Capitis Accounting Solutions

11/07/2023

Employers please make note that:
From 1 July 2023, the superannuation guarantee (SG) rate increased from 10.5% to 11%.

04/07/2023

The Capitis team is proud to be a sponsor of the AFL Wimmera Mallee Umpires. They do a magnificent job, week in week out. The team is incredibly well led by Cameron Pickering & Ashley Wright. and are extremely welcoming to people of all ages, men and women, boys and girls. We would encourage any person keen to get involved to make the call and have a go. :)

15/06/2023

Claiming Working from home deductions for 2022/23 financial year? From 1 March 2023 to June 2023 - You need to keep a record of the total number of actual hours worked from home. This means that you need to make a record (e.g a diary entry📓✏️) of the number of hours worked from home on each occasion that you worked from home.

02/06/2023

Low and middle income tax offset -LMITO (not extended)
The 2023–24 Budget did not announce any extension of the LMITO and has now ceased.
As a result, low-to-middle income earners may see their tax refunds from July 2023 reduced by between $675 and $1,500.

30/05/2023

📌Employers mark your calendars - Super guarantee (SG) increase!!

From 1 July 2023, the super guarantee increases from 10.5% to 11%.

11/05/2023

Employers: We know things don’t always go to plan. If you missed the due date, you need to quickly turn it around and get back on track.

If you didn’t pay your employees the right amount of super, paid after 28 April, or to the wrong fund, you’ll need to:

💻 lodge a super guarantee charge (SGC) statement
💰 pay the SGC to us by 28 May.

Don’t forget – there's a penalty if you don’t do this, and it can be up to 200% of the SGC!

To learn more, head over to www.ato.gov.au/lateSG

08/05/2023

Still not sure how a tax deduction works? 😐

It’s like this:
1️⃣ you start with your assessable income, which is the money you’ve earned from work or investments
2️⃣ you minus your allowable deductions, which are the costs you incur to earn your income
3️⃣ this equals your taxable income, which is the amount you actually pay tax on.

Remember, to claim a deduction, you’ll need to meet the eligibility requirements, and have a record (like a receipt) 🧾

Read more at www.ato.gov.au/Individuals/Income-deductions-offsets-and-records/Deductions-you-can-claim/How-to-claim-deductions

02/05/2023

Claiming work from home expenses this tax time? 🏡 💻

There are two methods available to calculate your expenses, the:
✔️ revised fixed rate method
✔️ actual cost method

You can choose to use whichever method will give you the best outcome, as long as you meet the eligibility requirements and have the right records.

To learn more, see https://www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses/

04/04/2023

: Your employees can let us know if they haven’t been paid their super. Don’t wait for them to come to us.

Make sure you’re up to date with your super obligations. You can do this by paying:

💰 in full and at the super guarantee rate of 10.5%
📅 on time, by the quarterly due date
✅ to the right super fund.

🤝 Let us help you get it right. For more info, visit www.ato.gov.au/superforemployers

30/03/2023

https://www.abc.net.au/news/2023-03-29/inflation-cpi-february-2023-abs-interest-rates/102158140?utm_campaign=abc_news_web&utm_content=mail&utm_medium=content_shared&utm_source=abc_news_web

The official measure of inflation falls for the second month in a row, easing pressure on the Reserve Bank to hike interest rates next week.