GBS Accountants & Business Advisors in Somerton, Victoria | Tax preparation service

GBS Accountants & Business Advisors

Locality: Somerton, Victoria

Phone: +61 3 9305 3665

Address: 11/882 Cooper Street 3062 Somerton, Victoria, VIC, Australia

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

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24.01.2022 #Announcement #JobKeeperPayment #Jobkeeper2.0 #GBSAccountants KEY POINTS: JobKeeper will continue to be available to eligible businesses (including eligible business participants) and not-for-profits until 28 March 2021. ... The fortnightly rate will be reduced from $1,500 to: $1,200 from 28 Sep 2020 to 31 Dec 2020 $1,000 from 4 Jan 2021 to 28 March 2021. Lower rates will apply to employees and eligible business participants who work fewer than 20 hours per week: $750 from 28 Sep 2020 to 31 Dec 2020 $650 from 4 Jan 2021 to 28 March 2021. Eligible businesses will have to suffer the requisite decline (no change to percentages) based on actual GST turnover (rather than projected GST turnover) to remain eligible: From 28 Sep 2020 to 3 Jan 2021, based on actual GST turnover in both the June and Sep quarters 2020. From 4 Jan 2021 to 28 March 2021, based on actual GST turnover in each of the June, Sep and Dec quarters 2020.

24.01.2022 #TaxFraud #Falsifiedinformation #Registeredagent #Accountants #Professionals $3m in wages: WA meat worker jailed over tax fraud A wildly ambitious attempt to fraudulently obtain tax refunds by claiming to earn more than $3 million in salary as a meat factory worker has landed a Perth man in jail for two and a half years.... Reece Porter, a 28-year-old man from Western Australia, had sought to obtain over $1 million in fraudulent tax refunds by submitting income tax returns that had been falsified over a number of years. Employed by a meat company in 2012, and subsequently unemployed, Mr Porter had submitted five original and three amended income tax returns for the 2012 to 2016 financial years, claiming he had received more than $3 million in total in salary and wages from the company and that they had withheld amounts of tax from payments to him. He managed to obtain four refund payments totalling $42,191 before the ATO started investigating the matter. Mr Porter continued to increase his claims each time he lodged, with further refunds of just over $1 million intercepted by the Tax Office. Facing the Perth District Court on Wednesday, Mr Porter was sentenced to 2.5 years in jail and was also ordered to repay the $42,191 that he had fraudulently obtained. ATO assistant commissioner Ian Read said the false reporting of income in a tax return to obtain a financial advantage was blatant fraud and would not be tolerated. This outcome highlights that people who try to cheat the tax and super systems will get caught and we will take firm action, Mr Read said. We know most people do the right thing, but this type of behaviour is blatant fraud against the Commonwealth. To avoid trouble in future, talk to professional accountants who can guide you through and help you in claiming higher refund but legally. Any extra claim can put you in trouble so be safe. Regards, Team GBS Accountants Tax crime is not victimless. Mr Potter effectively stole money from the pockets of taxpayers, money that was otherwise set to fund vital public services that the community relies upon.

21.01.2022 #JobKeeper #Grants #JobSeeker #Tax #GBSAccountants If youre a small business that has received an Australian, state or territory government grant or payment, you may need to include this in your assessable income when you lodge your tax return. Payments you may need to declare include JobKeeper payments, the Supporting Apprentices and Trainees wage subsidy, and the wine equalisation tax producer rebate find the list at https://lnkd.in/efMw-HA

21.01.2022 #Stage4 #Grants #financialhardship #GBSAccountants Melbournes move to Stage 4 restrictions brings with it another level of hardship for small businesses, given that many now have no choice but to shut down for six weeks. With that in mind, the Victorian Government has announced that additional grants are being made available for employing businesses under the Business Support Fund Expansion.... Those within metropolitan Melbourne and Mitchell Shire may be eligible for a total of $10,000 while those in regional areas can apply for a $5,000 grant. Any business that successfully applied when $5,000 was made available under the Expansion program last month will automatically receive an additional $5,000. For those who havent yet applied, applications are open until September 14th. Updated guidelines and information will be released in the coming days and will accompany the link to the application form here: https://lnkd.in/gkGRpvN Please dont hesitate to contact us for more information. (03) 9305 3665 [email protected] www.gbsaccountants.com.au

21.01.2022 #FairWork #NewWageRate #FY2021 Fair Work Australia: From 1 July 2020 and 1 November 2020 (depending on the industry), 2.2 million low income Australians will have a wage increase of 1.7% or $13 a week. They will earn $753.80 a week or $19.84 an hour. This is the minimum weekly and hourly wage and it is illegal to pay an employee less than these rates. Australia is a lucky country. Who gets a pay rise in the midst of a pandemic and a recession?

