Your Biz Accounting & Bookkeeping in Wanneroo | Accountant

Your Biz Accounting & Bookkeeping

Locality: Wanneroo

Phone: +61 8 9306 2274

Address: 1A/ 8 Villanova Street 6065 Wanneroo, WA, Australia

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

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• Tax preparation service
• Accountant
• Financial service
• Financial consultant

25.01.2022 Fed up with MyGov/MyTax. We offer affordable online tax returns from the comfort of your couch. Click on the link to be taken to our online form & feel free to send any queries. https://www.ybab.com.au/tax-return-form

24.01.2022 During the financial year, if you have made personal superannuation contributions that you wish to claim as a tax deduction, the ATO has made it a requirement since 2018 financial year that you will need to notify your super fund at the end of the financial year. They will send you a ‘notice of intent to claim superannuation deduction’ form via email if not available on their website. You need to fill in this form and send it back to them. ...They will send a letter to the ATO so your deduction will be allowed on your tax return. If you do not do this the ATO will deny your claim for a superannuation deduction on your tax return as they will have no record of it. ! If you decide to roll over from one fund to another it is imperative that you notify the old fund that you wish to claim a tax deduction prior to rolling over the funds so the letter can be issued first. If you do not do this you cannot request the form once the account has been closed and you will lose the tax deduction and the contribution will just become a non-tax-deductible contribution (non-concessional) within your new fund.

24.01.2022 Hang in there business owners a third stimulus is being announced mid week. Also if you employ workers, the government are considering an 80% wage subsidy for closed or struggling businesses. The government announced it will change jobseeker rules of not being entitled to benefits if you have a spouse that earns more than $48,000 per annum. Accountants are lobbying the Govt. for more assistance for small business owners. Hopefully there will be good news. ... We will keep you up to date as news comes to hand. Take care stay safe. Be mindful and stay home if you can. The quicker this is over the faster we can get back to our lives and work.

24.01.2022 Happy Easter from the team at Your Biz Accounting. This is a very strange time for us all but we hope you still get some family time even if it is only an online catch up. We are taking a much needed break from the office to catch up on reading the legislation on the Governments COVID-19 Economic Response Package so we can be better informed to give you the right advice. We will be back in full swing on Tuesday. Take care and stay safe.

23.01.2022 Paying Taxes We always get complaints about having to pay taxes and Lets admit it no-one really likes to pay taxes. ‘We would all be so much better off with that money in our pocket’. Or would we? Just think about it, if we didn’t pay our fair share of taxes our public school fees would be atrocious, our medical bills would be more than 2% of our income, we would have minimum police, barely any firefighters, minimum doctors & nurses, a crappy road system, no clean water etc.... All I can say is I’m thankful we have a tax system, (although sometimes I would rather the extra cash too) When disasters strike our wonderful country, we need all these services in place. And the funds to assist fellow Aussies to re-build their lives. So, the next time you complain about paying tax just think about what you do get for your money not what you don’t, even if you think it’s too much. And think of all the countries that don’t have a structured tax system, and their lack of government services. We are happy to help minimise your tax but you still need to pay something. Just Saying See more

23.01.2022 If you need Government assistance here is a link below that advises what services are available to you as an individual. The best way to apply for this is through your MyGov account. If you don't have one I suggest you set it up ASAP. https://www.servicesaustralia.gov.au//affected-coronavirus

22.01.2022 Happy New Year. Here’s hoping it’s a prosperous, healthy and happy one.Happy New Year. Here’s hoping it’s a prosperous, healthy and happy one.

22.01.2022 Now with Christmas and New Year out of the way we need to get back to normal spending and do a budget to help pay any debt and everyday bills. This is something we all struggle with sticking to ‘A Budget’ Everything is always great in theory and on paper but in the real worldcalled life, things happen that throw us off that path or the temptations of buying stuff is just too appealing especially if it’s online because. are we really shopping if we don’t go into a shop? Bud...geting is not too difficult if you plan and are aware of your spending and the bills that you have. Writing down your budget is really important so you can visualize it because if you can see those numbers you will remember that you have this bill and that to pay, an event or holiday to save for etc. Paying your bills weekly or fortnightly (if you can) is also much easier for your cash flow. Getting that electricity, water or phone bill each month is just painful. All of a sudden you have to find that large sum of money. But if you set up direct transfers every week to pay the bills, once they arrive you will be in credit and it’s a much better feeling than having to find the hundreds of dollars you owe. Try creating a weekly food menu with eating out or takeaway days. It’s a crappy feeling and such a waste when you have to throw those veggies away that weren’t cooked or meat that’s been in the freezer for months. Have a separate account for your bills so that you can’t overspend. It is so easy now with eftpos and paypass to just wave your money away. See more

