for the instant asset write off include the following. Certain business entities can access an immediate deduction for the full cost of depreciating assets costing up to $150,000 (GST exclusive). [ 273 more words ] https://www.williamsonpartners.net.au/covid-19-instant-ass/

05.01.2022 Remember when email was new and novel, and everyone thought it would vastly improve communication while freeing up time? It did improve communication on some levels and freed up employee time at first. Now, however, email has become a productivity killer. Workers have to wade through hundreds of emails in their inbox each day, and many people choose to deal with email as it comes in rather than all at once. [ 485 more words ] https://www.williamsonpartners.net.au/email-the-productivi/

03.01.2022 The overwork epidemic is a serious problem world-wide. In Japan, theres even a word for it; to die by karshi is to suffer a heart attack or stroke brought on by unrelenting overtime and occupational stress. In addition to the negative impact on health and well-being, working too much is bad for productivity. According to a recent study, employees who put in more than 50 hours a week as nearly half of US workers do show a sharp decline in output right around the 50 hour mark. [ 461 more words ] https://www.williamsonpartners.net.au/could-a-four-day-wee/

02.01.2022 Treasury has updated their JobKeeper fact sheets today and have provided a little (not a lot) bit more clarity in relation to business eligibility for the scheme. From Treasury "To establish that a business has faced a 30% (or 50%) fall in their turnover, most businesses would be expected to establish that their turnover has fallen in the relevant month or three months (depending on the natural activity statement reporting period of that business) relative to their turnover a year earlier. [ 139 more words ] https://www.williamsonpartners.net.au/jobkeeper-payment-up/

01.01.2022 As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so called bucket donations). To be able to claim a tax deduction for a donation or gift to an organisation, the receiver of that donation must be endorsed as a deductible gift recipient (DGR). [ 499 more words ] https://www.williamsonpartners.net.au/deductions-for-donat/