21.01.2022 JOBMAKER First we had JobSeeker, then JobKeeper... what's the latest iteration all about? If you need to hire, now is a great time. Employers who hire anyone who are currently or have been on or the JobSeeker program will receive $200 per week for people under 30, and $100 per week for those ages 30 to 35. Employees must be working a minimum of 20 hours a week. As always, more details to come but this is certainly huge news for business owners!

20.01.2022 Eid al-Adha is eid of sacrifice, and commitment to Allahs orders, May Allah bless us with the same in all circles of life, and help all amongst us, who are helpless,worried, and waiting for his rehmat. Stay safe and have a blessed day with your loved ones. Regards, Imran Rasheed & family

20.01.2022 #Deductions #Proof #workrelated #GBSAccountants Looking to claim work-related deductions? Remember to check the 3 golden rules before claiming: you spent the money yourself & werent reimbursed it was directly related to earning your income... you have a record to prove it. If you still unclear, our team at #GBSAccountants is always there to assist you.

19.01.2022 Businesses: Its time to make your JobKeeper monthly business declaration for August Remember - August has 3 fortnights, so dont forget to claim your eligible employees for all of them. If you have newly eligible employees include them in the claim from JobKeeper Fortnight 10 (which started 3 August).... Weve created a new fact sheet to explain the steps you need to take to add newly eligible employees, visit www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-guides/

19.01.2022 Local Lockdowns Business Support Program #Lockdown #BusinessSupport $5kGrant #AssistanceProgram #GBSAccountants It was announced yesterday that 10 postcodes across Melbourne will be going into Stage-3 lockdown from 11:59pm Wednesday 1 July until at least 29 July 2020. Residents of the following postcodes will not be permitted to leave their house except for essential purposes: 3012, 3021, 3032, 3038, 3042, 3046, 3047, 3055, 3060, 3064. ... The government has identified that this will directly impact businesses operating in those areas, as gyms are required to re-close, restaurants are forced back to takeaway-only and other businesses will need to shut completely once more. As such, they have introduced the Local Lockdowns Business Support Program, which involves giving one-off $5,000 grants to local businesses affected by the return to Stage 3 restrictions. There are several conditions for eligibility. Businesses can apply if they: are operating in a postcode that his affected by the return to Stage 3 restrictions (not necessarily their registered address); and are registered for JobKeeper and attest that their trading has been impacted by the return to Stage 3 restricitons; 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.

18.01.2022 #FY2020 #TaxReturn #MaximumLegalRefund #GBSAccountants Tax Return 2020: Heres the easiest way to do your 2020 tax return Dial 03-9305 3665 or email at [email protected] with all your relevant details and job is done. A team of professional accountants will assist you in lodging your tax return remotely or you can visit our office.... Regards, Team GBS Accountants

18.01.2022 Are You An Experienced Business Services Accountant? - Part time or Contract Role A suburban small growing acounting practice is looking for an experienced skilled business services accountant to work contract or part time in our friendly office. The role is for between 15 to 38 hours per week. Work life balance and flexible working conditions exist. We aim for high standards in quality of work and use cutting edge technology to operate the practice and process client data. T...he duties include: * Preparation and of all types of tax related returns and financial statements * Reviewing completed engagements * Ad Hoc tasks as required * Ability to complete engagements * Interacting with clients as required * Experienced in corporate income tax, BAS and IAS returns * CPA Qualification or studying towards * Exposure to clients ranging upto $10Million turnover To be successful in obtaining this role you must have a minimum 2 years experience in public practice and will have a sound working knowledge of Xero, MYOB, Quickbooks and SoftAssist. High levels of attention to detail are a must. This is a great chance for someone to take the next step and develop their skills further. Our promise to you is if you ever leave us. ...you will leave a better more skilled accountant than the one who walked in. Please forward your application to [email protected] The application should cover below questions: * How many years experience do you have as a business services accountant? * Which of the following accounting packages are you experienced with? * How many years of public practice accounting experience do you have? * Do you have experience using MYOB? * Whats your expected annual base salary? *Please note only sortlisted candidates will be contacted

