Success Tax Professionals Chermside

30/04/2024

"Exceptional customer service!!!
Eva Chan is very knowledgeable, patient, kind and helpful. Always takes the time to answer any queries I may have, and provides me will all the options available. First Class!!!" says BOS3 on Google

★★★★★ Exceptional customer service!!! Eva Chan is very knowledgeable, patient, kind and helpful. Always takes the time to answer any queries I may have, and provides me will all the options available. First Class!!!

27/02/2024

21/02/2024

Here are some helpful tips if you are considering salary packaging a private vehicle! 🚘💵


https://tncaccounting.com.au/salary-packaging-private-motor-vehicles/

22/07/2022

🚨 SCAM ALERT 🚨 Beware of scam text messages (SMS) about tax refunds.

These fake messages claim to be from the ATO and ask you to open a hyperlink to fill out a form for your income tax return. The link takes you to a fake website designed to steal your personal information and credit card details.

🛑 We’re seeing lots of variations of this scam, this image is just one example. If you receive an SMS like this, don’t click on any links. Instead, report the SMS to us and then delete it.

Warn your family and friends to stay scam alert. To report an SMS that doesn’t seem right, go to www.ato.gov.au/General/Online-services/Identity-security-and-scams/Verify-or-report-a-scam/

22/06/2022

From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are:

🔴 the rate of SG is increasing from 10% to 10.5%
🔴 the $450 per month eligibility threshold for SG is being removed. All eligible workers aged 18 years or older will be entitled to receive SG contributions regardless of how much they earn.
🔴 Workers under 18 years of age were only entitled to SG contributions if they worked more than 30 hours in a week.

21/04/2022

****QLD Government Business Basics Grants Program****

The Queensland Government provides specific support for the small business sector through the Big Plans for Small Business Strategy. The Business Basics grants program (Program) provides support to businesses to increase core skills and adopt best practice.

For this round, there are two funding streams based on what Local Government Area (LGA) eligible businesses are headquartered. These LGAs are grouped into either South East Queensland or regional Queensland. If successful, applicants will receive upfront fixed grant funding of $5,000 (excluding GST). Successful applicants do not have to co-contribute to this grant; however successful applicants must pay for any related expenses in excess of the $5,000
grant funding.

Eligibility:

To be eligible to apply for this grant, the business must:
• have fewer than 20 employees (by headcount);
• be operating and have an active Australian Business Number (ABN)1 ;
• be registered for GST ;
• have a Queensland headquarters and an operating address in the relevant funding stream;
• have an expected turnover of $300,000 or less for the current financial year;
• not have been approved for funding under an earlier round of Business Basics;
• have owners/directors that are not undischarged bankrupt1; and be solvent.

Eligible Activities:

DESBT will fund the following eligible activities:
• Training and coaching eg Training/coaching of up to 4 months in duration
• Website build/upgrades
• Professional business advice
• Strategic marketing services
• Business continuity and succession

09/04/2022

The new government budget allows small businesses with an annual turnover of less than $50 million to claim a 120% tax deduction on tech.

09/04/2022

The cost of living tax offset for 2021–22:

In the 2022 Federal Budget, the government announced a cost of living tax offset that will be included in your tax return for 2021–22.

This offset will become part of the low and middle income tax offset (LMITO) for its final year of operation. The new offset is effectively an additional $420 of offset for every individual under $126,000.

Please note that the offset is non-refundable, so you may not inevitably receive the offset if there isn’t a corresponding tax charge on your taxable income this year.

If you wish to undertake some tax planning this year, to help ensure you receive the full offset, please contact our office. We would be delighted to assist you further.

04/04/2022

Are COVID-19 tests tax deductible?

New legislation which allows a deduction for work-related COVID-19 tests has passed through parliament and now awaits royal assent.

The new legislation provides a specific deduction and removes any previously held ambiguity about whether an individual’s expense for a COVID-19 test was deductible.

For the purchase of a COVID-19 test to be tax deductible you:

• must have paid for the test and not been reimbursed by your employer, and
• were required to take the test before going to work because:
• of a public health order
• your employer has asked or required you to take one, or
• you were previously a positive case and needed to show your employer a negative test before going back to work.

It is important to point out that the deductibility is solely on the requirement to take a test. The test result, or whether you actually worked on the day you took the test, is irrelevant.

The new legislation commences from 1 July 2021, meaning an allowable deduction is available for all tests purchased both before and after the legislation.

23/11/2021

Gareth Aird, the head of economics at the Commonwealth Bank of Australia, has predicted a 10% correction for Australian house prices.