Francisca Chew Taxation and Accountants

30/06/2025

Pay increase

Millions of Australians will start taking home more cash from tomorrow when the national minimum wage is increased by 3.5 per cent.

About three million people are estimated to stand to benefit from the July 1 increase.

EXPLAINED ➡️ https://nine.social/YUQ

30/06/2025

A message from ATO > 142K people who lodged in the first 2 weeks of July last year had to then lodge amendments. Don’t be that person 😰

Give us time to receive info from your employer, banks, government agencies and health funds. We’ll drop this data into your tax return to help you get it right the first time.

By late-July, your income statement will be marked as ‘tax ready’, and your data will have been pre-filled. When this happens, you’ve got the green light to lodge 🚦

More info in our media release @

The ATO reminds taxpayers to wait to lodge their income tax return until pre-fill is complete.

14/12/2024

Memory lane

23/06/2024

What's new for individuals
Before you complete your tax return for 2023–24, find out what's new and any changes that may affect you.

10/03/2024

On 25 January 2024, the government announced changes to Individual income tax rates and thresholds from 1 July 2024. These changes are now law. From 1 July 2024, the proposed tax cuts will: reduce the 19 per cent tax rate to 16 per cent.

Changes to Individual income tax rates and thresholds from 1 July 2024.

10/09/2022

Francisca Chew Taxation is staffed by tax enthusiasts. We have knowledge of the majority of Australian tax issues. We have approximately ten years of experience in this field. We committed our time and energy to helping people who needed assistance with their tax filings and tax advice.
To ensure that we thoroughly comprehend the Australian tax processes, we are qualified individuals who have earned degrees from nearby Australian universities. We hold a tax agent licence.

Tax returns

10/04/2022

Hello
We’ve started contacting directors who are required to apply now for a director identification number (director ID).

Your clients who are currently directors or who are planning to become a director, will need to apply for a director ID. Directors appointed under the Corporations Act:

- before 1 November 2021, must apply by 30 November 2022.

- between 1 November 2021 and 4 April 2022, must apply within 28 days of being appointed.

- from 5 April 2022, must apply before being appointed.

You can find more information about who needs to apply for a director ID at abrs.gov.au/deadlines
Supporting your clients
You cannot apply for a director ID on your client’s behalf. A director must apply for a director ID themselves. You can help your clients to apply for a director ID online by:

- telling them when they need to apply

- helping them set up their myGovID to a standard or strong identity strength

- helping them with the documents they need to prove their identity when they apply online.

You can find more information about applying for a director ID at abrs.gov.au/directorIDapply
Applying for a director ID online
Directors must set up their myGovID with a standard or strong identity strength before they apply for a director ID.

You can help them set up their myGovID by telling them what they’ll need to prove their identity. Your clients will need at least two of the following Australian identity documents to prove their identity:

- Drivers licence or learner’s permit

- Passport

- Birth certificate

- Visa (using their foreign passport)

- Citizenship certificate

- ImmiCard

- Medicare card

You can find a list of documents that your clients can use to prove their identity at www.mygovid.gov.au/verifying-your-identity

Directors will need additional information that the Australian Taxation Office (ATO) knows about them when they apply for their director ID online.

They’ll need their tax file number (not essential, but recommended), residential address as held by the ATO, and information from two documents to prove their identity. Your clients can use any two of these documents:

- Bank account details held by the ATO

- ATO notice of assessment

- Super account details

- Dividend statement

- Centrelink payment summary

- PAYG payment summary

You can find more information about which documents can be used to prove your identity at abrs.gov.au/verify
Directors who don't apply on time
The Australian Securities and Investment Commission (ASIC) is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time, for more information about the penalties that may be applied, visit asic.gov.au/director-id


More information
You can find more information about director ID on our website at
abrs.gov.au/directorID
Don't get scammed
The ABRS never asks for your confidential details by email.
Learn more about staying safe online - go to abrs.gov.au/security
Your privacy
To learn more about how we maintain your privacy,
go to abrs.gov.au/yourprivacy
Look suspicious?
Don't take chances, forward suspicious emails to [email protected]
Australian Business Registry Services © Commonwealth of Australia

75326.502717-03-2022

The director ID privacy notice tells you why the Registrar is collecting your personal information, and who the Registrar may give your information to when authorised.

10/04/2022

Hello
We’ve started contacting directors who are required to apply now for a director identification number (director ID).

Your clients who are currently directors or who are planning to become a director, will need to apply for a director ID. Directors appointed under the Corporations Act:

- before 1 November 2021, must apply by 30 November 2022.

- between 1 November 2021 and 4 April 2022, must apply within 28 days of being appointed.

- from 5 April 2022, must apply before being appointed.

You can find more information about who needs to apply for a director ID at abrs.gov.au/deadlines
Supporting your clients
You cannot apply for a director ID on your client’s behalf. A director must apply for a director ID themselves. You can help your clients to apply for a director ID online by:

- telling them when they need to apply

- helping them set up their myGovID to a standard or strong identity strength

- helping them with the documents they need to prove their identity when they apply online.

You can find more information about applying for a director ID at abrs.gov.au/directorIDapply
Applying for a director ID online
Directors must set up their myGovID with a standard or strong identity strength before they apply for a director ID.

You can help them set up their myGovID by telling them what they’ll need to prove their identity. Your clients will need at least two of the following Australian identity documents to prove their identity:

- Drivers licence or learner’s permit

- Passport

- Birth certificate

- Visa (using their foreign passport)

- Citizenship certificate

- ImmiCard

- Medicare card

You can find a list of documents that your clients can use to prove their identity at www.mygovid.gov.au/verifying-your-identity

Directors will need additional information that the Australian Taxation Office (ATO) knows about them when they apply for their director ID online.