17.01.2022 Applications for COVID-19 early release of super close on 31 December 2020. If you’ve been financially affected by COVID-19 and need early access to your super by Christmas, apply online before 11 December. To check eligibility, please feel free to contact us at 03-9305 3665 Regards,... Team GBS Accountants See more

17.01.2022 #Stage3 #Covid19 #Restrictions #ImpactOnBusinesses Treasurer announces new income support as Victorian businesses shut up shop https://www.mybusiness.com.au//7143-treasurer-announces-ne

17.01.2022 #SweetTreat #GBSAccountants #chocolatelove #happyclients Sanitize your hand and try our branded chocolates Special thanks to our colleague Suzan Ipekdal for making these yummy chocolates for our valuable clients.... I know its tough on all of us due to Covid-19 but feel like at home when you come to visit your trusted Accountants &Advisors.

17.01.2022 #OccupationSpecificDeductions #AllowableDeductions #TaxRefund #EOFY2020 Check out our occupation guides with handy info on what you can claim at #TaxTime! Find out about deductions specific to your industry @ ato.gov.au/occupations For further clarification, pls contact your trusted accountants & advisors #GBSAccountants at 1300 766 427|03-9305 3665.

16.01.2022 #jobkeeper #stimulus #GBSAccountants #Tax #Accounting #SME The government has announced significant changes to the JobKeeper program which will ensure continued financial support to businesses most impacted by COVID-19. The key changes include: * An extension of the program to March 2021.... * Additional testing of eligibility in October 2020 and December 2020. * Testing of GST turnover to be based on the prior 2 quarters (October) or 3 quarters (December). * The relevant decline in turnover test must be satisfied across the entire two or three quarter test period to maintain eligibility. * The introduction of a two tiered minimum wage based on hours worked (ie. >20 hours pw for max payment, <20 hours pw for reduced payment) * JobKeeper payment for 28 September to 3 January - $1200 pf (max) or $750 pf (reduced). * JobKeeper payment for 4 January - 28 March - $1000 pf (max) or $650 pf (reduced). See more

16.01.2022 #Taxreturn #duedate #logement Just a few days left to lodge! You can lodge online yourself using our online services via myGov or contact your trusted accountants & advisors #GBSAccountants for any assistance. Lodging on time is important, even if you can't pay by the due date. See how ATO’s range of options can support you. Learn more about lodging at https://lnkd.in/gcUBrKF

13.01.2022 #TailoredApproach #personalisedapproach #TrustedAdvisors #GBSAccountants Youre not like anyone else. Thats why you should have a tailored approach to your financial goals. By getting to understand who you are and how you do things, personally and professionally, we can help you formulate and execute a plan that suits your particular needs and circumstances.... (03) 9305 3665|1300 766 427 [email protected] www.gbsaccountants.com.au

13.01.2022 #interestrates #Homeloan #refinance #Businessloans #PPR #firsthomebuyer #investmentproperty Great news for anyone with a home loan, with the Reserve Bank dropping rates to a record low of just 0.10%. Given the recent reactions of the big banks to RBA rate cuts, we’re not overly optimistic that their customers will get the full benefit but, of course, we are closely monitoring all bank rate changes (or lack thereof).... We remain hopeful that some lenders will pass on the cut in full and therefore create a real opportunity to save even more on your monthly repayments. With many lenders already offering cash rebates of up to $4,000 as an enticement for customers to switch over, there couldn’t be a better time for you to check your current loan, and make a switch if it’s going to put more dollars in your pocket. Talk to our loan specialists today and we’ll get the ball rolling. (03) 9305 3665 [email protected] www.gbsaccountants.com.au

13.01.2022 #EidAdha #sacrifice #GBSAccountants Eid al-Adha is eid of sacrifice, and commitment to Allahs orders, May Allah bless us with the same in all circles of life, and help all amongst us, who are helpless,worried, and waiting for his rehmat. Stay safe and have a blessed day with your loved ones. ... Regards, Team GBS Accountants

