Rogers Lean & Co

Accountant Job in Gosford, Gosford & Central Coast NSW Reporting to the partners, this role will involve the assistance in the preparation of financial accounts & ITR's for our business & SMSF clients.

Do you know of a central coast based accountant tired of commuting or looking for a change?? Let them know we are currently looking for an accountant to join our team. Remuneration based on experience, applications encouraged via Seek

Accountant Job in Gosford, Gosford & Central Coast NSW Reporting to the partners, this role will involve the assistance in the preparation of financial accounts & ITR's for our business & SMSF clients.

June 2022 Client Newsletter is a jam-packed edition features pieces on:

- Year-end tax planning – both from a tax and superannuation perspective. This article details various strategies individuals and businesses can employ to optimize their year-end tax position as we head towards 30 June.
- An ATO warning on the latest tax scam doing the rounds. The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers.
- What the new government has foreshadowed on the tax and super front. This includes support for significant income tax cuts for individuals, a crackdown on multinational tax avoidance, lowering the age eligibility for the super downsizer scheme, and a home buyer subsidy – making it easier to buy your first home.
- The four items under the ATO’s microscope as we head into Tax Time 2022. Record-keeping, work-related expenses, rental income and deductions, and capital gains from crypto are all on the ATO radar.
- How downsizer super contributions can help older individuals provide for their retirement. Contribute extra money to your superannuation after you sell the family home. Did you know you could invest the proceeds of the sale of your family home to your superannuation, depending on your age and circumstances?https://www.rogerslean.com.au/wp-content/uploads/2022/06/ROGERSLEAN-June-2022.pdf

www.rogerslean.com.au

Happy New Year to you all, hopefully this year ahead is far less dramatic than the last two.
To keep you up to date, here is out latest newletter with some fantastic articles!https://www.rogerslean.com.au/wp-content/uploads/2022/02/ROGERSLEAN-February-2022.pdf

Monthly Newsletters, our attempt to keep you up to date on the rough and tumble would of tax and accounting....

This month:
- Director Identification Numbers - What are they, and do you need one?
- Upcoming changes to superannuation, how will these affect you?
https://www.rogerslean.com.au/rogers-lean-december-2021-monthly-newsletter

They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation.

In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust – and why it’s best to seek the advice of a professional instead of attempting a DIY!

We also address why the common question ‘Are you an Australian resident for tax purposes?’ is such an important one. (Spoiler alert: the main reason is that if you are, you’re obliged to declare all income earned both in Australia and overseas!)

Becoming the executor of a deceased estate is often seen as an honour, but it’s also a huge responsibility: our third article looks at what’s involved should you ever find yourself appointed to execute the wishes of a deceased loved one.

Over in the superannuation world, we explain the new ‘stapling super’ mechanism, effective as of 1 November, that will automatically carry over an employee’s super fund to their new job with a view to reducing to the old problem of multiple super accounts.

In good news for SMSF trustees financially impacted by COVID-19 lockdowns, our second super article outlines some of the relief that will be available in certain States and Territories in the 2021-22 financial year.https://www.rogerslean.com.au/wp-content/uploads/2021/11/ROGERSLEAN-November-2021.pdf

Happy NSW Freedom Day All!
To celebrate here's our monthly newsletter, which includes articles on claiming working from home deductions during the pandemic and on Christmas time and tax deductions!
https://www.rogerslean.com.au/rogers-lean-october-2021-monthly-newsletter

Who loves a monthly newsletter! This month the first article in particular is worth a read as it relates to those pesky tax deductions for travel and living away from home.https://www.rogerslean.com.au/wp-content/uploads/2021/09/ROGERSLEAN-September-2021.pdf

www.rogerslean.com.au

In a slightly less pressing post than our recent ones about NSW Covid Grants, it's our Monthly Newsletter!
This month we look at:
- The Future of Superannuation
- Rental Property Capital Works Deductions
- Trust Distirbutions/Losses and how they work; and
- How Reward Programs are treated for tax purposeshttps://www.rogerslean.com.au/wp-content/uploads/2021/08/ROGERSLEAN-August-2021.pdf

www.rogerslean.com.au

I'm locked-down, what support can I get?
Luckily NSW Revenue has supplied a summary PDF (with links to relevant grants)!
Please follow link below to copy of PDF on our website:https://www.rogerslean.com.au/wp-content/uploads/2021/07/COVID-19-support-package-summary.pdf

www.rogerslean.com.au

NSW Covid Lockdown Support

14 July 2021

Small Business

The NSW Government has a number of grants soon to be implemented (starting from 19 July 2021). These include:

• Covid-19 Business Grant - This is a payment of up to $15,000 available to businesses (with greater than $75,000 turnover) who can show a downturn of income. More details on this to come.
• Micro Business Grant - This is a payment of $1500 available to businesses with between $30,000 and $75,000 turnover, and can show a downturn in income. More details on this to come.

While these grants cannot yet be applied for, if you are affected please setup a Services NSW account and establish a business profile linked to that account. All applications will have to be done through your Services NSW account and not the ATO.

More information can be found at: https://www.service.nsw.gov.au/covid-19-business-support-2021

Individuals

Individuals have to apply through MyGov for assistance via the Covid-19 Commonwealth Disaster Payment. This is a payment of $375/week if between 8-20 hours of work lost, or $600/week if greater than 20 hours of work lost.

