Tuesday, 19 November 2019

REMINDER - BUSINESS ACTIVITY STATEMENTS



Don't forget to lodge your Business Activity Statement (BAS) for the quarter ended 30 September 2019 by 25 November 2019. This date only applies if you are lodging the BAS through a Registered Tax Agent.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers, Cate, Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.

Tuesday, 12 November 2019

REMINDER - OCTOBER ACTIVITY STATEMENT



Don't forget to lodge your October Activity Statement (IAS) by 21 November 2019.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers, Cate, Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.

Wednesday, 6 November 2019

SUB-DIVIDING LAND? YOU MAY HAVE TO PAY GST


When subdividing a block of land, including the block on which you currently reside, there are many tax matters to consider.

One of which is whether or not you are required to register for GST.

The below ATO link details some items to consider when subdividing land including whether GST is required.
 


Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

Wednesday, 30 October 2019

EMPLOYEE SOCIAL EVENTS - HOW TO TREAT THEM


With the spring racing carnival upon us and Christmas just around the corner employers may be treating their employees to a day out.

The question remains as to how to treat this expenditure for Fringe Benefit Tax (FBT)?

Please click on the link below for more information:

Wednesday, 23 October 2019

GST REGISTRATION


When you commenced your business, you may have fallen well below the income threshholds required to necessitate GST registration. This is however a matter that needs to be considered on an ongoing basis.
You must register for GST if:
  • your business or enterprise has a turnover of $75 000 or more
  • your non-profit organisation has a turnover of $150 000 per year or more 
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your turnover – this applies to both owner drivers and if you lease or rent a taxi
  • you want to claim fuel tax credits for your business or enterprise.
If you're not registered for GST, check each month to see whether you've reached the threshold, or are likely to exceed it. If your turnover exceeds the relevant threshold, you must register within 21 days of reaching it.
If you don't register for GST and are required to do so, you may have to pay GST on the sales you have made since the date you became required to register. This could happen even if you did not include GST in the price of those sales. You may also have to pay penalties and interest. 
For further information see the Australian Taxation Office website at:

https://www.ato.gov.au/Business/GST/Registering-for-GST/  

 Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia. 

Wednesday, 16 October 2019

BENEFITS OF LODGING YOUR INCOME TAX RETURN WITH A REGISTERED TAX AGENT



It is tax time again for individuals and a common question that is pondered is whether to lodge via mytax online or whether to use the services of a registered tax agent.

There are a number of benefits of lodging with a tax agent and they include:  
  • Access to professional knowledge and years of experience to ascertain applicable tax deductions (that you may have not considered previously)
  • Assistance with dealing with the tax office in relation to your taxation affairs 
  • Tax Agent fees are tax deductible
  • Access to tax agent lodgement extensions which applies to lodgement and payment beyond 31 October 
At Langley McKimmie we have extensive experience in the provision of taxation services to our clients and welcome any queries that you may have about our services.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  



Wednesday, 9 October 2019

SINGLE TOUCH PAYROLL




Single Touch Payroll (STP) is now the reporting standard for submitting payroll information to the ATO.   STP reporting is mandatory for all employers.

Eligible micro employers (with between 1 and 4 employees) are able to transition to STP by reporting quarterly for the first two years.  Requests for concessions must be lodged by the client's registered agent.  STP reports and business activity statements for eligible clients must be lodged electronically.

My Books & Payroll is here to help! Our bookkeepers can assist with software setup, training and help your business to meet reporting obligations and deadlines.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers, Cate, Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.

Wednesday, 2 October 2019

REMINDER - QUARTERLY SUPERANNUATION PAYMENTS


Don't forget to lodge and pay your quarterly superannuation payments by 28 October 2019.  Please feel free to contact our office on (03) 5427 8100 if you would like our assistance.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

Wednesday, 25 September 2019

IMMEDIATE DEDUCTION FOR FENCING OR FODDER STORAGE ASSETS


If you are a primary producer, you may be entitled to claim a deduction for capital expenditure incurred on fencing and fodder storage assets.

The deduction will be limited to capital expenditure you incur for the construction, manufacture, installation or acquisition of a fencing or fodder storage asset.


The expenditure must have been incurred primarily and principally for use in a primary production business conducted on land in Australia.


If you are not a primary producer, a deduction can’t be claimed for fencing and fodder storage assets under these provisions. However, you may be entitled to a deduction under other provisions if these assets are used to produce income.


For more information visit:



Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide
accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.
   
   

Wednesday, 18 September 2019

TRACK YOUR EXPENSES USING THE ATO MYDEDUCTIONS APP


The ATO app myDeductions tool can help you keep your tax deduction and income records all in one place.

Simply download the ATO app to your smart device and choose whether you'd like to use myDeductions as an individual, sole trader, or both.


You can then pass this information along to your accountant come tax time.


Click on the link below for more information:
 https://www.ato.gov.au/general/online-services/in-detail/mydeductions/mydeductions/

Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide
accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.
   
   

Wednesday, 11 September 2019

REMINDER - AUGUST ACTIVITY STATEMENTS




Don't forget to lodge your August Activity Statement (IAS) by 21 September 2019.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers, Cate, Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.

Wednesday, 4 September 2019

PROVIDING BENEFITS TO YOUR EMPLOYEES?



If you are providing non cash benefits to your employees you may have to pay Fringe Benefits Tax!

Benefits can include: use of a car, provision of loans, non-work related travel and many others.

https://www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/

Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide
accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.
   
   

Wednesday, 28 August 2019

SELLING AN INVESTMENT PROPERTY? CHECK YOUR COST BASE!


When selling an investment property it is important to know the full cost base of the asset.

The cost base can include the purchase price and costs associated with acquiring, holding and disposing of the property, such as legal fees, stamp duty and real estate agent’s commissions.


Amounts that you've already claimed as a tax deduction are excluded from the property’s cost base.

For more information please click on the link below:

Wednesday, 14 August 2019

REMINDER - BUSINESS ACTIVITY STATEMENTS



Don't forget to lodge your Business Activity Statement (BAS) for the quarter ended 30 June 2019 by 25 August 2019. This date only applies if you are lodging the BAS through a Registered Tax Agent.

Please feel free to contact MY Books & Payroll on 5427 8118 or Langley McKimmie on 
5427 8100 if you would like our assistance.

“My Books & Payroll” experienced bookkeepers, Cate, Emma and Ebony offer a comprehensive bookkeeping service or tailored account services.