21.01.2022 So much compliance for small business is making it harder and harder to keep up. You would have heard of the Single Touch Payroll (STP) for businesses. This has been implemented since July 2018 for any business with 20 or more employees, meaning all payroll must be electronic and linked to the ATO business portal. Each time a pay run is done it is automatically sent to the ATO. No payment summaries are sent to employees from these businesses as the ATO ...collate the information and put that into the employees Mygov account, which is then available to the Tax Agent. From 1 July 2019, this has become compulsory for all employers. If you are a small business with under 4 employees, you can apply for an exemption for the next two years to not have to report your payroll to the ATO each pay run and keep sending the payment summaries annually. There is however payroll software available from $10 per month. The ATO believes anyone in business should consider converting over into the electronic age and use some kind of bookkeeping system to help keep them compliant with GST reporting, Payroll, PAYG withholding tax and Super Guarantee to name a few. Need some more help? Give us a call or book an appointment as we would love to help you out! ybab.com.au

21.01.2022 JOB KEEPER PAYMENT FOR EMPLOYERS AND EMPLOYEES: EMPLOYERS ensure you fully understand your obligations: The #Jobkeeper wages subsidy is just that a subsidy. It is to top up the wages your employee is not receiving due to a downturn in business. It is not to replace the wages you are obliged to pay for the hours worked if their usual wage is over $1500 per fortnight. You cannot reduce their wages to $750 per week if they are still currently working and have a salary over and a...bove $40k pa. Please see the link below to ensure you understand the Payment Process. Edited: Employees; to qualify you must be registered to receive payments by your employer, and you must work if their are hours available or risk losing your position and Jobkeeper payments. You cannot just stay home and receive payments if the business is still offering work. The Application for the Jobkeeper subsidy is not available at this stage. https://www.business.gov.au//coronavirus/jobkeeper-payment

21.01.2022 Happy FRI-YAY everyone! Our office hours might say closed but you can still book an appointment for Fridays! Give us a call or email.

19.01.2022 For Tax Returns only. Book online, phone, email or PM us.

19.01.2022 New house rules, your friendly dog is welcome in our office! #tax #accounting #dogs #business #dogfriendly #taxreturns #taxagent #bookkeeping #perth

19.01.2022 The ATO have wasted no time in using STP data to identify employers not meeting their SG obligations.

17.01.2022 Running your business can be time consuming in many areas including finding and creating quality documents for your business, even finding the correct government forms can be time consuming! Let Your Biz take that stress away with our pre-made templates and forms to help your business stay ontop! You are able to find these useful templates, forms and links by clicking on this link... Free Resources: https://www.ybab.com.au/resources/#ato

16.01.2022 This is a very good document from Employsure regarding the Jobkeeper payments. I highly recommend you read this if you are an employer or employee that may be eligible for the payment. Please contact us if we can help you with the application process or advice. https://employsure.com.au//Employsure_JobKeeper_FAQs_Inter

15.01.2022 This is Catherine, an associate of ours whom we refer our clients to have a will set up. It’s so important once you have any kind of assets and a family. Don’t leave it too late contact us and we can assist you. Wills are important at any age.

15.01.2022 We will be putting up links on our web page regarding the stimulus package as they become available by the ATO. As you can imagine we are being inundated with emails and queries. As we understand more about this package we will share this knowledge. Please feel free to leave any questions and we will try to answer as quickly and accurately as possible and provide the necessary links. Stay Safe.

13.01.2022 Please wait another week to have your tax returns prepared. You need to ensure you have your payment summary/s, bank interest, private health cover, receipts for deductions. Dividend statements etc. These are not available to us on the ATO tax agent portal until late July/August.

11.01.2022 In case you missed it, the JobMaker Hiring Credit has been introduced to encourage businesses to hire young people for new positions. The payment provides an i...ncentive for employers to hire young jobseekers, by providing a payment to help employers support the cost of the new employee’s wage. Find out more about the program and who can apply: https://bit.ly/2UlpESC

11.01.2022 The Tax Practitioners Board are currently investigating high-risk tax practitioners with 376 active cases on hand. They involve issues such as: gross overstatements of deductions; offshore tax evasion schemes; and advisers in the black economy. The Board takes firm action if it determines registered tax practitioners have not complied with their obligations under the Tax Agent Services Act 2009 (TASA), including the Code. Many Tax Agents have had their licenses cancelled, suspended and or charges laid against them. At Your Biz we pride ourselves on doing the right thing and also not risking the possibility of our clients getting on the wrong side of the ATO. As tempting as this is for many it will catch up with your eventually, especially with the technology that is now available to the ATO.

