News/Blog
Stay up to date with all our latest news, guidance and regulatory information here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
LATEST ARTICLES
Office closure, Perth Lockdown update
Following the WA Premier's announcement yesterday that the Perth metropolitan area and the Peel and South West regions will enter a 5-day lockdown until 6pm Friday, 5 February, we would like to confirm that the Balcatta office in Perth will be closed during the lockdown period and the Taxpro team will all be working from home. If you had an appointment booked in this week, we will be in touch to reschedule. Our business hours remain: 8.30am to 5pm, Monday to Thursday and 8.30am - 4pm on Friday. Please do not hesitate to contact us with any questions you may have on Tel: 0468 853 451 or email admin@taxproaustralia.com.au. Following this link for the latest WA Government updates We encourage you to keep up to date with all our latest news and Government updates by following us on Facebook, Twitter, and Linked IN. We appreciate your support. Stay safe. Joseph Sangiacomo and the Taxpro Australia Team. Contact us
WA new business registrations increased last year
Despite 2020 being a very challenging time for many Australian businesses, the Australia Securities and Investments Commissions (ASICS) recorded between 1,039 to 2,246 new business registrations each month last year in WA. Overall, 19,143 new companies were registered last year. This is actually more than in 2019 where only 17,806 new companies were registered in WA. Reasons for this increase could be that people who lost their jobs during the pandemic have since launched their own venture. Another is that companies have had to evolve and adapt to new working conditions due to restrictions, so those with entrepreneurial spirit have seen an opportunity and gone for it! This increase in business start-ups has also been observed across the world with the US, UK, France, Germany and Japan all reported to have had a sharp rise in new company registrations in the Financial Times. We can help you with new business registrations Accountants are experts in tax and compliance, but our services go above and beyond crunching the numbers, we help businesses get off the ground and support business growth! We also have first-hand experience [...]
Three things you can do today to save money!
Tips on how to save money January can be a long month if you are catching up after the extra festive expenses, and especially if you were paid a bit earlier than usual. The first thing you need to do is work out your incomings and outgoings (we have a free budget planner here). This will help you save money so much easier and more effectively. Negotiate, haggle, barter What bills do you have to pay? Generally, bills will take a large percentage of your income. Providers are all vying for customers as it is big competition, so use this to your advantage. You may have: Credit cards Insurances Loan repayments Utilities Internet and phone All you need to do is contact all of your providers and say that you would like to lower your bills/interest rate and what options do you have? Do some research on what they are offering new customers, so you have something to barter with. You can even tell your provider you’re willing to walk away, even if you are bluffing! The thought of losing a customer completely might [...]
Claiming motor vehicle expenses – what’s the latest?
We are regularly asked by individuals, sole traders and small businesses how much they can claim for their work vehicle(s), what expenses can be claimed, and how to provide evidence. This includes home-based businesses, which increased in 2020 due to the pandemic. If you use your own car for work purposes, this may be a car you own, lease or hire car under a hire-purchase agreement, you can claim a deduction using either the cents per kilometre method or logbook method. Cents per kilometre You can claim up to 5,000 business kilometres per car per year and from 1 July 2020, the rate increased to 72 cents per kilometre regardless of the size of your engine. Written evidence is not required to be kept, however the ATO has started to ask more questions to deduce if 5,000 kilometres are actually being travelled each year. So, you do need to be able to show that you were required to use your car for work, and how you calculated your claim. In terms of depreciation deductions, if you are using the cents per kilometre basis, you can't claim a deduction [...]
Remember to register – JobMaker credits begin to pay out in February
JobMaker: Employers could receive over $10k over 12 months per new employee Under the new JobMaker Hiring Credit scheme, businesses who hire/have hired eligible young people from 7 October 2020 – 6 October 2021 that are aged between 16-29 years, will receive $200 a week per employee, or $100 per week if the new employee is aged 30-35 years. The requirements are that it must be a new job, and the employee must work 20 hours per week. Eligibility of the young person requires them to have been receiving JobSeeker, Youth Allowance or the Parenting Payment for at least one of the three months before they were hired. Eligibility of the business requires them to be registered for PAYG Withholding and report to the ATO through Single Touch Payroll, not be receiving JobKeeper payments, hold an ABN and be up to date with tax and BAS lodgements. For the first JobMaker period (7th October 2020 – 6th January 2021), you will be able to claim the credits from 1stFebruary 2021 until 30 April 2021. Credits are paid in arrears and claims are made each [...]
Mortgage and Finance case study
How a couple with a poor credit score almost halved their mortgage interest rate! A couple looking for their first home loan approached our Taxpro Mortgage and Finance broker in February 2020. At the time, one had credit card defaults from four years prior where they hadn’t been too diligent with repayments. This had resulted in a poor credit score. The other person actually had no credit history because they had never had a credit card or loan before such as a personal loan or a car loan. This person would have been looked at unfavourably by lenders because they wouldn’t be able to tell if they were responsible with credit. It can be difficult for lenders to consider a home loan application if there is a poor credit history, however, our Taxpro mortgage broker did a great job in finding two options. The better of the two options for the couple was a variable loan with a 4.74% interest rate with around $2,500 upfront risk fees. The mortgage application was accepted and to help save money in the long term, the couple decided [...]
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