With the first tranche of JobKeeper due to end on 28 September, find out whether you qualify for the extension and what steps you need to take next. Registered Tax Agents and CPA's Sheryl Cole & Corine Cole discuss Jobkeeper 2.0 and answer questions such as: Do you qualify for JobKeeper 2.0What you need to do to meet the additional turnover test How to identify eligible employees following the employee eligibility date change The new JobKeeper amounts The availability of alternative tests Key JobKeeper dates, and more. 

Small Business All Figured Out

JobKeeper 2.0 - The New Rules Explained.

In this Tax Bite Update, we’re talking about claiming working from home using the new 80 Cents Per Hour Method recently announced by the Australian Taxation Office in response to the COVID-19 pandemic.These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.In this Tax Bite Update, we talk about:What expenses are covered by the 80 Cents Per Hour Method; The period for which the 80 Cents Per Hour Method can be used;The benefits of using the 80 Cents Per Hour Method;The disadvantages of using the 80 Cents Per Hour Method (versus the Fixed-Rate Method and the Actual Method);The records required to be kept to claim home office expenses using this method.You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

015.1 Tax Bite Update: Working From Home - The New 80 Cents Per Hour Method

In this Tax Bite episode, we’re talking about working from home and the home office expenses that you may be able to claim as a tax deduction. These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.In this Tax Bite, we talk about:The conditions that must be met in order to claim home office expensesThe difference between home office running expenses and home office occupancy expensesThe records and receipts you need to keep to claim home office expensesThe fixed-rate method versus the actual expenses method; andWe briefly chat about capital gains tax implications and claims for car and travel expenses when working from homeYou can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

015. Tax Bite: Working from home. What expenses can I claim in my tax return?

In this episode, Accountants, Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole dive deeper into the JobKeeper Payment Scheme and what it means for employers, self-employed people, and individuals by default.We clarify for you:The details of how you, as an employer, will determine your eligibility for the JobKeeper Payment The need for $1,500 physical wage payments that must be made to your employees in the two fortnights of April 2020 - and all fortnights beyond - in order for your employees to be eligible for JobKeeper PaymentThe registration process and the documentation to be completed by you and your employees How to assess whether you have satisfied the decline in turnover test (the basic test and the alternative test)Your monthly reporting obligations to the ATO for the next 6 months How sole traders, and other self-employed type individuals can go about registering for the JobKeeper payment; and The integrity measures that will ensure fair access to the JobKeeper scheme.You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

JobKeeper Payment: Everything You Need to Know

In this episode, Accountants, Registered Tax Agents and CPA’s Sheryl Cole and Corinne provide further details regarding the Government's Stimulus Packages and other subsidies, grants and relief that may be available to your business in response to COVID-19.We clarify for you:Job Keeper Payments and the eligibility of employers, employees and self-employed.Business Grants of up to 10k in VictoriaTax-free payments up to $100,000 for employers; a closer look.Moratorium on evictions and rent relief for commercial tenantsInstant asset write off and Accelerated depreciation; a closer lookATO assistance and support that is available during this pandemicFurther updates will follow as more information becomes available. Be sure to follow us on Facebook for the latest information.You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

014. Job Keeper Payments & further updates on Government Stimulus Measures

A tax agent can provide you with much more value than you may realise. In this episode, Corinne and Sheryl talk about the reasons why you should use a Registered Tax Agent to prepare your individual tax return in tax time 2020.We outline the 6 ways that working with a Registered Tax Agent will benefit you:1. Knowledge and experience2. Valuable relationships and timely advice3. Expertise in occupation-specific tax deductions4. Convenience and time-saving5. Extended tax lodgement deadlines6. Tax agent fees - they pay for themselves.You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.auYou may also be interested in our Finance and Mortgage Broking division. You can visit PAT Finance & Mortgage Brokers here

013. Reasons Why You Should Always Use a Tax Agent

In this episode, Accountants, Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole outline the key 8 measures announced in the Government’s 2nd $66.1 bn Stimulus Package.We clarify for you:Tax-free payments up to $100,000 for employersSole traders and self-employed - what’s available for these taxpayersSupport available for businesses who employ Apprentices and TraineesIncreased Centrelink SupplementsEarly release of superannuationLoans for small and medium businesses up to $250,000Solvency Safety NetSolvency & BankruptcyIn this episode we mentioned where you can find more information about the support available for businesses who employ Apprentices and Trainees:The Department of Education, Skills and Employment website at: www.dese.gov.au  Australian Apprenticeships website at: www.australianapprenticeships.gov.au  For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider.We also noted that the Government is now providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders residing in Australia. You can access the full list here.You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

