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.
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.
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.
Using Single Touch Payroll Accounting & Bookkeeping
Single Touch Payroll (STP) is a new, mandatory reporting system for businesses to use when processing their employees’ 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.
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.
A Quick Update for Small Businesses
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.
- 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
Source: Tax Wise 2018
Are You Making the Most of Your Business Tax Concessions?
There’s still time for you to take advantage of small business tax concessions before the end of the financial year.
Be Sure to Provide the Correct Tax Documents for these Claims this EOFY
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.
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.