Witten Partners Chartered Accountants in Penrith, New South Wales | Tax preparation service

Witten Partners Chartered Accountants

Locality: Penrith, New South Wales

Phone: +61 2 4722 3370

Address: 3/34 Woodriff St 2750 Penrith, NSW, Australia

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

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25.01.2022 The Application for the NSW Small Business COVID-19 $10,000 Grant is now available. Lots of conditions, but if your turnover has dropped by 75% it is worth taking a look. https://www.service.nsw.gov.au//apply-small-business-covid

24.01.2022 JOBKEEPER UPDATES FOR 16 AND 17 YEAR OLDS From the fortnight commencing 11 May 2020, JobKeeper Payment eligibility for employees aged 16 and 17 years has changed. If you have claimed, or intend to claim, JobKeeper payments for employees who were 16 or 17 years old on 1 March 2020, they need to have been independent, or not in full time study on 1 March 2020 in order to remain eligible.... Your 16 and 17 year old employees will need to complete an updated JobKeeper employee nomination notice and return it to you as soon as possible

23.01.2022 ARE YOU WORKING FROM HOME? There are three ways you can claim your expenses: + Claiming a rate of 80 cents per work hour for all additional running expenses... + Claiming a rate of 52 cents per work hour for heating, cooling, lighting, cleaning and the decline in value of office furniture, plus calculate the work-related portion of your phone and internet expenses, computer consumables, stationery and the decline in value of a computer, laptop or similar device + Claiming the actual work-related portion of all your running expenses, which you need to calculate on a reasonable basis.

23.01.2022 The team at Witten Partners Chartered Accountants are very aware of all the changes this financial year, any questions you have give them a call on 4722 3370... #supportlocal

22.01.2022 If youre behind in your super, this is a good chance to come clean.

21.01.2022 NSW Government Covid-19 Payroll Tax measures have been announced. "As part of the measures, $450 million has been allocated to waive payroll tax for businesses with payrolls of up to $10 million for three months. The State Government said these businesses would not have to pay the tax for the rest of this financial year.... The next round of payroll tax cuts has also been brought forward to raise the threshold limit to $1 million for the next financial year."

19.01.2022 A simple reminder....

19.01.2022 After some more detail? Here is our in depth Budget Report. Happy Reading. http://www.wittenpartners.com.au//thomson%20reuters%20wtb%

19.01.2022 It is five months later than normal, but the Federal Budget was released last night and contained some big stimulus measures.

18.01.2022 The new tax tables are available...

18.01.2022 As Accountants we have been practicing social distancing and self isolation for years. It comes naturally to us. With that said, Yes, we are still open for Business. For those of you less familiar with the social distancing practices, we are happy to offer phone and skype appointments where appropriate. We already utilise technology to enable electronic signing and can work remotely if required. It is business as usual at Witten Partners.

18.01.2022 Surprise, Surprise , August has three fortnights included in it.... + JobKeeper fortnight 1: March 30 April 12; employees must be paid by May 8. + Fortnight 2: April 13 April 26; employees must be paid by May 8. + Fortnight 3: April 27 May 10; employees must be paid by May 10.... + Fortnight 4: May 11 May 24; employees must be paid by May 24. + Fortnight 5: May 25 June 7; employees must be paid by June 7. + Fortnight 6: June 8 June 21; employees must be paid by June 21. + Fortnight 7: June 22 July 5; employees must be paid by July 5. + Fortnight 8: July 6 July 19; employees must be paid by July 19. + Fortnight 9: July 20 August 2; employees must be paid by August 2. + Fortnight 10: August 3 August 16; employees must be paid by August 16. + Fortnight 11: August 17 August 30; employees must be paid by August 30. + Fortnight 12: August 31 September 13; employees must be paid by September 13. + Fortnight 13: September 14 September 27; employees must be paid by September 27. See more

15.01.2022 The Treasurer has introduced changes to the current JobKeeper program that will take effect from JK fortnight 10 onwards. The main change is that the cut off date for eligible employees has been moved forward from the original 1 March 2020 to 1 July 2020. So for employers that hired new employees after 1 March 2020 but before 1 July 2020 you may now be eligible to claim JobKeeper rebates for them until 27 September. This might also help claims regarding some casual employees who didnt meet the 12-month work test on the 1st of March (but may meet that test by 1 July).

15.01.2022 $3,000 NSW SMALL BUSINESS RECOVERY GRANT An additional 18 highly impacted industries are now eligible for the grant, including Building and Other Industrial Cleaning Services. The application date has been extended to 31/8. So if you werent eligible before, jump on and see if you meet the revised criteria.... https://www.service.nsw.gov.au//apply-small-business-covid See more

14.01.2022 The ATO is holding free webinars that may help if you are struggling to set up your myGovID. Jump online and set yourself up today.