09.01.2022 Are you prepared for this time of year? Check out our 5 step checklist to give you a head start! DM or Ph us on 93062274 for help and enquirers

09.01.2022 ? With the ever-increasing expenses of living people are finding themselves either working a second job or starting a small sideline business to supplement their income to help pay for those bills that just keep coming in. Not sure if you’re running a hobby or business well in short; A hobby is regarded as something you are doing more for fun and selling at the cost of materials, this could develop into a business over time. ... There is a difference between the two and If you are unsure the ATO have some guidelines to check which one you are at; https://www.business.gov.au//new-bus/a-business-or-a-hobby

08.01.2022 JOBKEEPER PAYMENTS This is a wages subsidy of $1500 per fortnight to businesses that have been affected by COVID-19. * If your business has been reduced by 30% less turnover compared to a year ago, for at least a month. * You must have had employees from 1 March 2020, and confirm that each employee is still engaged in order to receive the payments. ... * Not for Profit and Self- Employed individuals (businesses without employees) eg; sole traders, family trusts, partnerships are eligible to apply. At this stage you can only register your interest through the ATO until legislation has been passed. https://www.ato.gov.au/general/gen/JobKeeper-payment/ FOR MORE DETAILS ON THE JOBKEEPER PAYMENT PLEASE CLICK THE LINK BELOW. https://www.business.gov.au//coronavirus/jobkeeper-payment

07.01.2022 We at Your Biz are so excited to be partnered with MYOB right now. They are going to be a huge game changer in the bookkeeping and accounting industry and we look forward to presenting and introducing the new and improved MYOB features that will benefit your business. Roll out starts in March 2020. Stay tuned for our free MYOB sessions coming soon.... Australian Built for Australian Business.

06.01.2022 Instant asset write-off increased and extended The threshold has increased to $30,000, and has been extended to 30 June 2020. Most businesses can claim a deduction of up to $30,000 purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.... $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019 $20,000, before 29 January 2019. This is the NET figure if you are not registered for GST it is inclusive of GST. for eg. the total cost must be $30k for GST registered it is $33k.

04.01.2022 CREDIT CARDS...That dreaded wordOWING MONEY. No-one likes it, especially unexpected waste of money debt. Most of us try not to get into credit card debt, it is honestly I would say the worst kind. The interest rates are crazy high and trying to pay one off can be so hard. We don’t mean to get into this debt, life is not black and white it has many grey areas. You may have lost your job, had a downturn in business, gotten sick, become addicted to shopping or something else or... had family issues, whatever it may be this is not what you wanted in your life. And all your bills and responsibilities don’t go away when these things happen and turning to credit cards may have been your only answer to keep surviving. 2020 can be your year to re-focus, make a plan, budget, change your spending habits and pay off that debt especially if you are back on your feet. You will have to do less or forgo doing some things altogether like going out, shopping, spending or holidays, as paying this debt off is far more important for your well-being. Debt creates stress and although you may not think of it all the time it is eating away at you subconsciously. CONSOLIDATION is the key if you can manage to do this be it via a balance transfer to a 0% credit card, a personal loan, or using equity in your mortgage to pay this dreaded debt then do it. The key is not to reduce your re-payments if the interest is lowered as you will pay the debt off quicker, pay it weekly or fortnightly if you can. I DEFAULTING on payments really sucks and you just want to run away from this debt but 'please don't do that' ....call the bank make a deal with them. Negotiate terms and make an offer of what you can afford as they just want their money, ask if the interest can be put on hold so you can pay it off quicker. Tell them why this has happened I'm sure someone would be willing to help you. BURYING your head in the sand will not make it go away. You will feel so much better knowing you have taken back control over your finances. HAPPY DAYS ...Make that plan today whatever it might be. It is honestly the best feeling when you have paid off those credit cards. Cut them up now and never use them again.

02.01.2022 Jobkeeper forms are now available in your Mygov account through the ATO's business portal if you are a sole trader, or through your BAS/Tax Agent. https://www.ato.gov.au/General/JobKeeper-Payment/

01.01.2022 We try hard to advise clients prior to their tax returns what they may be able to claim as deductions against their income. Tax payers are allowed to claim legitimate expenses incurred in earning their wages. If unsure what this may be. Send us a message and we can guide you.