Elite Chartered Accountants in Bankstown, New South Wales | Consultation agency

Elite Chartered Accountants

Locality: Bankstown, New South Wales

Phone: +61 2 9790 0050

Address: Suite 1A 40 Raymond St 2200 Bankstown, NSW, Australia

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

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24.01.2022 Australians caught attempting to withdraw their super without meeting the eligibility requirements will face fines of $12,600, the tax office has warned. The federal government announced Australians financially hit by coronavirus would be able to access up to $20,000 of their super over the coming two years. Treasury estimated 1.5 million Australians would access their super early, but 2 million have already dipped in. To be eligible, Australian and New Zealand citizens need... to have become unemployed, be receiving the JobSeeker payment or other benefit like Youth Allowance or a parenting payment, or have seen their working hours reduced by at least 20 per cent. Sole traders whose turnover fell by 20 per cent or more were also eligible. Now, the Australian Tax Office (ATO) is warning its closely monitoring those who do choose to withdraw the cash but who arent eligible. In an updated fact sheet on the ATO website, the office said it has seen some examples where Australians are doing the wrong thing. In some cases, we have stopped applications and prevented super money from being released. In other cases, we review circumstances after an application has been processed to ensure the integrity of the program. It said its using income tax returns, Single Touch Payroll data, information from super funds and Services Australia data to monitor the financial realities of those claiming the super. Industry Super Australia has welcomed the crackdown after reports found Australians had been using the money for alcohol, gambling and furniture. https://au.finance.yahoo.com//ineligible-aussies-withdrawi

23.01.2022 Attention Victorians: $5000 Grant for businesses located in lock-down suburbs ! Apply Now Businesses can apply if they:... are operating in a postcode that is affected by the return to Stage 3 restrictions (not necessarily their registered address); and are an employing business; and are currently registered to pay GST; and have a payroll of less than $3 million per annum; and hold an Australian Business Number (ABN) and have held that ABN at 16 March 2020 (date of the State of Emergency declaration); and have been engaged in carrying out the operation of the business in Victoria on 16 March 2020. Businesses can still receive this $5,000 grant even if they have already received a $10,000 Business Support Fund grant or payroll tax refund or waiver. https://www.business.vic.gov.au//local-lockdowns-business-

23.01.2022 Quality Tax Planning & Business Consultation keep our clients smiling even in difficult times

22.01.2022 JobKeeper Extension The jobkeeper Scheme will be extended until 31st March 2021. You will need to show that your actual GST turnover has declined in the September 2020 quarter relative to a comparable period... If you were entitled to receive Jobkeeper for fortnights before 28 Sep, you have already satisfied the original decline in turnover test. If you are enrolling in JobKeeper for the first time from 28 September 2020, if you satisfy the actual decline in turnover test, you will also satisfy the original decline in turnover test Two alternate rates of jobkeeper payments will be introduced. From October to January 2021 the rates will be reduced to: Those working less than 20 hours a week will receive $750 per fortnight. Employees that work more than 20 hours will receive the full $1200 per fortnight. From January to March 2021 the rates will be reduced further: Employees working 20 hours or less will receive $650 per fortnight Employees that work more than 20 hours will receive $1000 per fortnight. Please ask us if you have a question. Hamid Saroha - JP Chartered Accountant [email protected] Farhat Jaffri - JP Registered Tax Practitioner [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

22.01.2022 Superannuation Amnesty Scheme Dont miss your chance to sort out unpaid super. Apply for the super guarantee amnesty before it ends on 7 September. In March the government introduced a Superannuation Guarantee Amnesty. The amnesty allows employers to disclose and pay previously unpaid Super Guarantee Charge, including nominal interest, that they owe to their employees for past quarters (1 July 1992 to 31 March 2018).... Important: Employers participating in the amnesty need to apply online by 7 September 2020. The benefits: Tax deductions for payments of the Superannuation Guarantee Charge No administrative penalty of $20 per employee No Part 7 penalties (which could otherwise be 200% of the SG Charge owing). You can find more details on the ATOs website: https://www.ato.gov.au///superannuation-guarantee-amnesty/ Paying superannuation is a key part of being an employer. It is much easier for the ATO to detect non-payment of super, so non-complying employers should wisely consider their options, and apply to the ATO to take advantage of the amnesty. More information on how to apply can be found here: https://www.ato.gov.au//super-for-employers/superannuati/ Please ask us if you have a question. Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

21.01.2022 October has arrived and that means the tax deadline is quickly approaching. If you haven't done your tax return yet, contact us to lodge it before due date. Please ask us if you have a question. Hamid Saroha - JP... Chartered Accountant [email protected] Farhat Jaffri - JP Registered Tax Practitioner [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

21.01.2022 Riders are being put onto bikes with no training or protective gear, they are working our streets day and night for little pay. They have no right to insurance and when they get injured or die, it’s at the discretion of their companies as to whether they and their families get supported. "This is an utter disgrace and the Federal Government is refusing to hold companies to account for flouting our standards and allowing workers to die without protections. Safe Work NSW has been notified that this should be investigated as a workplace death and they are appointing an inspector.

