JupiterX Real Estate Company

JupiterX Real State Company

Customer

JupiterX Real State Company

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident

Work

UI, UX Design, Social Media Management

Website

http://jupiterx.artbees.net/demos/construction

TESTIMONIALS

JupiterX Movers

In order to increase the customer capacity of my beauty center, I chose to work with JupiterX and
now I see that I have made the right decision. In the first half of the year, I grew by 21% and almost
doubled the turnover in the first half of the year and this is a great success.

Dorothy Colon

Beauty Salon Manager

Prev Project

JupiterX Cosmetic Shop

UI, UX Design, Social Media Management

Next Project

JupiterX Construction

UI, UX Design, Social Media Management

We are Expanding Your Sales and Sectoral Brand Value. Work with us, get rid of ordinary methods.

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

JupiterX Construction

Customer

JupiterX Construction

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident

Work

UI, UX Design, Social Media Management

Website

http://jupiterx.artbees.net/demos/construction

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore
et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut
aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse
cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident

TESTIMONIALS

JupiterX Construction & Engineering

In order to increase the customer capacity of my beauty center, I chose to work with JupiterX and
now I see that I have made the right decision. In the first half of the year, I grew by 21% and almost
doubled the turnover in the first half of the year and this is a great success.

Dorothy Colon

Beauty Salon Manager

Prev Project

JupiterX Real Estate Company

UI, UX Design, Social Media Management

Next Project

JupiterX Construct

UI, UX Design, Social Media Management

We are Expanding Your Sales and Sectoral Brand Value. Work with us, get rid of ordinary methods.

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

JupiterX Construct

Customer

JupiterX Construct

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident

Work

UI, UX Design, Social Media Management

Website

http://jupiterx.artbees.net/demos/construction

TESTIMONIALS

JupiterX Movers

In order to increase the customer capacity of my beauty center, I chose to work with JupiterX and
now I see that I have made the right decision. In the first half of the year, I grew by 21% and almost
doubled the turnover in the first half of the year and this is a great success.

Dorothy Colon

Beauty Salon Manager

Prev Project

JupiterX Construction

UI, UX Design, Social Media Management

Next Project

JupiterX Construct

UI, UX Design, Social Media Management

We are Expanding Your Sales and Sectoral Brand Value. Work with us, get rid of ordinary methods.

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

Deductibility of Employee Wages – Big Changes

Deductibility of Employee Wages – BIG CHANGES!

For most businesses, wages are one of the largest expenses. Ordinarily, the payment of wages would be tax deductible for a business. However, from 1 July 2019, payments to workers will not be deductible if the employer has not met their PAYG withholding obligations for the wages.

Where the PAYG withholding rules require an amount to be withheld from wages, an employer must withhold that amount and report the withheld amount to the ATO.

An employer won’t lose their deduction if they:

Withhold an incorrect amount by mistake but correct the mistake by lodging a voluntary disclosure form with the ATO; or
Withhold the correct amount but report an incorrect amount, provided the mistake is corrected as soon as possible.

Generally, an employer will only lose their deduction if there is a withholding or reporting obligation and no amounts were withheld or reported to the ATO (unless there is voluntary disclosure to the ATO in the approved form before the ATO reviews their business affairs).

These changes will work hand-in-hand with the new Single Touch Payroll (STP) reporting requirements that commence on 1 July 2019 for most businesses. See our article here on Single Touch Payroll.

What payments does this apply to?

The PAYG withholding system applies to the following payments:

of salary, wages, commissions, bonuses, or allowances to an employee
of directors fees
under a labour hire arrangement
for a supply of services where the contractor has not provided you with an ABN.

If you do not comply with the PAYG withholding system for any of these payments, you may lose a deduction for that payment.

What does this mean for my business?

If you employ staff, you will need to make sure you have systems in place to withhold the correct amount of tax from your employees’ pay. The amount withheld must then be reported and paid to the Australian Taxation Office as part of your business activity statement reporting cycle.

Businesses using accounting software packages should ensure their payroll modules are up-to-date and using the current year tax tables. You also need to ensure that you have the correct documentation for your employees to support their wages and the PAYG withholding (including tax file number declarations).

