Grewal Business Services in Brisbane, Queensland, Australia | Business consultant

Grewal Business Services

Locality: Brisbane, Queensland, Australia

Phone: +61 423 683 714

Address: 11 Willoughby Crescent 4127 Brisbane, QLD, Australia

Website: http://www.grewals.com.au

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• Tax preparation service
• Accountant
• Financial service
• Business consultant

25.01.2022 Ready to lodge your 2019 Tax Return? Live in Springwood or close-by suburb? Contact us @ 0423 683 714 to get your tax lodged by a Registered Tax Agent & CPA Qualified Accountant with over 10 years of tax experience! Maximised tax return at minimal cost :)

25.01.2022 Employers: The due date to meet the eligibility criteria for Aprils JobKeeper payment is almost here! You have until midnight tomorrow, 8 May, to have paid the... minimum $1,500 to your eligible employees for the JobKeeper fortnights 30 March-12 April and 13 April-26 April. Weve started processing payments, so if youve completed all the steps and meet the eligibility requirements, you should receive your reimbursement within 14 days. If you havent completed all the steps, well be in touch. Find out more at www.ato.gov.au/general/JobKeeper-Payment/

25.01.2022 Thinking to use free MyTax software? Think again... Benefits of using G&A - A Registered Tax Agent & CPA Qualified Accountant who is on your side & ensures your tax return is done right and all possible deductions relating to your work and industry are claimed. - Low fees that are tax deductible anyways. ... - The priceless feeling of confidence your tax return was accurate & maximised. See more

25.01.2022 The court ordered Brisbane resident to pay back the $45,000 she received as tax deductions, as well as a fine of $3,000, a payment of $20,000 to the Commissioner of Taxation, plus court costs.

25.01.2022 From 20 April 2020, Grewal & Associates will be able to assist our clients to enrol for the Jobkeeper Payments with the ATO. A brief summary on eligibility: - currently employed by the eligible employer (including those stood down or re-hired)... - at least 16 years of age as at 1 March 2020 - Australian resident as at 1 March 2020 within the meaning of the Social Security Act 1991, which requires that they reside in Australia, and are one of an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder or a Special Category (Subclass 444) Visa Holder - complete the JobKeeper employee nomination notice Ride Sharing Drivers and other sole traders will also be eligible for the Jobkeeper Payment if they meet the above eligibility and have seen a decrease in revenue due to Covid19. For more info, always feel free to contact us.

24.01.2022 ATO to ramp up crackdown on dodgy returns (mostly self-lodged tax returns)

24.01.2022 Ready to lodge your 2019 Tax Return? Contact us @ 0423 683 714 to get your tax lodged by a Registered Tax Agent & CPA Qualified Accountant with over 10 years of tax experience! Maximised tax return at minimal cost :)

24.01.2022 Changes to the low and middle income tax offset announced in Budget 201920 are now law. The amount of offset you may be entitled to, and the amount of any refu...nd, will differ for everyone depending on individual circumstances such as income level and how much tax you paid throughout the year. Well automatically take into account any offset youre entitled to in your tax return, even if youve already lodged. You wont need to contact us. Refunds for tax returns already lodged are expected to start issuing towards the end of next week and into the following week, which is in line with the normal processing of refunds for this time of year. Find out more at www.ato.gov.au//Lower-taxes-for-hard-working-Australians-/

22.01.2022 End of Financial Year - Tax Tip (SUPER) Spouse super contributions (Tax Offset): If your partners total income (assessable income + reportable employer super c...ontributions + reportable fringe benefits) are less than $37,000, you are able to receive a $540 tax offset when you contribute $3,000 towards their super. (**Other conditions apply & a lesser contribution would mean lesser offset) Personal super contribution (Deduction): Everyone has a concessional contribution limit of $25,000 each financial year. If your employer would contributed $20,000 to your super this FY, it means you have $5,000 limit available for your own personal super contribution. If you choose to do so, do provide your super with a Notice of Intent to Claim Deduction when contributing the money. With that notice, you can claim a deduction in your own personal tax return. To discuss either of these options in detail, please feel free to contact me.

22.01.2022 Once the law is passed sometime this week (fingers crossed!) we will have higher tax offsets to claim :)

22.01.2022 What a time we are in. I am just digesting the stimulus package as announced last week. One item that most small business owners will be of benefit from, is the up to $25,000 PAYG refund. If you employ staff (which includes directors), on your next BAS you can claim back 50% of the PAYG at W2 up to $25k. This will be offset against your GST or refunded. If you employ staff and no tax is deducted (say they are below the tax threshold) you can claim a refund up to $2k. The mechanics of all this will be interesting.

