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Is it that time of the year again?!

Whilst no one would be to blame for wishing 2020 to end, it seems that it was only a few months ago when we were writing to wish you all a very Merry Christmas, yet, 12 months have passed and what we considered "normal" it is no more. We all have had to re adjust in many ways and learnt new "normals".  Here is to hope that 2021 brings us all health and happiness, that whatever way is forward, it is a kinder version of 2020. From all of us at COCO we would like to wish you and your family&nb...

June 2020 Update

2020 EOFY - Time to get ready A new financial year is ready to dawn on us, this is the time to get ready to ensure an smooth transition to the new year. I think we all hope it will be better than the one we are about to farewell, bush fires and covid-19 have put a lot of strain in the economy and the phrase "unprecedented times" has taken over from "journey" or "competition". We have seen plenty of unprecedented changes, work from home, home schooling,borders closed,  toilet paper stockpi...

Business Stimulus Covid - 19

Jobkeeper PaymentWhilst still pending legislation and therefore many questions still unanswered this is what we know of the Jobkeeper payment.Eligible employers, will receive a flat $1,500 per fortnight payment for every eligible employee they pay for a 6 month period from 30 March 2020. Eligible employers;their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); ortheir...

Make 2020 your best year yet

First things first, from all of us at COCO we would like to wish you and your family a very Merry Christmas and a wonderful New Year. We will be taking some time off to enjoy this time with our loved ones from the 23rd of December until the 6th of January. For any queries please send an email to team@cocoaf.com.au and we will endeavour to respond as soon as it is possible.  Best start to 2020  Make 2020 the year to stop procastinating, we all do it, yet it is nothing but a waste o...

Single Touch Payroll

What is Single Touch Payroll? Single touch payroll (STP) is a new way of reporting tax and super information to the ATO using accounting software that offers STP. All employers are required to report salaries and wages, PAYG withholdings, and superannuation, every time employees are paid. Instead of completing payment summaries at the end of the year, reporting is done with every pay cycle. Some business already using STP software are finding it valuable for their busine...

Land Tax

What is land tax, I hear you say? Land tax is an annual tax payable by owners of land. Land Tax is administered by state or territory government and is applicable in NSW. So, when does this land tax apply? Land tax applies to property you own that is not your principal place of residence and if the total taxable value of your land is above the land tax threshold. You may have to pay land tax if you own, or jointly own: vacant land, including vacant rural landland where a house, resid...

September newsletter

ABN changes There will be some changes in November affecting ABN numbers. Stay tuned to our newsletters and in October we will let you know what changes are they and how to smooth transition. September Holidays At COCO we have been working really hard to finalize the 2017/18 financial year and set up the new one. Great things are happening and we are all really glad to be nearing a well deserved break. The COCO team will be taking some time off during the school holidays in October. Luke will be...

2018 Tax Returns deductions

IMPORTANT 2018 TAX RETURNS DEDUCTIONS Whilst much hasn't changed this 2017/18 tax year in amounts that can be claimed in work related deductions, there is a change implemented where any expenses claimed must be calculated prior, so an explanation can be provided when needed. You must be able to show how you calculated the claim.When completing your tax return, you're entitled to claim deductions for some expenses, most of which are directly related to earning your income...

Smart super strategies for this EOFY 2017/18

Smart super strategies for this EOFY 2017/18 1. Add to your super – and claim a tax deduction This financial year, there are new rules about who can claim a deduction for personal (after tax) contributions to super. In the past, you could only claim the deduction if you earned less than 10% of your income from employment. But from 1 July 2017, deductions for personal contributions can also be claimed by employees. 2. Get more from your salary or a bonus If you’re an employee, you may be able...

Budget 2018-19

2018 Federal Budget Analysis  Scott Morrison’s third budget is headlined by $140 billion in tax cuts over the next decade, immediate tax relief of up to $1,060 a year for middle-income households and a fundamental reform of the tax system.Key measures include:Low and middle income earners are to benefit from tax savings of up to $530 per person (or $1,060 per couple).The Medicare Levy will remain at 2%.The $20,000 instant asset write-off for business with aggregate turnover less than $10m...

5 ways to maximise your Individual Tax Return

1. Make sure you keep good records. Receipts are key in making claims on your tax return. Keeping track of expense receipts through the year will mean that you don't have to do a mad rush and set yourself up with a memory migraine once tax time hits. This doesn't have to be difficult or time consuming. Anybody with a smart phone can quickly take a screen shot of an online receipt of a photo of a paper receipt to keep a record. As long as your phone is regularly backed up these photo files ca...