News & Updates
Deny deductions for ATO interest charges
The cost of tax debt will likely increase from 1 July 2025. The Government has proposed that all taxpayers will no longer be able to claim a deduction for ATO interest charges in the 2025-2026 income year onwards. Taxpayers with outstanding debts or those currently negotiating repayment plans with the ATO need to…
24/09/2024
Read OnTax Stall Opening Hours
TAX STALL Saturday bookings now open with Jennifer & longer appointment times from Monday to Friday We will now be opening 9:30am to 5:00pm with prices starting from $120 at the tax stall Appointments are available by calling the office on (07) 5580 4455 or email on info@maxaccountants.com.au
4/07/2024
Read OnSmall Business Incentives
Small Business Incentives The Technology Investment Boost encouraged businesses to adopt digital technologies by providing a 20% bonus deduction for eligible expenditure incurred for the purposes of an entity's digital operations. However, this 'boost' applied to eligible expenditure incurred until 30…
20/02/2024
Read OnEnergy Efficiency Grants for SMEs program $10,000 to $25,000
Energy Efficiency Grants for SMEs The Federal Government is delivering a further $41 million in Energy Efficiency Grants (EEG) for small and medium enterprises (SMEs) to improve energy efficiency. The grants between $10,000 and $25,000 can be used to upgrade to more efficient equipment. This includes replacing air…
20/02/2024
Read OnLow and middle income earner tax offsets to be hit in 2023 financial year
The low and middle income tax offset (LMITO) ceased on 30 June 2022. As a result, low to middle income earners may see their tax refunds for the 2023 financial year and beyond, reduced by between $675 and $1,500. For the 2023 financial year, you may be eligible for the low income tax offset (LITO) only, if you earn…
19/06/2023
Read OnMarginal Tax Bracket 2023 - Australia
As the 2023 financial year is coming to an end, it is important to understand the Australian tax rates and how it will impact you financially. In this article, we will explore the marginal tax rates in Australia in 2023 and how it is treated if you are an Australian tax resident or a non-tax resident. What is the…
6/05/2023
Read OnTax Planning 2023
Year End Tax Planning Reminder THIS IS A REMINDER FOR THOSE INTERESTED IN TAX PLANNING FOR THE 2023 YEAR The objective of tax planning is to maximise your after tax income. Good tax planning aims to reduce your tax burden. Please review below if any of the following apply to you. If so, kindly contact us to discuss…
16/03/2023
Read OnSINGLE TOUCH PAYROLL (STP) PHASE 2 REPORTING
Dear all, SINGLE TOUCH PAYROLL (STP) PHASE 2 REPORTING STP is a way to communicate your employer's tax and superannuation information to the ATO in a timely manner. Phase 2 provides additional information that will be used by the ATO and Services Australia. What is STP 2 all about? Tax file number (TFN)…
28/02/2023
Read OnWant to buy EV Company car?
The Federal Government is encouraging the take up of electronic vehicles (EV). As part of this plan, the Federal Government recently passed legislation to exempt Fringe Benefit Tax (FBT) on an EV. FBT exemptions on EV Broadly, a business that acquires a company EV (which is being used for private purposes/parked at…
20/02/2023
Read OnHow to Hire the Best Tax Accountants in Helensvale : 5 Important Tips
You may be aware of the taxes if you are a business owner or an investor. However, having a tax accountant minimise the taxes and tax returns will make the job easier and maximise your returns. Max Accountants, the best tax accountants in Helensvale, QLD, Australia, is a trusted organisation that can manage your…
25/11/2022
Read OnThis is a Reminder for those interested in Tax planning for the 2022 year
The objective of tax planning is to maximise your after tax income. Good tax planning aims to reduce your tax burden. Please review below if any of the following apply to you. If so, kindly contact us to discuss if you require tax planning for this year. Operated a business which derived (incurred) a profit (loss)…
21/05/2022
Read OnASIC Director ID requirement from November 2021
From November 2021, directors will need to verify their identity as part of a new director ID requirement. The Australian Business Registry Services (ABRS) is responsible for the implementation and administration of director ID. Australian Securities & Investments Commission (ASIC) will be responsible for the…
15/03/2022
Read OnNew Stapled Superannuation Funds Rules Introduced – Information for Employers
‘Superannuation stapling’ is a new measure that was introduced as part of a package of reforms to the superannuation system announced in the 2020/21 Federal Budget. Under this measure, an existing superannuation account is linked, or ‘stapled’, to an individual employee so that it follows…
13/11/2021
Read OnSMSF and Superstream
Superstream was introduced in 2015 to enable the ATO, employers, superfunds and service providers with the ability to match super payments to super information eg SGC payments. This is done by setting up an Electronic Servicing Address (ESA) with an approved ESA provider. The ESA provider will charge a service fee…
13/11/2021
Read OnMax Accountants is moving downstairs!
