Will You Be Receiving the $1080 Boost in Your 2019 Tax Return?

July 8, 2019

You can expect an extra boost in your tax refund this year, as the Senate has passed the three-stage tax cut package earlier this month. The package will see $158 billion worth of personal income tax cuts passed on to taxpayers, with the goal to provide a much-needed short-term rise in economic growth and consumer spending. Depending on your income bracket, you could see as much as $1080 extra in your 2019 tax return.

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SMSF Set-Up, Tax and Auditing Solutions

Providing excellent Self-Managed Super Fund (SMSF) services in Chelsea and the Kingston and Bayside areas, we can help you to set up and manage your SMSF responsibilities. Our SMSF Tax Services Chelsea cover all of the fund’s processes, including set-up, tax and reporting, and auditing and compliance. Our Self-Managed Super Fund specialists work with you to ensure that your SMSF responsibilities are met with efficiency and care.

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Local and Expert Business Accountant Chelsea

Providing excellent services in the Chelsea and surrounding areas, we can assist you to manage all of your Tax, Accounting, Business and Self-Managed Super Fund (SMSF) requirements. Apart of the local community and committed to providing excellent client care, our Tax and Business Accountant Chelsea can help you to manage your responsibilities and keep your business running smoothly.

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Using Single Touch Payroll Accounting & Bookkeeping

Single Touch Payroll (STP) is a new, mandatory reporting system for businesses to use when processing their Single Touch Payroll Accountingemployees’ tax and superannuation information. The ATO is strongly encouraging all businesses to make the switch and start using the STP system as soon as possible, and to meet their change over date deadlines. At Small Business Works Chelsea, we can help you to set up and manage your Single Touch Payroll Accounting responsibilities, as well as provide tax, accounting and bookkeeping support.

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A quick look at what the 2019 Budget means for you

3 April 2019

The 2019 Budget has been announced, but what does it all mean for you or your business? Here is a quick and easy summary of the key points handed down in this year’s Budget. If you have a specific tax and business question, please speak with your Accountant for personalised advice.

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A Quick Update for Small Businesses

JUNE 2018

The Board of Taxation – an advisory body tasked with improving the design and operation of tax laws – will be conducting a review of Australia’s small business tax concessions.

The Board is encouraging small business owners and advisers to have their say in the review process.

The Board is undertaking a review to:

  • identify ways to improve small business tax concessions to ensure they remain effective, easily accessible, and well-targeted;
  • identify new concessions and ways to improve existing concessions; and
  • identify areas in which concessions that are less effective, or not well targeted, could be removed or scaled back to generate savings that can be redeployed in areas where they may have a greater impact.

The Board will make recommendations to the Government on how to efficiently target on the quality and effectiveness of tax laws and advise on the general integrity of the system.

Advice will be provided to the Government in October 2018.

 

NOTE!
  • If you’re interested in participating, visit the Board of Taxation website or get in touch with your tax adviser!
  • The deadline for your input is on Friday 20 July.
  • The consultation guide can be found on the Board of Taxation website. 

 

For more information or to schedule an appointment, please contact us below or call us on 03 9773 3660

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Source: Tax Wise 2018 

Be Sure to Provide the Correct Tax Documents for these Claims this EOFY

JUNE 2018

Enhancements in technology and data matching mean the ATO is able to detect people and businesses operating outside the tax system this tax time. To ensure that you don’t receive any unwanted or unnecessary attention from the ATO, be sure to keep copies of tax-related receipts and documents, and provide your Tax Accountant with the correct details this Tax Time.

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Are You Ready for this EOFY? Here’s our Quick Tips for this Tax Time

BUSINESS TAX│JUNE 2018

The end of the financial year is looming – it really is that time of year again. Tax time is always busy so we’re sharing a few quick tips for this tax time to help you sail through lodgement season.

 

General Tax Tips:

  • Gather and sort your business records now, including cash, online, EFTPOS, bank statements, credit or debit card transactions covering:
    • sales and other business income
    • expenses you can claim as a business deduction such as staff wages, contractor expenses, operating expenses and business travel expenses.
  • If you changed your record keeping software during the year, check that all your information has transferred over correctly.

Are you a Sole Trader?

  • Even if your income is below the tax-free threshold, you still need to lodge a tax return.
  • Do you pay PAYG instalments? Lodge your activity statements and pay all your PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you’ve paid throughout the year.

Are you a Partnership?

If you operate your business in a partnership:

  • the partnership lodges a partnership tax return, reporting the partnership’s net income (assessable income less allowable expenses and deductions)

As an individual partner, you report on your individual tax return:

  • your share of any partnership net income or loss
  • any other assessable income, such as salary and wages (shown on a Payment Summary), dividends and rental income.

The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income you receive.

Are you a Trust?

If you operate your business through a trust, the trust reports its net income or loss (this is the trust’s income less expenses and deductions) and the trustee is required to lodge a trust tax return.

As a trust beneficiary, you report on your individual tax return any income you receive from the trust.

Are you a Company?

If you operate your business through a company, you need to lodge a company tax return.

The company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.

The company’s income is separate from your personal income.

For more information or to schedule an appointment, please contact us below or call us on 03 9773 3660

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Source: Tax Wise 2018

 

Your Guide to the Federal Budget 2018

BUDGET UPDATE │ MAY 2018

The Federal Treasurer Scott Morrison handed down his third Federal Budget on Tuesday 8 May 2018. With an upcoming election, this year’s Budget contains a few apparent sweeteners to woo voters. Stay across the important updates with our Federal Budget 2018 Overview. 

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