Making Superannuation Contributions over the age of 65
Recent changes to superannuation legislation now makes it easier for people over the age of 65 to make contributions to superannuation. From 1st July 2020, you no longer need to meet the work test or work test exemption criteria if you are 65 or 66 years old in order to contribute money into superannuation. This means that members
2nd Round – Small business COVID-19 Adaption Grant Program
ROUND TWO WILL OPEN ON 1ST JULY 2020 Small business COVID-19 Adaption Grant Program This funding round may only be open for a short period due to demand and will close when the funding allocation is anticipated to be exhausted. Successful applicants from round 1 of this program cannot apply for funding under round 2.
2020 – End of Financial Year Checklist – Superannuation
Concessional Contributions Cap The concessional contributions cap for the 2020 financial year is $25,000. Concessional contributions can include the following:
NOW OPEN – Small Business COVID-19 Adaption Grant Program
The Government grant has been developed to support small businesses which were impacted by the COVID-19 shutdown restrictions. Directly aimed at small and micro businesses to assist with, the preparation of safe resumption of trading, assist with accessing digital technologies to rebuild business operations.
COVID-19, Government Stimulus and JobKeeper Payments
COVID-19, Government Stimulus and JobKeeper Payments The Australia Taxation Office opened the registration for Businesses to enrol for JobKeeper payments yesterday. To be eligible for this first payment registrations must be lodged with the ATO by the 26th April 2020. Whilst you may have already registered interest, you still need to enrol.
Coronavirus land tax relief
The Queensland Government is offering the following land tax relief to eligible landholders: a land tax rebate reducing land tax liabilities by 25% for eligible properties for the 2019-20 assessment year a waiver of the 2% land tax foreign surcharge for foreign entities for the 2019-20 assessment year a 3-month deferral of land tax liabilities for the 2020-21 assessment year.
Business Survival During COVID-19
COVID-19 has changed the way we perform so many activities. Poole Group is here and is working to ensure we are supporting all of our clients. The Government has released various Stimulus Packages to obtain details of these Government packages, please click on the link below https://poolegroup.com.au/poole-group-la…nment-stimulus/
LATEST UPDATES ON GOVERNMENT STIMULUS
Poole Group is here to support you, your family and your business, guiding you through the details of the stimulus packages. If you have not yet been in contact with us to discuss the various Government Stimulus Packages available please click on one of the following and it will take you directly to our website to obtain
COVID-19 Update – Employees working from home & What you can claim
New 80c/hr to cover ALL costs (for hours work between 1/03/2020 to 30/06/2020) To make it easier for people to claim deductions for working from home, the ATO has announced a new shortcut method which will allow taxpayers to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate
Self-Employed Support – JobKeeper Payment
Self-Employed Support – JobKeeper Payment Over the weekend the has Government provided clarification on the eligibility of the JobKeeper payment for business owners themselves. A significant number of business owners aren’t paid a salary or wage. They receive income as a partner or by way of a trust distribution or dividends.
COVID-19 – Child Care and Early Childhood Education Relief Package
Provided by the National Tax and Accountants Association April 2020 The Federal Government has announced a relief package for the child care and early childhood education sector (‘child care sector’).
COVID-19 JobKeeper Payment Scheme
The JobKeeper payment scheme announced by the Federal Government has been designed to assist employers (inc self-employed) affected by the Coronavirus pandemic to continue to pay their workers. The legislation governing this program is currently being finalised and will come before Federal parliament in the week of 6 April 2020. Employers registered for the JobKeeper scheme
Employees working from Home
With Covid19 so many of us are working from home. Did you know that you can claim a tax deduction? That’s right. Employees who work from home can claim the work-related proportion of their running expenses. These expenses are the cost of using equipment and utilities at your home for work. If you are an employee please,
Queensland Covid19 Job Support Loan UPDATED
Queensland Covid19 Job Support Loan UPDATED As previously advised the Qld government have released a $250,000 loan to eligible businesses to retain employees and maintain their operations. To apply go to: http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme
Centrelink/Services Australia If you already receive Centrelink, DO nothing, don’t call or go to the Centrelink offices. The phone lines and offices are experiencing high numbers. Both of the recently announced payments of $750 x 2 payments for concession holders and an extra $550 coronavirus payments will be automatically applied to you if you are
Poole Group is here to support you!
Poole Group is here to support you! Whilst we are continuing to operate as usual, we only have skeleton staff working at our office. The majority of our team is now connecting securely to our server from their home. This ensures minimal disruption to providing you with our standard quality services.
Keep up to date with Poole Group – Government Stimulus – Current information as at 23 March 2020
On Sunday 22nd March 2020, the Commonwealth Government released the second stage of its economic plan to cushion the impact of COVID-19 on the economy and provide support to businesses and individuals.
COVID-19 – We are here to assist you & our staff
On Wednesday 11th March 2020, the World Health Organisation (WHO) upgraded the status of the COVID-19 outbreak from epidemic to pandemic. We are here to assist any clients who are being directly or indirectly affected by this Pandemic, please contact our office for assistance to speak with your adviser regarding current Government Stimulus package, business
Paying a tradie, cleaner or courier contractor?
If you’ve paid a tradie, cleaner or courier contractor to help in the last year, you might need to lodge a Taxable Payments Annual Report (TPAR). You may need to lodge a TPAR if your business: is primarily in the building and construction industry and paid contractors to provide building and construction services – including
STP Deadline is here – 30th September
If you haven’t already, it is time to move to Single Touch Payroll now! Single Touch Payroll (STP) reporting is here, and you need make the move by 30 September 2019. STP changes the way you report your employees’ tax and super information to us.
Payment Summaries are now called an Income Statement
Single Touch Payroll – Could it be the biggest adjustment to Australian Businesses since Good & Services Tax (GST)? The Australian Taxation Office recently introduced Single Touch Payroll (STP), this is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you are paid
Future-proofing a business: 7 ways you can avoid the Uber phenomenon
If you once ran a thriving taxi company that started to fade when Uber burst on the scene or a hotel that suffered from the impact of Airbnb, you know what the word “disruption” means. You probably don’t do either of those things but could the business you do run be equally at risk from
Tax Planning Tips & End of Year Review
Can you believe 30th June 2019 is almost here? We suggest for businesses to be ready for the end of financial year, below are a few standard business items for you to look at -: For businesses for eligible plant purchased during 2018/19 you will be eligible to claim a 100% immediate write-off for businesses
Tax Essentials for Small Businesses
A business is classified as a small business entity where the aggregated annual turnover is less than $10 million. The aggregated turnover is based on the ordinary income earned in the course of running the business (annual turnover) plus the annual turnover of any business connected or affiliated with you.
Single Touch Payroll – Cost effective options & How Poole Group can help you!
SINGLE TOUCH PAYROLL: Single Touch Payroll (STP) is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you pay your employees.
Single Touch Payroll – Are you ready?
Single Touch Payroll – The Australian Taxation Office has extended the STP obligations to all employers. Parliament has approved legislation to extend Single Touch Payroll (STP) reporting to include all small employers (fewer than 20 employees) from 1 July 2019. Don’t know what STP is?
Franking Credits Proposal
Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
Merry Christmas – Staff Bonuses
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
ATO Text Messages
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via
Needing Finance? Plan Ahead
With the banking review performed in March 2018 Lending rules have tightened. As part of this if any of you are considering applying for finance keep the below in mind: Finance applications are not being approved as quickly as they have been historically; Current financial information is required, this means current year tax returns and