Here’s our October Newsletter! In this month’s edition we talk about ‘The Real Cost of Cash-In-Hand Arrangements’, ‘Get Your Business Motor Vehicle Claims Right This Tax Time’, ‘Tax Tools for Tradies’ and ‘Interest Rate Watch’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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Here’s our September Newsletter! In this month’s edition we talk about ‘Three Reasons to Lodge Your Trust Tax Return on Time’, ‘When Someone Dies – A Practical Guide for Family & Friends’ and ‘Unsure Why You Received a Particular Due Date From the ATO?’ Download a copy of our September Newsletter below… Welcome to Accountplan,…
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Here’s our August Newsletter! In this month’s edition we talk about ‘Planning to Retire Overseas? This Could Affect Your Pension’ and ‘Voluntarily Changing Your GST Reporting’. Download a copy of our August Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants…
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Here’s our July Newsletter! In this month’s edition we talk about ‘Accounting Methods for Business Income – Cash vs Accrual’, ‘How Super Works’ and ‘Introducing Chandan Dhanoa’. Download a copy of our July Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of…
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We are pleased to announce that Chandan Dhanoa joined Accountplan in May, adding experience and skill to our already established accounting team. Aside from accumulating more than 6 years client management experience in Sunshine Coast based accounting firms, Chandan has amassed an impressive list of industry qualifications: Aside from the technical aspects, Chandan is a…
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Here’s our June Newsletter! In this month’s edition we talk about ‘Insurance Premium Finance for WorkCover’ and ‘Our Extended Hours During Tax Season 2026’. Download a copy of our June Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants providing Tax…
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Here’s our May Newsletter! In this month’s edition we talk about ‘Payday Super: How to Manage Super During the Changeover’, ‘Your Super Caps Are About to Get a Boost’ and ‘Pre-June 30 Vehicle & Equipment Finance’. Download a copy of our May Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds…
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Here’s our March Newsletter! In this month’s edition we talk about ‘The Granny Flat Trap’ and ‘What Happens if You Breach the Law With Your SMSF’. Download a copy of our March Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants…
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Here’s our February Newsletter! In this month’s edition we talk about ‘Tips on Building a Balanced, Stess-Free Retirement Portfolio’, ‘Interest Rate Watch’, ‘New Year, New Employee Super Obligations’ and ‘Introducing Rasina Shrestha’. Download a copy of our February Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:…
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We are pleased to announce that Rasina Shrestha has joined our team in a Junior Accountant role. Prior to joining Accountplan, Rasina had already built over 10 years’ experience working in the accounting and banking sectors of both Nepal and Brisbane. Rasina’s areas of expertise includes: Rasina holds Masters Degrees in both Business & Professional…
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Here’s our January Newsletter! In this month’s edition we talk about ‘Interest Rate Watch’, ‘ATO Calculators and Tools’ and ‘Using BPAY to Pay the ATO’. Download a copy of our January Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants providing…
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Here’s our December Newsletter! In this month’s edition we talk about ‘ATO End-of-Year Office Closure and Systems Availability’, ‘Inflation Continues to Rise Dashing Hopes of Interest Rate Cuts’ and ‘Accountplan’s Office Christmas Closure’. Download a copy of our December Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs…
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Here’s our November Newsletter! In this month’s edition we talk about ‘Borrowing to Invest via an SMSF’, ‘FBT and Festivities: What Employers Need to Know’, ‘Cyber Security – Cyber Health Check Tool’ and ‘PayDay Super’. Download a copy of our November Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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Here’s our October Newsletter! In this month’s edition we talk about ‘Guide to Help You Understand the New Australian Government 5% Deposit Scheme’ and ‘What are the SMSF Investment Restrictions?’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an…
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Personal Financial Services is boring you say? Not according to our clients whose wonderful feedback has enabled us to reach this milestone 😁. We are both humbled and utterly thrilled at the same time. Click here to check us out and see what all the fuss is about…
Here’s our September Newsletter! In this month’s edition we talk about ‘How to Share Your Superannuation so You’re Both Better Off’ and ‘Difference Between Employees & Independent Contractors’. Download a copy of our September Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team…
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Here’s our August Newsletter! In this month’s edition we talk about ‘Stronger Security for ATO Online Services’, ‘APRA Holds Steady’, ‘Our Extended Hours During Tax Season 2025’ and ‘Interest Rate Watch’. Download a copy of our August Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: –…
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Here’s our July Newsletter! In this month’s edition we talk about ‘Insurance Premium Finance for WorkCover’, ‘Our Extended Hours During Tax Season 2025’, ‘The Final SG Rate Increase is Coming on 1st July’ & ‘Introducing Alex Dowse’. Download a copy of our July Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and…
