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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.
What our clients say
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.
Instant asset write-off scheme extended for six months
In March, to help small to medium sized businesses during the pandemic, the Federal Government increased the instant asset write-off threshold to $150,000 from $30,000 and opened the scheme up to businesses with turnovers up to $500 million. This scheme was set to end on 30 June 2020 however, it was announced yesterday that it has been extended until 31 December 2020. It is hoped this will continue to encourage businesses to spend on equipment and other investments, as they can claim a tax break for what they spend. The scheme can be applied to multiple assets worth up to $150,000. This means that large purchases such as trucks and tractors are eligible. As reported in the Guardian yesterday, the government estimates that as many as 3.5m businesses have an annual turnover of less than $500m and are therefore eligible to benefit from the extension of the instant asset write-off. As WA opens back up for business, we are working closely with our business clients to ensure you are aware of all stimulus packages available to help you get back on track. If you [...]
I need to get my finances together, but where do I start?
The coronavirus pandemic has completely changed our daily lives, and only now, are we steadily beginning to experience a new normal. For many people, we have seen a big shift in behaviour to be more frugal as they have been forced to review their finances, make cutbacks and seriously think about creating a financial safety net in the future. Coronavirus also closed all the places you normally spend money, such as shops, cafes, gyms and activities, so for those that may have had out-of-control shopping habits, they are now much more aware of how much they were spending. Our financial planning expert, Andrew Dalton at MI Wealth, has put together his top 10 tips to help you get your finances in check. Spend less than what you earn As a key rule of finance, you should not be spending everything that you earn. Plan for your long-term retirement goals and try to save at least 10% to 25% of your monthly salary to invest in that pursuit Pay your debts first You should begin paying down the outstanding balances with the highest interest rates [...]
Covid-19 Q&A (7) I was expecting $1500 a fortnight JobKeeper payment, but I’m being taxed on it, is this right?
If your employer has signed up to the JobKeeper scheme, you should have started receiving payments now. The payments were released to employers on 6 May 2020. While the JobKeeper subsidy to employers is $1500 per fortnight, this is before tax is withheld. There has been some confusion regarding the taxed amount as some employees are only receiving the JobKeeper payment, while others are continuing to earn their normal salary (JobKeeper + top up). The ATO state that the payment you receive from your employer is generally treated the same as salary or wages for tax purposes, so your employer must withhold income tax and any other amounts that are ordinarily withheld from your wage or salary. Examples of amounts withheld from salary are HECS-HELP repayments and salary sacrifice arrangements. Where an employee is paid more than $1,500 per fortnight, the employer’s superannuation obligations will not change. Where an employee is having their wages topped up to $1,500 per fortnight by the JobKeeper payment, it will be up to the employer if they want to pay superannuation on any additional wages paid by the [...]
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