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Expert Tax Accountants in Perth
Our team of tax accountants make the accounting process simple, so you can focus your time on doing what you do, better. Whether you need to lodge a tax return, start a business, or require on-going support with your accounts, we crunch the numbers and don’t let opportunities pass you by.
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Taxpro always takes the time to explain everything to us so we fully understand how we are going financially and with this information we have been able to grow our business to what it is today.
What I really appreciated most, is I can simply text, email or phone any time if I need advice or support and the job was never too small or too complicated for Joseph and the staff at Taxpro.
Latest news
Stay up to date with all our latest news, guidance and regulatory information from our tax accountants 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.
Federal Budget 2020 Taxpayer summary
Federal Budget Taxpayer overview Overall in terms of lower taxes, it’s good news. In this Federal Budget , the Government is delivering an additional $17.8 billion in personal income tax relief to support the economic recovery, including an additional $12.5 billion over the next 12 months. It builds on the $8.1 billion in tax relief that will be delivered for the 2020‑21 income year under the already legislated Personal Income Tax Plan. It was announced that working individuals will get a tax cut and it will also be backdated to 1 July 2020. There is also a one-off additional benefit for the low and middle-income tax offset in 2020-21. For middle income earners, this means: The 19 per cent tax rate threshold increases from $37,000 to $45,000 The 32.5 per cent tax rate threshold increases from $90,000 to $120,000 How much income tax will you save? If your yearly taxable income totals: $50,000 a year, you will get a tax reduction of $1080 $90,000 a year, you will get a tax reduction of $1215 $120,000 a year, you will get a tax reduction of $2565 [...]
Federal Budget 2020: How could it impact your taxes?
The Federal Budget 2020-21 will be announced tomorrow (Tuesday 6 October 2020) at 7.30pm (AEDT) / 4.30pm (AWST). It was postponed in May because of the pandemic. What do we know? It is anticipated that the Federal Budget 2020 will announce personal income tax cuts following Finance Minister’s Matias Cormann’s interview with Sunrise that working Australian’s will receive ‘more money in their pockets’ by Christmas thanks to income tax cuts. The cuts were originally due in 2022 as part of the three- stages of income tax cuts announced in the last federal election. It is likely that this will be brought forward. For middle income earners, this would mean: The 19 per cent tax rate threshold increases from $41,000 to $45,000 The 32.5% per cent tax rate threshold increases from $90,000 to $120,000 It is also likely that the Treasurer, Josh Frydenberg, will fast track the tax cuts so workers don’t have to wait until July 2021 or 2022 for tax relief, following an interview with news.com.au on Friday 2nd October. We will keep you up to date with a review of all the [...]
New JobKeeper extension updates published
With just one week to go before the JobKeeper extension takes effect, are you aware of the JobKeeper extension updates, what you can claim and how? Last Thursday (16 September 2020), the ATO published new information and updates to existing content on the JobKeeper Payment extension. The new information published relates to: Payment rates 80-hour threshold for employees Decline in turnover tests Actual decline in turnover tests A further 20 updates to content based on the JobKeeper Payment extension law being passed have also been published. For full details click here A quick summary From 28 September 2020, there are two payment rates: For the period 28 September 2020 – 3 January 2021, your eligibility to claim a tier 1 rate ($1,200 per fortnight) and a tier 2 rate ($750 per fortnight) depends on if the eligible employee(s) or eligible business practitioner meets an 80-hour threshold. The second JobKeeper extension period starts from 4 January 2021 – 28 March 2021. At this point, both tier rates are reduced concurrently to $1000 per fortnight (Tier 1) and $650 per fortnight (Tier 2). You will need to nominate the rate you are [...]
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