Genesis Accounting & Advisory

21/09/2022

23/08/2022

reporting and payment cycle will be one of the following.

– if your GST turnover is less than $20 million.

– if your GST turnover is $20 million or more.

– if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).

Source: ATO

29/03/2022

✅ Federal Budget 2022-2023

Tax Summary and Highlights

In brief, the 2022-23 budget is inclusive of the following measures:

✅ Personal Taxation

✅ The low and middle income tax offset will be increased by an amount of $420 for individuals with earnings up to $126,000 per annum, and payable in respect of the 2021-22 income year. The Government has not announced an extension of the low and middle income offset beyond the 2021-22 income year. The maximum offset payable to an individual is $1,500 where their earnings are between $48,001 and $90,000 which then phases out up to an amount of $126,000.

✅ The low income tax offset remains unchanged and will continue to apply for the 2021-22 and 2022-23 income years. The maximum amount of the low income tax offset is $700 on an income of $37,500. The offset is phased out for individuals who earn greater than $66,667.

✅ Individuals offered an employee share scheme may invest up to $30,000 in unlisted companies per year (accruable for unexercised options for up to 5 years) plus 70% of dividends and cash bonuses. Participants will also be able to invest any amount if it would allow them to immediately take advantage of a planned sale or listing of the company.

✅ Costs incurred by individuals for undertaking Covid 19 tests to attend a place of work will be deductible from 1 July 2021. As such, no fringe benefits tax should be incurred by employers for providing the benefit of the test to employees.

06/07/2021

11/04/2020

Wow that’s awesome news. There has been no (0) new cases of COVID-19 recorded in the ACT in the past 24 hours. Thanks everyone for staying at home!

08/04/2020

With so many Australians working from home to reduce the risk of coronavirus, we’re making it easier to claim your expenses this tax time.

From 1 March until 30 June 2020, we’re allowing you to claim 80c per hour for each hour you spend working from home. This will cover all your expenses, including your:
🔥❄ Heating and cooling
🔌 Electricity
📱 Mobile phone
🖥️ Internet
🧾 Depreciation of office equipment

You can still use other methods to calculate your claim if you prefer; however, whichever method you choose, you’ll need to make sure you have records to support your claim.

Find out more about the change at www.ato.gov.au/General/COVID-19/Support-for-individuals-and-employees/Employees-working-from-home/

05/04/2020

COVID-19 (novel coronavirus) – early release of superannuation

05/04/2020

The intent of the JobKeeper Payment is to enable any eligible self-employed person get a wage subsidy regardless of what business structure they use, where:
▪️ the partners in a partnership only receive a share of profits – one partner can be nominated to receive it
▪️ directors of a company only receive dividends – one direct[or] can be nominated to receive it
▪️ beneficiaries of a trust only receive distributions – one individual beneficiary (i.e. not a corporate beneficiary) can be nominated to receive it.

Source: business.gov.au

05/04/2020

Great initiative by all peak student bodies coming together and calling the Prime Minister for the betterment of International Students in Australia!

04/04/2020

Bridge to success for your Business!!!