Month: July 2021

Variety Bash 2021

Bowden Liberatore is honored again to support children in our local community and Bash Car 65 during the Variety Bash QLD. https://www.varietybashqld.com.au/bashcar65

Variety is a charity organisation that endeavors to empower Aussie kids who are sick, disadvantaged, or have special needs, to live, laugh and learn regardless of what life throws at them. At Bowden Liberatore our purpose includes being involved in our local community, giving to those in need.

Bash Car 65’s desire to be a fundraiser for Variety was due to a local girl’s fight with Sepsis. Mia Wilkinson’s story is a harrowing one.  At the age of 4, she suffered from Sepsis and as a result of this illness, she has become a quad amputee. Thankfully she has recovered now however, she faces repeated visits to the hospital as she grows up.

Her story is one we hold close to our hearts, if you would like to know more about this courageous girl please click on the link: https://youtu.be/j7JCIFaod90

We are assisting Damien and Bash Car 65 to hit their financial goal with all money donated going directly to helping children in the community gain access to much-needed services. 

If you would like to know more about Variety, click on the link below. https://www.varietybashqld.com.au/

It is tax time for the 2021 financial year. The ATO has announced key changes that may affect the lodgement of your financial year 2021 tax return(s).

Who?

This applies to tax returns for the financial year ended 30 June 2021. 

When?

Full processing of 2020-21 tax returns commences on 7 July 2021. Refunds are expected to be paid from 16 July 2021. 

What are the key changes? 

A couple of key changes for the 2021 financial year include:

• COVID-19 measures and support: including early access to superannuation which is not assessable income and the introduction of an optional simplified method to claim 80 cents for each hour worked from home. 
• JobMaker plan: upper limit of the 19% personal income tax bracket raised from $37,000 to $45,000. The low-income tax offset (LITO) increased to $700 from 1 July 2020.

A full list of the key changes can be found from the ATO, linked below.

https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Tax-Time-2021/Overview-of-key-changes/ 

Need help with your tax work?

We are always here to help. If you require further assistance, please do not hesitate to contact our office on (07) 3879 3303.

What?

When?

What happens if the work was done before 1 July?  Can I pay the lower rate for work that was performed before 1 July??

Give me an example.

What do I need to do?

Need help?

The Medium and Emerging Private Group Tax Performance Program, does it affect you?

What is it?
Distribution Declaration (“MUST”)
How?
The Medium and Emerging Private Group tax performance program is a new review intake of the Australian Taxation Office which focuses on high wealth private groups and medium and emerging private groups.

Am I a ‘medium and emerging private group’?
Yes, if you are either of both of the below:

1.       Control between $5 million and $50 million worth of assets.

2.       Are a private Australian-owned Australian business with an annual turnover of more than $10 million and do not control more than $50 Million.

What should I do?

–          There is no immediate action required on your behalf.

–          Make sure your records and receipts are up to date.

–          Review any tax positions you have adopted.

–          Ensure you are managing your cash flow since the ATO are reluctant to provide any payment arrangements to entities of high and medium wealth private groups.

If you would like more information in regard to this tax performance program or you are contacted by the ATO for a review and require assistance, please feel free to contact Bowden Liberatore offices on 07 3879 3303.