Max Accountants is moving! Our office is closed today but we will be reopening Friday 3rd September at :- Max Accountants Pty Ltd Shop 7b Helensvale Plaza Shopping Centre 12 Sir John Overall Drive Helensvale Q 4212 (Mall entrance next to Harry & Boo hairdresser and you'll find us at the first shop on the…
2/09/2021
Read OnSupport is available for you and your business
Support is available for you and your business SUMMARY POINTS For you COVID 19 DISASTER PAYMENT PANDEMIC LEAVE DISASTER PAYMENT For your business $5,000 BUSINESS SUPPORT GRANT THE DETAILS For you COVID 19 DISASTER PAYMENT The COVID-19 Disaster Payment is a weekly payment available to eligible workers who can’t…
10/08/2021
Read On2021 COVID-19 Business Support Grants for lockdown-impacted businesses in Queensland
Your business maybe eligible for financial support through the 2021 COVID-19 Business Support Grants. $5,000 grants will be made available to small and medium businesses across Queensland affected by the COVID-19 lockdown that commenced on Saturday 31 July 2021 and lockdowns in other states. To be eligible, your…
2/08/2021
Read OnWhat Government Assistance is still available
Businesses and individuals can still take advantage of financial and taxation support. JobMaker From February 2021, businesses can take advantage of JobMaker payments for new employees subject to certain conditions. JobMaker is worth $200 per week for each new employee aged 30 years or under, or $100 weekly for…
18/04/2021
Read OnTax Planning 2021
The objective of tax planning is to maximise your after tax income. Good tax planning aims to reduce your tax burden. Please review below if any of the following apply to you. If so, kindly contact us to discuss if you require tax planning for this year. Operated a business which derived (incurred) a profit (loss)…
17/04/2021
Read OnJobMaker Hiring Credit passed
On 11 November 2020, the JobMaker Hiring Credit ("JobMaker") was passed. JobMaker is an incentive for businesses to employ additional job seekers. Eligible employers will have access to JobMaker for each new job they create over the 12 months from 7 October 2020, for which they hire an eligible employee,…
11/11/2020
Read OnNews Flash! - Federal Budget tax bill passed
On Wednesday 7 October 2020, Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 was passed without amendments. The Bill contains five tax measures that were announced in the 2021 Federal budget. 1. Changes to personal income tax cuts Personal income tax rates will apply from 1 July…
20/10/2020
Read OnQLD Government Stimulus
Queensland Government announces new grants for first home owners and small business. Small businesses Queensland small businesses impacted by COVID-19 will be able to access a new $100 million funding round. Grants of up to $10,000 will be made available from next month to help small businesses survive and grow…
16/06/2020
Read OnQLD Government Small Business Grant
The Queensland government is offering small businesses that have been affected by COVID-19, a grant of up to $10,000 to assist in sustaining or building sustainability for their business. The funding can be used towards the following: financial, legal or other professional advice to support business sustainability…
19/05/2020
Read OnATO announces extension for wages payments for JobKeeper scheme
The ATO has just announced that it has extended the time in which employers need to pay employees for JobKeeper fortnights 1 and 2 until 8 May 2020. One of the key requirements of the JobKeeper Scheme is that employers must first pay their employees before they can apply to receive JobKeeper Payments. Originally, a…
28/04/2020
Read OnQueensland COVID-19 Support Loans is now closed
For QLD business owners - The QLD government's low interest loan (QLD COVID-19 Jobs Support Loans) of up to $250,000 is closed as of 21 April 2020. This announcement can be found found here. For those that are seeking funding during this difficult time, we recommend that consider the Federal government loan…
21/04/2020
Read OnJobKeeper payment enrolment process is now open with the ATO
The JobKeeper legislation was passed by the Commonwealth Parliament. The JobKeeper scheme will allow eligible employers to apply to the Australian Taxation Office (ATO) to receive wage subsidies for the eligible employees. Employers will be able to claim a fortnightly payment of $1,500 before tax per eligible…
20/04/2020
Read OnJobKeeper Eligibility
The JobKeeper legislation has been passed by the Commonwealth Parliament. The JobKeeper scheme will allow eligible employers to apply to the Australian Taxation Office (ATO) to receive wage subsidies for the eligible employees. Employers will be able to claim a fortnightly payment of $1,00 before tax per eligible…
