Talking Concepts

Talking Concepts June 2020

My Gov account

Do you have a McGov account?

Did you know that your Income Tax Notice of Assessments is available and can be accessed via this account?

https://my.gov.au/

Your myGov account gives you:
• Secure access to a range of government services using one username and password
• A single inbox for your messages from Centrelink, Medicare, Child Support and the Australian Taxation Office.
• A quick and easy way to advise selected member services about changes to some of your personal details.

The New Home Builders Scheme

The Federal Government announced that a $25,000 grant will be available to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020, after it unveiled its new $688-million HomeBuilder package.

A national price cap of $750,000 has been set for new home builds, and a renovation price range of $150,000 to $750,000 will apply to renovating an existing home with a current value of no more than $1.5 million.

Those building a new home must also commence construction within three months of the contract date.

The grants will also be means tested, with the government setting income caps of $125,000 for singles and $200,000 for couples. An applicant’s eligibility will be based on their latest assessable income.

The stimulus is designed to breathe life into the residential property market, which is facing a prolonged downturn off the back of the COVID-19 crisis.

The government estimates that approximately 27,000 grants would be handed out as part of the package across $10 billion in building projects, supporting 140,000 direct jobs and another 1,000,000 related jobs in the residential construction sector.

– The Adviser

  • Email us

Financial Service Package

Our financial planning team have sent out the renewal packages for our Black, Blue and White Belt Financial Service Packages.

Reminder that if you want to take up the Early Bird Discount offer you need to return your signed Authority to Proceed and pay your Interpac invoice
before 21 June 2020.

If you did not receive a renewal package and you think you should have, please call Beth or Kelly on 9569 5676.

Lodging Activity Statements via myGOVid

Do you have an ABN and lodge your Activity Statements via the ATO Business Portal using AUSkey?

If yes, please be aware that AUSkey will be abolished and replaced with myGovID on 27 March 2020.

myGovID is a digital identity on your smart device used to log into selected government services. myGovID is different to myGov.

myGovID allows the user to prove to the government who they are, similarly to an ID on your phone.

myGov is the front door to a range of government online services, including Medicare, myTax and Centrelink in the one place using a single login and password.

If you do not want to set up a myGovID, Concepts & Results are offering a “no frills” lodgement service for a minimal fee per Activity Statement for its existing Accounting & Tax and Bookkeeping clients. Whereby, you provide our office via email the figures to be recorded into your Activity Statement for lodgement. We will not check or verify any of the information provided by you. However, if the information supplied does not seem credible to our Accountants, or appears to be inconsistent with a previous pattern of claim or statement, further enquiries would be required and additional fees may be charged.

Once the information is recorded, the Activity Statement will be emailed to you via Xero for your perusal and signature.

If you would like to take up this offer, please contact our office after you have lodged your most recent Activity Statement, so that we can ensure that you are added to the Concepts & Results Tax Agent Portal in preparation for the next Activity Statement.

Concepts & results group

More than just an Accounting Practice………

All Trades Bookkeeping

Can help with all your bookkeeping needs, big or small. We have a team of bookkeepers who are all Xero Accredited.

Results Home Loans

Buying your first home, an investment property, need to refinance or want a Line of Credit to pay for home extensions or holiday. Talk to our Loan experts and let them guide you through the process.

C&R Financial Management

From purchasing investment properties, long term investment goals, share purchases, SMSF management to personal insurance, let our financial planning team help you achieve your financial goals.

Concepts & Results

And of course the backbone of our company our Accounting and Tax team can look after all of your Company, Personal, Trust and SMSF tax requirements.

 

Did you know Brokers wrote half of First Home Loan Deposit Scheme (FHLDS) loans

The latest figures for the FHLDS suggest that brokers assisted in up to 50 per cent of placements within the scheme, as associations urge brokers to prepare FHB clients for 10,000 more places to open.

Government figures show that brokers facilitated 50 per cent of all places in the government’s First Home Loan Deposit Scheme from 1 February 2020, when the non-major lenders began accepting applications, and NAB accepted applications through the third-party channel.

When January is included in the calculations (when only Commonwealth Bank was accepting applications from the broker channel), brokers contributed to 44 per cent of all scheme placements, making it the most popular introduction channel in the scheme overall.

Noting the significant contribution of brokers to the scheme, both the Finance Brokers Association of Australia (FBAA) and the Mortgage & Finance Association of Australia (MFAA) have urged brokers to be proactive with their first home buyer clients, prior to the release of 10,000 new scheme places on 1 July 2020.

FBAA managing director Peter White noted that places under the scheme aren’t likely to last long, with initial places in the scheme reserved within four months of launching in January.

“The places that were available in January have gone, and due to the wider knowledge of the scheme, I’d expect the new 10,000 will be taken within a few months,” Mr White said.

He also reminded brokers that borrowers will be required to provide a copy of the notice of assessment from the current 2019-20 year as evidence of their taxable income, which means that borrowers looking to secure a spot in scheme in the July release will need to have their tax return filed as soon as they can.

– The Adviser

Relay for Life

On Friday 21 February at 6pm our team started walking and didn’t stop until 11.30am Saturday 22 February.

The team is made up of C&R staff and their family and friends. We come together to show our support for loved ones who have suffered through cancer treatment, survived and those that are no longer with us.

Cancer is a very real disease and affects every person in some way.

This year our team raised $11,680 surpassing our target of $10,000. In the coming year we hope to raise another $15,000!

We have regular fundraisers throughout the year including Gold Class movie sessions, restaurant dinners, raffles and much more. If you would like to become involved and support our team or an event give Beth Campbell a call on 9569 5676 or email bcampbell@r.com.au

Dates to Remember

30 June – end of financial year

14 July – STP – EOFY finalisation declarations lodged for employers with 20 + employees

14 July – PAYG payment summaries to be issued to employees

28 July – SGC rate remains at 9.5%

31 July – STP – EOFY finalisation declarations lodged for employers with 19 or less employees

14 August – PAYG Annual Payment Summary to be lodged with ATO

28 August – All Superannuation contributions for the 2019/2020 year to be paid

28 August – Building & Construction TPAR due

23 October – Workcover rateable remuneration forms lodged if remuneration was more than $200,000

26 March 2021 – Workcover rateable remuneration forms lodged if remuneration was less than $200,000

2020 Income Tax Return

It’s tax time!

If you haven’t already started getting all your paperwork together, it may be time to start thinking about it.

Go to our webpage for handy checklists for individuals, trusts, companies, rental properties, etc and Fact Sheets of deductions for specific occupations

https://www.cr.com.au/getresults/tax-checklists/

Once you have everything ready, phone our office for an appointment, or post or email your paperwork to the office.

Individual returns can be done on the spot by appointment with Jara or Rocky.

Visit us

Want to discuss the above face to face? Come visit our specialised team members to find out more.

612 Warrigal Road, East Malvern PO Box 61, Holmesglen, Vic 3148

Call us

Have any questions? Further discussions on the above can be may be held over a telephone appointment.

(03) 9569 5676

Contact us

For any and all queries regarding the above, you may contact Concepts & Reuslts by emailing us

concepts@cr.com.au