Special Episode: The Government's $66.1 bn Stimulus Package Explained

In this episode, Sheryl and Corinne discuss how to maintain Business Continuity in the face of the COVID-19 Coronavirus Pandemic, to give you guidance on the strategies that you can implement for your staff to facilitate them to work remotely if required. We also discuss other business considerations that you should be thinking about at this time.We talk about:What a Business Continuity Plan is;Things you can do to facilitate your staff to work remotely if needed; andOther business considerations to ensure that your business can outlast this health crisis.If you'd like help with your Business Continuity Plan or you need budgeting and cashflow help at this time, then please get in touch with us at platinumaccounting.com.au or thenumberninjas.com.auYou can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

012. Business Continuity in the face of the Coronavirus Pandemic

Welcome to Small Business All Figured Out - The Tax Bite Edition. These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.In this episode, we talk about how to use the Cents Per Kilometre Method to claim your car as a tax deduction.In this episode, we cover:What the definition of a car is, as per the ATO;What trips qualify as work-related travel;How the cents per kilometre method actually works and the details you need to record for work-related travelYou can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

011. Tax Bite: Car Expenses - Cents Per Kilometre Method

In this episode, Sheryl and Corinne discuss Marketing Strategy versus Marketing Tactics, to help you understand the difference and how to effectively implement in your business to give your business a competitive edge.We talk about:What marketing is;Why your business needs marketing; andUnderstanding the difference between Marketing Strategy and Marketing Tactics.If you'd like help with your marketing strategy or assistance with the best tactics to implement that will work best for your small business, then please get in touch with us at platinumaccounting.com.auYou can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

010. Marketing Strategy Versus Marketing Tactics

Welcome to Small Business All Figured Out - The Tax Bite Edition. These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.In this episode, we're talking about how to use the Log Book Method to claim your car as a tax deduction.In this episode, we cover:What the definition of a car is, as per the ATOWhat trips qualify as work-related travelHow the logbook method actually works and the details you need to record for work-related travelThe receipt evidence that must be kept when using this methodHow long a logbook lasts and when you need to start a new one.You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

009. Tax Bite: Car Expenses - The Logbook Method

Welcome to Small Business All Figured Out.In this episode, Sheryl and Corinne discuss the importance of bookkeeping and how it gives your business a competitive advantage. We talk about:What bookkeeping isAn outline of some of the benefits of a professional managing your bookkeepingWhat accounting software is and the benefits of using softwareHow all of this translates into a competitive advantage for your business.You can learn more about the bookkeeping services that we offer at:  thenumberninjas.com.au You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

008. The Importance of Bookkeeping

Welcome to Small Business All Figured Out - The Tax Bite Edition. These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.In this episode, we’re talking about Negative Gearing. We will help you to understand what it is and how it works.In this Tax Bite, we talk about:What the term ‘Gearing’ means and the 3 types of Gearing - Negative, Positive and NeutralExplain how Negative Gearing of a rental property works and how it saves you taxIs it better to Negatively Gear or Positively Gear an investment property;What Depreciation is and how it’s calculatedHow you can access the cash flow benefits of negative gearing during the year instead of waiting until tax timeYou can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.auIf you would like a Rental Property Checklist to help you get ready for tax time 2020, you can download a copy at https://www.platinumaccounting.com.au/forms/ 

007. Tax Bite: What is Negative Gearing and How Does It Work?

Welcome to Small Business All Figured Out.Before you invest considerable time, effort and money on a business idea, you first need to find a way to evaluate yourself and your proposed business idea. In this episode, we help you determine if you’re ready to start a business and how to test the viability of your business idea. We talk you through how to undertake this analysis using the Small Business All Figured Out Pre-Business Plan Framework.In this episode, we cover off on:The personal considerations of starting a business; to help you work out if starting a business will be the right decision for you which includes:Be clear about your ‘why’Comparing your character traits to those required of a small business ownerUnderstanding if you have what it takes to endure the running a business - from a  physical, emotional and financial perspective; and Business skills - do you have the necessary skills to run a business or are you prepared to learn them?The feasibility of your business idea using the 4 Step Evaluation Tool, to  determine if your business idea has a genuine chance at success, which includes:Evaluation of the business ideaThe marketYour competitionThe environment in which you’ll operate your businessThis analysis will really help you to identify whether you and your business idea have the potential to succeed.You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

006. Are You Ready to Start a Business?

Welcome to Small Business All Figured Out - The Tax Bite Edition. These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.In this episode, we’re talking about all the things that you just can’t claim as a tax deduction in your tax return. There are a lot of misconceptions and misinformation out there as to what is -  and what is not - tax-deductible. In this Tax Bite, we talk about:The 3 Golden Rules for claiming a tax deduction;17 of the most common tax deduction myths and misunderstandings that are actually not allowable tax deductions at all, except in very special cases;The documentation you must have to survive an ATO audit;You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:platinumaccounting.com.authenumberninjas.com.au

005. Tax Bite: Things You Can't Claim On Tax

A podcast created for small business owners in Australia to give you actionable strategies, tips and tools to achieve success in your small business.

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Small Business All Figured Out

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