12.01.2022 #InterestingFacts

12.01.2022 #stage4lockdown #workingfromhome #GBSAccountants Earlier this week the Andrews Government declared a state of disaster due to the COVID-19 pandemic and enforced Stage 4 restrictions which includes shut downs of office premises. Unfortunately, the accounting profession does not meet the eligibility of essential services and can no longer be operated on-site. Accordingly, from today, Wednesday 5th August, our offices will be closed and our entire team will shift to 100% remote... working until restrictions are lifted. While we anticipate it will be business as usual, we would ask that where possible you try to minimize the physical mail sent to our offices as no mail can be left at our premises. We recommend sending emails to [email protected]. We will continue to use digital platforms available to facilitate virtual meetings. Our phone will be answered as usual, but messages will be taken for staff to return calls as we will all be remote working. The team remain committed to providing the highest level of service possible through these difficult times to ensure requirements are met in a timely and efficient manner. As always, we are here to assist you for any accounting or financial needs. Stay safe!! Regards, Team GBS Accountants

11.01.2022 #EmergencyServiceWorkers #Police #Paramedic Emergency services workers! We know youre busy keeping the country safe, so weve developed a guide to help you out with your tax return. Whether youre a fire fighter, police officer or paramedic, weve covered everything from laundry expenses to your heavy-vehicle permit, over-time meals and education expenses. Get all the answers for your industry at www.ato.gov.au//I/Occupation-and-industry-specific-guides/

11.01.2022 #Payroll #NewtaxTable #PAYGW Employers: Have you updated your payroll software or processes to reflect the updated tax tables? Remember you must be withholding the correct amount from payments you make to employees by 16 Nov 2020. Check out the updated tax tables at https://lnkd.in/gpyDxnt For any further clarification, feel free to contact your trusted accountants and advisors #GBSAccountants at 03-9305 3665|1300 766 427.... Regards, Team GBS Accountants

09.01.2022 #GovtGrant #$25k #Renovation #Building If youve been thinking about doing some renovations or building a new home, the Federal Government wants to encourage you and give you an added incentive, in the form of a cash grant. The $25,000 HomeBuilder grants are available now, however they only apply to your principal place of residence, the contract to do the work must be signed by December 31st, and construction has to get underway within three months of the contract date.... If youre building a new home, it must be valued at no more than $750,000, including the land. Theres a bit more flexibility if youre looking at a renovation or extension, with the works to cost between $150,000 and $750,000, while your home needs to be valued at less than $1.5 million before the work. The grants are means tested, too. Only owner-occupiers who earned up to $125,000 as an individual or no more than $200,000 as a couple last financial year are eligible. While there are a few boxes to tick, a chance to get a contribution of $25,000 from the government doesnt come along that often. If you think you might be in a position to take up the offer, give us a call and well help you get the ball rolling. (03) 9305 3665 [email protected] www.gbsaccountants.com.au

09.01.2022 #TaxPlan #DodgySchemes #Beware Could your tax plan actually be a tax avoidance scheme? Dont fall prey to untrustworthy tax planners or advisors - you could actually be cheating on your tax. If youre unsure, talk to a trusted professional (or us!) to make sure youre doing the right thing and avoid potential penalties. ... Learn more at www.ato.gov.au/General/Tax-planning

09.01.2022 https://www.facebook.com/191094590911195/posts/3166619593358665/?vh=e

07.01.2022 #CarExpenses #Centsperkm #Logbook #GBSAccountants Do you use your car for work purposes? For a smooth ride this tax time, ensure you have accurate records to support your claims! If you claim a work-related car expense using the cents per kilometre or logbook method, remember you cant claim any further deductions in the same tax return for the same car.... Find out more at www.ato.gov.au///vehicle-and-travel-expenses/car-expenses/

