Blogs: Useful Information about Accounting and Taxations @ Cloud8

02 Jul
2020

Time to Lodge your 2020 Tax Return! Don’t forget the extra working from home deductions during COVID-19!

At Cloud8 Accounting & Taxation, we know that completing a tax return can be time-consuming and confusing. Especially due to Covid-19, we understand you want to get your much-needed tax refund fast. We are here to help to lodge your return ASAP and maximize your tax refund! Working from Home

17 Jun
2020

Take advantage of the new lower Company Tax Rates for 2020- 2021 Financial Year- Best time to register your small business

Australian company tax rate applies to small businesses with an aggregated turnover less than $50 million will be reduced to 25% by 2021-22 income year. The lower company tax rate will further reduce small businesses’ tax burden. Company Tax rate: Income year Aggregated turnover threshold Tax rate for base rate

04 Jun
2020

New $25K HomeBuilder Package

The Government has announced a new HomeBuilder Package which provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The government said the package will assist the residential construction market by encouraging the commencement of new home

31 May
2020

2019 income year Lodgement Deferrals and Penalties

The ATO recognised COVID-19 may have a significant impact on businesses meet their lodgment and payment obligations. The Commissioner announced a range of support measures available during these difficult times to assist businesses meeting their tax compliance obligations. Lodgment deferrals Lodgment and payment deferrals will be automatically applied to: Company

03 Apr
2020

COVID-19: A Summary important helps and supports from the ATO and the Government

The coronavirus outbreak is first and foremost a human tragedy, affecting life of all Australian people and businesses. Cloud8 Accounting & Taxation has put together a summary of important helps and supports announced by the ATO and the Government for small businesses. NOTE: Cloud8 is always here to help our clients

11 Mar
2020

Get your Trust Distribution Resolutions Right!

One of the superstar accountants at Cloud 8 recently consulted with a business owner who has come to us for second opinion. The business operates under a Family Trust (also refers to Discretionary Trust) structure and has been audited by the ATO for the 2016/2017 income tax. Upon the request

04 Mar
2020

Super guarantee amnesty is now Law! Employers should take actions!

Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has been passed by the Government on 24 February 2020 and will become law after receiving Royal Assent. The Bill introduces superannuation guarantee (SG) amnesty which will provide relevant employers with a one-off temporary amnesty from late payment penalties to correct their

17 Feb
2020

Cloud8 at Xero Roadshow 2020 in Melbourne

Cloud8 team attended the biggest ever XERO Roadshow in Melbourne last week. At the roadshow, we were updated about Xero’s upcoming announcements and cloud accounting product feature. We also had the opportunities to meet a number of leading App developers in the XERO Eco-system. At Cloud8, we are technology savvy! Not

06 Feb
2020

Are you an Australian resident for tax purpose?

As tax agents in Melbourne Australia, we received a lot of questions from clients about their tax residency and associated income tax implications. Whether you are an Australian resident for tax purpose will have significantly implication on the amount of income tax you need to pay in Australia. As a

29 Jan
2020

Increased ATO Superannuation Guarantee compliance reviews! What employers should do?

In the last few months, we have noticed a change of approach by the ATO to superannuation guarantee (SG) compliance activities for small business employers. Previously, the ATO’s approach was more practical and educational, now they are taking a stricter and more aggressive approach…

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