14.01.2022 Today the HomeBuilder Program was announced by the Federal Government. It is designed to stimulate the residential building and construction industry over the coming months. If you are a Builder or Tradie, leave a comment below that you are open for business. For more detailed information please see https://treasury.gov.au//2020-06/Fact_sheet_HomeBuilder.pdf

14.01.2022 JOBKEEPER INCOME TEST - Application live from 20/04/2020 How to calculate a fall in turnover for the first fortnight starting 30 March 2020 To work out your fall in turnover, you can compare either:... + GST turnover for March 2020 with GST turnover for March 2019 + projected GST turnover for April 2020 with GST turnover for April 2019 + projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019. How you choose to project your fall in turnover is not dependent on whether you report a quarterly or monthly BAS, though you can do that if it is easier. The turnover calculation is based on GST turnover, but there are some modifications, including disregarding GST grouping (where two or more associated business entities operate as a single GST group). We will provide more information soon about applying the turnover test. If you work out that you qualify for the JobKeeper payments for the first fortnight because your turnover has declined by the relevant amount, you remain eligible and do not need to keep testing turnover in following months. However, you will have ongoing monthly reporting requirements. More information will be provided soon

13.01.2022 NSW Budget News: The payroll tax threshold will be increased to $1.2 million (from $1.0 million), this will instantly save businesses $10,900 per annum. The rate of payroll tax will also be lowered from 5.45 to 4.85 per cent for the next two years, backdated to commence from 1 July 2020 with adjustments for the period since 1 July 2020 being an optional refund or reduction of future payments.

13.01.2022 If you are confused with all the JobKeeper jargon, we have put together a simple to follow checklist to ensure you dont miss out. You need to act now to ensure you receive your entitlement. http://www.wittenpartners.com.au/resources/covid-19/index

13.01.2022 Our COVID-19 Resources page is now live on our website. We have tried to collate some of the clearest information to help support our clients. http://www.wittenpartners.com.au/resources/covid-19 If you have anything you would like to see let me know and we will find a resource for you.

13.01.2022 Our friends at The Loans Suite and Towns Conveyancing Services at holding an information night for anyone interested in buying property. GUEST SPEAKERS DHA (Defence Housing Australia) | One Agency Reeves... LINE-UP FOR THE NIGHT 6pm Registration, Light Refreshments, Networking 6.30pm Ben The Loans Suite 6.50pm Kristi Towns Conveyancing 7.10pm One Agency Reeves Guest Speaker Local Area Market Update 7.30pm DHA Properties Australia DHA Presentation 7.50pm Questions and Networking 9pm Wrap up Lucky door prizes and much more Karlie & Kristi

12.01.2022 We have updated our resource page to include handy links and explanations of the newly announced JobKeeper package. While some of the details are still to be announced, I would encourage anyone who thinks they may be eligible to register. Registration is simple and we have included a link on our page to take you straight to the registration page. http://www.wittenpartners.com.au/resources/covid-19/index

11.01.2022 We are receiving lots of enquiries regarding JobKeeper extensions at the moment. Have a look at our handy infographic that explains the extension.

10.01.2022 COMMERCIAL LANDLORDS AND TENANTS TAKE NOTE Commercial Tenancies Code The National Cabinets mandatory Code of Conduct for commercial tenancies (Code), released on 7 April 2020, aims to impose a set of good faith leasing principles for negotiations between landlords and tenants. Specifically, the Code relates to measures the two parties can agree on and implement to alleviate financial stress and hardship stemming from the COVID-19 pandemic.... The code will be legislated by the States, and will be mandatory. To be eligible you need to have a turnover of less than $50million and be eligible for the JobKeeper rebate. The details : Landlords must not terminate leases for non-payment of rent & tenants need to continue to comply with lease obligations. Interest and charges cannot be applied to accounts. Landlords must freeze rent increases for the period of the pandemic and a reasonable period afterwards. Landlords must pass on rent reductions proportionate to the turnover reduction of the tenant. Landlords must pass on any statutory reductions such as land tax etc to tenants. An Example : Lets assume a tenant has had a reduction in income of 60% and they normally pay $10,000 a month in rent. They could expect a proportionate reduction in rent. In this example they would be expecting $6,000 proportionment reduction. As the code stands 50% of the reduction needs to be provided as a complete waiver of rent, ie rent free. And the other 50% needs to be a deferral of rent over a minimum of 24 months. This would mean $3,000 of rent would not be payable by the tenant, and the $3,000 would be amortised over a minimum 24 month period. Care should also be taken to ensure that any repayment of the deferred rent does not compromise the ability of the tenant to recover from the crisis.

10.01.2022 Another big day at Xerocon today! The one thing that is prevalent at Xerocon is that the possibilities are endless.

09.01.2022 We can breath again, for a little while..... The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 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. This includes having paid your employees by the appropriate date for each fortnight.... For the first two fortnights (30 March 12 April, 13 April 26 April), we will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights.

