HiCom Accounting Pty Ltd

😢Our clients may experience the change in Superannuation

Guarantee Charge for the first quarter of FY 2024 ending Sep 2023. The reason for it is because the rate is increased from 10.5% to 11% now. All the business owners more than welcome to call me to vent cos I feel the urge to vent too 😭😭😭

👉👉👉Wake up this morning to the news that Victorian property owner can build granny flat without permit. Many people think that this is a good opportunity. HOLD ON FOR A SECOND and let’s do a calculation:

- Cost to build a granny flat 80K – 150K
- Time 12-16 weeks provided you have no issue with constructions or builders
- Rental income depending on area but may vary from 1-1.5k/ month? – 10 years of renting to make it back the cost on average.

Guys, with 80K-150K you can deposit for a house worth 400K – 500K in regional areas of cheap states, big – ass land with rental income around $300-$350 per week ( if your borrowing capacity allows to borrow for the rest). Make money straight away, no hustles with builders, own more land and no capital gain calculation by the time you sell your house with a granny flat on it. Be smart with your investment 😌😊😌

Black pink in your area 🖤💟🤣

🤟You may not know, but tax agents are also required by the tax department to achieve a KPI that is at least a year to lodge and complete 85% of the reports of its total clients. That's why HiCom sometimes has to urge customers to send information to meet the target in time.

🤟 We always try our best to complete everything on time so we also ask for your support to make everything go smoothly 🥰🥰

🤟A tax agent with a high rating makes it easier to work with the tax office. Clients who work with agents with high ratings will be more reputably represented, and due dates for reports will also be more favourable.

Wishing everyone a successful tax season ❤️

📣 Land tax threshold 22-23 updates 📣

Currently, the most attractive place ✨ is the land of crocodiles - NT with NO LAND TAX. And the most challenging is the ACT capital with no threshold, you have to pay no matter how much you have. 🥲

👩‍💼 Probably now it will be smarter to buy properties in multiple states to avoid land tax rather than putting all your eggs in one basket.
New thresholds of each state will be updated around Sep or Oct 2023! We will keep you posted so please stay tuned. 😉

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𝐇𝐈𝐂𝐎𝐌 𝐀𝐂𝐂𝐎𝐔𝐍𝐓𝐈𝐍𝐆 𝐏𝐓𝐘 𝐋𝐓𝐃
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

A dose of tax every day 😁😁😁

Did you know that if you invest in residential properties, you cannot claim" travel" expenses for inspecting, or visiting the properties? But Travel expenses are deductible for other types of properties and they are:

📌📃 Dear Valued Clients,

We hope this email finds you well.

We wanted to inform you about 𝐀𝐓𝐎'𝐬 𝐝𝐚𝐭𝐚-𝐦𝐚𝐭𝐜𝐡𝐢𝐧𝐠 𝐩𝐫𝐨𝐠𝐫𝐚𝐦 𝐭𝐚𝐫𝐠𝐞𝐭𝐢𝐧𝐠 𝐫𝐞𝐧𝐭𝐚𝐥 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬.
They will cross-reference your tax returns with information from financial institutions and real estate agents to identify any inconsistencies in rental income and deductions.

• 𝗕𝗮𝗻𝗸𝘀 𝘄𝗶𝗹𝗹 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘁𝗵𝗲 𝗔𝗧𝗢 𝗰𝗹𝗶𝗲𝗻𝘁’𝘀 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗱𝗮𝘁𝗮 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴
o mortgage repayments and redrawing – interest on money for private purposes is not tax deductible.
o payment transactions related to investment properties – rental income & expenses in the bank.
o 17 banks in Australia including Big Four CBA, ANZ, NAB & Westpac are obligated to provide the information to the ATO.

