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Material contained in this booklet is a summary only and is predicated on suggestions believed to be dependable and acquired from assets within the market. It isn’t the intention of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this ebook be used as the fundamental source of readers’ tips but as an accessory to their very own materials and training. No representation is given, warranty made or accountability taken as to the accuracy, timeliness or completeness of any counsel or advice contained during this ebook and RGM and its connected bodies corporate are not liable to the reader in contract or tort adding for negligence or otherwise for any loss or damage arising as a result of the reader relying on one of these assistance or recommendation except in so far as any statutory legal responsibility cannot be excluded. Organisations seeking to assert the JobKeeper Payment can be required to think again their eligibility and show a major decline for the JobKeeper Payment extension just about their actual GST turnover, relative to related intervals, to get hold of bills after 27 September 2020. Organisations will deserve to show that they have got met the relevant carrying on with decline in GST turnover for both the June and September quarters 2020 to be eligible for JobKeeper Payment from 28 September 2020 to 3 January 2021.

In order to be eligible for the second JobKeeper Payment extension period of 4 January 2021 to 28 March 2021, enterprises will again should display their actual GST turnover has considerably fallen in the June, September and December 2020 quarters relative to similar intervals. Material contained in this book is a summary only and is predicated on suggestions believed to be dependable and acquired from resources in the market. It isn’t the goal of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this publication be used as the primary source of readers’ information but as an accessory to their very own substances and training. No representation is given, warranty made or responsibility taken as to the accuracy, timeliness or completeness of any advice or recommendation contained in this book and RGM and its related bodies corporate should not liable to the reader in contract or tort adding for negligence or in another way for any loss or damage arising because of the reader relying on any such suggestions or recommendation except in so far as any statutory liability cannot be excluded. The Australian Government will invest $2 billion into a JobTrainer Package, providing heaps of thousands of Australians with the opportunity to retrain and upskill into sectors with job possibilities, as the economic system recovers from COVID 19.

The JobTrainer kit has two elements to it. The first aspect of the package, that is worth $1. 5 billion, is aimed at retaining employed those already in apprenticeships and traineeships. Eligibility has been prolonged to medium sized agencies with 199 personnel or fewer who employed an apprentice as of 1 July 2020. This subsidy could be made accessible to expand and extend the Supporting Apprentices and Trainees wage subsidy until March 2021.

This will cover an expected 50% of the wages of apprentices and trainees. The second aspect of JobTrainer is aimed at school leavers and those attempting to find work. The federal govt has allocated $500 million to supply free or cost-efficient vocational schooling and training lessons in places of identified skills needs. That funding is conditional on matching funds from state and territory governments. The JobTrainer fund is expected to deliver for around 340,700 extra workout places to help school leavers and job seekers gain the abilities they need to get a job. Further advice about these alterations may be made accessible in the coming weeks.

Material contained during this ebook is a summary only and relies on tips believed to be reliable and acquired from resources in the market. It isn’t the aim of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this publication be used as the primary source of readers’ tips but as an adjunct to their very own materials and coaching. No illustration is given, guaranty made or responsibility taken as to the accuracy, timeliness or completeness of any counsel or advice contained in this e-book and RGM and its related bodies corporate are usually not susceptible to the reader in agreement or tort adding for negligence or otherwise for any loss or damage bobbing up as a result of the reader relying on such a counsel or advice except in so far as any statutory legal responsibility can’t be excluded. Whether you’re used to working from a home office or were forced to due to COVID 19, it’s good to be across what which you can claim on tax. Given that working from house is a new subject for many, the Australian Taxation Office has made it easier to claim deductions. You won’t must submit an in depth logbook, as that you would be able to now claim a deduction of 80 cents for every hour you do business from home due to COVID 19.

Therefore you simply should keep track of the hours you work at home, along with proof of your expenses. There are a few provisos with this ‘shortcut method’: the work needs to be gratifying your employment duties not simply checking your email every now and then and also you have to have incurred additional deductible running bills as a result of working from home. These home deductions need to be without delay associated with earning your income – as tempting as it is to claim Netflix as a analysis tool, unless you’re a television critic this is not likely to fly!You need to keep information of your bills and be able to show that you simply, not your business enterprise, has paid for them. You should also come with any allowance you acquire from your corporation as income on your tax return. Be aware that the ‘shortcut’ method may not be the most effective in your circumstances and it may be worthwhile, if a bit more arduous, sticking to the old method. For additional information on working from home deductions, visit the ATO’s website.