09.01.2022 The #ATO Australian Taxation Office found 64 per cent of people who own investment properties have an income under $80,000 per year, despite the belief that most property investors are high-income earners. In fact, only 7 per cent earn more than $180,000 per year.

07.01.2022 The new JobMaker credits stimulus has passed Parliament. This provides wages subsides of up to $200 per week for newly hired employees. As always, there are terms and conditions. https://budget.gov.au//jobmaker_hiring_credit_factsheet.pdf

07.01.2022 Today the Federal Government announced that the $150,000 small business instant asset write off will be extended to 31 December 2020. The concession was scheduled to end this 30 June 2020. This will help with tax planning strategies because those intending on buying assets dont have to worry about getting it done prior to 30 June. However, it you want to claim in the 2020 FY, the money needs to be spent prior to 30 June 2020.

06.01.2022 It's back (although it never left). The Government's review and extension of the JobKeeper program was announced today. See our easy to follow infographic for an easy to read breakdown of the changes.

06.01.2022 Be Careful - We are seeing some pretty convincing email scams going around at the moment. In particular an ASIC business name renewal scam. See more here https://asic.gov.au//servi/scams-targeting-asic-customers/

06.01.2022 JOBKEEPER - If you are a business and believe you are eligible for this payment, the registration process will begin 20/04/2020. In the meantime, ensure you are preparing evidence that you have met the eligibility criteria and have your employees complete the Employee Notification Notice.

06.01.2022 Hubdoc is now live in Xero. It is included in most plans from today. Make the move to Hubdoc and reduce the need to keep your paper receipts. Check the link out to see how to set it up.

04.01.2022 Its back (although it never left). The Governments review and extension of the JobKeeper program was announced today. See our easy to follow infographic for an easy to read breakdown of the changes.

03.01.2022 JobKeeper Reimbursements should be hitting employers accounts today. Let us know if you are still waiting......

03.01.2022 We are receiving a lot of calls regarding the updated Stimulus Package. Please view the factsheet at http://www.wittenpartners.com.au//fact_sheet-cash_flow_ass for general information. Of course, contact us with your specific questions.

03.01.2022 Ok, weve been through the treasury documents regarding the $25,000 payment and our conclusion is that many are going to need help to fully access and optimise the small business payment. With up to $25k on the line for activity statements between 1 January and 30 June 2020 this should be optimised to maximise your entitlement. There are a lot of small businesses currently disbursing profits on a dividends (company) or distribution (trusts) basis - which we normally endorse a...s a good strategy. YOU WILL MISS OUT ON THIS PAYMENT if you persist with this approach in the next 4 months. Lets play smarter!

03.01.2022 Some of the detail on the application of the Federal Governments Stimulus package is now available. We would encourage our clients to contact us before lodging BASs from March 2020 onwards.

03.01.2022 ### Update - JobKeeper Alternative Revenue Decline Test Details Announced #### The Federal Government have today released their legislative guidance for the JobKeeper alternative decline in revenue test. There are seven different scenarios they have outlined where an entity may use the alternative test periods rather than the same comparable period 12 months ago as required by the basic decline in revenue test. ... The broad scenarios are 1. A newly commenced business 2. A business acquisition or disposal event that changed the entities turnover 3. A business restructure that changed the entities turnover 4. A business that experienced a substantial increase in turnover during the last 12 months. 5. A business affected by drought or natural disaster 6. A business with an irregular turnover 7. A sole trader or small partnership with sickness, injury or leave These additional options should provide greater access to the JobKeeper program

03.01.2022 Unfortunately our website advisors have advised that our website is currently suffering technical difficulties. If you need to get in contact or have any questions, just reach out via phone, email or messenger. Hopefully we will be back online soon.

02.01.2022 The NSW Government Recovery Grants application opened today (1/7). The $3,000 grant is to help deal with business changes caused by Covid-19. Examples include: + fit-out changes and temporary physical changes (for example, plastic barriers at checkouts) + staff training and counselling + business advice and continuity planning + cleaning products and additional cleaning services... + additional equipment necessary to comply with social distancing or other public health measures + marketing, communications and advertising + digital solutions (for example, e-commerce or business websites). For more information and further eligibility criteria see our website. http://www.wittenpartners.com.au/resources/covid-19/index

01.01.2022 What we know so far about the Government Stimulus Package. Stimulus at a glance + The package is worth $18bn in this financial year and $22bn over the 15 months it will run + The instant asset threshold is increased from $30,000 to $150,000... + The Boosting Cash Flow for Employers measure will provide up to $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. + Eligible employers can apply for a wage subsidy of 50 per cent of the apprentices or trainees wage for up to 9 months, from 1 January 2020 to 30 September 2020 + Households which receive a government payment will receive $750 from March 31 + $1bn Coronavirus fund See more