The TOP 10 BEST Tax Accountants in Westcourt QLD
Top Westcourt QLD 4870 Tax Accountants
clvg9axsm000h08jxcdr5359z Trust reporting changes from 1 July 2024
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Trustees and beneficiaries should be aware that reporting changes as part of an ATO Trust Administration Systems project will be occurring from 1 July 2024. From the 2023-24 income year and onward, four new capital gains tax (CGT) labels have been added into the trust tax return statement of distribution which trustees will need to be aware of. In addition, a new schedule will also be introduced for all trust beneficiary types, and new data validations will be added.
clv68yqgs000b08jv5ui6cuje Old ATO debts: IGTO weighs in
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ATO’s recent actions to activate debts, some decades old, and either offsetting them against tax refunds or issuing demands to pay from taxpayers have caused considerable angst among many. In light of this, the Commonwealth Ombudsman/ACT Ombudsman, and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new guidelines aimed at improving how Australians are notified about government debts to ensure that the process of debt notification is handled with transparency, clarity and sensitivity towards impacted individuals.
cluw8slsx000h08l69308hcxw Get ready for FBT time
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The start of April signals the approach of FBT lodgment time. With the landscape of FBT evolving every year due to legislative amendments and administrative updates, employers need to be mindful of the changes applying for the current FBT year. For the 2023-24 FBT year, 25 May 2024 is the deadline for employers to lodge returns and pay any associated liabilities. However, employers that lodge FBT returns electronically through tax practitioners will have access to a deferred due and payment date of 25 June 2024.
clum80x99000b08l141ya58xk ATO’s use of small business benchmarks
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The small business benchmarks used by the ATO for various purposes, including identifying business which may be avoiding their tax obligations has been updated for the 2021-22 income year. The benchmarks consist of 9 broad categories covering accommodation and food; building and construction trade services; education, training, recreation and support services; health care and personal services; manufacturing; professional, scientific and technical services; retail trade; transport, postal and warehousing; and other services.
cluav397h000b08la3utk9311 Rental bond data matching program continues
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The ATO has announced that it will continue rental bond data matching to the 2025-26 income year. This program first commenced in 2005, collected data dating back to 1985 and has continued since then. According to ATO estimates, records relating to around 900,000 properties will be obtained each financial year. This data will be used to identify under-reporting or non-reporting of income in tax returns, the misapplication of CGT provisions leading to under or non-reporting in relation to sale of properties, and non-compliance with foreign investment laws.
clu28nk5y000j08l52k0lbyx7 ATO concerns over Div 7A
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Division 7A of the ITAA 1936 was originally introduced as a way to uphold the integrity of the tax system by ensuring the fair taxation of transactions between private companies and their stakeholders. As it is such a complex area, the ATO is working in partnership with tax professionals in 2024 to raise awareness of common errors and issues identified. These include keeping adequate records, properly accounting for and reporting payments as well as the use of company assets by shareholders and associates, and complying with rules around Div 7A loans.
clt88jn19001g08jr8fbug6ub SBSCH and SMSF bank account validation
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To safeguard retirement savings held in SMSFs from fraud and misconduct, the ATO is rolling out new security features. One soon to be implemented feature consists of checking for a match between an employee’s SMSF bank account details and the SMSF record when electronic payments are made via the Small Business Superannuation Clearing House (SBSCH). Where there is a mismatch, SBSCH cannot accept payments to an employee’s SMSF until the error is resolved.
clsy8d5aq000d08leehw61e23 Australia’s love affair with SMSFs continues
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Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of control and flexibility offered. However, taxpayers seeking to establish SMSFs should also be aware of the challenges and considerations that can significantly impact these funds’ suitability for individual retirement planning, such as the complexity and responsibilities involved.
clso8fkfq000b08l6dqdoehkz FBT electric vehicle home charging rate
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With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity when an eligible electric vehicle is charged at an employee’s or an individual’s home. The rate of 4.20 cents per km has been listed as the appropriate figure and will apply from 1 April 2022 and later FBT years. To use this rate, employers will need to keep a record of the distance travelled by car and a valid logbook must be maintained if the operating cost method is used.
