Accountable Bookkeeping Solutions News

Home Office Tax Deductions

June 14, 2020This year our tax deductions will be quite different. There are 3 ways to calculate your home office expenses. Shortcut method – 80 cents per hour from 1 March 2020 to 30 June 2020 Fixed rate method – 52 cents per hour Actual cost method You must include the note “COVID-hourly rate” in 2019–20 tax...
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Tax Time – 2020 – The ATO Hotspots

June 14, 2020It is that time again.  The ATO now that this year will be very different due to COVID-19 and so many working from home… ATO assistant commissioner Karen Foat has now urged taxpayers to reduce claims for work-related expenses in the last quarter of the 2019–20 year that would have been impacted by government-mandated restrictions...
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Cents per Kilometre deduction rate raise

June 14, 2020The ATO will raise the cents per kilometre deduction rate for motor vehicle expenses to 72 cents from the start of 1 July 2020. The cents per kilometre method currently allows taxpayers to claim up to a maximum of 5,000 business kilometres per car per year, without requiring written evidence. Contact our office for further details – kelly@accountbs.com.au...
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Home Builder – Grants $25,000

June 11, 2020The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. Eligibility Eligibility criteria apply to the individuals applying for the grant and the building project: Individual eligibility The HomeBuilder scheme is available to...
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Instant Asset Write-Off $150,000

June 11, 2020The Government has announced last Tuesday that the Instant Asset Write-Off will be staying for businesses with a aggregated annual turnover up to $500 million until the end of the calendar year. They want to make sure businesses grow, invest and hire staff. This is great news..

JobKeeper – The ATO is watching

June 2, 2020The ATO’s JobKeeper targets The ATO is looking carefully at businesses that appear to have made adjustments to their circumstances to meet the JobKeeper eligibility requirements where, if those adjustments had not been made, the entity would have been ineligible or had lower JobKeeper payments. Or, where adjustments have been made to enable another entity...
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Effect of Low Interest Rates

June 2, 2020Outcomes for Australia: Several of the banks across Germany and Japan have sought to diversify their revenue streams across geographies, increasing their product offering around the world and gain exposure to higher interest rates – in countries such as Malaysia, China, Hungary, Poland. Also, many of the banks offer corporate bank accounts with negative interest...
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Insurance for SMSF’s

August 22, 2013ASIC Slams Lack of Insurance Advice For SMSFs Since August 2012, SMSF trustees have been required to review the insurance needs of members as part of the fund’s investment strategy (see: SMSFs Need Professional Insurance Advice). ASIC said that in nearly half of the files it reviewed, investors were not told by their adviser that...
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MYOB AccountRight 2013.3

August 22, 2013MYOB has released AccountRight 2013.3 this week. It is one step closer to delivering the fastest cloud accounting solution on the market. There are a lots of new features and even the ability to lodge your payment summaries directly to the ATO. Contact us today to see if the lastest updates suits your business and we...
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Our bookkeeping services at ABS Ballarat

May 22, 2013For small to medium sized businesses needing bookkeeping services in Ballarat, Geelong, Bendigo, Bacchus Marsh and Ararat, Accountable Bookkeeping Solutions (ABS) is the expert business bookkeeping specialist. Our team of business bookkeepers at ABS will come to you to provide the full range of bookkeeping services Ballarat, Geelong, Bacchus Marsh, Bendigo and Ararat, including: Accounts...
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