Under recent changes to the Fair Work Act, workplace entitlements and obligations for casual employees have altered effective from 27th March 2021. Employers now need to give all new casual employees a Casual Employment Information Statement (CEIS). Small business employers need to give their casual employees who were employed before 27th March 2021 a copy of the
3 Tax saving strategies to consider for the 2021 financial year!
Before the end of the year closes, we wanted to provide you with 3 tax saving strategies we would encourage you to consider and speak to your accountant about before it is too late! If you are a new client, please call us and speak to one of our specialists for a free consultation and
Do you want to buy your first home and save on tax at the same time? If yes, then you need to keep reading about the First Home Super Saver Scheme (FHSSS) and how this can work to your advantage. In the 2017-2018 Federal Budget, the First Home Super Saver Scheme (FHSSS) was introduced. If
Estate Planning – Two things are certain in life – death & taxes!
The importance of estate planning, the roles of the executor and items the beneficiary must consider if they are to receive an entitlement from an estate. What is Estate Planning? Long story short, Estate Planning is the preparation of tasks that serve to manage an individual’s wealth and asset base in the event of their
There’s something about Lending
With all of the current uncertainty those of you wanting to lend or refinance the process is currently taking much longer than usual. Some of the lending institutions being Banks or private lenders previously used offshore staff however offshore staffing levels have been reduced which in turn means lengthier application times. When interest rates were
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,
Australian Government – Job Keeper Payment – INFORMATION FOR EMPLOYERS
Yesterday, 30th March 2020, the government has made the announcement about this new Job keeper payment. Please find attached information put out by the Australian Government. We don’t have any further information with the details as the legislation is still to go through parliament. If you feel you may be entitled to it, below is
Can Self-Managed Super Fund (SMSF) landlords provide rent reduction to a related party without breaching the SIS Act due to COVID-19?
The ATO have confirmed that SMSFs can provide ‘a temporary rent reduction’ to tenants, including a tenant: who is a related party or related trust where a member, relative or a member or related party/trust has an underlying economic interest in the tenant. Although this would normally trigger a range of SIS Act compliance breaches,
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
Australian Government Fiscal stimulus measures
Australian Government Fiscal stimulus Yesterday the Government’s announced fiscal measures in response to the current Coronavirus (COVID-19). The measures are aimed at providing a boost to households and businesses. The current COVID-19 pandemic is unchartered territory and presents challenges only human health but also to businesses and the economy. Economic response summary · Increase in
ATO SMS text message alerts for changes made Self Managed Superannuation Fund (SMSF) information
From 3 February 2020, the Australian Taxation Office (ATO) will now be sending an SMS and/or email alert to SMSF trustees when changes are made to SMSF details. The SMS text messages will be issued to alert trustees of SMSF when any changes have been made to the fund. These changes include; financial account
Year End Tax Planning, it’s never to early!
YEAR END TAX PLANNING, IT’S NEVER TOO EARLY. Can you believe it’s February 2020 already? We thought we would get in early and mention some tips on tax planning that you may want to think about over the coming months. Tax planning for the end of the Financial Year should not be left too late.
Buying or Gifting shares to a minor
We are seeing an increase in parents and grandparents wanting to buy/gift shares for their minor grandchildren. From this we are commonly asked about the process and ramifications of buying shares for, or gifting shares to, a minor. Below are some scenarios and commonly asked questions to help with your decision. (G. = the person
OUR OFFICE IS CLOSED – 6th December 2019
Our Poole Group office will be closed the 6th December 2019, to allow all our staff to participate in our Christmas Activities. We will have an answering service which will be able to take messages which we will respond to when we return to our usual working hours on the 9th December 2019.