Enright Holmes Accountants & Wealth Advisors

The reason why you must not postpone travel plans till retirement. Do you require financial planning advice? Call now 6686 4744

The ATO is reporting a variation of the ATO impersonation scam where people are contacted by someone claiming to be from the ATO and demanding payment of a ‘debt’.
In the example provided by the ATO, the person pretending to be from the ATO dialled the victim’s tax agent into a three-way teleconference; however, it wasn’t the victim’s tax agent, it was someone pretending to be from the agent’s practice. The person then instructed the victim to pay the ‘debt’ on that day, and ...via bitcoin.
The ATO reports that during July and August it received more than 7000 scam reports to its dedicated phone line, with close to $190,000 being paid to scammers, and more than 1600 people handing over their personal or financial information.
If you have any concerns or if you receive a suspicious phone call. Please hang up immediately and call our office on 0266864744.
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Congratulations to our clients Terry & Kaye of The Kitchen Shelf on becoming an industry partner of Sample Food Festival. Be sure to attend this great event this Satuday 1 September at Bangalow Showgrounds 8am-4pm.
Also to celebrate the launch of their new web store and the coming of Spring, be sure enter their New Web Store Competion just by spending $50 online to go in the draw to win The Kitchen Shelf's Spring Cooks Hamper.

What a great photo surfing with the locals!

Intaxication - it’s happening now! 🤪

Are you a business owner who has paid employee wages between 1 July 2017 - 30 June 2018? Remember the due date to provide your employees with their payment summaries is 14 July. As the date falls on a weekend this year, you have until the next business day to get it done.
You need to provide a payment summary to each employee even if you weren’t required to withhold any tax.
... If you are unsure please give us a call on 0266864744.
For more information, visit ato.gov.au/paygsummaries
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Have you been involved with Bitcoin or other forms of cryptocurrency?
The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. The creation, trade and use of cryptocurrency is rapidly evolving. This information is the ATOs current view on ...the income tax implications of common transactions involving cryptocurrency.
If you are involved in acquiring or disposing of cryptocurrency, you need to be aware of the tax consequences. These vary depending on the nature of your circumstances. Everybody involved in acquiring or disposing of cryptocurrency needs to keep records in relation to their cryptocurrency transactions. If you have dealt with a foreign exchange and/or cryptocurrency there may also be taxation consequences for your transactions in the foreign country.
A CGT event occurs when you dispose of your cryptocurrency. A disposal can occur when you: - sell or gift cryptocurrency - trade or exchange cryptocurrency (including the disposal of one cryptocurrency for another cryptocurrency) - convert cryptocurrency to fiat currency like Australian dollars, or - use cryptocurrency to obtain goods or services.
If you make a capital gain on the disposal of a cryptocurrency, some or all of the gain may be taxed. Certain capital gains or losses from disposing of a cryptocurrency that is a personal use asset are disregarded. If the disposal is part of a business you carry on, the profits you make on disposal will be assessable as ordinary income and not as a capital gain. While a digital wallet can contain different types of cryptocurrencies, each cryptocurrency is a separate CGT asset.
If you are unsure, Enright Holmes can assist you prepare your tax return and report your CGT event if you have been involved in cryptocurrency. Call us on 66864744 to make an appointment
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We at Enright Holmes are ready for clients and their 2018 Tax lodgments. To make an appointment please call us on 0266864744. Assisting clients with lodgment of Tax Returns, Rental properties, Business and Company returns and financials, Bookkeeping and Self Managed Superfunds

Are you aware of the changes to tax brackets starting 1 July 2018? Personal Income Tax Bill passes both Houses of Parliament. The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018.
Under the Bill (which must now receive Royal Assent), the following changes will be made to personal tax rates:
From 1 July 2018, the threshold for the 32.5 per cent tax rate will increase from $...87,000 to $90,000. From 1 July 2018, a Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 will be introduced. Australian resident individuals with income not exceeding $125,333 will be entitled to the offset in part or full, depending on their income
From 1 July 2022, the Low and Middle Income Tax Offset and the Low Income Tax Offset will be replaced by a new low income tax offset, of up to $645. Taxpayers earning not more than $37,000 will be entitled to the full offset , while it will be reduced for income above that amount and taper out at $66,667
From 1 July 2022, the thresholds for the 32.5 per cent tax rate will increased from $37,000 to $90,000, to $41,000 to $120,000
From 1 July 2024, the threshold for the 32.5 per cent tax rate will be further increased to $200,000 from $120,000, removing the 37 per cent tax rate. The top marginal rate of 45 cents (excluding the Medicare Levy) will commence at $200,001
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EOFY tax planning for small business operators is knowing you can write off and instantly claim business assets purchased up to $20,000 before 30 June. If you are unsure give us a call on 0266864744
https://www.facebook.com/191094590911195/ posts/1852957244724913/

Happy Friday & Happy 1st June. It’s hard to believe that it’s been a year since we moved into our new premises but we’re celebrating! Cheers!

Are you a business operator who employs 20 or more employees? Are you ready for Single Touch Payroll ATO reporting from 1 July 2018? Give us a call on 02 6686 4744 if you are unsure.
From 1 July 2018 Business operators who employ 20 or more employees are required to have Single Touch Payroll (STP) in use.
Use the ATOs checklist now at ato.gov.au/…/Single-Tou…/Get-ready-fo r-Single-Touch-Payroll/

The winners and losers of the 2018 Federal Budget 🍻 http://www.afr.com/…/federal-budget-201 8-winners-and-losers…

Work related expenses are the hidden target in 2018 federal budget

💕It's a beautiful baby girl - Ellie Grace 💕 Huge big congratulations to Amy & Luke, a little sister for Jake & Nate!!!!

Haven't lodged your 2017 Income Tax Return yet? The lodgement due date is approaching, and we are here to help.
Don’t have time or don’t require an interview? Why not use our FastTax Service. Simply contact our office and we can start the process.
Alternatively, if you would prefer to come into our office for an interview please phone us on 02 6686 4744.