How can we help?

We are conducting payroll health checks for businesses with employees. Please contact us today on (07) 56656469 if you would like us to review your payroll systems to ensure they will be compliant at 1 July 2019.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

Single Touch Payroll

From 1 July 2019, all employers will need to be reporting to the ATO using Single Touch Payroll.

Employers will need to report, salary, wages, PAYG withholding and superannuation to the ATO at the time you pay your employees.

The Single Touch Payroll reporting requirements will work hand-in-hand with the new provisions that will deny a deduction to employers for failing to report and pay PAYG withholding for their employee payments (see our separate article here).

What does this mean for my business?

If you employ staff, you will need to make sure you have systems in place to enable you to report your payroll information to the ATO every pay period. Generally, if you are using up-to-date accounting software, it should be able to comply with the STP requirements without too much additional effort. However, you should check this with your software provider.

How can we help?

We are conducting payroll health checks for businesses with employees. Please contact us today on (07) 56656469 if you would like us to review your payroll systems to ensure they will be compliant at 1 July 2019.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

Federal election 2019 – Labor’s Franking Credit Policy

In the lead up to the 2019 Federal election, we will seek to provide you with as much information about the fiscal policies of both the Liberal party and the Labor party to ensure you can make a fully informed decision on election day. We will not provide any judgements or comments in relation to the proposed policies.

Labor’s Franking Credit Policy

What is the policy?

Franking credits (or imputation credits) are credits that accompany franked dividends. They represent the income tax that the company has already paid on the underlying profit supporting the dividend. Currently, taxpayers receive a credit against their tax bill for the franking credits received from franked dividends. Taxpayers can receive a cash refund of the franking credits if these credits exceed their tax bill.

The Labor party is seeking to stop the cash refund for the excess franking credits. The franking credits can be used to reduce an existing tax liability, but cannot be used to generate a cash refund. Excess and unused franking credits will be lost.

Exemptions

Labor’s policy will only apply to individuals and superannuation funds (and therefore will not apply to income tax exempt charities and not-for-profit institutions with deductible gift recipient status).

The policy also will not apply to taxpayers who are receiving an Australian Government pension or allowance. This includes individuals receiving Age Pension, Disability Support Pension, Carer Payment, Parenting Payment, Newstart and Sickness Allowance.

The policy will also not apply to self-managed superannuation funds with at least one recipient of an Australian Government pension or allowance as at 28 March 2018.

When will the policy start?

The proposed start date of the policy is 1 July 2019.

Who is most affected?

Labor’s proposed Franking Credit Policy will impact on any taxpayers that are currently receiving a tax refund that is based on franking credits received on dividends (so superannuation funds that have an investment in Australian shares).

Most significantly, superannuation funds will be impacted where at least one of the members is in pension phase (as earnings on pension income is tax-free). If all members of a superannuation fund are in pension phase, the fund will not be paying any income tax on its earnings. Consequently, the fund will presently be receiving a full cash refund of any franking credits attached to dividends.

As noted above, however, the policy will not apply to self-managed superannuation funds where at least one member is in receipt of an Australian Government Pension or Allowance.

Individuals on low taxable incomes will also be affected where they receive a refund from franking credits. This may, for example, impact on self-funded retirees where they have investments in Australian shares in their individual name.

In a press release on 21 January 2019, Josh Frydenberg MP (current Treasurer and member of the Liberal Party) argued that more than 900,000 individuals, 200,000 self-managed superannuation funds and 2000 super funds will be affected by this policy.

More information

You can access Chris Bowen MP’s statement regarding Labor’s franking credit policy here.

Important points to note

Implementation of the above policy would require Labor to win the 2019 election;
Implementation of the above policy would require Labor to have the relevant legislation passed through the upper and lower houses of Parliament;
The final legislation may differ to the above policy after a period of consultation with relevant community stakeholders.

What should you do if you’re concerned?

