News

Well, the October 31 deadline may be well and truly behind us and appointments are starting to die down but the influx of work is

01 December Pay income tax for companies and super funds when lodgment of the Tax Return was due 31 October 2024 21 December Lodge and

Federal Budget 2022-2023 Update With the release of the 2022-23 Federal Budget by the Morrison Government last night, we have provided a brief but comprehensive

Dear clients of Plant & Associates, Given the impact that the recent flooding and storms that have caused havoc for residents and businesses in South-East

Cryptocurrency in simple words A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit. As

Employment Update Can employers mandate COVID-19 vaccination for workers? Read Employment Update

SmartVault In case you missed it, SmartVault have launched a fresh new look to your secure client portal. Here is the link from February’s newsletter

Tax Time Checklists With tax time just around the corner, we’d like to remind you that we have a plethora of checklists available in the

Do you have a loan from your private company? You may have received money from your private company as a ‘Division 7A loan’. You have

Are you ready for the super guarantee rate rise? On 1 July 2021, the super guarantee (SG) rate will rise from 9.5% to 10%. If

Share Trader or Share Investor? There is always a question on whether I’m a share trader or a share investor. The differences can result in

Superannuation bill finally passes to allow for greater flexibility to superannuation contributions The government have finally passed legislation to extend the age limits from 65

TPAR – Taxable Payments Annual Report TPAR is a report businesses make to the ATO of the total payments made to contractors or subcontractors in

Do you own a Caravan and wish to hire it out? You have probably heard about the sharing economy: Uber Eats, Uber X, AirBnB. However,

Landscaping on a Rental Property: Is it Tax Deductible? Would you consider “landscaping” on your rental property as general maintenance duty or the act of

Rental Properties: Repairs vs Capital Improvements Sometimes is not easy to recognise the differences between them. For instance, the ATO instructs that a rental owner

What to do with employee entitlements when selling your business Negotiating the adjustment of employee entitlements in a business sale can be difficult. There are

Work Related Deductions D1 – Car expense: You can claim at this item your work-related expenses for using a car that you owned, leased or

Common Bookkeeping Mistakes Not reconciling bank accounts and credit card account could result in missed and/or duplicated income and expenses. Also when banks are not

Tax Time Checklists With tax time just around the corner, we’d like to remind you that we have a plethora of checklists available in the

21 June Lodge and pay May 2021 monthly business activity statement. 25 June Lodge and pay 2021 Fringe benefits tax annual return for tax agents if lodging electronically. 30 June

Budget Update – Superannuation Superannuation Last night the government announced various positive changes to the superannuation regime in attempt to encourage people to save for

Budget Update – Businesses Business are big winners in this year’s budget The Government has paid attention to business calls to keep the tax breaks

Budget Update – Individuals Personal tax rates – no changes were made to personal tax rates, the Government having already brought forward the Stage 2

15/05/2021 – This was the final extended due date for clients where we had managed to get them an extended due date. If you are

Timely Communication We would like to take this opportunity to remind clients that per the engagement terms signed, it is a requirement for clients to

Company Tax Structures – Capital Gains Tax considerations As you may be aware Individual taxpayers have access to a variety of capital gains tax (CGT)

Automated Reminder Messages to sign and pay We would like to remind clients that our digital signing program, PandaDoc and our invoicing system, Xero, are

21 April Lodge and pay quarter 3, 2020–21 PAYG instalment activity statement for head companies of consolidated groups. Lodge and pay March 2021 monthly business activity statement. 28

To borrow or not to borrow – SMSF property investments A limited recourse borrowing arrangement (LRBA) involves a self-managed super fund (SMSF) trustee taking out a loan from a

FBT – Staying off the ATO radar It is that time of the year again for all employers to review their Fringe Benefit Tax (FBT)

Foreign Investors and Capital Gains Tax Generally, an Australian tax resident is taxed on their worldwide income and capital gains regardless of source, whilst a

Capital Gains Tax (CGT) – Individuals Overview: If you sell a capital asset, such as real estate or shares, you usually make a capital gain

What happens to property owned before marriage? A common question we get regarding property division is ‘if I had it to start with, can’t I

Do you want to change your business structure from a sole trader to a company? If you’re thinking of changing from a sole trader to

Jobmaker Hiring Credit The JobMaker Hiring Credit is here and is giving businesses and young people impacted by COVID-19 a helping hand. Helping young people