• 𝗥𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗮𝗴𝗲𝗻𝘁𝘀 & 𝗹𝗮𝗻𝗱𝗹𝗼𝗿𝗱 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀 𝘄𝗶𝗹𝗹 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗔𝗧𝗢 𝗰𝗹𝗶𝗲𝗻𝘁’𝘀 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗱𝗲𝘁𝗮𝗶𝗹𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴
o Property owner details, rental income & expenses, rental timeline
o Insurance payouts related to investment property – must be reported as income.

To comply with these changes, we will conduct more thorough 𝙘𝙝𝙚𝙘𝙠𝙨 𝙖𝙣𝙙 𝙫𝙚𝙧𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 to ensure that the information provided aligns with the data obtained from banks and real estate agents.
This includes rental income statements, bank statements, as well as any supporting documents for deductions, e.g., invoices & receipts.

It is essential that we work together to ensure the accuracy and avoid any adverse consequences.
We appreciate your cooperation and please let us know if you have any questions.

We have also attached links regarding this ATO data-matching initiative for your reference.
https://www.ato.gov.au/General/Gen/Residential-investment-property-loan-2021-22-to-2025-26-data-matching-program-protocol/?anchor=Aboutourdatamatchingprograms
https://www.ato.gov.au/Media-centre/Media-releases/Tax-time-focus-on-rental-property-income-and-deductions/
https://www.apimagazine.com.au/news/article/ato-gains-access-to-landlords-bank-accounts-in-major-crackdown

Thank you for your attention to this matter.
Kind regards,

❤🫶 HiCom Accounting team: 2021 vs. 2023

What a journey it has been! We've come a long way, and we're not stopping here. The HiCom Accounting team is committed to working even harder to deliver the best services. 😊

Together, we'll achieve great things! ✨

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𝐇𝐈𝐂𝐎𝐌 𝐀𝐂𝐂𝐎𝐔𝐍𝐓𝐈𝐍𝐆 𝐏𝐓𝐘 𝐋𝐓𝐃
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

📌𝗩𝗜𝗖𝗧𝗢𝗥𝗜𝗔 𝗦𝗧𝗔𝗧𝗘 𝗕𝗨𝗗𝗚𝗘𝗧 𝟮𝟬𝟮𝟯 – 𝟮𝟬𝟮𝟰 – 𝗞𝗲𝘆 𝗽𝗼𝗶𝗻𝘁𝘀 ✨

🤓 𝗔𝗯𝗼𝗹𝗶𝘀𝗵 𝗹𝗮𝗻𝗱 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗱𝘂𝘁𝘆 (stamp duty) on commercial and industrial properties and replace with an annual property tax – expected start date 01 July 2024
From 1 July 2024, commercial and industrial properties will have 2 options either pay stamp duty immediately or transition to the new system as they are sold, with the annual property tax to be payable 10 years after the transaction. The purpose of this is to help businesses and investors with capital to do business and boost up economy, the stamp duty with the government can be paid gradually.

The annual property tax for commercial and industrial property will be 1 per cent of the property’s unimproved land value.

💵 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗱𝗲𝗯𝘁 — temporary 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 tax surcharge – expected start date 01 July 2023
A temporary payroll tax surcharge will apply on wages paid in Victoria by businesses with national payrolls over $10 million a year.
A rate of 0.5% will apply for businesses with national payrolls above $10 million, and businesses with national payrolls above $100 million will pay an additional 0.5%.
The surcharge will apply for 10 years until 30 June 2033.

💵💵 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗱𝗲𝗯𝘁 — temporary 𝗹𝗮𝗻𝗱 tax surcharge – expect start date from 2024 land tax year
A new COVID-19 debt temporary land tax surcharge will apply in addition to existing land tax from the 2024 land tax year for ten years.
Exempt properties — including your home — remain exempt from this surcharge. This means the value of exempt property is not included in your landholdings.
𝙂𝙚𝙣𝙚𝙧𝙖𝙡 𝙡𝙖𝙣𝙙 𝙩𝙖𝙭 𝙧𝙖𝙩𝙚𝙨
• For taxable landholdings between $50,000 and $100,000 — a $500 flat surcharge will apply
• For taxable landholdings between $100,000 and $300,000 — a $975 flat surcharge will apply
• For taxable landholdings over $300,000: a $975 flat surcharge and an increased rate of land tax by 0.10 percentage points.

