HMS Advisors Pty Ltd

The end of financial year is approaching and you have the opportunity to make a catch up superannuation concessional contribution.

Carried-forward concessional contributions are portions of your concessional contributions that were not used in previous financial years and may be used in the current financial year.

The carry-forward rule allows you to carry-forward unused amounts of your contribution cap for up to five years on a rolling basis, commencing from the 2018/19 financial year.

All or a portion of your carried-forward amount can be used in the current financial year provided your total superannuation balance was below $500,000 at 30 June 2023.

Any 2018/19 carried-forward amount will be forfeited if not used in the current financial year.

Concessional contributions include employer contributions, salary sacrifice and personal concessional contributions etc.

Personal superannuation contributions must reach your superannuation fund before the 30 June 2024 to be able to claim a tax deduction in your personal income tax return. A Notice of Intent (NOI) to claim or vary a deduction for personal super contributions is required to be lodged with your superannuation fund and an acknowledgment letter received before you lodge your 2024 income tax return.

To obtain your carried-forward amount log into your MyGov account and click on the Australian Taxation Office link. Click on the Super drop-down menu and select Information item. Then Carry-forward concessional contributions item and select 2023-24 financial year.

Disadvantages of concessional contributions
• Not tax effective if your margin tax rate

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AMS Tax Pty Ltd merged with Horne Merrell Sieff Pty Ltd to form HMS Advisors Pty Ltd.

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Tax deadline is approaching. Contact us if you need assistance and we can add you to our lodgement program which will extend your tax deadline to 15 May 2023.

Director Identification Number (DIN)

A Director ID is a unique (15-digit) identifier that a director will keep forever (even if they cease being a director). This additional layer of identification verification has been primarily introduced by the Government to prevent the appointment of fictitious directors and facilitate traceability of an individual director’s profile and their relationships with companies over time.

You will need to personally apply for a Director ID if you are an appointed company director (or even an alternative director). Note this also includes where you are a director of a company acting as a trustee (such as the corporate trustee of your SMSF or family trust).

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AMS Tax Pty Ltd updated their phone number.

AMS Tax Pty Ltd updated their business hours.

Disaster Relief Payments

The amount to be paid to eligible workers is to be increased from 2 August 2021 as follows:

• workers will receive $750 per week if they lose 20 hours or more of work;
• workers who lose between 8 and less than 20 hours, or a full day of work, will receive a payment of $450 per week.

The new rate will be automatically updated for workers already in the Services Australia system. It will be available from day one of future lockdowns, with claims made from day eight in arrears for the previous seven days. A weekly payment will then be made for the duration of the hotspot declaration.

The liquid assets test will not be applied and an individual does not need to run down personal annual leave in order to receive the payment.

Individuals currently receiving an income support payment through the social security safety net will receive a weekly payment of $200, in addition to their existing payment, if they can demonstrate they have lost more than 8 hours of work and meet the other eligibility requirements for the COVID-19 Disaster Payment.

JobSaver Payment & Micro Business Grant

Applications for the JobSaver Payment and Micro Business Grant opened on Monday 26 July 2021 and will not close until 11.59 pm on 18 October 2021.

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We are now a Xero Silver Partner.

Businesses up to $5B group turnover can fully expense new plant and equipment purchased between 6 October 2020 and 30 June 2022. Businesses with turnover less than $50 million, can fully expense new and second hand plant and equipment purchased between 6 October 2020 and 30 June 2022.

Note the car depreciation limits of $59,136 apply.

Working from home and claiming a tax deduction.

There are 3 methods available to calculate the allowable deduction for your additional running expenses

1. Fixed rate method – claim all of these:
a. a rate of 52 cents per work hour for heating, cooling, lighting, cleaning and the decline in value of office furniture;
b. the work-related portion of your actual costs of phone and internet expenses, computer consumables, stationery; and
c. the work-related portion of the decline in value of a computer, laptop, or similar device.
2. Actual cost method – claim the actual work-related portion of all your running expenses, which you need to calculate on a reasonable basis.
3. Shortcut method (available from 1 March 2020) – claim a rate of 80 cents per work hour in relation to all additional running expenses.

Have you registered your business for JobKeeper? We are here to assist.

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