What to do when you can’t pay your tax on time
Businesses who cannot pay their taxes on time can set up an agreed payment plan with the ATO to avoid late payment penalties. This may be especially useful for businesses during the post COVID-19 period. In response to the economic effects of COVID-19 on businesses, the Australian Government has provided cash flow support as part…Read more
2020 End of Financial Year Tax Tips
How would you like to legally increase your Tax Saving by $500 or $1,000 or $10,000 or more? Effective tax planning is something all business owners should be considered year-round and by making it a priority could result in you paying less tax liability. Now is the time to act and focus on your tax…Read more
PREPARING FOR YEAR END
Effective planning and preparation is critical for all taxpayers as the end of financial year approaches. The good news is that your tax professional is here to support you so you don’t have to do all of the heavy lifting yourself. This is the perfect time of the year to seek advice from your accountant…Read more
ATO introduces new work from home deduction method
More employees are working from home than ever before as a result of COVID-19. The ATO has introduced a new ‘shortcut method’ in response to this, to simplify the process for those who are claiming work from home deductions for the first time. The shortcut method allows employees to claim all work-related running expenses at…Read more
What to know about lodgement date deferrals
The ATO has announced a series of lodgement deferral dates due to COVID-19, available to businesses for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports. The extended lodgement dates for particular lodgements are listed below: • Company income tax 2018-2019 returns:…Read more
Year End Strategies • 2019-2020
In this guide, get the latest updates on: • PREPARING FOR YEAR END • Major changes to instant asset write-off • 2020 end of financial year checklist • Rent relief for commercial tenants • Tax tips for property investors • Jobkeeper payments • And more To read about this newsletter click here –> Year End 2020…Read more
The proposed JobKeeper Payment
Job-keeper package a lifeline for both employers and employees The Federal Government has announced as part of its Coronavirus Stimulus Package the introduction of a new JobKeeper Payment to assist eligible employers and selfemployed individuals who have been impacted by the Coronavirus pandemic to continue to pay their workers. The following is a broad…Read more
The $1,500 JobKeeper Package – what you need to know
$1,500 JobKeeper subsidy to keep staff employed From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in first week of May 2020 Applies to Based on comparable periods: Employers <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have experienced a…Read more
COVID-19 Government Stimulus Update
Summary – For Individuals Individuals Early release of superannuation – individuals in financial distress able to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21. The withdrawals will be tax-free and will not affect Centrelink or Veterans’ Affairs payments. Temporary reduction in minimum superannuation draw down rates – superannuation…Read more
COVID-19 Government Stimulus Update
Second Stimulus Package for Business owners The Government has released a second, far-reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The Prime Minister has warned that there are no…Read more
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony's expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.
If you want a hands-on accountant who knows his stuff...Tony Lee is the man!