𝙏𝙧𝙪𝙨𝙩 𝙨𝙪𝙧𝙘𝙝𝙖𝙧𝙜𝙚 𝙡𝙖𝙣𝙙 𝙩𝙖𝙭 𝙧𝙖𝙩𝙚𝙨
• For taxable landholdings between $50,000 and $100,000 — a $500 flat surcharge will apply
• For taxable landholdings between $100,000 and $250,000 — a $975 flat surcharge will apply
• For taxable landholdings over $250,000: a $975 flat surcharge and an increased rate of land tax by 0.10 percentage points.

📊 𝗧𝗵𝗲 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝘁𝗮𝘅-𝗳𝗿𝗲𝗲 𝘁𝗵𝗿𝗲𝘀𝗵𝗼𝗹𝗱 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 – expected start date 01 July 2024
• commencing 1 July 2024 — from $700,000 to $900,000
• commencing 1 July 2025 — to $1,000,000.

👩‍💼🧑‍💼 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗱𝘂𝘁𝘆 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗮𝗯𝗼𝗹𝗶𝘀𝗵𝗲𝗱 𝗼𝘃𝗲𝗿 𝗮 𝟭𝟬-𝘆𝗲𝗮𝗿 𝗽𝗲𝗿𝗶𝗼𝗱 - expected start date 01 July 2024
The rate of duty, currently 10 per cent, will be reduced by 1 percentage point each year

Link: https://www.sro.vic.gov.au/state-budget-2023-24-announcement

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𝐇𝐈𝐂𝐎𝐌 𝐀𝐂𝐂𝐎𝐔𝐍𝐓𝐈𝐍𝐆 𝐏𝐓𝐘 𝐋𝐓𝐃
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟯 was already announced yesterday on 09 May 2023
How does it affect businesses’ & individuals’ tax? Key changes are highlighted below.

𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 👥🏢
👉 There is no extension to Temporary Full Expensing, which will finish on 30 June 2023.

👉 However small businesses will have a temporary one-year increase of the instant asset write-off threshold to $20,000.

👉 The 2022-23 income year is the final year for which eligible entities can carry back losses to prior years.

👉 Small and medium businesses will receive an additional 20% bonus tax deduction for spending that supports “electrification” and more efficient use of energy under the Small Business Energy Incentive.

👉 Introduction of ‘Payday Super’ from 1 July 2026, employers will be required to pay SG entitlements on the same day that an employee’s salary or wages are paid.

👉 Decrease PAYG and GST installments - The Government will reduce the GDP adjustment factor for Pay As You Go (PAYG) and GST installments from 12% to 6% for the 2023–24 income year.

👉 Decrease in Fuel Tax Credit for on-road Heavy Vehicles.

👉 Increase in ATO and Treasury funding to target debt and compliance – continue GST compliance program, extend Personal Income Tax Compliance program, and facilitate engagement with high-value debt taxpayers.

𝗜𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀 👨‍💼👩‍💼
👉 There were no changes in respect of existing personal income tax rates and the already legislated stage 3 tax cuts will continue to apply from 1 July 2024 - everyone who earns between $45,000 and $200,000 will pay the same marginal tax rate of 30%.

👉 Low Middle Income Tax Offset (LMITO), which provided a tax offset of between $675 and $1,500 in the 2021-22 income year, is no longer available in the current 2022-23 income year and future income years.

👉 Low Income Tax Offset (LITO), however, is still available in the 2022-23 financial year, providing a tax offset of up to $700 for those earning less than $66,667.

👉 Low-income earners will also be eligible for a Medicare Levy exemption on eligible lump sum payments from 1 July 2024, for example as compensation for underpaid wages.