More information can be found at: https://www.servicesaustralia.gov.au/individuals/services/centrelink/covid-19-disaster-payment

Note: This is all the information that has been released at the time of this email. NSW Revenue will release further details as to the eligibility criteria in the coming days, and we will provide updates when they do.

If you have any questions please contact the office.

COVID-19 Disaster Payment - Services Australia A support payment for workers adversely affected by a state public health order.

The ATO has seen a lot of mistakes being made on business tax returns over the years, but has kept a record of these so we can all learn from other people’s errors. Laundry expenses can be a legitimate tax deduction, but claims need to follow certain rules, which we sketch out.

Every SMSF will come to the end of its functioning life at some stage, but the way in which a fund is wound up can leave members with differing retirement benefit outcomes. And if this tax time’s end result is a tax bill, not a refund, there may be a straightforward explanation.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. https://www.rogerslean.com.au/wp-content/uploads/2021/07/ROGERSLEAN-July-2021.pdf

www.rogerslean.com.au

Happy New Financial Year!
Michael, Cameron & Rhys would like to thank all our clients for yet another year of support, and we look forward to working with you on what we hope to be a more run-of-the-mill financial year this year!

Covid Lockdown Update

In line with current NSW Health guidance, effective today our office will be closed to the public until further notice.

We will be still contactable via phone and email as usual.

In regards to financial support through this lockdown, we will be putting out further information later today.

Stay safe everyone.

We are now less than 30 days from the end of another financial year. It is a year that has brought turmoil for a lot of Australians, with some people affected worse than others.

So what do you need to think about for end of year tax planning?

• Are you paying your June Superannuation early to claim the deduction this year? Is so you need to ensure you pay the amount by 23/06/2021 to ensure it is received by the funds and you can claim the tax deduction.
• Have you paid any outstanding creditors to ensure the expense is claimed this financial year?
• Have you thought about taking advantage of the ATO's Temporary Full Expensing prior to 30 June. Maybe there is a piece of equipment you need for your business, you could claim the whole cost this year!

If you would like to discuss customised end of year tax advice for your individual circumstances, please contact Michael, Cameron or Rhys at the office.

So what's new this month?

Bitcoin and cryptocurrencies have had a bit of a resurgence, which may even have something to do with the pandemic. But the implications for your tax outcomes is something even the ATO is wary about.

We also look at “personal services income” and the ATO’s refreshed guidance, the qualifications that are expected for SMSF trustees, and how to best go about briefing your barrister if you or your business need to face court.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
https://www.rogerslean.com.au/wp-content/uploads/2021/06/ROGERSLEAN-June-2021.pdf

www.rogerslean.com.au

What would you like to have more for your business?
- 10 Paying Once-Off Jobs
- 2 Referral Partners who will give you business on an ongoing basis

We are members of BNI Central Coast, a group of like minded business people meeting weekly to network and help each other grow our businesses through high quality referrals.

If you would like to know more or come along for a visit to find out what its all about please DM us or email Rhys on [email protected]

NEWSLETTER TIME!

It’s getting very close to the business end of the financial year, so we have gathered some tax planning tips that could set you up for a better tax outcome. And as that outcome can be ruined by having to deal with an excess super contribution charge, we look at how best to avoid it.

The ATO has tightened the evidence requirements for real property valuations for SMSFs, so we look at how to keep your fund compliant, and also bring some good news with the recently launched SME Recovery Loan Scheme, plus an expansion of the ATO’s independent review service.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.https://www.rogerslean.com.au/wp-content/uploads/2021/05/ROGERSLEAN-May-2021.pdf

www.rogerslean.com.au

Tuesday night saw another Budget announced, and rather than opting for austerity measures, the government has taken a view of stimulating the economy in order to repay its debt over the long term.

Our special issue newsletter covers the major talking points from the Budget Announcement.
https://www.rogerslean.com.au/wp-content/uploads/2021/05/ROGERSLEAN-Budget-2021.pdf

www.rogerslean.com.au

50% OFF Xero for 3 months. T&Cs apply. Online accounting for small business

A fantastic opportunity to find out more about what referral marketing can do for you. Contact [email protected] or comment below for a follow up!

Attend our discovery session to find out more.
1pm Thursday via zoom

[email protected] or message us

Together, the BNI Network has completed 2 million hours of training on BNI Business Builder. That's 228 years of training completed in just over 3 years of the system's existence. Originally launched as BNI University in 2018, this learning platform has created countless opportunities for BNI Members, Directors and Global Support Team Members to learn. This is an excellent example of BNI's Core Value of Lifelong Learning. BNI Business Builder is not only an amazing tool to help you as a member of BNI but also allows you to gain skills in your everyday business life.

Are you looking for a way to promote your business?
BNI Central Coast is currently running Discover Sessions at 1pm on Thursdays via Zoom.
BNI is a international network referral group that in NSW for March alone has passed over 14million of closed business between members.
If you would like to know more, contact Rhys at [email protected]

So who loves a monthly newsletter! Rhys' favourite topic for this month is CGT on selling properties as this is a common mistake made when making assumptions about when your tax bill will be due!

If you ever have an upcoming CGT event, please don't hesitate to contact us in advance so we can make sure you are prepared and properly informed.
https://www.rogerslean.com.au/rogers-lean-april-2021-monthly-newsletter

Rogers Lean April 2021 Monthly Newsletter When it comes to selling property and CGT liabilities, the timing of the transaction can be more important than many expect. We also look at the fact that not every type of income is taxed, with some money escaping tax altogether. There are new insolvency reforms that could help some small businesse...