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If you're a company director, you can now apply for your director identification number. Find out more and apply at abrs.gov.au/director-identification-number.
We hope all our clients had a restful break and are ready for both the challenges and opportunities that 2022 shall bring!
As an effort to minimise possible disruptions and to reduce risk of sickness for our staff and clients (during this current surge), our office will move to contactless appointments and correspondence for the remainder of January 2022. We hope to transition back to face-to-face meetings in the first week of February. If you have any queries with regard to this, please do not hesitate to contact our office.
Following the most recent (8/8/21) Queensland government announcement, our office will resume in-house appointments from Monday the 9th of August 2021. As per the announcement, facemasks must be worn unless food and/or drink are being consumed.
Following the QLD government's COVID-19 lockdown announcement (re-issued 2/8/2021), our office will be closed to the public until Sunday the 8th of August. However, we will continue to answer calls and emails during this time.
If you have an appointment with us, you will be contacted to be given the option of rescheduling or having it conducted via phone.
We apologise for the inconvenience. Stay safe!
In October 2020, the federal government announced a temporary FULL expensing of assets purchased (new or second-hand) if the business turnover is less than $50m. It runs from the 6th of October through to 30th June 2022.
We trust our clients have had a restful holiday season. As we start the new year, the team here at Hendersons Accountants stand ready to assist. Our office is open for face to face appointments, and we also can continue to assist clients remotely depending on preference. Why not contact us today to find out how we can help you get your 2021 off to a great start.
We are pleased to advise we are now accepting appointments again. However, if you wish to have us assist you remotely, we are happy to cater for this as well. Please fill in the enquiry form on the right to get started, or view other contact options.
The ATO have provided recommendation advice for us not to lodge client returns until late July. This is largely due to allowing adequate time for employers and companies to provide all the information necessary before completing your return. Please contact us if you have any queries re: this.
We have put together a handy email for clients JobKeeper instructions.
Please review the ATO website for instructions on how to enrol and apply for the JobKeeper payment.
On Sunday The Federal Attorney General gave a commitment to Australian businesses that "the JobKeeper Payment legislation would pass parliament on Wednesday (8th April 2020), no matter how late the parliament needs to sit to get the bill passed."
"This is one of the most important drafting exercises post WW2, with $130 billion of economy and job saving expenditure to be passed. Five hundred thousand businesses have already applied for the payments. The application process will rely on self-assessment and a high level of honesty is expected" the minister said.
Porter also explained that "11,000 enterprise agreements would require adjustment for the JobKeeper Payment to be implemented."
To facilitate this the government is working closely with the ACTU to pass temporary changes to Employee and Industrial relations law, to ensure businesses can pass on the payments without breaching existing legislation around the Fair Work Act.
"Any changes to IR laws will be subject to a six-month expiry date" he said, which could only be changed in future with parliament's backing.
Biggest takeaway for our clients: Please let us help you with your March 2020 Business Activity Statements so as to ensure they are completed correctly.
There is no doubt that you are aware of the Coronavirus (COVID-19) sweeping throughout the world.
In line with recent public announcements, our office will remain open. However, some measures are being put in place to keep our staff and clients safe from the potential spread of this virus.
We wish to navigate this current health crisis with the least inconvenience to our clients. We wish to thank you very much for your understanding and co-operation during these unprecedented times.
For new or second-hand assets first used or installed ready for use from 12 March until 30 June 2020, the instant asset write-off threshold will be increased from $30,000 to $150,000 for businesses with aggregated annual turnover of less than $500 million (up from the current $50 million threshold). The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets. The threshold will revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020, however businesses not entitled to the instant asset write off from 1 July 2020 may be entitled to the 50% investment incentive as below.
A note of caution – this incentive will be most beneficial to businesses that are in a taxable profit situation. Businesses that are in a loss situation or that have minimal taxable income won't see a tax benefit by using this incentive and for this reason, we urge caution for all of our clients to ensure that any asset purchases are in line with your business planning and cashflow expectations.
The Government is introducing a time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with aggregated annual turnover of less than $500 million per annum will be able to deduct 50 per cent of the cost of an eligible asset upon installation, provided it was acquired after 12 March 2020 and first used or installed by 30 June 2021. There is no asset value threshold for this 50% investment incentive. Existing depreciation rules apply to the balance of the asset's cost.
Up to a $25,000 tax-free payment to small and medium-sized businesses with aggregated annual turnover of less than $50 million that employ workers, between 1 January 2020 and 30 June 2020. These eligible businesses will receive a payment equal to 50% of their PAYG withheld, delivered as a credit in their BAS from March to June 2020, with a minimum $2,000 payment and up to a cap of $25,000. This payment will be applied automatically on lodgement of the BAS's for those periods. You DO NOT need to register separately.
Eligible small business employers will be able to apply for a wage subsidy of 50% of the apprentice's or trainee's (in training as at 1 March 2020) wage for up to 9 months from 1 January to 30 September 2020, up to $21,000 per apprentice. Employers can register for the subsidy from early April 2020 with final claims for payment due by 31 December 2020. We will bring more information to you once it is available with regards to how you can register for this incentive.
A one-off $750 payment will be available from 31 March 2020 to social security, veteran and other income support recipients and eligible concession cardholders including pensioners. There will be one payment per eligible recipient. This payment is automatic – if you are currently receiving an eligible benefit, Centrelink will deposit the payment into your bank account, there is no need for you to register. Payments will commence sometime after 31 March 2020.
The Government has set aside $1 billion to support those regions and communities that have been disproportionately affected by the economic impacts of COVID-19, including those heavily reliant on industries such as tourism, agriculture and education.
There are significant support measures to assist those affected by COVID-19
Options available to assist businesses impacted by COVID-19 include:
(for more - ATO Administration support measures)
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