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Covid-19 Resource Centre (Updated)
18 August 2021
Queensland Businesses and Individuals
Business Support Grants
Has your small to medium business been impacted by Covid-19? Your business may be eligible for support.
See the following link link for further information, or contact us for assistance:
Did you know that there is a cleaning rebate available to small and medium sized businesses and not for profits who have been listed as an exposure site?
Find out more here:
Covid-19 Disaster Payment
Are you an individual who has lost work or income as a result of the recent lockdown from July 2021?
You might be eligible for the Disaster Payment.
Check your eligibility here:
Pandemic Leave Disaster Payment
Individuals who had to quarantine and could not earn an income may instead be eligible for the Pandemic Leave Payment.
Check your eligibility here:
Engaging a Business Adviser: What's the solution for you?
Feel like your business is stuck in a rut? Unable to solve a problem that you know is going to cost you in the long run? It might not be financially tanking, and it’s highly likely that your revenue stream isn’t down, but if you’re not sure what direction to take, it could also mean that you need a fresh pair of eyes to take a look at particular issues that your business is facing to deal with them.
Business advisers can be engaged across many fields with specially focused advice or strategies to a specific area (such as accountants, business bankers or commercial lawyers) or be a business adviser who is dedicated to considering the overall goals and long-term ramifications of your business’s strategies.
A business adviser can be hired on either a one-time basis (to deal with one-off problems your business is set to face) or on an ongoing basis to provide continued support.
Suppose you’re only looking for a particular solution to a problem. In that case, one-time advice from a business adviser can be an easy and cost-effective solution to solve that particular problem. However, suppose you’re looking for long-term ongoing support that’s backed by years of experience and a perspective that’s looking to preempt these issues. In that case, ongoing advice may be more appropriate for your needs.
Engaging a business adviser can provide your business with fresh ideas based on an objective analysis of your business’s current performance and situation.
As an example, contracting an accountant in a business adviser role means that you are looking for strategic and financial advice like profitability improvement, tax planning and advice regarding business performance.
An adviser who can offer timely and relevant advice to your financial situation can make a huge
difference to your business in the long run.
If you’re looking for assistance in plotting out the financial future of your business, you can come and speak with us. We’re well-equipped to assist you in mapping out your business’s plan for the future, so start a conversation with us today to see how we can help.
What you need to know: Completing your first tax return
Tax return season is quickly approaching for individuals. You may need to begin thinking about the process sooner rather than later to ensure that you have everything ready for your accountant. If you’ve never had to complete a tax return before (and it’s your first time) or are still uncertain about what you need to do, this process can feel a bit like a Mount Everest you need to climb.
Putting it simply, if you are earning or will earn more than $20,542 this year, you will need to lodge a tax return. However, if you haven’t made that amount but your employer has taken tax out of your pay, you should lodge a return anyway to receive some (if not most) of that money back.
How much money you receive back from the tax return will be affected by how much income you have earned. Some debts (such as HECS or HELP) will begin to take money out of your return after reaching a certain income threshold level (currently set at $46,620).
A tax return is where you report all of your income earned over the past financial year. It should include ATO-reported income (which you generally won’t have to worry about as we have access to it automatically) such as salary or non-ATO reported income. This income may be income that has not been sent to the ATO and could include tips, any income you’ve earned while working under an ABN or payments from a family trust. You need to work out all of the income that you have earned and report it to remain compliant with the ATO.
In a tax return, you will also be entitled to make tax deductions on certain items if they apply to your situation. This means that you may receive a greater amount in your tax refund.
You will be entitled to tax deductions on items such as:
Uniforms and protective clothing
Certain travel expenses between workplaces, e.g. travel between sites (but not travel expenses from home to work)
If an apprentice or trainee, if you have had to buy any of your tools or equipment out of pocket, you can claim them as a tax deduction (but cannot do so if your employer purchased them for you)
Any donations that you have made
Costs that may have been incurred in the process of educating yourself (e.g. course, seminars, training)
If you want to make sure that you understand precisely what you need to do to lodge your tax return, keep this in mind:
If you earned money, you need to report it.
If you can’t prove an expense, you can’t claim it.
If you want to make extra sure that you’ve got it right, see a tax agent
For assistance during the lodgement of your tax return, you can seek advice from us. We’re here to help ensure you meet your tax obligations by reporting your income correctly for this financial year.
Local Accounting Agency Expands Team
February 2, 2023
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