👉 Increase tax rate for high superannuation balance. From 1 July 2025, the concessional tax rate which will be applied to future earnings for member superannuation balances above $3 million will be increased to 30%, 15% higher than the current tax rate of 15%

Further details can be found here:
https://www.pwc.com.au/publications/federal-budget-2023/analysis-and-insights.htmlhttps://budget.gov.au/content/overview/download/budget_overview.pdf

"The list of the wealthiest cities in the world currently includes: Number 1️⃣ - New York with 340,000 millionaires, Number 2️⃣ - Tokyo, Japan with 290,000 millionaires, Number 5️⃣ is Singapore, followed by other Asian cities such as Hong Kong and Shanghai. Number 🔟 is the beautiful city of Sydney and yes, the 17th spot belongs to Melbourne with 96,000 millionaires 😁😁😁.

Among these 96,000 millionaires, there must be quite a few HiCom Accounting Pty Ltd clients who are millionaires 🤣🤣🤣. Today's definition of a millionaire still remains as someone with a net worth of over one million dollars.

Roughly speaking, having around 5 houses in Mel - each worth around a million, with 80% of the cost covered by loans. So, each house has a net worth of 200k x 5 = a millionaire - congratulations 🌷🌹🌺. Real estate always remains a profitable investment 😅😅😅. However, in the current suffocating interest rate environment, real estate is also becoming stagnant and unpredictable.

To summarize, we would like to emphasize that we not only specialize in providing accounting, tax, and financial services to business owners, but also to investors 👌👌🤝🤝. Any millionaire who wants to receive dedicated care, please contact HiCom Accounting - Accountant for Millionaires 🥰🥰🥰."
The link: https://www.henleyglobal.com/publications/wealthiest-cities

📣 Easter break announcement 📣

From 𝟬𝟳-𝟭𝟬/𝟬𝟰/𝟮𝟬𝟮𝟯, the HiCom Accounting office will be closed on the occasion of Easter.

😊We will be back on Tuesday 𝟭𝟭/𝟬𝟰/𝟮𝟬𝟮𝟯 to support our beloved customers.

Happy Easter everyone! 💐

😘HiCom Accounting proudly presents... our golden faces 2023 version 🌟✨

❤❤❤We would like to take this opportunity to express our heartfelt appreciation to all our valued clients who have been with us throughout our journey. Your trust and support have been instrumental in our growth and success.

We look forward to continuing to serve you with excellence! 🫶

📣Energy Efficiency Grants for Small and Medium Sized Enterprises

🤓Small and medium businesses with 1 to 199 employees have the opportunity to receive grants ranging from $10,000 to $25,000 to cover up to 100% of eligible project expenditures.

📑With a total of $16 million available, this funding will be distributed between states and territories based on the distribution of small and medium sized businesses nationally. Grants will be awarded to eligible applicants on a first come, first served basis until the funding is exhausted in each jurisdiction.

📌Registration will last until 𝟱 𝗽𝗺 𝗪𝗲𝗱𝗻𝗲𝘀𝗱𝗮𝘆, 𝗔𝗽𝗿𝗶𝗹 𝟭𝟵, 𝟮𝟬𝟮𝟯.

More details about this Program can be found at: https://business.gov.au/grants-and-programs/energy-efficiency-grants-for-small-and-medium-sized-enterprises-round-1

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

📣ATTENTION📢

Super increases 0.5% upto 11% on gross salary from 01.07.2023

🧐ATO cracks down on international money

The ATO has “drawn a line in the sand” when it comes to overseas money transfers into Australia, if not careful, taxpayers can very likely become a suspect 🥲

🏡In fact, some people are migrating funds here to mask it as something it’s not, in an attempt to avoid paying tax. In addition, Australia is expanding to attract investment, especially in the real estate segment, so ATO has committed to scrutinizing these transfers closely.

👉There are provisions in Australian law that can be applied unexpectedly that can treat a loan from overseas as income. If shareholders take money from the company as a loan but it’s not documented properly, for example, it can be treated as income.