20.01.2022 Still Havent Applied for Job Keeper & Cashflow Boost Payment for Your Business? If you are still figuring out how to apply for Government stimulus package or your OLD accountant is not being helpful or you are behind on ATO lodgements, you can miss out on COVID19 Government Stimulus Package. If you are a small business owner, We can help you with:... Getting Job Keeper payment of $19,500 for each employee . Getting Cashflow Boost, Minimum of $20,000. Meeting your STP Lodgements for Job Keeper Payment. Contact Elite Accountants to get maximum government announced stimulus package for your business. Regards Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

20.01.2022 Good News for Pakistani Qualified Chartered Accountants ! Get your Institute of Chartered Accountants of Pakistan qualification recognised in Australia and New Zealand. Through the International Pathway Program you may become a member of Chartered Accountants Australia and New Zealand as Izhar Nabi Khan CA did in 2018.... "Doing the International Pathway Program and gaining membership of CA ANZ gives you entry into the market. Having a local qualification gives you an edge in the market." - Izhar Nabi Khan CA Learn more about Izhars story and register your interest for the program. *Eligibility criteria apply

19.01.2022 Be safe, maintain social distancing & avoid unnecessary movements. Most victims of the virus die from complications including pneumonia and swelling in the lungs. The virus also causes swelling in the respiratory system, which can make it hard for the lugs to pass oxygen into the bloodstream - leading to organ failure and death.... Server pneumonia can kill people by causing them to drown in the fluid flooding their lungs. Your well wishers Elite Accountants Team

19.01.2022 All humans are equal. There is no superiority of a white person over a black person or of a black person over a white person.

17.01.2022 If you are eligible for job keeper payment, get ready to enrol from 20th April 2020 If you need any assistance Plz contact us via email / phone / office visit Regards Elite Accountants Team

17.01.2022 4 Key changes to FBT & Capital Gain Tax in Budget 2020: Please ask us if you have a question. Hamid Saroha - JP... Chartered Accountant [email protected] Farhat Jaffri - JP Registered Tax Practitioner [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

16.01.2022 HomeBuilder Grant $25,000 Eligibility To access HomeBuilder grant, owner-occupiers must meet the following eligibility criteria: you are an 18 plus Australian citizen;... you meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later; you enter into a building contract between 4 June 2020 and 31 December 2020 to either: build a new home as a principal place of residence, where the property value does not exceed $750,000; or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing the property does not exceed $1.5 million; construction must commence within three months of the contract date Existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant scheme will also be available https://treasury.gov.au/coronavirus/homebuilder Sincerely Yours Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

15.01.2022 ATO is concerned that too many drivers are avoiding tax, the ATO is cracking down on ride sharing drivers contacted to companies such as Uber, Gocatch and Lyft Last year the ATO warned Uber drivers that avoiding tax wasnt an option, this year its getting evening tougher. Banks will now be required to provide details of ALL customer payments to these ride sharing services for the past AND coming financial year. If youve been doing a little moonlighting, its probably time t...Continue reading

14.01.2022 Good News for New Home buyers ! $50,000 grant for buyers of freshly built homes Removal of Stamp Duty & Broadening of GST base ... Interesting push from The Property Council of Aus for $50k grants to purchasers of newly built homes under a proposed $2.5bn scheme with no cap on the property value. Proposed to run from 1 Jul 2020- 30 Jun 2021. With low immigration, high unemployment and low wages growth, the property and construction markets could be in for some pain. Especially once the govt subsidies/stimulus finish and the banks unfreeze mortgages.

13.01.2022 Company or Trust If you involve in litigation, which business structure is suitable to protect your assets. If you are a sole trader, your personal assets are at risk. What business structure should you have, it is our specialty to guide you. Sincerely Yours... Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

13.01.2022 Tax Fraud & then Jail Do not be a part of it !

12.01.2022 The NSW state government has announced, from August 1st, stamp duty will be axed for first home buyers who purchase or build new homes under $800,000 (increasing from $650K). This decision will help support approximately 6,000 first home buyers while boosting the construction industry during COVID-19. Get in touch with us for further guidance. Sincerely Yours... Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

12.01.2022 ATO is targeting all those who used misleading information or misleading turnover figures to receive Job Keeper payments. ATO is contacting taxpayers who do not have PR/Citizenship receiving Job Keeper payments. ATO is also contacting taxpayers who reported misleading turnover, to get Job Keeper payments.... Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

09.01.2022 Tax Deductions for Tradies Give your refund a boost ! Im a tradie. What tax deductions can I claim? People who work in a trade such as builders, plumbers and electricians to name a few, often pay for work-related expenses out of their own pockets. And when youre working long hours or busy meeting deadlines, it doesnt leave you much time or energy to think about your taxes. Unfortunately this means many tradespeople end up paying too much tax and miss out on hundreds (and...Continue reading

08.01.2022 Former RBA governor says low-income workers should be allowed to withdraw some of their super early to buy a first home.

