Effective from 1st July 2021, the ATO outlined their new proposed compliance approach to the allocation of profits for professional firms and medical practitioners. The ATO has always had concerns about arrangements involving redirecting of income that includes income from professional services received by individual professional practitioners to associated entities to reduce the amount of
If you haven’t already heard the news, Directors now have a new piece of administration they need to take care of as of the 1st November; the application for the Director Identification Number (DIN). Company directors will need to apply for their DIN themselves and cannot use agents to apply on their behalf. You can
In June 2021, the measures to extend the bring-forward age up to 67 and the bill to increase the number of members allowed in an SMSF were passed by both houses of Parliament. Both measures have been items of discussion for an extended period of time, and we are excited to have a definite outcome
Round 8 of the Ignite Ideas Fund is opening on July 1st 2021! Two tiers of funding are available, tier one provides grants of up to $100,000 for projects of up to 12 months duration and tier two provides grants of up to $200,000 for projects of up to 24 months duration. If you haven’t
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
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
Did you know you can access a large amount of your government information via MyGov? When setting your MyGov account you will need identity documents so make sure you check what you need before you begin the process. Please also note that when you set up your MyGov account the ATO will automatically change your correspondence
With crypto currencies back in the mainstream news, everyone seems to be an expert, so what do you need to know before getting involved in this latest wave of hype? If you are after an explanation of what Bitcoin is, how the ‘blockchain’ works, or why any of this is worth anything, then you’ve come
It’s that time of year again – some Self-Managed Superannuation Funds are lodging their income tax returns for the 2020 financial year, and in some instances, this triggers an email and/or text message alert from the ATO. Since February 2020, the ATO has started contacting SMSF trustees directly where certain changes are made to the
From 1st March 2021, the price of Xero Starter, Standard and Premium plans is increasing by $2 a month in Australia. Xero wants to change the game for small businesses and that’s why they’re constantly evolving Xero for you. As part of Xero’s price change, they have announced the inclusion of Hubdoc.
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
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
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
New data from the FSC, exploring the gender differences for claims, shows that the top cause of death claims is cancer for both men and women, but at a far higher percentage for women, and that for TPD claims, mental health disorders tops the list for both men and women at 24 percent and 27
What is JobTrainer? JobTrainer is the latest employment support initiative in the ‘Job’ series after JobSeeker, JobKeeper and JobMaker were announced earlier this year to deal with economic impact of coronavirus. The Australian Government has announced it will invest $2 billion to give hundreds of thousands of Australians access to new skills by retraining and upskilling them
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.
Concessional Contributions Cap The concessional contributions cap for the 2020 financial year is $25,000. Concessional contributions can include the following:
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 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.
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.
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/
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
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 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.
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’).
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
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,
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
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,