The complicated tax payment process is now even more stressful, so everyone must be careful and invest early in making taxes transparently to avoid unexpected consequences later!!!

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

Do you see what I'm seeing 😭?

This is my client's data reported in her ATO prefiling report. She ran a business last year, and her business is reported by the ATO that there are 3 sources of income for her business:
👉More than 1.5K income with American Express bank account
👉More than 236K income with CBA bank
👉And $1 with Tyro

So, in a nutshell, TECHNOLOGY has made all data transparent, and I feel a bit ticklish, LOL. The ATO knows all your pockets, so please try to store documents and invoices and declare your employees properly😌

The funny thing is they only sum up income but expenses are on your own. Hence, it is your duty to accumulate as much evidence as possible for costs to reduce the taxable income as much as you can. So try to take advantage of expenses.
Wishing everyone a brilliant and transparent business year 😝😝😝

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

Happy Lunar New Year! Wishing you all a wonderful year of good health, happiness, and success! 😊❤️

🖊️ We are writing this to inform you on some updates on the 𝗗𝗨𝗘 𝗗𝗔𝗧𝗘 for superannuation payment/quarter.

It has come to our attention that the ATO is starting to review and request many businesses to pay for Superannuation Guarantee Charge -SGC due to late superannuation payment. This action has been suspended during the COVID period. However, now the ATO is applying this procedure again to ensure everyone is paying Super on time.

The Superannuation Guarantee Charge is made up of super guaranteed shortfall, the nominal interest of 10% per annum (accrued from the start of the relevant quarter) an administration fee of $20 per employee per quarter. All these expenses are considered as 𝗙𝗜𝗡𝗘𝗦 & 𝗣𝗘𝗡𝗔𝗟𝗧𝗜𝗘𝗦; hence they are 𝗡𝗢𝗧 𝗧𝗔𝗫 𝗗𝗘𝗗𝗨𝗖𝗧𝗜𝗕𝗟𝗘.

‼️ As a result, it is very 𝗜𝗠𝗣𝗢𝗥𝗧𝗔𝗡𝗧 that you make the payment 𝗢𝗡 𝗧𝗜𝗠𝗘 as the following due date.

𝗤𝘂𝗮𝗿𝘁𝗲𝗿 𝗣𝗲𝗿𝗶𝗼𝗱 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗱𝘂𝗲 𝗱𝗮𝘁𝗲
1 1 Jul – 30 Sep 28 October 2022
2 1 Oct – 31 Dec 28 January 2023
3 1 Jan – 31 Mar 28 April 2023
4 1 Apr – 30 Jun 28 July 2023

🕒 As you can see, you only have 28 days after the quarter end to meet your Superannuation Liabilities. HiCom Accounting, as always, supports clients to meet their due dates to avoid unnecessary penalties. Hence, we will send you a superannuation reminder together with the current BAS reminder at the beginning of each quarter. Therefore, each client will only have around 20-25 days to send us salary information for super declaration and other information for BAS.

✉️ Due to the shortage of due time, we can only chase up business once each quarter via email. Therefore, if you are paying staff wages (including yourself), please get in touch with us before the due date for early superannuation declaration and payment to avoid further charges.

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

🧐The complexity of Superannuation for businesses🤓

1. During Covid time, if you pay super late, you will not be fined since the ATO tried to cut some slacks for businesses

2. Now, ATO reinstates penalties for late super payments.

3. When an employee has super account with a fund that is merged with another super company, the whole super payment of that business is returned back for business owner and it will have to be redone.

4. The business owner must collect the new super information of that employee.

5. Then the tax agent/ business owner must cancel the old payment, re-submit the new employee's information, and re-declare the whole payment of the whole business of that quarter to make a new payment.

6. Because of this complexity, imagine a business has 30 employees, and 1 employee has a outdated super info, then the remaining 29 super payment is held up.