They’ll need their tax file number (not essential, but recommended), residential address as held by the ATO, and information from two documents to prove their identity. Your clients can use any two of these documents:

- Bank account details held by the ATO

- ATO notice of assessment

- Super account details

- Dividend statement

- Centrelink payment summary

- PAYG payment summary

You can find more information about which documents can be used to prove your identity at abrs.gov.au/verify
Directors who don't apply on time
The Australian Securities and Investment Commission (ASIC) is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time, for more information about the penalties that may be applied, visit asic.gov.au/director-id


More information
You can find more information about director ID on our website at
abrs.gov.au/directorID
Don't get scammed
The ABRS never asks for your confidential details by email.
Learn more about staying safe online - go to abrs.gov.au/security
Your privacy
To learn more about how we maintain your privacy,
go to abrs.gov.au/yourprivacy
Look suspicious?
Don't take chances, forward suspicious emails to [email protected]
Australian Business Registry Services © Commonwealth of Australia

75326.502717-03-2022

If you want to become a director or are already one, you'll need a director ID. When you need to apply depends on the date you become a director.

01/09/2021

YOUR GUIDE TO SMALL BUSINESS GRANTS IN NSW
Are you looking for a grant for your business in New South Wales? Finding the right one can be tricky, so we’ve compiled a list to help you comb through different categories and eligibility criteria.

Are you a NSW business owner looking for a business grant or funding? Read about the different type of government and non-government grants available.

17/06/2021

You must declare all the income you receive from your employment (job), pensions, annuities, government payments, investments, business and foreign income.

You declare the income you receive for each financial year on your annual tax return. We pre-fill most income information in your tax return when you lodge online. We receive this information from your employers and financial institutions. You will need to check this information to make sure it is complete and correct. You may also need to enter some of your income manually.

The types of income you need to declare are:

Employment income
Super pensions and annuities
Government payments and allowances
Investment income – including interest, dividends, rent and capital gains tax
Business, partnership and trust income
Foreign and worldwide income
Other income – including compensation and insurance payments, discounted shares under employee share schemes, and prizes and awards.

You must declare all the income you receive from your employment (job), pensions, annuities, government payments, investments, business and foreign income.

22/06/2020

By Susan Franks, senior tax advocate, Chartered Accountants Australia New Zealand
With government debt rapidly increasing there has been speculation that the proposed personal income tax cuts will abandoned. Others have been proposing income tax levies.

COVID-19 has shown that a significant amount of Australia’s labour supply can be provided remotely. On-line training sessions is now the norm. Accounting, legal, financial advice and technology support can be delivered from anywhere.

When the COVID-19 restrictions are lifted businesses will be re-examining their operations and considering what is the most efficient way to provide their products and services. For many, the cost savings in commercial rent alone may well result in the retention of remote working. The question then becomes remote working from where.

Whilst for most of us that has been from the comfort of our Australian homes, we could see more businesses just as easily utilising people from anywhere in the world.

So how does Australia’s taxation of labour compare from a global perspective?

Australia’s reliance on personal income tax is high, the second highest in the OECD, if social security contributions in OECD countries are ignored[1]. When both income tax and social security contributions are considered, at 27.9% Australia has the seventh lowest tax impost on wages[2]. This indicates that Australia’s taxation of labour is relatively low.

These comparisons indicate that Australia’s personal tax settings are about right. What makes a difference in relation to the cost of labour is the value of labour itself. Australia’s labour needs to be highly productive to justify its use. Increasing the taxation of labour would make it harder for employers to justify the employment of extra people.

Does that mean that Australia should reduce its personal tax burden?

Australia already has legislated further reductions in personal tax rates[3]. From the 2022/23 year the 19% personal income tax bracket will increase from $41,000 to $45,000 and the low income tax offset (LITO) will increase from a maximum amount of $645 to $700 per annum. From the 2024/5 year the 32.5% marginal tax rate will reduce to 30%.

These legislated changes, announced in the 2019/20 Budget, were stated to “provide immediate relief to low- and middle-income earners, support consumption growth and ease cost of living pressures. It will also introduce structural changes to provide more reward for effort and to maintain our international competitiveness.”[4]

In times where many economists are citing low consumer and investment confidence, the idea of bringing forward these tax cuts is being considered by some as a further way to stimulate demand.

But what about those facing COVID-19 temporary or structural unemployment? They don’t benefit from tax rate cuts and need support funded through the collection of tax.

The government is faced with a difficult balancing act: rewarding those who have maintained a job and supporting those struggling due to COVID-19 unemployment.

The political capital that could be burnt through changing the personal tax burden could be high.

With the number of choices that the government faces, this appears to be one area that is left best alone unless there are inappropriately high effective marginal tax rates due to the interaction of the tax and transfer systems.

Sources

1.https://www.oecd.org/tax/revenue-statistics-australia.pdf [2]https://www.oecd.org/tax/tax-policy/taxing-wages-brochure.pdf

2.https://www.oecd.org/tax/tax-policy/taxing-wages-brochure.pdf

3. https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-individuals/Lower-taxes-for-hard-working-Australians--Building-on-the-Personal-Income-Tax-Plan/ #:~:text=The%2032.5%25%20marginal%20tax%20rate,more%20than%20%24200%2C000%20is%2030%25

4.https://budget.gov.au/2019-20/content/bp2/download/bp2.pdf pages 17 and 18