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We are pleased to announce that Alex Dowse has joined our team in an Admin/Trainee Bookkeeper role. Whilst accumulating 3 years experience in a Brisbane based business admin role, Alex had partially her Cert-IV studies in Accounting and bookkeeping with a view to entering this industry. Accountplan brought Alex onboard to further compliment our tax,…
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Here’s our May Newsletter! In this month’s edition we talk about ‘Pre-June 30 Tax Tips – For Individuals’, ‘How to Track Your Total Super Balance’ and ‘Interest Rate Watch’. Download a copy of our May Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced…
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Here’s our April Newsletter! In this month’s edition we talk about ‘Pre-June 30 Vehicle & Equipment Finance’, ‘Transition to Retirement’, ‘SMSF – Prepare to Lodge Your Quarterly TPAR’ and ‘Federal Budget 2025 – Highlight’. Download a copy of our April Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost…
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Here’s our March Newsletter! In this month’s edition we talk about ‘Cash Flow Drivers #4 – Gross Profit Margin’, ‘Considering Downsizing? Avoid Costly Mistakes’ and ‘Are You in the Business of Renovating Properties?’. Download a copy of our March Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs…
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Here’s our February Newsletter! In this month’s edition we talk about ‘Cash Flow Driver Articles’, ‘Cash Flow Drivers #3 – Stock Turnover Days’, ‘Retirees Reveal What They Wish They Knew About Retirement’ and ‘How to Lodge and Pay PAYG Instalments’. Download a copy of our February Newsletter below… Welcome to Accountplan, proudly assisting the community…
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Here’s our January Newsletter! In this month’s edition we talk about ‘Cash Flow Driver Articles’, ‘Cash Flow Drivers #2 – Creditor Days’, Financial Advice Can Help Ensure a Comfortable Retirement’ and ‘Sole Trader Vs Company: What Are The Key Differences?’. Download a copy of our January Newsletter below… Welcome to Accountplan, proudly assisting the community…
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Here’s our December Newsletter! In this month’s edition we talk about ‘Cash Flow Driver Articles’, ‘Senior Card Explained’, ‘Don’t Use Your SMSF for Bills or Presents this Christmas’ and ‘Introducing Demara Gates’. Download a copy of our December Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:…
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It is with great pleasure we introduce you to Demara Gates who joined the Accountplan team in recently in a bookkeeping role. Prior to doing so Demara had accumulated nearly 6 years of bookkeeping experience in the SME sector, including that undertaken for her family owned electrical contracting business. Demara, who is currently completing studies…
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Here’s our November Newsletter! In this month’s edition we talk about ‘Borrowing to Invest via an SMSF’, ‘Why it’s Worth Checking Your Pension Eligibility Again’, ‘Eligibility for Compassionate Release of Super’ and ‘Introducing Qi Campbell’. Download a copy of our November Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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We are incredibly pleased to announce that Qi (pronounced Chee) Campbell has joined our team in a bookkeeping role. Prior to joining Accountplan, Qi has had over 10 years’ experience working as an accountant in both mid-tier public practice and commercial industry settings. Her expertise in the bookkeeping area includes but is not limited to:…
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Here’s our October Newsletter! In this month’s edition we talk about ‘What Residential Aged Care Changes Could Mean for You’ and ‘A Guide for Those in Their First Year of Business’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: –…
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Here’s our September Newsletter! In this month’s edition we talk about ‘Checklist: What to do When Someone Dies’ and ‘5 Reasons to Start a Transition to Retirement (TTR) Pension’. Download a copy of our September Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced…
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Here’s our August Newsletter! In this month’s edition we talk about ‘Rental Properties – Repairs or Capital Expenses’, ‘What You Need to Know About Your Taxes in Retirement’, ‘Government Grants for Homebuyers’, ‘Insurance Premium Finance for WorkCover’ and ‘Our Extended Hours During Tax Season’. Download a copy of our August Newsletter below… Welcome to Accountplan,…
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Here’s our July Newsletter! In this month’s edition we talk about ’10 Signs You Won’t Run Out of Money in Retirement’, ‘If You Disagree with an ATO Decision’, ‘A Guide to Home Loan Refinancing’, ‘Insurance Premium Finance for WorkCover’, ‘Introducing Jadi Coe’ and ‘Our Extended Hours During Tax Season 2024’. Download a copy of our…
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Here’s our June Newsletter! In this month’s edition we talk about ‘Claiming a Deduction for Personal Super Contributions’, ‘We’re Living Longer, so Is the 4% Rule a Safe Guide to Retirement Spending?’, ‘New Broker Market Share Milestone Reached’, ‘Our Extended Hours During Tax Season 2024’ and ‘Introducing Ben Johns’. Download a copy of our June…
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Here’s our May Newsletter! In this month’s edition we talk about ‘Gifts and Donations’, ‘Pre-June 30th Vehicle & Equipment Finance’ and ‘Have You Thought About Retirement?’. Download a copy of our May Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants…
