Unicorn Taxation & Accounting -Chartered Accountants -Australia

Cartoon network shut down.

https://www.forbes.com/sites/bradadgate/2024/08/12/warner-bros-discovery-shuts-down-cartoon-network-website/

Finally some
Relief to home
Owners

First big four bank cuts interest rates — but experts urge caution The move may offer ‘some relief’ to homeowners and prospective buyers.

All non resident ( international Students and temporary visa holders who are not entitled to Medicare benefits ) Must apply for MES in my gov app before lodging their 2024 tax return , by getting an exemption they won’t pay Medicare levy charges which is a reasonable saving per Year.

With customers cutting down on non-essential items, forecasts show that one in 11 hospitality businesses in Australia are set to close in the next 12 months.

The data comes amid a fall in the average value of business invoices, which credit reporting bureau CreditorWatch said had dropped 49.9 per cent in the year to June, 2024.

READ MORE: https://nine.social/L7u

If you are happy you can do better business

https://www.abc.net.au/news/2024-07-01/audience-law-changes-coming-into-effect-on-july-1/104034320

A number of new laws have come into effect in July. See how they could affect you While we may have heard about these laws in the past, they don't take effect until July 1.

Interest rates hike has been a burden on average Australian and a news like this doesn’t give any hope either. Government should seek better ways to manage above.

Does anyone know a banker? Inflation rises to four per cent, stoking concern interest rates could increase again - Guardian Australia

Australia’s inflation rises to 4%, stoking concern interest rates could increase again — Guardian Australia The consumer price index increased to its highest level in 2024, indicating the Reserve Bank is unlikely to cut interest rates soon

Your well being is as important as your business.

When times are hard what we all need to remember

https://amp.9news.com.au/article/9f91f80e-8590-4a90-832f-19238e49c41c

Japan recession: Japan slips into a recession and loses its spot as the world's third-largest economy Japan’s economy is now the world’s fourth-largest after it contracted in the last quarter of 2023 and fell behind Germany.

How Businesses can nominate their Tax agents to have access of ATO records

How beautiful are those words Oatlands Tasmania

Indexation to boost Centrelink payments including Youth Allowance, disability pension, Austudy from January 1
The extra support will help Australians combat cost of living pressures.

Almost one million Australians will receive an increase to their government support payments when indexation hits on January 1.

Almost one million Australians will receive a cash boost in the new year, as government support payments increase from January 1.

More than 936,000 people receiving youth, student or carer support will see a six per cent boost to their payments when indexation takes effect.

Youth Allowance payments will increase by $22.40 and $25.80 per fortnight respectively for singles under 18, and over 18 living at home, and $36.20 for those living out of home.

Those with a partner and children will receive a $39.20 boost per fortnight, while anyone in a relationship without children gets a $36.20 increase.

Australians receiving Austudy will also get an increase between $36.20 and $45.60 per fortnight.

Those under 21 receiving a disability support pension will receive increases of $31.10 to $44.90.

More than 600,000 carers will benefit when the carer allowance increases to $153.50 a fortnight.

The rates for ABSTUDY, isolated chiABSTUDYldren assistance, mobility allowance, double orphan pension and pharmaceutical allowance will also increase.

The increases are part of routine indexation that happens annually in January to keep up with changes in inflation.

Social Services Minister Amanda Rishworth said the increases would help those receiving support navigate cost of living pressures.

( Source 7 News)

All Businesses needs to follow these steps if they want to authorise an accountant for their tax work.

https://www.realestate.com.au/news/the-cheapest-regional-towns-and-suburbs-where-home-buyers-can-easily-find-a-job/

The cheapest regional towns and suburbs where home buyers can easily find a job - realestate.com.au Property prices have hit a new high, but there are hundreds of towns around the country with affordable homes and good employment prospects.

Don't wait! Our lodgment penalty amnesty is ending

Thousands of eligible small businesses have taken advantage of our lodgment penalty amnesty. If you haven't; you only have until 31 December to join them!

When you lodge your eligible income tax returns, business activity statements and fringe benefit tax returns, failure to lodge penalties will be remitted without the need to apply.

To be eligible for the amnesty you must meet the following criteria:

Have had an annual turnover under $10 million when the original lodgment was due.
Have overdue income tax returns, BAS or FBT returns that were due between 1 December 2019 and 28 February 2022.
Lodge between 1 June and 31 December 2023.
The amnesty doesn't apply to privately owned groups, or individuals controlling over $5 million of net wealth.

Directors who bring their company lodgments up to date can also have penalties remitted. If they’re reliant on company lodgments to finalise their own tax affairs, any failure to lodge penalties will be remitted. This applies to eligible lodgments made between 1 June and 31 December 2023.

If you end up with a debt you should pay in full. However if you're experiencing financial difficulties, you may be eligible to set up a payment plan. Payment plans need an up-front payment and should be completed in the shortest possible time.

Remember, a registered tax professional or BAS agent can help you get back on track with your tax.

Last modified: 09 Nov 2023QC 73657
(Refrence ato)

ato.com.au

Interest rate hike means you need almost three median incomes to afford the average Australian house

The minimum wage required to comfortably afford a mortgage for the average house is now $182,000 – almost three times the median income. (Flavio Brancaleone/SMH)
The required salary falls to just under $130,000 to buy the average $659,130 apartment, still well out of reach for a single-income household.

Today's rate rise means borrowers with a $590,000 mortgage will be paying an extra $1345 a month compared to April last year.

"That's a huge amount of extra money to be spending on your mortgage, especially when the cost of almost everything else is also going up," Graham Cooke, Finder's head of consumer research, said, adding mortgage holders were "already on the ropes".

(Source 9 News )

Some tips for businesses & Sole traders

- Use your business bank account only for business expenses and income
- company will limit your liability so it’s better to work under a company instead of personal abn/ IRD number
- All Major Expenses should be supported by invoices
- They say Cash is king which means create enough backup that you are always able to Pay your bills when they are due, credit cards , OD facilities and any business loan if used wisely will help your business
- Hire people if you want to grow, unless being a boss you get enough free time to think , you can’t grow.
- Review every now and then where did you go wrong and keep trying
- small businesses take roughly 5 years to settle, give yourself time.
- life is beautiful , enjoy your life and look after your employees .

GST fraud is on the rise! The Australian Taxation Office (ATO) is seeing schemes, largely promoted online, involving people inventing fake businesses to claim false GST refunds they’re not entitled to. To combat this, the ATO is taking strong action through Operation Protego. Find out what you should do as a registered tax practitioner: https://shorturl.at/mIMX9