Business Tax, Accounting, Bookkeeping and Accounting Software
Share investing ideas
Share investing Are you thinking of starting a share portfolio? Or if you aren’t yet, then perhaps you should be. I must say being an accountant, I began to take notice when seeing my clients show me their substantial share portfolios, often commencing them as late as their fifties. Reasons why you would invest in…
Read MoreApplying for Director Identification number
How to apply for the new Director Identification number (Director ID number) Individuals need to apply for their own Director ID Number Please note that only an individual can apply for a Director ID Number, you can not apply for them as it requires the use of the MyGovID app Why is this happening? To…
Read MoreATO Scam tips
Why it is important to protect your tax file number. Some of you may already be aware how important it is to protect your tax file number (TFN) from getting into the wrong hands. Crooks can use your TFN for TFN fraud, such as present themselves as you to the ATO , do your tax…
Read MoreJuly Covid support payments from state government
During this July 2021 Covid support payment update Some updates for you: 1. Support for individuals The COVID-19 Disaster Payment has been extended to residents of South Australia and Victoria. The payment will be: $600 per week to individuals that have lost 20 hours or more of work during the lockdown period, or $375 per…
Read MoreHow company saves tax explained simply
How to save tax in business using a company Most companies are now taxed at 25% from each $ of profit from 1/7/21 Whereas individual takes rates are higher than this from each dollar over $45000 So businesses can take advantage of the lower individual tax rates by paying themselves individual income from…
Read Morewhat is new for tax 2021
Changes to tax returns 2021 ATO Warning – Copy & Pasting Claims ATO are setting their sights on work related expenses (such as motor vehicle, travel claims, laundry, uniform purchases and business trips). The expectation is that these deductions should reduce for taxpayers who were working from home during COVID 19. However, the ATO…
Read MoreWhy to own investment property in Self manged Super Funds
Something you need to know if you are growing an investment property portfolio. Find out what here… Let say Luigi and Maria Retire with 8 rental properties owned outright Sounds great But if they owns them individually They could still have a high taxable income Lets assume 40k taxable income each So that…
Read MoreBudget 2021
Budget 2021 Updates Next years personal income tax rates had already been announced, they are: We can look forward to more personal income tax cuts in 2025 LMITO retained for 2021-22 – the Government will retain the low and middle income tax offset for the 2021-22 income year. The LMITO provides a reduction in tax…
Read MorePlanting the trees of investment to accumulate wealth
The key to creating wealth is Investing Are you interested in accumulating wealth? Whatever your circumstances or age, the key is invest, invest and invest and soon your investments will be strong and continue growing like trees. Here are some quick tips: Whether you are in business or employed are irrespective of your income…
Read MoreFacebook ads to include GST
GST on Facebook Did you know that from 15/2/2021 goods and services tax (gst) will be included on your facebook advertising invoices. Simply add your valid business abn to your facebook account settings. Great initiative by the Australian government. Finally facebook paying some gst is part of the Australia’s tax policies to stop multinational…
Read MoreWork From Home Tax Deductions explained
Work From Home Tax Deductions explained We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time. Home Office deduction on tax return: requirements, records to be kept, what can be claimed. why…
Read MoreLand tax relief for landlords in South Australia
Land tax relief for landlords in South Australia Land tax relief is available for eligible non-residential and residential landlords and eligible commercial owner-occupiers in response to COVID-19. The relief is available for residential and non-residential landlords over two periods. The initial period of land tax reduction was based on rent relief the landlord has provided to tenants impacted by COVID-19 or…
Read MoreSA Government New COVID19 Grants
Cash grants 10k and 3k The Government is offering additional $10,000 grants to support small businesses still heavily impacted by COVID-19 restrictions, and for the first time is offering $3,000 cash grants to non-employing sole traders, partnerships and trusts. Applications for the grants opened on Monday 9 November and will be available until midnight 14…
Read MoreWhen to lodge your tax return by – with your tax agent
When do you have to do tax return by? Today we are explaining when you have to do your tax return by when you have a tax agent. If you have already done your tax return for this year you can listen to this for next year in case you ever need to lodge later…
Read MoreContractor or an Employee?
The criteria ATO consider whether you are an employee or contractor are: Break free with Tax Accounting Adelaide Services call us on 83374460 Sole trader, Partnership, Company and Trust Tax and BAS returns; Self Managed Super Funds; Bookkeeping and Choosing Accounting Software; New business Startups Advise; Specialising in personal training…
Read More