7. All super will have to be resubmitted, so the amount of work for the tax agent/business owner also increases significantly because they have to chase up the information of that employee.

8. Many employees don't know how to manage their super account online, some have never even checked their super accounts in their whole life, so if their super company gets merged with another fund, they can't even trace their super information, see which is the old super, which is the new super, and it's not fair for the remaining 29 employees just because one person in the team has a problematic superfund.

9. Employees who have their super merged, sometimes have been paid by the business owner, but the employee account does not receive due to loss in transition from the old super company to the new super company (my employees have experience with this) 😕
By calling these companies is not helpful and they do not show the responsibility to chase for us to collect the money we have paid. So when you can't chase because of the confusion between the old and new super company, you can't collect money. Then if the employee doesn't receive the super, it's the business owner's job to chase that money.

👉 Solutions 👈

☝️ Employee should set up a super account with a big superannuation fund, there are some big super organisations, and they will be less likely to be acquired or merged by bigger competitors, moreover, big companies' system is also better so you can avoid losing super.
✌️ Choose the 3 biggest super funds: REST, AUSTRALIAN SUPER, HOTPLUS to avoid losing super for employees and avoid unnecessary chasing up for business owners.

🤩🥳Christmas is right here with HiCom Accounting.

🎅Have you prepared anything for this holiday season? Share with us in the comments!

Wishing everyone a Merry Christmas and a Happy New Year😘🥰

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

📣 Holiday break 📣

😁After a year of tireless work, now is the time for us to take a break.

😊From 19/12/2022 to 09/01/2023 our office will be closed for Christmas and New Year.
Therefore, any requests during this period will be processed after the holiday. Hope everyone understands.😇

😘😘Let's enjoy the last days of the year to the fullest!

HiCom Accounting will come back soon❤️

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

🤩ABRS extends the Director ID registration deadline for another 2 weeks

👨‍🏫Instead of closing the gate to register identifiers for directors of businesses on November 30 as previously announced, the Australian Business Registration Service (ABRS) has decided to extend the time for another 14 days.

👉This means that people have more time to register until December 14👈

👥After this time, those who are directors at Australian registered companies without a Director ID can face the maximum criminal penalty set at $13,200 and civil penalties can be as high as $1.1 million.

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

🧐🧐🧐Identity Theft and ways to prevent it

👾With the massive data leak incidents lately from Optus and Medibank, clients information are stolen including:
- Driving license
- Passport
- DOB

👿For business clients with Optus, there are may be other information to be leaked like
- ABN of the business
- TFN of the business or business owner, depending on which information has been used to register for account

🤓Since, you cannot change your business TFN or ABN, so it is recommended that you get yourself a new driver licence and new passport. Update it to avoid the old information being used for TAX SCAM.

👥We have clients that their ID are stolen and used for lodge BAS statement with thousands of tax refundable. After a couple of quarters, ATO discover and lock the TFN & ABN, penalize the client and insure tax debt under that TFN. Years later, the issues are still not being resolved, the client ended up having difficulties to move forward with any plans and his life including: buying house, asset finances or any kinds of investments due to bad debt credit.

Better be safe than sorry everyone 😊

P/s: I make a quite good hacker ha ha

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

🤓 According to the Australian Business Registration Service (ABRS), if you're a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation, you will need a Director identification number (Director ID)

⏰ However, the Director ID registration deadline will expire on November 30, 2022.

👉 If you have not yet registered, you can visit here to complete the procedures: https://by.com.vn/zxNQR

=================
HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

🤩The Australian Treasury has released the new budget report for 2022-2023 this October. This focuses on the “Building a Better Future” and “Budget at a Glance” documents which outlines the changes and the proposed use of budget during this period.

