More on coming changes at F T Dooley Limited......
As reported in our previous newsletter the ownership of F T Dooley Limited is changing as of 1 April 2021. Frank will sell his shares to Gareth but will continue to support the firm in an advisory role. Jo will continue in reception and will be joined by Gareth's wife Heidi. There is no intention to change the name of the Firm and no major changes are envisaged to the way in which you currently engage with us.
Lynley Rea, who has been employed by F T Dooley Limited for 21 years has recently retired. Although we are sad to see Lynley go, we are pleased to welcome her daughter, Juliette back to our office after a 15 year absence working in Australia and more recently in Nelson.
After six years, Joanna Makatu has left us to take up a position at Property Brokers. We wish both Lynley and Joanna well with their future endeavors and look forward to Juliette and Heidi joining our team.
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It's nearly that time again......
For those with a 31 March balance date it is time to start thinking about your end of financial year information. Best to get it out of the way while fresh in the memory banks!
Here is a link to our checklists to assist with collating your records.
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Provisional Tax
The level of residual income tax where a tax payer becomes liable for Provisional Tax has increased from $2,500 to $5,000. This means that many people who have previously paid their income tax in instalments throughout the year will no longer be required to do so. They will instead pay one terminal tax payment.
While this means you are able to hold onto your money for longer, it also requires taxpayers to ensure tax payments are appropriately budgeted for.
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Depreciation of Business Assets
As part the Covid-19 response, the Government made changes to the rules around depreciation of assets.
- Depreciation is now allowed on commercial and industrial buildings. Buildings used for residential purposes are not able to be depreciated.
- The 'low value asset' threshold has been increased. Previously, assets over $500 were required to be capitalised and the related depreciation expense claimed over the life of the asset. In direct response to the Covid pandemic, the Government increased the threshold temporarily to $5,000, allowing any assets under this amount to be claimed as an expense in the year of purchase. This temporary change is due to end on 16 March 2021 and the new permanent threshold of $1,000 will apply.
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Small Business Cashflow (Loan) Scheme
There have been some changes to the initial rules relating to this Government loan aimed at assisting small businesses impacted by Covid 19.
- Applications are now open until 31 December 2023
- Businesses or organisations who have fully repaid their loan before the end of 2023, can re-borrow one further time, if they meet the eligibility criteria at the time they apply to re-borrow
- Loans are now interest free for 2 years (previously 1 year)
- Eligibility criteria has also been extended
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Reminders about F T Dooley Limited....
- F T Dooley Ltd employs more individuals who are members of Chartered Accountants Australia and New Zealand (CAANZ) than any other accounting firm on the West Coast;
- We have 18 day to day team members with a variety of formal qualifications and valuable practical experience;
- We don't just do Tax Returns. We are, first and foremost, Business Advisors and you should feel free to discuss with us, any concerns/issues whether it be day to day operational matters, expansion opportunities, sale and purchase agreements, restructuring or, succession planning. We also provide other business related administrative services, training and assistance;
- We can tailor a 'package deal' for you so your accounting fees are spread evenly throughout the year and we are on the same page about the level of service you require;
- We have a dedicated and knowledgeable payroll team who can demystify employment law and assist you with ensuring you are compliant;
- Our team is trained in a variety of online products including MYOB, Xero and Cash Manager Rural and we can help you find the right online solution for you and your business;
- We place importance on accuracy when reporting information to our clients and we are always keen to discuss ways in which we can assist you to reach your business goals.
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