Material contained during this book is a abstract only and relies on tips believed to be reliable and got from sources within the market. It is not the goal of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this e-book be used as the fundamental source of readers’ tips but as an adjunct to their very own supplies and training. No representation is given, warranty made or responsibility taken as to the accuracy, timeliness or completeness of any counsel or recommendation contained in this booklet and RGM and its related bodies corporate aren’t liable to the reader in contract or tort adding for negligence or in another way for any loss or damage arising because of the reader counting on any such advice or recommendation except in so far as any statutory legal responsibility can’t be excluded. Under these brief measures, if you’re working from home due to COVID 19 that you may claim a made simple tax deduction of 80 cents per work hour in your working bills. Your working expenses come with things like lighting; heating and cooling; cleaning; and office supplies like printer paper and stationery.

The shortcut rate also covers the cost of your web, phone and computer accessories. The decline in value or depreciation of the furnishings and fittings you operate in your home office is coated too. Items similar to tea, coffee and toilet paper, can’t be claimed. Neither can bills equivalent to rent, loan attention, assets insurance, rates and land tax. Before you get too excited, you’re only entitled to a deduction for expenses associated with incomes income. You have to have basically spent the money and never been reimbursed.

Fortunately, the shortcut method only requires you to keep a record of the number of hours you worked from home as evidence of your claim. This can be in the sort of a time sheet, or an Outlook calendar or diary entry. If you’re audited by the ATO, it’s likely you’ll also be asked for assisting proof from your organization. The shortcut arrangements are in place for working expenses incurred from 1 March to 30 June 2020. The ATO intends to check the association for a better economic year as the COVID 19 challenge progresses. The made simple rules are only accessible to employees working from home.

If you’re a sole trader or run a small company from home, you have to use the standard business deduction rules. The shortcut rules allow varied people living in the same house to say the recent 80 cents rate, so both individuals of a couple can claim a deduction at tax time. You’re not required to have a dedicated work area, that’s a requirement under the standard rules. If you normally make money working from home a few days a week, you need to keep two sets of statistics – one protecting the period from 1 July 2019 to 29 February 2020 and a second one covering the period from 1 March to 30 June 2020 if you commit to use the shortcut method. Although the simplicity of the shortcut method is appealing for claiming your working costs, you could decide to use the pre current rules if you like.

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Currently there are two ways to calculate your working expenses: claiming a set rate of 52 cents per work hour, or calculating your actual bills. Under the fixed rate method, you claim 52 cents an hour for your operating expenses. You then exercise session one after the other your costs for phone and information superhighway usage, desktop consumables and stationery, and the depreciation on your desktop. To claim, you need to keep facts of actual hours worked, or a four week diary to reveal your usual working pattern. If you have a committed work area at home, that you would be able to decide to calculate your actual running bills.

These costs plus depreciation on your accessories, furnishings and furniture over $300 should be apportioned into private and work connected amounts. For your phone and cyber web expenses, which you can claim up to $50 with restricted documentation, or calculate your actual expenses and apportion them. Before identifying the recent shortcut, it’s worth having a chat, as one of the best method depends upon your particular person problem. Although there’s less management with the shortcut, it won’t come up with the largest tax deduction. Call us on 03 5120 1400 to discuss how working from home will affect your tax preparations this economic year. Material contained during this ebook is a abstract only and is based on guidance believed to be dependable and bought from resources within the market.

It is not the goal of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this publication be used as the basic source of readers’ information but as an accessory to their own elements and coaching. No illustration is given, guaranty made or accountability taken as to the accuracy, timeliness or completeness of any counsel or advice contained in this ebook and RGM and its related bodies corporate are not at risk of the reader in contract or tort including for negligence or in another way for any loss or damage bobbing up due to the reader relying on this kind of guidance or recommendation except in so far as any statutory liability can’t be excluded. Studies have found remote workers tend to be more effective yet feel greater stress than those working from a standard office. i, ii It can be tempting to up your output to prove to your manager or colleagues that you’re working hard while at home. If you have got a manager, check what the expectations are for the day or week, and be open about your means to achieve these.

As your supervisor can’t see if you’re struggling, it’s important to communicate. Team check ins or group chats can help to remain across how everyone is progressing. If you manage a team, set up channels comparable to these to help your team. To do lists no matter if by way of Trello, the same online system or just written on a notebook allow you to stay on target and focused. While remote work can enhance staff’ mental health in bound situations, feelings of isolation also are common, particularly if you’re unused to working alone. Staying connected to your colleagues, pals and family is essential.

Make sure you take time clear of your screen and give your self lunch and tea breaks. Weather enabling, sit outside on your break, or call a chum or loved one. As you’re less likely to get incidental exercise, go for a walk or run when you clock off or before you start, and stretch throughout the day set a timer on your phone to keep to this to relieve any tension. Moving from a work environment to working from home is one tremendous change many are needing to make, as we work in combination in minimising the impact of the Coronavirus. Be gentle with yourself as you are making the essential changes to your events, social life and work habits.