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Here’s our April Newsletter! In this month’s edition we talk about ‘Seven Ways COVID Changed Housing Trends’, ‘Using ATO Business Benchmarks to Improve Your Business’, ‘Government Grants for Home Buyers’ and ‘Bigger Bonus for Working Pensioners is Now Permanent’. Download a copy of our April Newsletter below… Welcome to Accountplan, proudly assisting the community in…
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Here’s our March Newsletter! In this month’s edition we talk about ‘ATO Mandated Courses for Taxpayers’, ‘Five Financial Moves to Make in Your 40s’, ‘Your Bank has asked for a Business Plan? Where to Start’ and ‘When Someone Dies – a Practical Guide for Family & Friends’. Download a copy of our March Newsletter below……
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Here’s our February Newsletter! In this month’s edition we talk about ‘How to Discover Your Perfect Retirement Age’, ‘ATO Sets Debt Collector Loose on 150,000 Taxpayers’ and ‘Interest Rate Watch’. Download a copy of our February Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an…
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Here’s our January Newsletter! In this month’s edition we talk about ‘Mortgage Cliff – Factual or False’, ‘Changes in Reporting Requirements for Sporting Clubs’ and ‘Seniors Card Explained’. Download a copy of our January Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team…
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Here’s our December Newsletter! In this month’s edition we talk about ‘How to Maximise Your Investment Property Tax Deductions’, ‘The Pros and Cons of Granny Flat Living’ and ‘Buying a Property with Family or Friends’. Download a copy of our December Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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Tax, super and registration obligations you need to consider before you start a business. Are you in business? Before you register for an Australian business number (ABN), it is important you determine if you are in business and when your business starts. Knowing if you’re in business helps you know what records you need to keep, and…
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Find out about deductions and tax implications if you own a holiday home. Holiday Home – Not Rented Out If you own a holiday home and don’t rent out the property, you don’t include anything in your tax return until you sell it. When you sell the property, you will need to calculate your capital gain…
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What to do if you need to fix a mistake in a previously lodged BAS or make an adjustment for a change. What are mistakes or adjustments Correcting a mistake made in an earlier business activity statement (BAS) is different to making an adjustment: When to fix a mistake Examples of mistakes you may have…
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These steps help businesses use online services to nominate an agent. About client-to-agent linking steps Businesses can use the ATO’s online services to nominate an agent. These steps are for clients who need to nominate an agent. You only need to do this when you: Contact the ATO or your registered agent if you need guidance. Your…
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Mick’s guidance and advice throughout the entire process of buying our first home was beyond our expectations. From start to settlement he was there and made it feel easier and we felt we were in safe, experienced hands with our financial decisions. We learnt a great deal and saved so much time. We would not…
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The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings. There are people promoting early access schemes which are illegal and could cost you more than your retirement savings. Be on the lookout for dodgy advice, don’t take up any offers without first checking if they are legal and learn…
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Find out about claiming an exemption from paying the Medicare levy if you were not entitled to Medicare benefits. 2023 Medicare Entitlement Statement (MES) processing delay If you applied to Services Australia for a 2023 MES and you’re waiting for it to be processed, you should still lodge your tax return by the due date.…
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Loans to members continues to be the highest reported contravention of the superannuation laws that we see in auditor contravention reports (ACR) lodged by self-managed super fund (SMSF) auditors. These loans comprised 16% of all reported breaches for the 2019 to 2022 audit years. It’s important to remember SMSF trustees cannot loan money or provide other…
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Here’s our November Newsletter! In this month’s edition we talk about ‘Guide to Tax Deductions in Australia’, ‘When Should You Make an Advance Health Plan’ and ‘Selling Your Home? Here Are the First Steps to Take’. Download a copy of our November Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount…
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When was the last time you checked your Australian business number (ABN) details on the Australian Business Register (ABR)? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN details to identify businesses in areas affected by emergencies, so it’s important to check your…
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Throughout 2021–22, one cybercrime was reported every 7 minutes to the Australian Cyber Security Centre (ACSC). Throughout Cyber Security Awareness Month (October) we encourage you to implement these 4 quick steps to help protect yourself and your clients. Step 1: Install updates for your devices and software Regular updates ensure you have the latest security…
