Adcock Accounting

27/08/2024

🚨Scam warning 🚨

Watch out for scam websites impersonating the National Anti-Scam Centre. Unlike our real site, the scam website has a fake chat function that preys on scam victims by offering a “scam refund” service.

If you engage with the chat function, it enables the scammer to steal your personal identifying information and potentially lead to further scams.

Never tap links in emails or text messages. Instead, always find contact details for organisations yourself, using a web search.

Report scams to Scamwatch to help others stay one step ahead of scammers: https://bit.ly/3MgdLbh

24/05/2024

🚨 Watch out for scam emails claiming you’re entitled to a cash settlement from a data breach.

The email says that the criminals responsible have been caught and ordered to pay compensation for the breach. Once you respond, the scammer will ask for your personal and bank details to arrange for the compensation to be paid.

Don’t share your personal or financial information with anyone you don’t know. If the name of the organisation impacted by the data breach is mentioned, verify the email by using contact details on their legitimate website or via a secure app.

If you’ve transferred money or shared financial information, contact your bank immediately.

16/02/2024

🚀 Seize growth opportunities with ATO's Small Business Skills Boost!
🌐 Click the link below to find out more about this incentive and if it's available for your business.

The Australian Taxation Office's Small Business Skills and Training Boost, launched on March 29, 2022, provides eligible small enterprises with a valuable opportunity for skills enhancement and sustainable growth until June 30, 2024. Businesses with an aggregated turnover of less than $50 million ca...

28/05/2023

[TAX UPDATE]
💡Residential investment property loan data-matching program

The ATO have made it clear they have rental property deductions in sight with recent announcements of increased compliance activity in this area.

The ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for the 2021/22 through to 2025/26 financial years, including:
🖋 Client identification details (names, addresses, phone numbers, dates of birth, etc);
🖋 Account details (account numbers, BSBs, balances, commencement and end dates, etc);
🖋 Transaction details (transaction date, transaction amount, etc); and
🖋 Property details (addresses, etc).

The ATO estimates that records relating to approximately 1.7 million individuals will be obtained each financial year.

The principal uses of the data include “education and online services” and “data analytics and insights”, as well as to help the ATO “identify relevant cases for administrative action, including compliance activities”.

26/05/2023

[TAX UPDATE]
💢Last chance to claim deductions under temporary full expensing

Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.

Editor: Under temporary full expensing, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new assets first held, used or installed ready for use between 6 October 2020 and 30 June 2023, as well as (in some circumstances) costs of improvements to those assets and also the cost of eligible second-hand assets.

26/05/2023

Our May 2023 Practice Update is Out! 🔎📰

Find out more about the latest tax news including:
🌀 The last chance to claim deductions under temporary full expensing before 30 June 2023
🌀 The ATO’s residential investment property loan data-matching program
🌀 Electric vehicle home charging rates (cents per km)
🌀 Taxpayers not carrying on an agistment business
🌀 Rules for accessing superannuation
For all the details click the link below.

The latest updates for Queensland Small Business.

23/05/2023

❗️Available Now: Our 2023 tax planning guide outlining year-end strategies for small business operators as well as some of the more important areas of ATO focus which should also be considered before year end.

Visit https://adcockaccounting.com.au/resources to view online.

Powerful Small Business financial resources tools for all your small business accounting needs in Cairns. Call Adcock Accounting today.

15/05/2023

In honour of Queensland Small Business Month, we thought we'd share our top three small business resources:

👉 Business Queensland provides a range of industry-specific resources and guides for starting and running a business.
www.business.qld.gov.au
👉 Australian Taxation Office (ATO) provides in depth taxation related information as well as training resources including free webinars.
www.ato.gov.au
👉 Fair Work Australia is a fantastic source for all things payroll and HR with many tools and free resources to help businesses do the right thing when employing workers.
www.fairwork.gov.au

For more helpful resources, check out our Resources section on our website
www.adcockaccounting.com.au

12/05/2023

2023/24 Federal Budget 💰💸
What’s in it for small businesses?

▪️ $20,000 instant asset write-off – from 1 July 2023 until 30 June 2024, the instant asset write-off will be temporarily increased from $1,000 to $20,000.

▪️ Energy incentive – small businesses will be able to deduct an additional 20% of the cost of eligible depreciating assets that support the more efficient use of energy. To be eligible businesses must have an aggregated turnover of less than $50 million and the assets will need to be installed ready for use or first used between 1 July 2023 and 30 June 2024.

▪️ Lodgment penalty amnesty – a lodgment penalty amnesty program will be provided to small businesses with an aggregated turnover of less than $10 million. Failure to lodge penalties will be remitted for tax statements lodged between 1 June 2023 and 31 December 2023 that were originally due during the period from 1 December 2019 to 28 February 2022.

ℹ️ For more information relating to the above measures and other budget measures for small businesses, personal income tax and superannuation you can read the full summary of the NTAA’s (National Tax and Accountants’ Association) Federal Budget Summary available under the resources tab on our website at www.adcockaccounting.com.au/resources