Material contained in this ebook is a summary only and is based on guidance believed to be reliable and bought from assets in the market. It is not the purpose of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this e-book be used as the basic source of readers’ guidance but as an adjunct to their own resources and training. No representation is given, guaranty made or responsibility taken as to the accuracy, timeliness or completeness of any advice or advice contained during this book and RGM and its linked bodies corporate will not be susceptible to the reader in agreement or tort adding for negligence or differently for any loss or damage coming up as a result of the reader relying on this sort of information or advice except in so far as any statutory legal responsibility cannot be excluded. Business owners and their employees have also been well catered for in the stimulus package. Small and medium sized businesses that employ staff and have a turnover of lower than $50 million can be eligible for tax free payments of between $2000 $25,000.

It’s envisioned this “Boosting Cash Flow for Employers” degree will benefit 690,000 businesses that collectively employ 7. 8 million people. Given there’s a $25,000 ceiling on the charge despite the dimensions of a business’s personnel, it’s a measure that will advantage smaller businesses a lot more than medium sized ones. iiiBusiness owners who employ apprentices and trainees also are eligible to use to have the Government pay half their wage for the first nine months of 2020. It’s expected this degree will assist 70,000 enterprise and 117,000 apprentices and trainees. While it’s a separate initiative, the Government’s provision of modest economic support for informal staff who contract Coronavirus will without delay advantage those casual staff and indirectly benefit their employers.

Without this price to casuals, employers may need, for example, had to worry about infected staff turning up to see of economic desperation. ivThe govt is loosening the standards around the immediate asset write off. Pre Coronavirus, agencies with a turnover of up to $50 million could automatically write off the acquire of assets costing up to $30,000. Post Coronavirus, businesses with a turnover of up to $500 million can write off asset purchases of up to $150,000. On top of this, the Government has also multiplied depreciation deductions for the next 15 months. Up until June 30, 2021, agencies turning over under $500 million can be able to deduct 50 per cent of the cost of any eligible asset the instant it’s put in.

It’s anticipated these two tweaks to the investment rules could benefit up to 3. 5 million agencies that jointly employ almost 10 million Australians. Material contained during this booklet is a summary only and relies on suggestions believed to be reliable and got from resources within the market. It isn’t the purpose of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this ebook be used as the primary source of readers’ information but as an accessory to their very own resources and training. No representation is given, guaranty made or accountability taken as to the accuracy, timeliness or completeness of any advice or advice contained during this ebook and RGM and its linked bodies corporate should not at risk of the reader in agreement or tort including for negligence or differently for any loss or damage bobbing up as a result of the reader relying on the sort of assistance or recommendation except in so far as any statutory liability can’t be excluded.

Want to make 2020 your year?The year you reach great heights?Key to attaining those dizzying heights is recognising that you’re one of your greatest assets. Being self aware and knowing your worth is critical to positioning your self for company and personal success and a more fulfilled life. Self attention helps determine any proscribing patterns you may have picked up, such as downplaying your successes and positive attributes whether or not they be professional or private and undervaluing your worth. Here are some the way to better place your self for success through self awareness. Knowing what to spend your time on and how often is largely inspired by your values. You may be neighborhood minded, which is why you constantly volunteer.

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If family is of prime importance to you, you’ll prioritise spending time with household. Or perhaps now your focus is advancing your career. There’s no right or opposite direction to spend time, but it may replicate your values. You may already be living your life in keeping with your values, as a substitute, you can be unsure of precisely what they are. There are many online resources which allow you to determine your core values; as an alternative you could reach out to a life coach. Think back to should you last updated your CV, your bio page on your web page or your LinkedIn profile.

Were you able to proudly identify and reel off your accomplishments?Perhaps you struggled to articulate what you had accomplished or felt self conscious that doing so would come upon as boasting. These achievements have got you to where you’re. Whether they are professional accreditations, recognitions or your work records, it’s safe to say you have worked hard to increase these accomplishments so keep track of them and don’t be afraid to share them along with your networks. Speaking of your networks, if you fight to own your achievements, you’re likely less likely to put your self accessible and community. One of the most successful structures for networking is LinkedIn.

As of early last year, 590 million people used this professional networking community. It was also reported that the median number of connections was between 500 and 999 – a big number of people to be associated with. iAttending conferences and events and making an effort to talk with other attendees is also still a common way to build your community. By not knowledge your worth, you’re less likely to put yourself ahead and be seen, and these lost opportunities can limit your professional advancement and your career. As well as self reflection, it’s advantageous to ask for feedback from others.

In a professional capability, this may be from a colleague, manager or client. Personally, you would possibly turn to a coach, mentor, associate or friend. You might be made aware of strengths you have that you just hadn’t previously been conscious about. Understanding these strengths can bolster your worth and provides you a new angle to what you need to offer. Be open to what you’ll hear. There will be things that you can improve on, so use this as a chance for growth.

