Where are we now
Updated: 09/08/2021
What a whirlwind and it’ll be Christmas before we know it! Here at Benefit Accounting, we always feel grateful and happy to be living and working in such a beautiful place and embrace the ever-changing rules that life now entails.
With excellent accountants and bookkeepers at your disposal here at Benefit Accounting, we aim for you to feel valued, supported and tax planning ready at all times!
JUMP TO:
END OF FY2021 AND THE DAWN OF FY2022
We’re half-way through the 2021 calendar year. Have you seen our calendar with key dates and public holidays. Click here > check it out, open it, print it, use it!
2021 Tax Time is here! Click here to Start Your Tax Online Now!
Reach out for our tax planning package for specialised advice on where your finances are at this year and what to expect.
Read about the Recovery 2021-22 Federal Budget.
TAX TIPS
We love tax planning and making sure our clients are tax-effective and financially sound. Some of the latest tips and tricks here:
Contribute to your super up to $25K per financial year (including what your employer contributes for you). Chat to us on this if you have available cashflow, it’s brilliant.
Want to contribute more than $25,000? We can consider your unused cap from prior years and carry it forward for the year you need the tax deduction most. Seek advice on this one.
Pay your bills, expenses and buy any assets you’ve been wanting before 30th June. Or consider prepayments on those routine expenses for your job or business like accountancy, insurance, rent, etc.
After more deduction ideas? Think stationery, tools, devices, covid supplies, carry bags or cases, sun protection products (including SPF foundation), etc relevant to your job or business.
Working from home (WFH)
The ATO will allow an 80c/hour shortcut claim for your home running expenses while WFH until 31 December 2020. There are still other ways to claim home office use so we suggest keeping records of your WFM hours (diary or roster) and expense receipts (electricity, phone, internet, office supplies, devices) so we can work out the best claim for you.
COVID-19 Protection
You may be able to claim hygiene gear, such as sanitiser, soap, face masks, gloves, etc if you worked in an occupation that requires physical contact or close proximity with customers during COVID-19, e.g. healthcare, hospitality or retail. Supplies to keep safe at home or in the workplace is still deemed personal use.Interested in income protection insurance? It’s tax-deductible!
Do you have/need health insurance to avoid Medicare Levy Surcharge (MLS)?
If you operate a company or trust, do you have excess (uncommitted) monies sitting in a personal bank account? Transfer this back into your company/trust bank account by 30th June (you can take it back after 1st July).
Want to invest and wealth create?
Do you have an investment property (residential or commercial)? Do you have a depreciation report from a quantity surveyor? If not or if you don’t know what this is, you could be seriously missing out on “free” on-paper deductions!
Where do you see yourself in five years? 10yrs? 20yrs?
When was the last time you updated your Will or Power of Attorney? Do you even have one? For the in-case-thereof and important to think about while you’re alive and healthy.
The list is endless so ask after our personalised $330 Tax Planning Package now! No time like the present so we can give you back a present at tax time.
INDIVIDUALS
We’re all individuals regardless of where you make a living so browse our highlights to make sure you’re across it.
Tax cuts and LMITO continuing in the 2021-22 Budget until June 2022.
Changes that affect your super:
Superannuation Rate paid from your job is increasing to 10% from July 2021.
Superannuation Concessional Contributions cap is increasing from $25,000 to $27,500 from July 2021 for those extra tax saving contributions.
$450/mth threshold scrapped so super must be paid for all workers regardless of the amount earnt.
BUSINESS OWNERS
Are you a business owner? Browse our highlights to make sure you’re across it.
Queensland Grants on offer or click here to see the full list!
Lockdown Business Support $10,000
Applications are open now until November.Business Basics $5,000 CLOSED!
CLOSED on 31/05 after being open for only 2.5hrs - crazy! Click here to find out more.Business Growth Fund up to $50,000
APPLICATIONS ARE OPEN for an in-depth grant for eligible businesses who have a business plan in place and a demonstration on how the project (implementation of specialised equipment) will help your business achieve growth. Must have a trading history of 3+yrs and a minimum turnover $500K* Click here to find out more and see if the process is for you.Business Boost Program $15,000 CLOSED
Funding exhausted after opening on 30/07.
Instant-Asset Write Off threshold is still extended (Temporary Full Expensing) until June 2022.
Loss Carry Back Provision for companies is in place and we’re excited to be considering this one for our clients in financial years 2019-20 to 2021-22. Ask us about this one! Tax planning may not be in your forefront if you’ve made a loss and we may be able to utilise this strategy to claw-back some tax paid previously.
Company Tax Rate on the decrease to 26% from July 2021.
Superannuation Rate on the increase for your employees from July 2021 to 10%.
Click > to give your Business A Health Check. We bet you haven’t thought of everything!
Remember to work positive, opportunistic and practical no matter what.
We'll continue to keep you updated here and on our socials.
We’re available to you via phone, email, office meets or Skype so feel free to reach out.