clse7g7dw001o08jz0a8j7ows Tackling offshore tax evasion
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With the revelation that an increasing number of ordinary professional Australians are turning to establishing offshore companies as a way to decrease the amount of tax paid in Australia, the ATO has warned against the move and is using the many tools available to it to tackle the problem before it becomes established. This includes using advance data analytics to identify and cross-reference information from various sources, actively participating in the exchange of tax information with various countries and gathering information through multi-agency taskforces.
cls47y7or000b08ju9hcagvik Stage 3 tax cuts vs proposed changes
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With the government finally caving into pressure to change the stage 3 tax cuts despite previous promises to keep the already legislated measure, new proposed tax rates have been flagged to come into place from 1 July 2024 which largely benefits those earning less than $45,000. The government will now be starting a campaign to win support for these proposed changes from various senators to ensure amending legislation is introduced and passed before 1 July 2024 when the original stage 3 changes were due to apply.
clrk7xow9000f08jscdb71310 Employee vs contractors: new rules
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Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has sought to provide guidance to businesses in the form of a Taxation Ruling. The most significant departure from its previous position is that the ATO now considers that various indicia of employment identified in case law, while relevant, should only be considered in respect of the legal rights and obligations between the parties, with the most important factor the holistic consideration of the contract between the parties.
clq676u4u000q08jx2vxp90sf ATO areas of interest for the coming year
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As 2024 approaches, the ATO has highlighted three areas of focus for businesses which will persist into the new year. These include steps to address cyber security and increased protection of personal data, addressing the growth in the collectable debt book particularly for small businesses, and improving overall tax performance and stamping out the shadow economy. The takeaway message for businesses, especially small businesses, for the coming year is to be proactive and engaged with the ATO in terms of any unpaid tax or super debts and securing their data.
clpw7a0y4000b08lb3knhdtoz Holiday homes not genuinely available for rent
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Owners of holiday homes should be aware that deductions may not be able to be claimed where a property is not genuinely available for rent. Factors that may indicate a property is not genuinely available for rent may surprise, and could include “unreasonable or stringent conditions” placed on renting out the property, such as “no children” and “no pets”. In instances where there is a short-term accommodation restriction by the State or Local government for part of the year, or where the owner uses the property for personal purposes for part of the year, expenses may have to be apportioned.
clpm74dwo000b08iff5q90p9h ATO pauses debts on hold campaign
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The ATO has apologised for the “unnecessary distress” caused to taxpayers with its recent awareness campaign around tax debts that were previously put on hold. Recently, the ATO had written to some small businesses with debts on hold greater than $50 to inform them that offsetting of debts will apply. It notes that the purpose of the letters was to ensure that taxpayers had full visibility of their existing debts with the ATO, however, it will pause the campaign to allow a review into its overall approach to debts on hold before progressing any further.
clpc6rm9l000b08l9965958hc Employer SG obligations: annual report
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In the most recent employer super guarantee compliance and obligations report from the ATO, most employers seem to be doing the right thing by their employees and complying with super guarantee obligations without intervention. This rate has remained steady from the previous year. Going forward, as a part of the government announced a package to move to “pay day” super, the ATO will have improved SG recovery targets each year which is to commence from the 2026-27 financial year.
clp2729re000k08jrfqkmaksa ASIC identifies suspicious investment opportunities
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ASIC has published an investor alert list which may help consumers to identify whether entities they are considering investing with could be fraudulent, a scam or unlicensed. This new investor alert list replaces the previous list of “companies you should not deal with” issued by ASIC but has the advantage of including both domestic and international entities that the regulators are concerned about. The alert list also includes imposter entities. For consumers looking to invest, ASIC recommends conducting various checks before handing over any money.
clos5hgjm000b08l811q922ua ATO’s GST compliance focus
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At a recent conference, the ATO’s GST focus areas for 2023-24 were outlined. In addition to its previous focus on small businesses, the ATO will also implement a targeted industry strategy in relation to privately owned high wealth groups focusing on retail, construction, and retirement village industries. It is hoped that this targeted approach will allow the ATO to understand the distinctive issues facing each industry and pinpoint areas or risk to develop tailored approaches to ensure entities within particular industries are paying the correct amount of GST.
