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Marshall Michael Chartered Accountants

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Marshall Michael Chartered Accountants

Being a Chartered Accounting firm, Marshall Michael always pursue to provide you the highest quality of services utilising our knowledge and experience.

17/10/2024

✨ Proud Moment for Marshall Michael! ✨

On Friday, 11 October, we had the incredible honour of attending the VERA Awards (Volunteer Employer Recognition Awards) at ANZAC House, hosted by DFES. One of our amazing team members, who volunteers with the State Emergency Service, nominated us for our support of her volunteer work.

We’re thrilled to be recognised alongside 82 businesses, organisations, and self-employed volunteers from across the state for empowering their employees to give back to the community. We couldn’t be prouder of the dedication and teamwork that make moments like this possible!

Thank you to all volunteers in the state for your invaluable service!

Feel free to watch the Thank you video from DFES https://www.youtube.com/watch?v=XUI9Yk2ZZt0

25/04/2024

Lets take a moment to reflect.

Lest We Forget

20/03/2024

🕵️‍♂️SCAMS

Hard to believe that we are nearly approaching the end of another financial year. The ATO is URGING taxpayers to be vigilant following an increase in reports of fake websites offering to provide tax file numbers (TFN) and Australian business numbers (ABN) for a fee but failing to provide the service.

The fake TFN and ABN services are often advertised on social media platforms like Facebook, X (formerly Twitter), and Instagram. The ATO says scammers use these fraudulent websites to steal money and personal information.

The ATO also pointed out that in 2021, more than 50,000 people reported ATO impersonation scams with victims losing more than $800,000.

Remember, we can help. Would you like to know more? Get in touch

07/03/2024

Today we celebrate Women all over the world. What started as protests across Europe in 1910, to annual marches launched in 1931 in both Sydney and Melbourne and continue to he held today.

Its a time to reflect on progress, to call for change and to celebrate the courage and determination of the women who changed history, and those who will advance gender equality into the future.

Who is the women that inspires you, mentors you and encourages you. Reach out and say thank you.

Have a wonderful weekend.

06/03/2024

Claiming working from home expenses – the fixed rate method

Its hard to believe we are in March and soon we will discussing tax time at the end of June 30 2024. The ATO has released some information about working from home and claiming work related expenses.

The ATO emphasised that in using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at home. The ATO says this amount covers additional running expenses, including electricity and gas, phone and internet usage, stationery, and computer consumables. A deduction for these costs cannot be claimed elsewhere in their tax return. They can, however, separately claim any depreciating assets, like office furniture or technology. The ATO says the most important thing is that they have the right records.

To find out more https://tinyurl.com/working-from-home-expense

Remember, we can help. Would you like to know more? Get in touch

01/03/2024

Fun Fact Friday

Today is National Barista Day. Where would we be without your local coffee shops and the wonderful people who make us our coffee.

In 1938, the first record of the use of the word “barista” was made. From the Italian language, the word is technically used for a bartender of any gender. In America, the word barista is used just in relation to coffee. However in Italy, it can be related to alcohol, coffee or other drinks.

Some ways you can celebrate the day
☕ Give a generous tip
☕ Let your barista pick your coffee
☕ Try your own twist on making the perfect cuppa at home

However you have your coffee, hot or cold, give thanks to the people who make it happen.

Enjoy your weekend and us locals in Perth will have an extra day off on Monday.

28/02/2024

Tax Cuts Passed

From July 1 2024, 13.6 million taxpayers will receive a tax cut – 2.9 million more than would have benefited from Scott Morrison’s plan from five years ago – and 11.5 million taxpayers (84 per cent of taxpayers) will receive a bigger tax cut.

Resident individual rates
✅over $18,200 up to $45,000 - 16%;
✅over $45,000 up to $135,000 - 30%;
✅over $135,000 up to $190,000 - 37%;
✅over $190,000 - 45%.

Non-resident individual rates
✅up to $135,000 -30%;
✅over $135,000 up to $190,000 - 37%;
✅over $190,000- 45%.

Working holiday-maker rates
✅up to $45,000 – 15%;
✅over $45,000 up to $135,000 – 30%;
✅over $135,000 up to $190,000 – 37%;
✅over $190,000 – 45%.

Remember, we can help. Would you like to know more? Get in touch

26/02/2024

Contribution caps to increase from 1 July 2024

From 1 July 2024, we will see an increase in the concessional contributions cap from $27,500 to $30,000. Since the non-concessional contributions cap is 4 x this limit, it will increase from $110,000 to $120,000 (or $240,000 and $360,000 for those using the bring forward rules).

