When it comes to property investments, it’s important to have a strategy behind your investment. People often ask should I use negative or positive gearing when buying investment property? The answer will depend on how much you are currently earning and whether you are more interested in capital growth or income from your investment. Read …
Property Investments – negative Gearing or Positive Gearing? Read More »
The excitement of owing an investment property has faded. You are now heading to a new journey to be a landlord and deal with disclosure of rental income and expenses for the taxation obligations. As a tax practitioner for the past 15 years, I have always been asked the following questions. My husband and …
From 20 April 2020, you can enrol with the ATO for the JobKeeper payment by a registered tax agent or by yourself using the Business Portal and authenticate with myGovID. You must do this by 30 April to claim the JobKeeper payments for April which covers the payroll periods from 30 March to 26 April …
COVID-19 JobKeeper 1.0 Payments – How to Enrol and Apply Read More »
As we know the Federal government has announced further measures to support businesses and their employees through JobKeeper payment. We have summarised the information below focusing on small business entities in the event that you need to take advantage of this support. What is the JobKeeper Payment? A subsidy to the employers with employees. A …
The interruption caused by COVID – 19 is devastating. The Government released the second, far reaching $66.1b stimulus package for all areas of the economy. We focus on the Cash Boost provided to small to medium businesses here. Cash Boost is tax-free cash supports for employers. Eligibility Employers will be eligible for the subsidy if: …
COVID – 19 Stimulus – Cash Boost to Small to Medium Businesses Read More »
A SMSF stands for a Self-Managed Super Fund. A SMSF is particularly popular among small business owners, high net worth individuals and retired (or soon to be retired) individuals with a reasonable amount of superannuation balance to invest. The ATO SMSF quarterly statistical Mar 2019 report indicates that there are close to 600,000 SMSFs with …
A great bookkeeper will make your business more efficient, productive and profitable. However, often the biggest challenge is finding that right bookkeeper who will add value to your business instead of costing you money. Here’s some strategies that can help to find you a bookkeeping superstar: Ensure you have developed a clear role description including …
Find the Right Bookkeeper for Your Business. It’s Never Too Late! Read More »
Cash Payment From 1 July 2019 and for income tax returns yet to be lodged for the 2020 financial year onwards, as part of tackling the black economy, the ATO will not allow tax deduction for cash payments to employees that do not comply with pay as you go (PAYG) withholding obligations. The ATO recognise …
Tax Deductibility & PAYG Withholding . Is Cash Really king? Read More »
From 1 July 2019, if PAYG withholding rules require a business to withhold and report an amount from a payment to employees and contractors, and they fail to do so, they cannot claim a tax deduction on the payments. Those payments are: Salary, wages, commissions, bonuses or allowances to employee Directors’ fees To a religious …
Tax deductibility and PAYG Withholding & Reporting- Do NOT get caught on this! Read More »
Some of you may have already submitted your 2019 tax returns and had a nice but surprised tax refund. Do you know why you have those extra refund and how many more years the refund continues? You are about to find out the answer in a minute. From the 2018-19 financial year, the Low- and …
Low- and Middle-Income Tax Offset (LMITO) – Call it a bonus? Read More »