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Business vehicle depreciation is a topic that new small business owners may be unfamiliar with, and calculating it can be challenging. However, understanding this deduction is crucial since it can result in significant tax savings. Admittedly, car depreciation can be a complicated subject. But, to ensure you’re getting the most out of your car’s value, it’s essential…
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In this month’s edition we talk about ‘How to Choose the Right Business Structure for Your Business’, ‘The Difference a Decade Can Make to Your Retirement Savings’ and ‘The Benefits of Using Online Calculators’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost…
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Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the FBT implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability. What kinds of…
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Self-managed super funds (SMSFs) must report certain events that affect members transfer balance account (TBA) quarterly using transfer balance account reporting (TBAR). These events must be reported even if the member’s total superannuation balance is less than $1 million. You must report and lodge within 28 days after the end of the quarter in which the event…
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If you’re in business, it’s important to know the difference between business losses and non-commercial losses. When it comes to business losses, you generally make a business tax loss when the total deductions you can claim for an income year exceed the total of your assessable and net exempt income for the year. If your business makes a…
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Clothing, jewellery, gaming products, flights and crypto assets are just some of the things you might have to account for in your tax return as part of your business income. If you received these or any other non-cash benefits instead of money for your goods or services, or as a tip or gift – you must…
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Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. PAYG instalments are reassessed after you lodge your tax return. If you have higher or lower business and…
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Profitable companies that choose to relegate their tax and super obligations will be a focus of the ATO’s crackdown on collectable debt, Commissioner says. Too many businesses “roll the dice” on tax liabilities and treat them like a free loan, ATO Commissioner Chris Jordan says. He said small business owed more than its share of…
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The Australian Taxation Office (ATO) is reminding rental property owners and their tax agents to take care when lodging their tax return this tax time. ATO Assistant Commissioner Tim Loh explained that the ATO’s review of income tax returns show 9 in 10 rental property owners are getting their return wrong. ‘Landlords and their registered tax agents…
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The Pandemic saw the ATO take a much softer stance across a number of fronts: Since the pandemic has passed we had seen, until now, a gradual return by the ATO to situation normal. In recent weeks we have however seen the ATO take a far more aggressive approach – particularly with regard to PAYG…
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In this month’s edition we talk about ‘Crypto Tax: 5 Crucial Areas to Get Right’, ‘How Your Retirement Payments are Taxed and what is Exempt’ and ‘Understanding the Home Loan Process’. Download a copy of our September Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: –…
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The start of a new financial year brings fresh opportunities for small and medium businesses to set their sights on further success. It’s a great time to reflect on the past and plan for the future. Whatever your industry, we’ve collated some valuable tips that will help you position your business for growth in the coming…
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The Australian Taxation Office (ATO) is continuing to provide dedicated support to taxpayers this tax time. Assistant Commissioner Tim Loh acknowledged that for some, tax can seem overwhelming. ‘The ATO is here to help with the support you need to get it right this tax time.’ Tax Help The Tax Help program is a free…
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The ATO have released a series of videos to help you understand your super obligations as an employer. As a small business employer, you can find out about: Remember, registered tax and BAS agents can help you with your tax and super. Source: ATO Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds…
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Find information and examples on the latest tax and super-related ATO impersonation scams. Scam advice Be wary of emails, phone calls and text messages claiming to be from the ATO. If you think a phone call, SMS, voicemail, email or interaction on social media claiming to be from the ATO is not genuine, do not…
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Super guarantee contributions for the quarter ending 30 June were due to eligible workers by 28 July. If you missed the due date, didn’t pay the right amount, or didn’t pay to the right super fund, you’ll need to: The SGC statement can help you calculate the SGC. If you don’t lodge your SGC statement by the…
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Consider these key points about the R&D tax incentive before you lodge your company tax return this year. If you engage in research and development (R&D) activities and are eligible for the R&D tax incentive, you must lodge an R&D tax incentive schedule when you lodge your company tax return. Before lodging your 2023 company tax return and the…
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Tax time for a sole trader can be stressful, however with a little planning you don’t need to dread doing your tax return. Take Benzi for example. Benzi is a self-employed professional tiler whose total gross business income is $82,000 per annum. Benzi knows that he’ll have a tax bill at the end of the…