Super contribution caps set to increase from 1 July 2021 From 1 July 2021, the concessional and non-concessional contribution caps are set to increase due

How redundancy can affect child support payments One of the sad hallmarks of 2020 was the number of people becoming unemployed. In the current economic

Is it a Defacto Relationship? A FIFO worker You might think the definition of a de facto relationship is pretty simple, but a recent court

21 March Lodge and pay February 2021 monthly business activity statement. 31 March Lodge tax return for companies and super funds with total income of

Managing cash flows The importance of managing your Cash flow is the lifeblood of any small business and how it’s managed will shape the success

How is your business going this year? It’s hard to think that there are only 3 months left to finish the current financial year. Last

What Are Division 7a Loans? Do They Apply to You? Let’s begin answering the following questions: Are you a shareholder of a private company? Have

SmartVault App for Iphone & Ipad Psst.. Did you know there’s an app for SmartVault? Well, there is! Currently this is only available for iOS

Various Accounting Packages There are many cloud based accounting packages available to help business owners manage the bookkeeping for their businesses. Most packages have similar

New Year, New Look for SmartVault If you’ve accessed your SmartVault as of late you may have noticed it looks a little… different. But don’t

21 February Lodge and pay December 2020 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge

What is B2Bpay? B2Bpay is a secure online payment portal for businesses to pay ALL their bills using their existing credit cards, debit cards or bank

GST If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organisations), or

GST and Property Goods and services (GST) applies to the supply of certain property types if the supplier (seller or vendor) is registered or required

GST Adjustments You may have to make changes on your current activity statement to increase or decrease the amount of GST you must pay for

Land Tax Land tax is a state tax, calculated on the freehold land you own in any state of Australia (except the Northern Territory). All

FBT not payable on COVID-19 protective items provided to staff The ATO has confirmed items such as gloves, masks, sanitisers and anti-bacterial spray given to

JobMaker Hiring Credit Eligible employers can claim the JobMaker Hiring Credit from 1 February 2021 and receive up to $10,400 a year for each new

JobKeeper extension 2 JobKeeper extension 2 has started and runs from 4 January 2021 until 28 March 2021. Entities may be eligible for JobKeeper extension

Changes to delivery of PAYG and GST quarterly instalment notices The ATO no longer issues paper instalment notices for PAYG and GST quarterly instalments once

Book keeping Recently we are finding more clients are providing there information to us with coding errors, unreconciled accounts and various other issues. As a

Staff Availability Please note that Cathie Cains, Sharon Plant and Angela Munoz will all be working part time this year due to all being long

15 January Lodge tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier. Payment for

Is your Bookkeeping stressing you out?  Consider switching to Xero It’s BAS time again.  We’ve had quite a few clients who have recently moved to

New income tax rates We want to remind our clients that as part of the Federal Budget delivered in October 2020 there are significant changes

Mental Health We are aware of the increasing number of Australians who are experiencing financial stress. At Plant and Associates we consider clients an important

JobKeeper Extension 2 Eligibility Check: This extension period will run from 4 January 2021 to 28 March 2021. You will need to satisfy the decline

Your Smart Vault – Client Portal Our admin staff  Jess and Cathie are here to help we have a few clients that have not activated

CHRISTMAS CLOSURE NERANG Please note that our Nerang office will be closed for the Christmas break from Monday 21st December 2020 and will reopen Monday

MyGov ID and Relationship Authorisation Manager (RAM) To access a range of ATO’s online services on behalf of a business (operating under an ABN) you

What PAYG instalments are PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for

The Benefits to Switching to Xero or any other cloud based accounting program There are many benefits to switching to Xero or a cloud based

Outstanding Returns, BAS or IAS? We cannot stress the importance of keeping your lodgement requirements up to date enough. It is compulsory to lodge your

PandaDoc Vs SmartVault A lot of client feedback we’ve been receiving over the past few months we’ve noticed that there seems to be some confusion

3 November 2020 – from the ATO Business downturn due to COVID-19 may be affecting your business and you may have missed, or not paid

14 October 2020 The Australian Government has introduced personal income tax cuts that apply from 1 July 2020. Updated tax tables are now available for

SmartVault Technical Issue SmartVault have Identified a recent issue where logging in to the SmartVault Dashboard leads to a blank screen with a blue bar

1 December Pay income tax for taxable large/medium taxpayers, companies and super funds. Lodgment of return is due 15 January 2021. Pay income tax for the