It’s important to remember that people who are already in the middle of a bring forward period don’t immediately step up to the new limits. They don’t get any benefit of the increase until that is over. This is because the NCC cap that applies to an individual is calculated with reference to the standard NCC cap when they triggered the bring forward rule in their first year. As such, clients wanting to maximise their NCCs using the bring forward rule may wish to consider restricting their NCCs this year to $110,000 or less so they do not trigger the bring forward rule this year.

Remember, we can help. Would you like to know more? Get in touch

23/02/2024

Friday Fun Fact 😂

Being a leap year and having an extra day in the month on Thursday, here are some interesting facts.

It takes the Earth about 365.242189 days — or 365 days, 5 hours, 48 minutes and 45 seconds — to circle once around the sun. However, the Gregorian calendar we rely on has only 365 days, so if we didn't add an extra day to our shortest month about every four years, we would lose almost six hours every year. After a century, our calendar would be off by about 24 days.

Julius Caesar introduced the first leap year around 46 B.C., but his Julian calendar had only one rule: Any year evenly divisible by four would be a leap year. That created too many leap years, but the math wasn't tweaked until Pope Gregory XIII introduced his Gregorian calendar more than 1,500 years later.

According to tradition, it's OK for a woman to propose to a man on Feb. 29.

The twin cities of Anthony, Texas, and Anthony, New Mexico, are the self-proclaimed Leap Year Capital of the World. They hold a four-day leap year festival that includes a huge birthday party for all leap year babies. (ID required.)

People born on leap day are often called "leaplings" or "leapers." Most of them don't wait every four years to celebrate their birthdays, but instead blow out the candles on February 28 or March 1.

During leap years, January, April, and July all start on the same day.

Have a great weekend

20/02/2024

Are your SMSF back account details up to date?

It’s a timely reminder to make sure all your details are up to date. The ATO has issued a reminder that for your SMSF fund to receive certain superannuation payments from them, you need to ensure the ATO has your SMSF's current bank account details.

The ATO said that correct bank account information is critical for the receipt of super payments including super payments from your member's employer when paid through the ATO's Small Business Super Clearing House; and rollovers from large APRA-regulated superannuation funds.

The ATO has said you can check your current SMSF bank account details by checking the bank account listed on the fund's superannuation account in our Online services for business.

Remember, we can help. Would you like to know more? Get in touch

19/02/2024

Compensation from your bank or financial institution – is it taxable?

If you have received a compensation payment from a bank or financial institution and wondering if you need to pay tax? The answer is – it depends.

It will depend on how your investment was held and type of compensation you received. An example is if you disposed of an investment and previously reported a capital gain in your income tax return, your compensation payment increases the capital gain. If you haven’t disposed of the investment and you hold it as a capital investment, then the compensation payment reduces the cost for when you do dispose of it in the future.

When your compensation includes an amount that is a refund or reimbursement od adviser fees, and these fees were previously claimed as a tax deduction by you, then the amount you received as a refund or reimbursement will be generally taxable.

If you’ve received an amount of compensation and not sure whether it is taxable, or if you need to a amend a prior year tax return for a payment you received, remember, we can help.

Would you like to know more? Get in touch

16/02/2024

⛅ With a little reprieve today from the extreme heat, here is Friday's Fun Fact.

Air conditioning dates back to prehistory. Double-walled living quarters, with a gap between the two walls to encourage airflow. In 1558 Ice was the original air conditioning by mixing it with potassium nitrate to chill the ice far below freezing. Once electricity was invented an American inventor in 1901 built what is considered the first modern electrical air conditioning unit.

In 1914 the first Domestic air conditioner was installed in a Minneapolis home, however, it's possible the device was never used. In 1931, H.H. Schultz and J.Q. Sherman developed a type of individual room air conditioner to sit on a window ledge. The price for one of these units in 1932 was between US$10,000 and US$50,000. This then led the way for air conditioning to be offered in cars. The first inverter air conditioners were released in 1980.

The first mini-split system was sold in 1961 by Toshiba in Japan, and the first wall-mounted mini-split air conditioner was sold in 1968 in Japan by Mitsubishi Electric where small home sizes motivated their development. As international development has increased wealth across countries, global use of air conditioners has increased. It is expected that 5.6 billion units to be installed worldwide by 2050.

As the temperature heats up this weekend do whatever you can to stay cool. 🥵

Address

Level 1, 115 Cambridge Street, WEST LEEDERVILLE
Perth, WA
6007

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.marmic.com.au/

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