HAB Accounting Services

HAB Accounting Services Tax Agents, Business Advisors and Accountants Owned and operated by our Principal Accountant and Registered Tax Agent Hanshila Backory FTI FIPA FFA MAcc.

HAB accounting is a professional Public Accounting Practice specialising in Business Tax Compliance, and Advisory for businesses of all sizes and Individual Tax. Located in Campbellfield Vic 3061, servicing clientele through out Melbourne, Victoria, Sydney, Western Australia, South Australia, UK, USA and Mauritius in a competent and friendly manner. Liability limited by a scheme approved under Professional Standards Legislation.

30/03/2020

COVID19 Stimulus package stage 3 -

JobKeeper payment

Workers will receive a fortnightly payment of $1,500 (before tax) through their employer.

The payment ensures eligible employers remain connected to their workforce and will help businesses restart quickly when the crisis is over.

Eligible employees include Australian citizens, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder.

25/03/2020

COVID-19 Stimulus Package
Stage 2

Boosting Cash Flow for Employers with a minimum payment of $20,000 up to $100,000.
Small and medium-sized business.
Benefits is based on the PAYG (tax withheld) on employed workers.

• The payment will be delivered by the ATO

• Eligible employers that withhold tax to the ATO on their employees’ salary will receive a payment equal to 100 per cent of the amount withheld, up to a maximum payment of $50,000.

• Eligible employers that pay salary will receive a minimum payment of $10,000, even if they are not required to withhold tax.

• The payments will only be available to active eligible employers established prior to 12 March 2020.

• Charities which are registered with the Australian Charities and Not-for-profits Commission will be eligible regardless of when they were registered, subject to meeting other eligibility requirements.

18/03/2020

INCREASING THE INSTANT ASSET WRITE-OFF

Summary
The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this time frame.

31/05/2016

$20K ASSET WRITE OFF, TAX SAVING FOR SMALL BUSINESS.
WHAT DOES IT MEANS?

Started 12 May 2015 and will end on 30 June 2017
Well you're not getting $20K as cash back. You're getting $20K as deduction of business related assets!

Simple, small business make profit $30K 2016, $8,550 tax would be payable. Deduction of $20K Assets would reduce taxable profit to $10K with tax payable $2,850;
TAX SAVING $5,700

For non incorporated business, which is "Sole Trader" tax saving will be dependent on the individual’s marginal tax rate.
Higher bracket @37% tax rate would equate to $7,400 approx. Tax Saving

27/05/2016

Superannuation Guaranteed rate remains @ 9.5% for 2016-17, the SG rate will remain at 9.5% for another 5 years, increasing to 10% from July 2021, and eventually increasing to 12% from July 2025

8 Most Common Errors in Income Tax Returns
28/07/2013

8 Most Common Errors in Income Tax Returns

Superannuation Guarantee (SG) rate will increase to 9.25% as of 1st July 2013 with another 0.25% increment from 1st July...
21/07/2013

Superannuation Guarantee (SG) rate will increase to 9.25% as of 1st July 2013 with another 0.25% increment from 1st July 2014.
Annual increments of 0.5% will apply up to 2019/20 taking the SG rate to12%.
This measure is designed to increase the future retirement incomes of Australian workers to ensure an adequate retirement income for our ageing population and to reduce the reliance on the Age Pension System. The number of Australians aged over 65 is projected to grow from 3 million to 8.1 million by 2050.
The ratio of working age Australians to those over age 65 will decrease from 5-to-1 to just 2.7-to-1 over the next 40 years.

There will be no change in the marginal tax rates already legislated for individuals for the 2013, 2014 and 2015 income ...
21/07/2013

There will be no change in the marginal tax rates already legislated for individuals for the 2013, 2014 and 2015 income tax years. The Government has also indefinitely
deferred the previously proposed increase in the tax-free threshold to $19,400 from 1 July 2015. The tax rates for resident individuals for the 2013 to 2015 income years
(excluding the Medicare levy) will remain as follows:

Address

10A Humeside Drive
Melbourne, VIC
3061

Opening Hours

Monday 10am - 4pm
Tuesday 10am - 4pm
Wednesday 10am - 4pm
Thursday 10am - 4pm
Friday 10am - 4pm

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