cloi5dkg9000b08l870zac9ko International businesses and GST
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GST is a broad-based tax on 10% of most goods, services and other items sold or consumed in Australia. It doesn’t just apply to Australian businesses; international businesses may need to register and pay Australian GST if their GST turnover from sales connected to Australia is AUD$75,000 or more over a 12-month period. For most international businesses, the easiest way to manage this obligation is to apply for simplified GST registration with the ATO, which will allow for online lodgment and payment of GST obligations.
clo86t0l4000d08mh4nk8e4o3 Regulation of crypto exchanges on the horizon
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The government has finally taken the first steps to introduce a regulatory framework for crypto exchanges and digital asset platforms in the interests of consumer protection. It proposes to incorporate digital asset platforms and other intermediaries within the existing financial services framework which will involve the introduction of a new type of financial product called a “digital asset facility”. The existing AFSL framework would then apply to any person carrying on a financial services business in Australia in relation to a digital asset facility.
Need an affordable tax accountant open now? These 52 results near you are waiting for your call. Here are our top Westcourt Tax Accountants with reviews & ratings.
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Sam Singh Accounting & Taxation Services Cairns Quick Info
Services
Taxation Returns
Tax Planning & Minimisation
Tax Compliance
Accounting Services
Bookkeeping
Structure Reviews
Business & Corporate Secretarial Services
About
About TaxSmart� - Founded on experience and reputation in the individual and small business sectors, taxsmart� has become one of the fastest growing accounting and taxation CPA firms Australia wide. We are specialised in accounting and taxation for different entities including sole traders, partnerships, companies, trusts and self-managed super funds and also bookkeeping services. ServicesTaxation Returns - preparation and lodgement of returns for individuals, trusts, companies, self-managed super funds)Tax Advisory - advice on the tax implications of financial decisions such as the purchase of an investment property. Tax Planning and Minimisation - end of year planning in order to ensure maximum tax savings are made. Tax Compliance - preparation of Business Activity Statements, Income Activity Statements, Fringe Benefits, Tax Returns and Goods and Services Tax Returns. Accounting Services, Financial Statements - including the preparation of monthly management accounts Business Start-ups - advice on the requirements when starting a new business such as entity structure and legislative requirements. Bookkeeping - management and processing of all financial records including payroll, superannuation and compliance requirements. Forecasting and Budgeting - planning services to ensure you are not faced with any financial surprises and to set growth targets. Business and Investment Structure Reviews - advice on how to best structure investments and businesses to suit each individual situation Company, Trust, Partnership and Sole Director Registrations - preparation and establishment of Company Constitutions, Trust Deeds, Partnership Agreements and Business Names. Business and Corporate Secretarial Services - including the lodgement of all ASIC forms and the preparation of all documentation required.
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Ali
6 years ago
Very good business, deal with accounting, book keeping and tax refund.
12A Aplin St, Cairns QLD
Closed
Sara Millard Quick Info
Investment Services
Pre/Post Retirement Planning
Estate Planning
Business Risk Protection
Services
Investment Services
Pre/Post Retirement Planning
Estate Planning
Business Risk Protection
Personal Risk Protection
Investment Planning
Centrelink Planning
Specialist Advice
Regular Review Service
Mortgage Lending
Taxation Planning
Budget Planning
Key Man & Business Protection
Debt Consolidation
Debt Management
Income Protection
Life Insurance
Managed Funds
Managed Investments
Pensions
About
Sara is a Principal and senior Adviser of Financial Horizons. She has been involved with financial services since 1993, and specialises in wealth creation, retirement planning, and business and personal risk protection. Sara caters for people of all ages who are looking to create wealth or protect their family against unforeseen circumstances, and/or savers who have completed all debt and wish to provide adequate future savings and/or retirement income.
Suite 15/92 Pease St, Manoora QLD
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5 (3)
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ASAP Accounting Quick Info
Services
Accounting
Audit
Taxation
Corporate Advice
About
ASAP Accounting is a full service accounting practice with a difference. We Love what we do and provide one-on-one, straight forward tax and accounting advice away from the traditional corporate environment offering personalised and professional service in a relaxed home-office setting.