If you are concerned about your current tax or financial strategy as a result of the above proposed policy, we recommend you call us as soon as possible on (07) 56656469.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

QBCC licenses – big changes in 2019

The Queensland Building and Construction Commission (QBCC) are strengthening the minimum financial reporting requirements for license holders so the QBCC can more clearly monitor the financial position of licensees and take appropriate action where a licensee may be operating a financially unsustainable business.

From 1 January 2019, all licensees will be required to provide financial information annually to the QBCC (this was the position prior to 2014). For licensees with a turnover between $800,000 and $30 million, the minimum financial requirements report will need to be substantiated by an appropriately qualified accountant.

Also, if a licensee is relying on a Deed of Covenant, they will need to provide detailed financial information about the Covenantor to the QBCC.

If the turnover of a licensee is below $800,000, they will still be required to provide financial information to the QBCC, however, they will not need to have their information certified by an appropriately qualified accountant.

Licensees with a turnover above $30 million will need to have their financial reports audited.

Licensees will also be required to report a significant decrease in Net Tangible Assets (30% for licensees with a turnover below $30 million or 20% for licensees with a turnover above $30 million). This will require licensees to monitor their net tangible asset position on an on-going basis.

What do I do if I currently hold a QBCC license?

If you currently hold a QBCC license, you will need to check the category of your license. If your turnover is between $800,000 and $30 million, you will require a minimum financial requirements report prepared by an accountant using your results from 30 June 2019. If this applies to you, we recommend contacting us as soon as possible on (07) 56656469 to discuss your QBCC reporting requirements.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

PPSR charges – is yours about to expire?

he PPSR (Personal Property Securities Register) commenced in January 2012. Owners of personal property (this is any property other than land, building or fixtures) are able to register a charge over their property for a maximum of 7 year.

If you registered a 7 year charge on your personal property at the start of the register in January 2012 your charge will expire in January 2019. There are approximately 120,000 registrations that will require action prior to January 2019 to ensure they remain active.

We recommend that you check the expiry dates of your registered security interests. The PPSR have a free search tool available for you to check the expiry date of your registered interests:

https://www.ppsr.gov.au/how-get-your-registrations-due-expire-report

It is also important that you review your overall asset protection strategy with your commercial lawyer to ensure that all of your assets are appropriately protected.

We recommend that you speak with your commercial lawyer to seek further advice about your PPSR registrations and the overall protection of your assets. We work closely with several commercial lawyers. Please feel free to call us if you would like a referral to one of these lawyers to discuss your PPSR registrations.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

$20,000 instant asset write-off

Currently, small businesses (with a turnover of less than $10 million) that buy an asset that costs less than $20,000 can claim an immediate tax deduction for the purchase.

The recent Federal budget announced that the $20,000 threshold will be extended to 30 June 2019 (at which time the deduction threshold will reduce to the former limit of $1,000).

If you are a small business and you purchase an asset for more than $20,000 you can still depreciate the asset in the small business depreciation pool (which is depreciated at 15% in the first year and 30% in the following years).

If you run a small business and are thinking about purchasing (or financing) a new asset (eg. a vehicle or a large equipment), we recommend that you do this prior to 30 June to get a tax deduction for it in the current financial year.

If you would like to know more about your business’ eligibility to the $20,000 instant asset write-off please call us on (07) 56656469.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.

Personal superannuation contributions

From 1 July 2017 individuals may be able to claim a personal tax deduction for contributions to superannuation. (Prior to this, individuals could only claim a personal tax deduction if they were substantially self-employed.)

If you want to claim a personal tax deduction, you will need to:

Ensure the contributions are received by your superannuation fund prior to 30 June;
Give your superannuation fund a “Notice of Intention to Claim a Deduction for Personal Super Contributions”;
Receive an acknowledgement letter from your fund prior to lodging your 2018 tax return.

Remember that the maximum concessional (deducted) contribution that individuals can claim for the 2018 year is $25,000. If you are an employee and you wish to make additional deducted superannuation contributions (on top of the contributions made by your employer), you will need to ensure that the combined contributions do not exceed the $25,000 concessional cap.

If you would like to discuss your eligibility to claim a deduction for a personal superannuation contribution, please call us on (07) 56656469.

DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,

Jeanette Lingard

Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or at the gym. Book in to see Jeanette today.