Wiselink Accountants in Box Hill | Financial service

Wiselink Accountants

Locality: Box Hill

Phone: +61 490 060 550

Address: Suite1.01, Level 1, 19-23 Prospect Street 3128 Box Hill, NSW, Australia

Website: http://wiselinkaccountants.com.au

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25.01.2022 Land Tax Relife To be eligible, landlords must demonstrate that: All or part of their property is rented or all or part of the property is currently available for lease.... At least one of the tenants ability to pay their normal rent or your ability to secure a tenant is impacted by the COVID-19 pandemic. You have provided rent relief to the affected tenant/s in accordance with this scheme. If you are a residential landlord and you meet the eligibility criteria for tax relief, you can access a 25% discount on the land tax for that property, and choose to defer the balance of your 2020 land tax assessment until 31 March 2021.

25.01.2022 NEED YOUR TAXES DONE? PAY AFTER YOU GET YOUR TAXES DONE MESSEGE ME YOUR FULL NAME AND NUMBER AND OUR TAX PROFESSIONAL WILL CALL YOU TO GET YOU STARTED....

24.01.2022 Common issues with employees claiming deductions for overtime meal expenses: 1. There must be a nexus between the meal expenditure and asses-sable income. 2. Meals much be consumed while working overtime... 3. Ensure the employee is entitled to reply on the substantiation exception 4. Ensure the employee has actually incurred the meal expenses > If ATO checks their tax return , employees need to show: * They spent the money in performing their work duties ( eg. while working overtime) * How they worked out the claim ( e.g. a diary was kept) * They spent the money themselves are not reimbursed * They correctly declared the allowance as assessable income in their tax return

23.01.2022 Determining the 2019 company tax rate : 2018: $ 25 million 27.5% (BRE ) 30% ( Other companies) 2019: $ 50 million 27.5% (BRE) 30% (Other companies) 2020: $ 50 million 27.5% (BRE) 30% (Other companies)

21.01.2022 Government announces coronavirus stimulus package The government has announced a range of measures to support the economy, business and employment in the face of the coronavirus health crisis. The measures include the below. Cash Flow Boost for employers employers with an aggregated annual turnover of under $50 million (based on prior year turnover) will receive a payment of $2000 to $25,000 from the government to help with cash flow. Eligible businesses will receive a paym...ent equal to 50 per cent of taxes withheld from employees salary and wages up to $25,000. Thomson Reuters Eligible businesses that pay salary and wages will receive a minimum payment of $2000, even if they are not required to withhold tax. The payment will be delivered as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.

13.01.2022 Employees Claiming Deductions for overtime meal expenses ------ How to get more deduction for the meal expenses There must be a nexus between the meal expenditure and assessable income .( e.g., Additional salary and wages or an overtime meal allowance paid to the employee). Meals must be consumed while working overtime .... Ensure the employee is entitled to rely on the substantiation exception, ( Substantiation Exception will not apply where: Outside working hours or during ordinary working hours.) Ensure the employee has actually incurred the meal expenses . Importantly, if an employee relies on the Commissioners reasonable amounts to claim the deduction. ATO may check the returns later , We suggest the employee need to show: They spent the money in performing their work duties ( e.g., while working overtime ) How they worked out the claim ( e.g., a diary was kept) They spent the money themselves ( using bank records or credit card statement) and were not reimbursed ( e.g., a letter from their employer) They correctly declared the allowance as assessable income in their tax return. Any Tax Queries, please contact us at 0490060550; or visit us: www.wiselinkaccountants.com.au

05.01.2022 New ATO Guidelines on rental property travel restrictions ---- Travel Deduction restrictions do not apply for the following entities: (1)A corporate tax entity ; (2) A superannuation plan; (3) A public unit trust; (4) A managed investment trust; Even though , Residential premises is to include commerical residential ,such as hotel or boarding house. However as these establishments are usually operated as a business, so Travel expenses restriction will not apply because of ...carrying on a business exclusion . Any queries, please contact us at 0490060550 for tax query or visit us at www.wiselinkaccountants.com.au

05.01.2022 If youre a person foreign to Australia (including temporary residents, foreign non-residents and Australian citizens or permanent residents living overseas) and you have invested in Australian agricultural land, you must notify us about your investment using our agricultural land register. There is no cost involved in registering. Who must register? Check the FIRBs guidance note 31: Who is a foreign person? as the meaning of foreign person may include you if you are:... an Australian citizen or permanent resident living overseas a corporation, trustee of a trust or general partner of a limited partnership that meets the definition of a foreign person under Australias foreign investment rules. You need to register if you: are the legal owner, or have a right to occupy the agricultural land under a lease or licence that is likely to exceed five years (including possible extensions or renewals). If the lease or licence started: before 1 July 2015, the five years is taken from 1 July 2015, the five years is taken from the date it started.

04.01.2022 When a taxpayer disposes of an inherited dwelling ? Example 1: Steven acquired a dwelling before 20 September 1985 ( ie., re-CGT). He died on 22 March 2016 and his will gave a life tenancy to his wife, Fiona. Title to the property remained in the estate of Steven. Barrys two adult children from a previous marriage were the beneficiaries of his estate. Fiona continued to live in the dwelling until she died on 18 November 2018. The trustee had the property cleaned and placed o...n the market as soon as practically possible after Fiona died. A contract for the sale of the property was signed on 11 February 2019 and settlement occurred on 14 March 2019. So is there any capital gain tax ? No, as the delay in disposing of the property was caused by the life tenancy and the property was marketed and sold as soon as practical after the death of Fiona.