🤓The main changes are as follows:

• Cheaper Child Care
• Expanding Paid Parental Leave
• Pharmaceutical Benefits Scheme General co-payment lowered to $30
• 50% Loading for Telehealth Psychology (Regional/Rural)
• Target of 1 Million New Homes
• Establishing the Housing Australia Future Fund
• Securing the NDIS
• Protecting Australians in Aged Care
• More + Better Aged Care
• Efforts to Support Woman’s Safety
• Investing in Schools
• Supporting Veterans
• Community Batteries and Solar Banks
• Protecting the Great Barrier Reef
• Transparent + Accountable Climate Action
• Supporting Business Wellbeing
• Fee-Free TAFE
• Investing in NBN + Mobile Connectivity

✅The budget does not mention any changes or updates in terms of tax law for either individual or businesses. Majority of government spending will be focus on health, social and climate activities.

To read more into detail regarding each of these budget priorities listed, visit the Australian Treasury website: https://budget.gov.au/index.htm

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

📍HiCom Accounting Pty LTD out of Office

In tribute to Her Majesty Queen Elizabeth II, a public holiday has been declared for the National Day of Mourning on Thursday 22 September. Following this, Victoria has the AFL Grand Final public holiday on Friday 23 September.

We would just like to remind you that the HiCom Accounting office will be closed on both Thursday and Friday due to these public holidays.

We hope you be patient with us while we are away, and we will do our very best to respond to your inquiries with priority on Monday.

Hope everyone has a great weekend!

=================
HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

✅Technology is helping many small business owners deal with payroll regulations difficulty.

💵Because of the stressful and confusing ever-changing regulatory environment, small businesses often struggle to stay on top of regulation or award requirements around employee entitlements and payments.

📄A report titled "The Changing world of work" indicates that technology makes payroll compliance easier for employers. Among the small business employers surveyed:
👉 51% said the software helps them with managing compliance
👉 38% said software has helped to reduce their stress levels
👉 56% agree technology that can help forecast payroll costs would make them less stressed about their workforce.
👩‍💼HiCom Accounting Pty Ltd is a company providing professional accounting services. We use the most advanced technology in job processing such as Xero, Quickbooks, etc. to minimize mistakes and take the stress out of work for business owners.

If you are having problems with compliance with payment regulations, contact HiCom Accounting now to resolve it.

=================
HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝘁𝗵𝗲 𝗧𝗮𝘅 𝗙𝗿𝗲𝗲 𝗖𝗢𝗩𝗜𝗗 𝗦𝘂𝗽𝗽𝗼𝗿𝘁

The following Covid grants are updated as tax free from your business income. Any Covid Grants that are not in the list will be subject to tax payable.

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HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/

The ATO has released fuel tax credit rates for businesses from 30 March 2022 to 30 June 2022.

From 30 March 2022 until 28 September 2022, businesses using fuel in heavy vehicles for travelling on 𝐏𝐔𝐁𝐋𝐈𝐂 𝐑𝐎𝐀𝐃 cannot claim fuel tax credits as the road user charge (RUC) exceeds the excise duty paid."

Link: https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits---business/Rates---business/From-1-July-2021/

A part of being a business owner comes with having to make salary, wage or remuneration payments to your staff.

The first and most important thing to consider, is choosing your payment cycle or how often you do your payroll:
💵 Weekly
💵 Fortnightly
💵 Monthly

As a tax accountant, I see people paying their staff very irregularly, sometimes payments made once a week, then at a different time every two weeks for the same individual. 🧐

⛔️ This makes payroll tasks extremely complex and time consuming and will only create a further cost for your accounting fee and more time in organising your business. This may also contribute to mistakes made while reconciling your account.

Choose a pay cycle that is right for your business and get in the habit of paying your salary correctly and on certain days of the week, or month, etc. to ensure your payroll is not wrong, not difficult to track and not breaking the law. 😊

=================
HICOM ACCOUNTING PTY LTD
Tax Accountant & Business Advisor
NDIS Plan Manager
Easy to Reach & Ready to Help
Accounting: https://hicomaccounting.com.au/
NDIS Plan Manager: https://hicomcare.com.au/