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Josephine
3 years ago
Josephine says she will definitely be using Tanya in the future. She was friendly, plus she made sure Josephine understood her refund. Tanya was very professional and she talked through every aspect of Josephine's tax return. Josephine says she would highly recommend her.
6 Winfield St, Whitfield QLD
Closed
Active Accountants Quick Info
Services
Registered Tax Agent
Accounting & Taxation
Casflow Budgets & Business Plans
Business Acquisitions & Sales
Entity Restructuring & Asset Protection
Self Managed Superannuation Funds
BAS & GST
Bookkeeping
Individual Tax Returns
Small business specialists
About
CPA firm centrally located in Edge Hill offering a comprehensive range of Tax/Accounting services from individuals to small/medium business entities including SMSF access to sound financial advisor/broker.
3/137 Collins Ave, Edge Hill QLD
5 (1)
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Barbagallo & Allen Pty Ltd Quick Info
Services
Business services
Taxation consultants
Financial planning
Superannuation
Audit service
Estate planning
Taxation
Audits
About
Barbagallo & Allen Pty Ltd is a local business operating in the Cairns area.
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P
8 years ago
Thanks to Barbagallo & Allen Pty Ltd for handing out such helpful and professional advice and service. Will use again
Woree Plaza 12-20 Toogood Rd, Woree QLD
5 (3)
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Barron Tax & Finance Quick Info
Services
Accounting
Tax Services
Financial Services
Budgeting
Saving Services
Investing Services
Insurance Services
Loan Services
Tax Consultancy Service
Personal & Business Service
About
For superior tax consultancy services for the private and corporate sectors, you can trust Barron Tax & Finance. We offer Cairns accounting and tax services to help protect and grow your wealth. Our tax services include business activity statements (BAS), fringe benefit tax (FBT), capital gains tax (CGT) and income tax. We can help minimise your tax, or complete your incoming and outgoing expense reports. We are National Tax and Accountants Association (NTAA) tax practitioners. This allows us to acess to a wide range of resources and data to remain updated in the latest changes to tax acts. Our staff stay on top of financial and tax law to ensure your lodgements are correct and within legal requirements. We are also trained Justice of the Peace (JP), which allows us to deal with small routine legal matters. Contact Barron Tax & Finance in Cairns today for assistance in lodging tax returns.
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Sarah Waters
3 years ago
Sheree is the best!
1/39 Stratford Parade, Stratford QLD
Best Tax Accountants Near Me
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Edge Hill Accountancy Gordonvale Quick Info
Services
Business Advice
Tax Planning
Self Managed Superannuation Fund Services
Business Acquisitions
Accounting Services
About
Edge Hill Accountancy is a small practice located in the heart of the Edge Hill. The practice has been in existence for nearly 25 years. Edge Hill Accountancy offers a relaxed atmosphere with professionals dedicated to helping you to plan and manage your professional and business needs.
29 Norman St, Gordonvale QLD
Adept Tax & Accounting Quick Info
Services
Preparation & Lodgement of Income Tax Returns for Individuals/Partnerships/Trusts/Companies & Self-Managed Superannuation Funds
Preparation & Lodgement of Business Activity Statements
Bookkeeping Services (MYOB/QuickBooks)
Mobile Services
About
Local business providing professional, personal and confidential taxation and accounting services at affordable rates.
17-19 Bullion St, Goldsborough QLD
Featured Reviews of the Best Tax Accountants in Westcourt
5 Average Rating based on 9 reviews from 12 Tax Accountants near Westcourt
Josephine says she will definitely be using Tanya in the future. She was friendly, plus she made sure Josephine understood her refund. Tanya was very professional and she talked through every aspect of Josephine's tax return. Josephine says she would highly recommend her.
Josephine left a review for
ASAP Accounting
Excellent service is always received from LBA Partners, always a professional job and very prompt. Thanks
Ben left a review for
LBA Partners
Very good business, deal with accounting, book keeping and tax refund.
Ali left a review for
Sam Singh Accounting & Taxation Services Cairns
Thanks to Barbagallo & Allen Pty Ltd for handing out such helpful and professional advice and service. Will use again
P left a review for
Barbagallo & Allen Pty Ltd
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