Self mirrored image can be uncomfortable, but arising an cognizance of your values and recognising and appreciating your unique strengths can be a lovely way to set your self up for fulfillment in the approaching year. Material contained during this e-book is a abstract only and is predicated on suggestions believed to be dependable and obtained from sources within the market. It is not the aim of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this e-book be used as the fundamental source of readers’ suggestions but as an adjunct to their very own supplies and training. No representation is given, guaranty made or accountability taken as to the accuracy, timeliness or completeness of any counsel or advice contained during this ebook and RGM and its connected bodies corporate aren’t susceptible to the reader in contract or tort including for negligence or in another way for any loss or damage arising because of the reader counting on the sort of guidance or recommendation except in so far as any statutory legal responsibility cannot be excluded. Gifting with the knowledge to impact your “Age Pension entitlements” is available in many guises. It can be donating 10 per cent of your salary to your church, buying a car to your daughter or selling her a rental assets you own for only market value.

If you gift more than $10,000 a year or a complete of $30,000 over a five year period, then the surplus might be counted as an asset by Centrelink for 5 years, when it assesses your eligibility for an aged pension. Your gift won’t just count in the assets test but “deeming” may even be utilized under the income test. “Deeming rules” are used to determine how much income you earn from your economic assets, irrespective of their actual earnings. iGiving to charity is regularly top of mind at Christmas too. Any donation over $2 is tax deductible but this has no bearing if you are retired and not paying tax.

Of course, the reason behind giving should never be predicated on tax considerations, though it may be handy. A tax deduction only applies if the charity is a “deductible gift recipient DGR” counseled by the ATO or listed by name in the tax law, so you should check that the charity has DGR endorsement. Giving to those in need or to these you’re keen on can be a rewarding event irrespective of what time of year, but it’s crucial to consider the consequences for both giver and receiver. If you are going to want to know more about how gift giving will impact on your economic wellbeing and that of your family, then give us a call on 03 5120 1400. Material contained in this booklet is a abstract only and is based on tips believed to be reliable and got from assets in the market. It is not the goal of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this book be used as the fundamental source of readers’ counsel but as an accessory to their very own components and coaching.

No representation is given, warranty made or responsibility taken as to the accuracy, timeliness or completeness of any guidance or recommendation contained during this booklet and RGM and its connected bodies corporate are not prone to the reader in agreement or tort adding for negligence or differently for any loss or damage bobbing up due to the reader relying on any such advice or advice except in as far as any statutory liability can’t be excluded. Small businesses can look forward to expanding use of “e invoicing” following the ATO’s appointment as the local Peppol Authority. Currently being used in 34 international locations, the Peppol framework adds a standardised e bill for both domestic and foreign trade. With e invoicing, invoices are directly exchanged between the vendor’s and the patron’s accounting systems – even when they use distinctive software. According to the ATO, by adopting e invoicing businesses of all sizes can expect to see enhanced cashflow and quicker payments, easier processing and cost reductions, fewer errors and decreased risk of compromised invoices. The ATO will now work with digital carrier suppliers to carry a range of e invoicing products for local agencies.

Inactive Australian Business Numbers ABNs are an increasing area of interest for the ATO. If the tax man believes your enterprise is no longer carrying on an enterprise, you face the danger it could commit to cancel your ABN. To determine if an ABN continues to be getting used, the ATO is checking the ABN holder’s tax return, no matter if their compliance and lodgement documents are modern and a variety of third party advice. If your ABN is mistakenly cancelled, that you could reapply for the same ABN in the event that your company structure remains an analogous. But if the architecture is different – corresponding to a sole trader now working as a corporation – you’ll receive a unique ABN.

With the tax man currently checking SG contribution bills for around “400,000” employers for the 2018 19 economic year, small agencies will should stay on top in their obligations during this area. The ATO is now “closely focused on decreasing the incidence of non fee of SG” courtesy of new Single Touch Payroll information, in line with deputy commissioner, James O’Halloran. With an “extraordinary level of “visibility” of super advice at the account and transaction level”, the tax man plans to increase checks of SG payments and follow up employers not paying on time. Material contained during this booklet is a abstract only and is predicated on suggestions believed to be reliable and obtained from assets within the market. It is not the intention of RGM Financial Planners Pty Ltd ABN 36 419 582 Australian Financial Services Licence Number 229471, RGM Accountants and Advisors Pty Ltd ABN 69 528 723 510 or RGM Finance Brokers Pty Ltd ABN 81 330 778 236 RGM that this book be used as the primary source of readers’ tips but as an accessory to their very own elements and coaching. No representation is given, guaranty made or accountability taken as to the accuracy, timeliness or completeness of any assistance or advice contained in this e-book and RGM and its linked bodies corporate are not susceptible to the reader in contract or tort including for negligence or otherwise for any loss or damage arising because of the reader relying on this kind of information or recommendation except in so far as any statutory liability can’t be excluded.