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You can claim tax deductions for expenses you incur while running your business if they’re directly related to earning business income (also known as assessable income). Take Rubi for example. Rubi is a sole trader who works as an IT consultant. As part of her work, she travels to deliver seminars and workshops. Rubi follows…
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As we forge ahead into a new financial year, it’s essential to look back at the previous year’s performance and plan strategies for improved outcomes. While analysing your successes is important, reflecting on your mistakes can often offer even more valuable insights. Accordingly, as a small business owner, avoiding common financial missteps can significantly enhance your operational…
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You need to appoint an approved self-managed super fund (SMSF) auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF’s audit must be finalised before you lodge, as you’ll need some information from the audit report to complete the SAR. You must ensure the correct auditor details…
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If your business conducted research and development (R&D) activities, you may be eligible to claim a tax offset under the R&D tax incentive. If you’re eligible, you can claim the R&D tax incentive by completing the R&D tax incentive schedule and lodging it with your company tax return. See the R&D schedule instructions for information on how to complete the schedule. You…
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“Hi, I’m Rebecca, director for Superannuation and Employer Obligations at the ATO. We understand that as employers you play a vital role in Australia’s tax and super system, and paying super is a very important responsibility. It’s important that you make super contributions for your eligible employees and contractors on time, in full and to…
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As an employer you play a vital role in Australia’s superannuation system. But being an employer also means you have superannuation obligations you need to meet. So let’s walk through these super obligations so you can avoid additional paperwork, charges or penalties. When hiring a new employee, you must offer them a choice of super…
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Accountplan can help you manage your cash flow this WorkCover season with Insurance Premium Finance which can spread out the payment of your WorkCover expenses over the year. Most current outgoings, such as salaries, rent, leases, phone and power are generally paid in manageable instalments. However, when it comes to business insurance and WorkCover premiums,…
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In this month’s edition we talk about ‘ATO – Rental Properties 2023’, ‘Four Retirement Questions to Consider’, ‘Government Grants for Home Buyers’ and ‘Our Extended Hours During Tax Season 2023’. Download a copy of our August Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an…
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The tax time toolkit for 2023 is now live, with updated links to useful information, tools, calculators, learning resources and other support and services. This toolkit is your one-stop shop for help during tax time and throughout the year. You’ll also find updated fact sheets on: In addition, there is expense-related information for primary producers on: If…
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With the new financial year upon us, it’s time to check if your business needs to lodge a Taxable payments annual report (TPAR) for payments made to contractors providing the following services: TPARs are due on 28 August each year and penalties may apply if they’re not lodged on time. You can help prepare for your…
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Certain capital losses, disposals and small business CGT concession claims attract the ATO’s attention. Capital Losses Situations that attract the ATO’s attention include: Capital Gains Tax – Disposal Situations that attract the ATO’s attention include: Small business CGT concessions The ATO want to ensure entities genuinely meet the eligibility criteria when claiming small business CGT concessions.…
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Are you sure that person contacting you is really from the bank? Scammers have found a lucrative phishing spot impersonating bank staff and bank communications. They stole $20 million in 2022. Australians lost more than $20 million to bank impersonation scams in 2022, according to Scamwatch, run by the Australian Competition and Consumer Commission (ACCC).…
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If you are required to travel as part of your job, then you likely incur various costs. Whether making a short trip to attend a meeting or taking an overseas trip for an extended period, you can deduct your travel expenses. However, the laws surrounding travel expenses are complicated, and the Australia Taxation Office (ATO)…
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Find out about tax offsets (or rebates) available to eligible businesses. About tax offsets Tax offsets (also referred to as rebates) directly reduce the amount of tax payable on your taxable income. Offsets can reduce your tax payable to zero but can’t get you a refund unless they are refundable tax offsets. Small business income…
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The Commonwealth penalty unit amount increased to $313 on 1 July for infringements occurring on or after that date. Failure to meet a tax obligation, such as not lodging on time, may result in a penalty. The ATO understands there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t pay,…
