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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.
Do yourself a favour this new financial year
Today is 30 June 2020, and the end of the financial year. A year that nobody could have predicted. While you gather your financial information to submit your 19/20 tax return, it’s a good opportunity to reflect on what you could do better this year. One thing Covid-19 has taught us is you never can tell what’s around the corner, so control what you can and plan for the future. Here are our tips for 20/21: Set up a budget (and stick to it) You will be able to see exactly where your spending in specific categories can be reduced, and it can be as simple as making slight lifestyle changes. To help, there are some great apps you can download to do this, so you have your new ‘budget’ with you all day. Pay off all your smaller debts first Credit cards and short-term loans are very useful, and sometimes necessary. If you are savvy with your spending you can even make a credit card work for you, however if they are not managed properly, they also come with the highest penalties. Don’t [...]
Early Super withdrawals under investigation
In April, the Federal Government introduced a temporary early access to superannuation scheme to help people who had lost their jobs and faced financial hardship due to Covid-19. The scheme allows Australian and New Zealand citizens and permanent residents to release up to $20,000 from their super, tax free. The first $10,000 became available from mid-April and runs till 1 July 2020, and the second withdrawal of $10,000 can be made after 1 July until 24 September 2020. To date, as reported in The Business Insider this week, more than $15 billion has been withdrawn from super accounts! The ATO has suspected there is an issue with the scheme – with money being released when it shouldn’t have through false applications. The ATO will now begin investigations into people who have withdrawn up to $10,000 of their superannuation despite being ineligible for the scheme. Those caught will have the withdrawal amount added to their taxable income and could face penalties up to $12,000. Applications are made directly to the ATO through your MyGov account and in some cases have been approved within 24 hours. [...]
Is your income statement ‘tax ready’?
Before you can lodge your 2019-20 tax return, your employer must have marked your information as ‘tax ready’. Income statements are now categorised into tax ready, not tax ready and year-to-date. The reason for this is the Single Touch Payroll (STP) reporting system, which employers had to comply with last year, means that your payroll data and super information is automatically sent to the ATO with each pay run, therefore making the issuing of annual payment summaries redundant. You will be able to see this in real-time by checking your myGov account. Employers with 20 or more employees will have until 14 July 2020 to make a finalisation declaration, while employers with 19 or fewer employees will have until 31 July 2020. The ATO will send a message to your myGov Inbox when your income statement has been finalised. If you lodge your tax return before your income statement is tax ready, you may need to lodge an amendment. In some cases, additional tax and interest may be payable. Waiting a few more weeks, until those records are finalised can save time and the worry of [...]
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