08.01.2022 February is the most romantic month of the year with some couples choosing to marry. Don’t forget to update your spousal information with the ATO for any: shared assets capital gains government levies and ... rebate on your health insurance tax offset a reduce Medicare levy surcharge Romantic, isn’t it?

08.01.2022 Elite Accountants happy and satisfied clients and their highly appreciative feedback !

08.01.2022 At Elite Accountants, we have a confident, experienced team that are ready to apply their expertise to optimising your benefits upon retirement. We provide a comprehensive wealth and retirement planning, including Self-Managed Superannuation compliance. Sincerely Yours Farhat Jaffri - JP Registered Tax Practitioner... [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

07.01.2022 The HomeBuilder scheme has been expanded until the end of March. The price caps have been raised for NSW and VIC, and the size of the grants decreased to $15,00...0. Applications can now be submitted up until 14 April 2021. HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home or substantially renovate an existing home. HomeBuilder assists the residential construction sector by encouraging the commencement of new home builds and renovations. On 29 November 2020, the Government announced an extension to the HomeBuilding Programme to 31 March 2021. Changes to the HomeBuilder program include: * A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive. * An extended deadline for all applications to be submitted, including those applying for the $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020. * An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020. * An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive. * The existing new build property price cap of $750,000 will continue to apply in all other States and Territories. * A change in licensing requirements and registration for builders and developers, as below * Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020. * Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020. Other than the above, the existing program criteria applies. That is, the other existing eligibility criteria remains in place and the $25,000 grant will still be made available for eligible contracts signed on or before 31 December 2020.

06.01.2022 As a medical practitioner your tax requirements and obligations can be of a complex nature. Our dedicated team of accountants have a comprehensive understanding of the unique accounting needs of your profession. We pride ourselves on getting to know your individual professional and practice requirements. Our experienced team have the confidence to provide expert tax, accounting and business advisory service to doctors, dentists and medical specialists at any stage of their c...areer. If you are just starting out as a Locum or working as an experienced doctor, our expert team can provide the guidance and advice you require. Our contact details are as follows: Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

05.01.2022 The ATO has recently stated that it will conduct a data matching programs on data on Australian sales made through online selling platforms for 2018-19 through to 2022-23 financial years. These records will be electronically matched with ATO data holdings to identify non-compliance with registration, lodgement, reporting and payment obligations under taxation laws. Please ask us if you have a question. Hamid Saroha - JP... Chartered Accountant [email protected] Farhat Jaffri - JP Registered Tax Practitioner [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

05.01.2022 The JobKeeper payments have been extended for six months until 28 March 2021. Different eligibility requirements and payment rates apply from 28 September 2020. If you have any questions regarding payment of your staff, or for your personal income tax return if you receive the JobKeeper payment, talk to us. https://www.pm.gov.au//jobkeeper-payment-and-income-suppor Get in touch with us for further guidance.... Sincerely Yours Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

04.01.2022 GST Reminder: 28th Feb is the last date for Quarterly December-20 BAS. Plz provide data ASAP to avoid any ATO penalties & charges. Regards... Farhat Jaffri - JP Registered Tax Practitioner [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200 Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

04.01.2022 Fraud Warning ! Too many people are getting fake calls from fake ATO and Department of Home Affairs. Plz never pay to anyone over the phone call. You will be threatened by Federal Police arrest & Jail, do not be panic, call ATO or call us You will get a fake call even from Accountant office number, this will all fraud, dont be fool.... Get in touch with us for further guidance. Sincerely Yours Farhat Jaffri - JP Registered Tax Practitioner [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

04.01.2022 GST Reminder: 25th November is the last date for Quarterly September-20 BAS. Plz provide data ASAP to avoid any ATO penalties & charges. Regards... Hamid Saroha - JP Chartered Accountant [email protected] Farhat Jaffri - JP Registered Tax Practitioner [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

03.01.2022 Beautiful smiles of friends after successful Stimulus Package Boost

02.01.2022 Plz contact us if you have any query. Sincerely Yours Farhat Jaffri - JP Registered Tax Practitioner... [email protected] Hamid Saroha - JP Chartered Accountant [email protected] Ph: 02 97900050 Suite 1A 40 Raymond St Bankstown NSW 2200

01.01.2022 NSW Small Business Recovery Grant $3,000 To be eligible for this grant, you must as at 1 March 2020: * be a small business or a not-for-profit organisation based in NSW * have an ABN registered in NSW (make sure all your business details are up to date on the Australian Business Register. This is used to determine eligibility) * have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence)....Continue reading

01.01.2022 Guidelines for travel restrictions for dual nationals :

01.01.2022 Covid-19 safety message from Elite Accountants !