20.01.2022 Contact us to discuss the next step after enrolling for Jobkeeper Payments! :)

20.01.2022 Here is a summary of stimulus package that supports businesses which ive been calling all my business clients this week to discuss how they can be eligible for it: - Boosting cash flow for employers payments of up to $100,000 to eligible small and medium-sized businesses, and not-for-profits (NFPs) that employ people, with a minimum payment of $20,000. - Temporary relief for financially distressed businesses by temporarily increasing the threshold at which creditors can iss...ue a statutory demand on a company and the time companies have to respond to statutory demands they receive. - Increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. - Backing business investment by providing a time-limited 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. The Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme will support up to $40 billion of lending to SMEs. The Government will provide eligible lenders with a guarantee for loans with the following terms: - SMEs, including sole traders, with a turnover of up to $50 million; - maximum total loan size of $250,000 per borrower; - loans will be up to three years, with an initial six month repayment holiday; and - unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan. Feel free to contact me if you have any questions.

19.01.2022 Please ensure all applicants of the Jobkeeper Payments follow the correct process. Penalties could be heavy for those who dont.

19.01.2022 The ATO has provided guidance on how sole traders, partnerships, trusts and companies that either have no employees or have a non-employee individual who is actively involved in the business can be eligible for JobKeeper. It confirms that an eligible entity: can claim only 1 JobKeeper of $1,500/fortnight for the eligible business participant (EBP); can claim JobKeeper for eligible employees (under Div 2 of the Rules), as well as for the EBP (under Div 3);... receives the payment, not the individual; can enrol with the ATO from 20 April 2020, and must enrol by the end of April for the fortnights ending 12 and 26 April. NOTE: An EBP cannot be an employee (other than a casual) of another entity, irrespective of whether the other entity is related or claiming JobKeeper payments. There is no requirement for the entity to pay the JobKeeper payment to the nominated individual. If the entity qualifies, it receives $1,500 per fortnight which forms part of the entitys assessable income. It can spend the funds as it chooses; e.g. on deductible expenses or distribute it as a regular partnership or trust distribution or a dividend paid to the regular beneficiaries or shareholders.

18.01.2022 Rental property owners: Has your income from your property been affected by COVID-19? Our FAQs answer tax-time questions such as: What expenses can I claim i...f my tenants arent paying their rent under the lease agreement? If I decide to reduce the amount of rent I charge my tenants, will my deduction for rental property expenses be reduced? If I receive a back payment of rent or an amount of insurance for lost rent, do I have to include this as income? Find the answers to these questions and more at www.ato.gov.au//c/individuals-frequently-asked-questions/

16.01.2022 The Medicare levy is 2% of your taxable income, in addition to the tax you pay on your taxable income. You may get a reduction or exemption from paying the Medicare levy, depending on your circumstances. To find out more about medicare exemption to maximise your tax return, please contact us at 0423 683 714.

16.01.2022 Happy New Year Everyone! May 2020 bring success, health and happiness to you and your family!

15.01.2022 Great work everyone for observing the lockdown rules! :) QLD - Households can head out up to 50km from their homes for recreational activities such as boating and picnics. Non-essential shopping to return on Saturday. School decision not to be made before May 15.

14.01.2022 International Student? Graduate Visa? Have a visa that does not give you Medicare benefits? - Then you dont have to pay for Medicare Levy in your tax return!! But to qualify you NEED to apply for a Medicare Exemption Statement and THEN ONLY lodge your tax return. Lodging a tax return with medicare exemption BUT not getting the statement will only result in the tax office to amending your tax into a tax payable later on when their system does cross checks. Need assistance in getting Medicare Exemption and lodging your tax return the correct way with full confidence? Contact us today! :)

13.01.2022 While clients can still lodge early this year, several industry experts have also previously warned against doing so, noting the STP changes as well as the governments proposed tax cuts. Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill has been tabled for introduction into the Senate this week, and if it passes, will see the end-of-year rebate for low and middle-income earners double from $530 to $1,080.

