Tax time 2020: ATO flags work-related hotspots

The ATO is bracing for a substantially different tax time this year, due to flow-on effects from COVID-19 restrictions on work-related expenses claims, and has announced a number of hotspots that it will pay close attention to this year. They expect a reduction in claims for work-related expenses, and an increase in working from home claims for the last quarter. Specifically, they have flagged: Laundry expenses – not wearing a…  Read more

Claiming Deductions 2020 – Quick Guide

Basic rules for claiming: you must have incurred the expense in 2019–20. you must have spent the money yourself and were not reimbursed the expense must be directly related to earning your income you must have a record to prove the expense. you received a bill or invoice for an expense that you were liable for (even if you paid it after 30 June 2020) you did not receive a bill…  Read more

Why your tax refund could be bigger than ever this year

With so many of us taking a financial hit from COVID-19, there’s never been a more important time to get your taxes right. Tax time 2020 is looming. Here are some things to keep in mind to get the best outcome from this year’s return. If you lost your job or had your hours reduced, it’s possible that your employer will have over-deducted tax earlier in the year in relation…  Read more

Why you should let us do your payroll

Payroll can be stressful. With ever-increasing compliance requirements, we know these are challenging times for small and medium businesses – and we’re here to help. Gladstone Accounting and Taxation’s Payroll services mean one less thing for you to worry about. With our Payroll services, you know your employees will always be paid correctly AND on time. From changes to award rates and calculating employee entitlements, we know payroll inside and…  Read more

Current Covid-19 Assistance Measures – Quick Reference Guide

All the current Covid-19 Government Assistance Measure in one place, in a handy, one-page guide! As we worked through the numerous current Covid-19 Assistance packages for our own business, we created a brief summary of all of the measures in one place, which we have found useful. We hope that you find it useful too and please feel free to share this with your colleagues, family and friends as it…  Read more

New tax shortcut for working from home – but should you use it?

As many Australians now find themselves working from home full time, the Australian Tax Office (ATO) has announced some changes to work from home tax deduction rules, aimed at making it easier for people new to working from home to make a claim. In short there are two main changes: The previous requirement to have a dedicated home office or study to make a claim has been removed. The kitchen…  Read more

The JobKeeper Payment: How to apply it in your business

Happy about the JobKeeper Payment but uncertain how to apply it in your business? Read on to get the answers: The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers. The following is a broad summary of the key aspects…  Read more

$130 billion JobKeeper Payment: Relief for Employers, Employees and Sole Traders

Over the course of a few weeks nearly everyone’s business and life has been turned upside down. It’s been a crazy time with toilet paper shortages, businesses forced to close, an overload of information (and mis-information on social media). With the recent disruption in mind, we want to help support you however we can. We’ve seen a number of our clients already impacted by the virus and want to assure…  Read more

Are You Under-Utilising Your Accountant and Letting a Valuable Resource Go to Waste?

In the current business landscape, where SMEs face so many business challenges – from ATO debt crackdowns to government red tape to access to credit – your Accountant is well placed to add real value to your business! The September 2019 SME Growth Index conducted by banking analysts East & Partners, on behalf of national working capital funder Scottish Pacific, has found that 82.9 per cent of business owners who…  Read more

Budget News for Small Business

The Federal Budget, which was announced on 2 April, is good news for Australian SMEs, proposing an increase in the instant asset write-off threshold to $30,000, lower tax rates, and a more streamlined tax dispute service for small business The new budget would mean that the instant asset write-off threshold would increase from the original $20,000 to $25,000 first announced in January, and again to $30,000 announced with this Budget.…  Read more

Tips for choosing a small business bank

Finding the right bank to serve your small business needs can be a daunting task. With so many competing financial institutions to choose from, business owners simply don’t have the time for the in-depth research required to carefully weigh all the options. This guide to choosing a small business bank will help you narrow down your choices so you find the best fit for you. Small, medium, or large? You…  Read more

Conference Tips for Small Business Owners

For small business owners, business conferences can be both a blessing and a curse. They give you the opportunity to develop new skills and learn strategies that you can use in your business, and they also provide you with the chance to meet new people and expand your business network. Unfortunately, they also pull you away from your business and they cost money, so it’s important that you get the…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

$20,000 Instant Asset Write-Off EXTENDED!

If you are a small business, with an annual turnover of under $10 million you can immediately write-off eligible assets that cost less than $20,000 per item, which are first used or installed ready for use by 30 June 2019. The asset can be new or second hand. From 1 July 2019, the immediate deductibility threshold will  revert back to $1,000. Please contact our office to discuss GST registration implications.…  Read more

2016 Income Tax Return Lodgement Due Date

Have you lodged your 2016 income tax return yet?  Due date for lodgement of 2016 income tax returns is 15 May 2017, however the Australian Taxation Office may allow lodgement past this due date if you meet the following requirements. To be eligible: The entity can only be an individual, partnership or trust; All previous income tax return obligations must be up to date; and Have no outstanding liabilities with…  Read more

SuperStream – Are You Ready

SuperStream is the new way of making super contributions. Under SuperStream, employers must send super contributions electronically in a standard format, with linked data and payments. This system becomes mandatory for small employers (those with 19 or fewer employees) on 30 June 2016. Businesses with 20 or more employees should already be using SuperStream. So how do you make the change and ensure your system is running smoothly before the…  Read more

Concessional Contributions Cap Reduction Coming in 2017

From 1 July 2017, the government will lower the annual cap on concessional superannuation contributions to $25,000. Until this time, the existing concessional contributions caps, being $30,000 for those aged under age 50 years, and $35,000 for those aged 50 years and over, will apply.  Read more

Record Retention

Did you know that you are required to keep your records for a minimum of 5 years, from the date your income tax return is lodged. For business entities under constitutional law it is 7 years.    Read more

Year End Update – Individual Tax Returns

Year End Tax Update   Here are a few tips and tricks to assist you prepare your 2014 individual tax returns   Handisoft App Good news for anyone who hates paper – we now have an app that you can put on your phone to keep track of any paperwork for deductions you wish to claim. Simply go to your app store and search handisoft. The rest is pretty straight…  Read more

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