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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.
COVID-19 Q&A (6) How do I calculate working at home deductions during lockdown?
I’ve been working at home for around 6 weeks now due to Covid-19 and incurring extra running costs. How do I calculate these deductions? The ATO has introduced a temporary simplified method which allows you to claim 80 cents for each hour you are working at home and this covers all deductible running expenses which are: Heating Cooling Lighting Cleaning Decline of value of furniture used for business Phone Internet costs This is an increase from 52 cents per hour. The new rate is back dated to 1 March 2020 and is in place until 30 June 2020 when it will be reviewed. For example, if the business you work for closed from the 16th March 2020 and asked all employees to work from home, you can claim from this date. You just need to record all your hours worked since that date in a timesheet as evidence of your claim. For houses where there are multiple people working there, they can all individually claim the increased 80 cents per hour rate. You can also claim expenses for any new equipment such as a laptop, [...]
Beware: Covid-19 scammers are targeting business emails
Scammers are taking advantage of the Covid-19 pandemic to target people and businesses in Australia. We have had a number of concerns voiced by our business clients that since the Jobseeker and Cash Flow Boost subsidy packages have been announced by the Government, they have been receiving unsolicited emails about ‘Covid-19 payments’. Scammers are hoping that during this stressful time, you let your guard down and click on a suspicious link or share private information. Clicking on a link or opening an attachment may install a virus, spyware of ransomware on your phone, tablet or computer. It could also click through to a website, that may look like an official site, but isn’t and then ask you to input your personal information. Here are some examples that we know about: The subject is ‘COVID-19 payment collection adjustment’ and it looks as if it has come from your own HR or finance department. It then says: Please see report for this week’s payment collection updates and then a link to a ‘Shared Docs, granted access’ folder. It also includes your company website in the sign off. [...]
Covid-19 Q&A (5) Will I have to pay tax on the Cash Flow Boost Payment?
No. The cash flow boosts of between $20,000 and $100,000 are tax free and automatically calculated through your activity statements. If, however, you use the cash flow boost to pay a dividend to shareholders or make a trust distribution, the ATO state that there ‘may’ be tax consequences for the recipient. The cash flow boost is also not subject to GST as you are not making or agreeing to make a supply for the payment. For more detailed information with example circumstances click here. What you must be aware of is the ATO will investigate your business if they believe your company has restructured, increased wages or entered into a scheme to become eligible for the cash flow boost payment, or to increase the payments. This will involve penalties and you will be required to pay back the amount in full. To help you understand the cash flow boost payments and your eligibility, please email your enquiry through to Chloe: admin@taxproaustralia.com.au and one of our Taxpro accountants will be in touch. If you are already a client, please give your Taxpro accountant a call [...]
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