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! 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.
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.
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 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
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 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.
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 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.
If you’ve paid a tradie, cleaner or courier contractor to help in the last year, you might need to lodge a Taxable Payments Annual Report (TPAR). You may need to lodge a TPAR if your business: is primarily in the building and construction industry and paid contractors to provide building and construction services – including
If you haven’t already, it is time to move to Single Touch Payroll now! Single Touch Payroll (STP) reporting is here, and you need make the move by 30 September 2019. STP changes the way you report your employees’ tax and super information to us.
SMSF status to change on Super Fund Lookup if the annual return is lodged late ATO have stated from 1 October 2019 if the SMSF return is overdue more than two weeks on any annual return and hasn’t requested a lodgement deferral they will change their status on Super Fund Lookup (SFLU)
Are you going to meet the QBCC deadline? Your financial Information needs to be lodged with the QBCC by 31st December 2019. Before you get caught up in the silly season, contact us on 07 5437 9900 as we can assist you with preparing the necessary documentation.
Scenario 1. Its 7 am on a Monday morning, you get to work and there is fire & smoke billowing from your windows. The fire brigade is on site, what do you do next? What is your emergency plan?
A new Australian Taxation Office Campaign As part of their latest campaign, the Australian Taxation Office (ATO) is contacting Self Managed Super Fund (SMSF) Trustees directly where 90% or more of their SMSF’s investments belong to the same asset class (Eg. property).
Net Medical Expenses tax offset If your personal taxable income is below $90,000 or family taxable income is below $180,000 and your net medical expenses are over $2,377 you may be eligible for a 20% tax offset. The medical expenses that are included in the offset are: Disability Aids Wheelchairs Hearing aids Freestanding over-bed frame
If you read the business pages of the newspaper, you may have seen the term ‘inter generational wealth transfer’ starting to appear more frequently. That’s because an estimated $3 trillion of wealth is predicted to change hands over the next two decades, from households of Australians age 55+ to younger generations.[i] This represents a massive shake-up
Receiving Compensation Payments With the fall out from the Royal Commission into the banking industry, are you due to receive any of the compensation payments being paid from the various financial institutions? If so, please be aware that you will possibly face tax consequences on this receipt of money.
Single Touch Payroll – Could it be the biggest adjustment to Australian Businesses since Good & Services Tax (GST)? The Australian Taxation Office recently introduced Single Touch Payroll (STP), this is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you are paid
SMSF Post-Election Update With the Federal Election called in favour of the Liberal Party, SMSF Trustees are likely to be spared from some of the more significant changes that were proposed by the Opposition Leader in the May Budget. The proposed change that perhaps gained the most media attention, and the one that we received
If you once ran a thriving taxi company that started to fade when Uber burst on the scene or a hotel that suffered from the impact of Airbnb, you know what the word “disruption” means. You probably don’t do either of those things but could the business you do run be equally at risk from
Can you believe 30th June 2019 is almost here? We suggest for businesses to be ready for the end of financial year, below are a few standard business items for you to look at -: For businesses for eligible plant purchased during 2018/19 you will be eligible to claim a 100% immediate write-off for businesses
A business is classified as a small business entity where the aggregated annual turnover is less than $10 million. The aggregated turnover is based on the ordinary income earned in the course of running the business (annual turnover) plus the annual turnover of any business connected or affiliated with you.
SINGLE TOUCH PAYROLL: Single Touch Payroll (STP) is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you pay your employees.
Is your business built to stand the test of time? In the wake of a number of high profile collapses and insolvencies in the local construction industry, the Queensland Building and Construction Commission (QBCC) is proposing changes to the Minimum Financial Requirements (MFR).
The pen may be mightier than the sword – but can it beat the smartphone? When it comes to keeping track of vehicle mileage, we think not. When do you need to use a logbook?
Single Touch Payroll – The Australian Taxation Office has extended the STP obligations to all employers. Parliament has approved legislation to extend Single Touch Payroll (STP) reporting to include all small employers (fewer than 20 employees) from 1 July 2019. Don’t know what STP is?
Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via