Your local Accounting & Financial Solutions Firm, servicing the Esperance and rural communities of WA for over 25 years.

REGISTERED TAX AGENTS

Simple tax returns, as well as complex taxation affairs such as those associated with Businesses, Corporations, Family Trusts, Rental Properties & Investments.

LICENSED FINANCIAL PLANNERS

Providing a full Financial Planning service and analysis, an evidence based investing philosophy, personal insurances, superannuation and estate planning analysis.

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Client Newsletter August 2020

Click to download our monthly Client Information Newsletter and stay up to date with continually changing & complex Tax Law (prepared by Tax & Super Australia).

Striving to offer the best possible service and accuracy for other businesses, with a holistic approach to financial & taxation matters.

ATO COMPLIANCE

Assistance with ATO debts & negotiations. Taxation returns for SME, individuals, SMSF, Discretionary & Unit Trusts. Estate returns. BAS & IAS compliance.

NEEDS-BASED ADVICE

Evidence based investing philosophy. Full financial planning needs & analysis. Personal insurances, superannuation, estate planning analysis.

GST, IAS & BAS

Complete service for BAS and PAYG obligations, or a simple pre-lodgement check of BAS. Superannuation clearing house assistance.

SELF MANAGED SUPER

Full assistance to ensure that Trustees remain Australian Taxation Office compliant. Investment strategy analysis. Estate planning guidance.

Low and Middle Income Tax Offset

Low and middle income tax offset now law

In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law.

From the 2018–19 income year:

  • The low and middle income tax offset increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum.
  • Taxpayers with a taxable income:
    • of $37,000 or below can now receive a low and middle income tax offset of up to $255
    • above $37,000 and below $48,000 can now receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080
    • above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080
    • above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess.

To be entitled to the full $1080 offset you must have a taxable income of $48,000.

The ATO have also indicated that they will begin paying client refunds on the 16th of July.

RECENT CHANGES & WHATS ON THE HORIZON

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