15/04/2020
Read OnCORONAVIRUS SME GUARANTEE SCHEME
As advised, we are keeping abreast of the Federal Government's SME Guarantee Scheme for small and medium businesses (SME) to support rent, utilities and employee expenses. The Government will provide eligible lenders with a guarantee for loans with the following terms: Maximum total size of loans of $250,000 per…
1/04/2020
Read OnGovernment subsidy for JobKeeper Payment
For employers - the Government has announced a wage subsidy of $1,500 (before tax) per eligible employee from 30 March 2020, for a maximum of 6 months. The link to register your intention is https://www.ato.gov.au/Job-keeper-payment/. Eligible employers Employers will be eligible for the subsidy if: your turnover…
30/03/2020
Read OnQueensland COVID-19 Support Loans is now available
For QLD business owners - The QLD government's low interest loan of up to $250,000 is now available. The application appears to be "first in first serve" basis. The loan is designed to support the business operating costs such as wages, rent and rates, etc. Loan features $500 million loan scheme…
26/03/2020
Read OnAre you employing yourself or someone in your business?
From 1 July 2019, all employers must be registered for Single Touch Payroll (STP). What is STP? STP is a new regulation that requires employers to send employee payroll information including salary, wages, PAYG withholding and superannuation to the ATO at the same time as the standard pay run. STP requires a…
26/02/2019
Read OnPersonal Income Tax Preparation & Measure in Helensvale
1.1 Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investment properties acquired from Budget night on 9 May 2017 From 1 July 2017, the Government will limit plant and equipment depreciation deductions to outlays actually incurred by investors…
18/02/2019
Read OnWhat happens if an SMSF member loses capacity ?
It is possible that a member of an SMF loses capacity e.g. due to stroke or old age. The trustee/member rules for SMSF require that a member of an SMSF also needs to be the trustee of that SMSF. Trustees (and directors of a corporate trustee) of SMSFs need to have mental capacity – if they do not, they are…
14/02/2019
Read OnClaiming for clothing and laundry expenses
To claim a deduction you must be able to provide evidence that you purchased the clothing. If you receive an allowance from your employer for clothing, uniforms, laundry or dry cleaning, it must be declared as an allowance on your return. Occupation specific clothing You can claim for clothing that is specific for…
14/02/2019
Read OnTax Residency Advice for Renting your Home
If you rent out part or all of your home, you are liable for the following: You must disclose your rental income and expenses in our tax return; You will lose all or some of your CGT main residence exemption and will pay tax on any capital gain when you sell your home. Income and Expenses If you rent your entire…
13/02/2019
Read OnHow to claim two deductions for the same vehicle
If you are a husband and wife couple and both salary and wage earners, then if you both have to undertake business related travel and are required to use your own car, then you can each claim car expenses even if you have only one car. Where the car is jointly owned, the ATO accepts that joint owners use the car…
26/11/2018
Read OnResidential Rental Property Deduction Changes & Rental Property Advice in Gold Coast Area
From 1 July 2017, the following measures have been introduced: Disallowance of travel expenses for residential rental properties to inspect, maintain or collect rent. Therefore, if you fly interstate to inspect your property or driving to your rental property to mow the lawn, then the costs incurred for the trip are…
26/11/2018
Read OnDeduction claim for bundled phone and internet plans
If you have a bundled plan, you need to identify work use for each service over a four-week representative period during the income year. This will allow you to determine your pattern of work use, which can be applied for the full year. Reasonable basis to work out work-related use, include: Internet – amount…
26/11/2018
Read OnSMSF Transfer Balance Account Reporting (TBAR)
All super providers, including SMSF and life insurance companies, are required to lodge a TBAR to report events to an individual’s transfer balance account (TBA). The ATO has announced that TBAR will apply to SMSF from 1 July 2018. Events to be reported in the TBAR include: Super income streams in existence…
26/11/2018
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