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In this month’s edition we talk about ‘Upcoming Changes to the Centrelink Age Pension’, ‘Superannuation Guarantee Changes’, ‘New Identification Requirements for Accounting Firm Clients’, ‘Insurance Premium Finance for WorkCover’ and ‘Our Extended Hours During Tax Season’. Download a copy of our July Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds…
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As tax time approaches, you should start preparing to meet your annual tax and super obligations. We’ve kick-started the process by pulling together a list of key hints to help you keep on top of things: Check out the various resources and tools available for employers on our website. Remember, registered tax agents can help you with…
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The ATO will be closely scrutinising deductions claimed for short-term rental properties. In this year’s federal budget, the government announced a huge injection of funding for the ATO to expand the scope of its personal tax compliance program to address emerging areas of risk. The government’s announcement makes it clear that one of these emerging…
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As we head towards the end of another financial year, here are some things you can do to prepare for tax time. Before 30 June, check if there are any tax-deductible items your business may need, or any concessions you can access. You could be eligible for simplified depreciation rules, the small business income tax offset, immediate…
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The following provides important information and instructions to complete and lodge your tax return. Who can complete your tax return? You can get someone else to complete your tax return for you: Whoever helps you: Lodge your tax return by 31 October 2023 If you’re lodging your own tax return, you need to lodge it…
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As part of the 2023–24 Budget, the government announced a lodgment penalty amnesty program for small businesses. For lodgments eligible for the amnesty, failure to lodge (FTL) penalties will be remitted, without the need for you to apply. You might see an FTL penalty on your account for a period of time, but we will remit it.…
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Use this checklist to review the health of your super in 5 easy steps. Why you should review your super Your super is one of the biggest assets you’ll accumulate in your lifetime. However, many Australians think they don’t need to worry about their super until retirement. Some don’t think about it at all. It’s…
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Dear Mick, We want to take a moment to personally thank you. When we came to you earlier in the year asking if you could help us determine if the purchase of a residential investment property would be viable using our SMSF, the costs and what our financier options would be, you didn’t shy away…
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Download a copy of our June Newsletter… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants providing Tax & Business Advisory services– Bookkeepers to help you with BAS, IAS & Payroll– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies– Mortgage…
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The economy is facing headwinds this year, which will be unfamiliar to many after an almost 30-year run of growth and a post-pandemic boom. Here we explain what you might expect in the months ahead, and what history has taught us about economic highs and lows. What’s in store for the rest of the year? The Australian economy is forecast to follow many…
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My experience with Mick Doyle from Accountplan is that he is not only friendly but also very professional. His help has been integral in growing my business and investment portfolio over the last year or so. Mick and the team at Mark Accountants Caloundra helped me to set up an SMSF that went on to…
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Cyber criminals will be hunting more than just money this end of financial year (EOFY) – remember to keep your guard up. As Australia approaches the EOFY, brokers, individuals, organisations and their employees should stay alert to phishing, smishing (SMS phishing) and vishing (phone call phishing) scams. Cyber criminals attempt to take advantage of this…
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Tax time essentials, learning resources, tools and services to support small business. Tax time essentials The ATO offer a range of tools and services to make it easier for you to get your tax and superannuation right. They want to help you manage and grow your business and get back on track if you need…
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Download a copy of our May Newsletter… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants providing Tax & Business Advisory services– Bookkeepers to help you with BAS, IAS & Payroll– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies– Mortgage…
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Posting make-up tutorials to social media? Writing for a blog or streaming gaming for others to see? Congratulations, you’re a content creator! If you start making money from your online content, you’ll have income to declare, and you’ll need to consider whether you’re in business. If you are, or you want to start your own business, it’s…
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If you disagree with a decision the ATO have made about your tax affairs, you may be able to use one of their free options for resolving disputes. You can use their in-house facilitation service for tax and super matters at any stage from audit up to litigation, where appropriate. It’s a free mediation service where an independent accredited ATO…
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