12.01.2022 When do I get my $1,080 tax bonus? The media has done a great beat up job of sensationalising the effect of the recently announced tax cuts and we have been receiving questions daily about the so called tax bonus. We thought wed clear up a few of the furphies weve heard.... This is not a tax bonus - it is a tax offset, specifically a low and middle income earner tax offset. It is a non-refundable offset, which means that it can only reduce the amount of tax you pay to zero. If your tax offsets are greater than the amount of tax you have to pay, you dont get a refund of the excess amount. You might be eligible for the full offset AND still end up owing Mr Tax Man money, depending on your circumstances. The government is not sending you a cheque for $1,080, you need to lodge your 2019 tax return and be assessed. The low income tax offset has been around for a while, the low and middle income tax offset is new and in effect from 2018-19 income tax years until 2021-22. It is in addition to the low income tax offset. If your taxable income is between $37,000 and $126,000 you will receive some or all of the low and middle income tax offset. The amount of the offset you are entitled to will depend on your individual circumstances, as mentioned above you need to prepare and lodge your 2019 tax return and be assessed.

12.01.2022 Thinking of getting an investment property and confused between positive/negative gearing? Below article has a great case study showing the different effects on net income and taxes. For a complimentary meeting to discuss your existing investment property or plans to acquire one, feel free to contact us :)

10.01.2022 End of Financial Year - Medicare Levy Exemption You may be exempt from paying the Medicare levy if you: - are not on a permanent visa... - are not entitled to Medicare benefits We can apply for a Medicare Entitlement Statement which would be required for the exemption, this needs to be attained prior to lodging the tax return. (Wait time for MES is 4 - 6 weeks hence apply earlier the better) Lodging the tax return without this Certificate would result in a ATO audit where they would remove the exemption and you would have a tax payable (has happened to some of my clients whose previous accountants didnt complete full process, when they got audited I had to get the cert for that financial year to assist them in not paying the levy) Should you have any questions or would like to discuss this in detail, please contact me at 0423 683 714 or [email protected]

10.01.2022 Interesting small business grant available for those businesses significantly impacted by Covid19. (Must be GST registered, with FY2019 turnover of atleast $75,000 among other requirements) Contact us if you meet this requirements and would like to know more.

09.01.2022 Jobkeeper monthly eligibility & business turnover report submission has started from today(4th May) For assistance, ph:0423683714Jobkeeper monthly eligibility & business turnover report submission has started from today(4th May) For assistance, ph:0423683714

07.01.2022 Great news! From the 201819 income year, the low and middle income tax offset increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum. Taxpayers with a taxable income:... - of $37,000 or below can now receive a low and middle income tax offset of up to $255 - above $37,000 and below $48,000 can now receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080 - above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080 - above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess. Contact us @ 0423 683 714 or email [email protected] to get your tax return lodged! Maximised return @ minimal cost :)

06.01.2022 Roadmap to easing QLD restrictions.

06.01.2022 Always a great feeling to get positive feedback from my valued clients :)

06.01.2022 We are here to assist you and answer any questions you may have in relation to Jobkeeper Payments. Contact us today at 0423683714 or [email protected].

05.01.2022 The Morrison government is moving to ease the burden of paying tax instalments for millions of Australians by suspending indexation for the 2020/21 financial year.

05.01.2022 Some of our services (including the portals and our online services via myGov) are currently unavailable or experiencing slowness. Our specialists are working o...n the issue and well let you know here on Facebook as soon as the services are restored. Apologies for the inconvenience this may cause. See more

04.01.2022 Tax Time is Here! Contact us to get your tax prepared and lodged by a tax expert with over 12 years of taxation experience! We are available for office appointments (Springwood) or via email/phone/video call. Monday to Sunday and after office hours too. Contact us today @ 0423 683 714 or [email protected]

03.01.2022 Everyone who are planning to early access to super, please be extremely careful. Do not give your information to anyone who has contacted you claiming to be able to help you with it!

03.01.2022 Everyone hiring subcontractors please take note! Its mandatory to lodge a TPAR which will include names of all your subcontractors, their ABN, address and payments made. Without this, it is difficult to claim tax deduction on payments to subcontractors. Contact us for more info.

02.01.2022 SCAM ALERT Be on the lookout for a new text message (SMS) scam claiming you have a tax refund from the ATO. Dont click any links and dont give out your b...ank details, even if it looks convincing. Remember well never send an SMS asking you to access our online services via a hyperlink. Scammers try to take advantage of people when theyre vulnerable, and were doing what we can to shut these scammers down. Warn your friends and family, report any scams you receive, and visit our scam alerts page to learn more: https://www.ato.gov.au//Onli/Identity-security/Scam-alerts

01.01.2022 Businesses: The increased instant asset write-off has been extended to 31 December 2020! This means that eligible businesses can continue to invest in assets that cost less than $150,000 each Check out what you can claim at www.ato.gov.au//Simpler-depreciat/Instant-asset-write-off/