Wear Accountants

06/03/2025

With Cyclone Alfred approaching the Gold Coast, we wanted to let you know how we'll be operating due to the cyclone...

We've closed the office and working from home.

Some of our team have young children, and will be juggling things at home as well as trying to stay on top of emails etc. Please bear with us as we expect there will be some delays in getting back to you, and assuming we have power.

We're planning on being able to head back to the office on Monday 10th March, 9am, subject to weather conditions and flooding.

Thanks for your understanding and patience, and we hope those in SEQ stay safe!

24/12/2024

And just like that, another year is over...

We're taking a break over the holiday season...

Our office is now closed will re-open on Monday 13th January, 9am.

Wishing you a beautiful Christmas filled with love, laughter, and cheer, from your friends at Wear Accountants!

24/12/2023

Merry Christmas to our clients and friends of Wear Accountants. Our office is closed and will re-open on 15th January 2024 at 9.00am. Have a safe and happy holiday season, from Mel, Claire, Matt, Tracey, Linda & Sharon 🙂

07/06/2023

** ATO tells small businesses to come clean **

Small businesses will have till 31 December 2023 to come clean to the ATO on overdue income tax returns, fringe benefits tax returns or business activity statements as part of the tax office’s amnesty.

The ATO’s amnesty was announced as part of the 2023-24 budget and applies to tax obligations originally due between 1 December 2019 and 28 February 2022.

You can read the full article here:

Those with overdue tax returns or business activity statements have until 31 December to come clean as part of the tax office’s amnesty.

02/06/2023

** ATO Reminder: Claim rental property interest correctly **

The ATO has issued a timely reminder as rental interest deductions are one of the most common things not claimed correctly.

If you have used your rental property loan to pay for personal purchases, such as a car or holiday, then the interest must be apportioned for the cost of those items over the life of the loan. This flows through if you refinance the loan as well.

You will also need to apportion claims for interest expenses:

- according to your ownership
- if the property was rented out for part of the year
- when only part of the property was rented out
- if you use the property or kept it vacant for your own use
- if it's rented at below market rates.

Make sure you provide your accountant with all the correct information!

The ATO have published a series of fact sheets for rental property owners, including one on interest expenses, which you can find here:

https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Tax-Time/Tax-Time-Toolkits/Tax-time-toolkit-for-investors/?anchor=Rentalpropertiesinterestexpenses

16/05/2023

** ATO Super Health Check: Paying employees the right amount of super **

The ATO has introduced a “Super health check” – this provides 5 simple checks to help employees review their super.

With “Super health” check, employees can:
1. check and update contact details;
2. check their current super balance and employer contributions;
3. check for lost and unclaimed super;
4. check for multiple accounts and consider consolidating;
5. check for their nominated beneficiary.

A reminder also that the current SG contribution rate employers need to pay is increasing from 10.5% to 11% from 1 July 2023 of an employee's salary when they are either aged over 18 years; or aged under 18 years and work over 30 hours a week.

You can find out more here:
https://www.ato.gov.au/Business/Small-business-newsroom/Employers/Are-you-paying-employees-the-right-amount-of-super-/

11/05/2023

** Sun about to set on range of popular tax measures, ATO warns **

The ATO is warning accountants to make clients aware that the sun is setting on a range of small businesses schemes and they need to act fast or miss out.

Programs such as temporary full expensing and loss carry back were not renewed in this week’s budget and conclude at the end of June.



You can read the full article here:

Accountants should tell clients to act fast on full expensing and loss carry back because their days are numbered.

28/02/2023

** Government doubles tax on super balances above $3m **

The government will tax earnings on super balances over $3 million at 30 per cent from 2025 the Treasurer and Prime Minister confirmed today after weeks of speculation about changes to the concessions.

The move doubles the standard 15 per cent tax on super earnings and is expected to hit about 80,000 Australians.

The revised impost will begin on 1 July 2025, just after the next federal election.

Prime Minister Anthony Albanese said the reform would “strengthen the system by making it more sustainable”.

“The savings that are made from this … will contribute $900 million to the bottom line of the forward estimates and some $2 billion when it is operating over the full year period,” he said.

“This proposed change does not change the fundamentals of our superannuation system – 99.5 per cent of people with superannuation will be unaffected by this reform.”

Read the full article here: https://www.accountantsdaily.com.au/tax-compliance/18228-government-doubles-tax-on-super-balances-above-3m?

Just 80,000 will be hit by the impost which “does not change the fundamentals of the system”. The government will tax earnings on super balances over $3 million at 30 per cent from 2025 the Tre

17/01/2023

Employers: Beep, beep! Full speed ahead on fringe benefits tax (FBT) changes 🚗 💨

From 1 July 2022, you’ll be exempt from paying for the private use of eligible electric cars that meet the following criteria:
⚡ the car is a zero or low emissions vehicle
⚡ the first time the car is both held and used is on or after 1 July 2022
⚡ the car is used by a current employee or their associates (such as family members)
⚡ luxury car tax has never been payable on the importation or sale of the car.

The value of the exempt car benefits is still included in your employee’s reportable fringe benefits amount.

Check out more info at https://www.ato.gov.au/Business/Fringe-benefits-tax/Types-of-fringe-benefits/FBT-on-cars,-other-vehicles,-parking-and-tolls/Electric-cars-exemption/

08/12/2022

** Director IDs - EXTENSION + no longer required for resigned Directors **

While the deadline to apply for your Director ID was 30 November 2022, if you apply by 14 December 2022 the ABRS will not take further action in relation to late applications. The fastest way to apply for a director ID is online.

If you haven't already got yours, you can apply and find out more here:
https://www.abrs.gov.au/director-identification-number/apply-director-identification-number

Also, the Commissioner of Taxation has released a draft legislative instrument that relieves former directors from needing to apply for a director identification number, providing they had resigned before 1 December 2022.