06.01.2022 #selfeducation #Claimable #Expenses #Deductions Claim education expenses? Remember, they must have a sufficient connection to your current job and maintain or increase the knowledge, capabilities or skills you need for your role. When completing your tax return, there are two types of claims you can make. Self-education expenses can be a formal qualification at university or TAFE. If youre lodging your tax return using myTax, you can claim these expenses at the Work-related... expense self education question. Seminars, training courses, education workshops or conferences may include formal education courses provided by professional associations. If youre using myTax, you can make these claims at Other work-related expenses label. You cant claim the repayment of loans you receive to help pay for your self-education or study expenses (like HECS or VETSL). Read more at https://lnkd.in/dJuqX_f See more

05.01.2022 Calling all teachers! See our cheat sheet of what you can and cant claim in your tax return #TaxDeductions #AllowableExpenses #Teachers #GBSAAccountants

04.01.2022 #ForeignIncome #Declare #tax #GBSAccountants Pound, Yen, Peso, Euro.. Received income from overseas sources last financial year? Whether its business income, bank interest, shares or investments, if it was sourced overseas make sure you declare it on your tax return. Find out more about income you need to declare at https://lnkd.in/g5BRG56

04.01.2022 #FinancialReview #BusinessCheckup #Overview #LastMinStrategies #TaxTime #GBSAccountants TAX TIME - Are you ready? Our professional and experienced team would love to hear more about you and your business in a 30 minutes meeting to get you ready for the end of the Financial Year.... If you not happy with your existing Accountant or looking for a new business accountant - we would love to help Helping Businesses & individuals grow.

04.01.2022 #SuperAmnesty #Deadline #SGC #supercontribution Employers: This is the final call to apply for the super guarantee amnesty to catch up on past unpaid super. To make payments youll need the payment reference number well send you once weve processed your application. If you need it sooner, you can request it through the Business Portal or phone us on 1800 815 886. Payment plans are also available if you want to apply but dont have the funds to pay right now. Any amnesty payments you make before it ends on 7 September 2020 are tax deductible. To learn more about the benefits of the amnesty and to apply, visit https://lnkd.in/gt-749X

03.01.2022 #jobkeeper #GBSAccountants #COVID19 JobKeeper 2.0 basics 1. Decline in turnover test again... 2. New reduced payment rates 3. Payments differ for those working under/over 20hrs For those who appreciate visuals

03.01.2022 #Goals #GBSAccountants #ClientAccountantRelationship #Lifestyle Our team @GBSAccountants prides itself on building long-term relationships with individuals and businesses. The better we know you and understand your unique circumstances, the better we can help guide and advise you.... Our goal is your goal: to liberate your lifestyle. (03) 9305 3665|1300 766 427 [email protected] www.gbsaccountants.com.au

03.01.2022 #TaxPlanningVsTaxScheme Our professional team at #GBSAccounrants can assist you with tax planning so dont get deceived by scammers. Do the right thing and stay safe. #TaxPanning... You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning, or tax-effective investing. Tax planning is legitimate when you do it within the intent of the law. However tax minimisation schemes that are outside the spirit of the law may attract ATOs attention. ATO refer to these as tax avoidance schemes or arrangements. #TaxAvoidance A tax avoidance scheme involves the deliberate exploitation of Australian tax and superannuation systems. ATO take these schemes seriously, and will take action when they are not lawful. Involvement in a tax avoidance scheme can risk your original investment. You might also have to pay back tax, with interest and penalties. If you think you are involved in a scheme, ATO can help you. If you tell ATO about your involvement before they start to investigate you could be eligible for a reduction in penalties. You can contact ATO by phoning 1800 060 062 or contact your trusted Accountants & Advisors #GBSAccountants at 03-9305 3665.

03.01.2022 #IncomeTaxReturn #Declaratin #Tax #GBSAccountants Unsure of what income to include in your tax return this year? Make sure you include your: salary and wages (JobKeeper payments and Eligible Termination Payment are included in your income statement)... certain Centrelink payments (incl. JobSeeker) business income (from a partnership, trust or as a sole trader) investment income (e.g. bank interest and dividends) foreign income other types of income (e.g. crowdfunding or from the sharing economy). If youve received a disaster recovery payment in relation to the 2019-20 bushfires you dont need to include these on your tax return. Find out more at www.ato.gov.au//Income-and-deducti/Income-you-must-declare

03.01.2022 #Grant #GovtFunding #GBSAccountants If your business is one of the many impacted by COVID-19 restrictions, please reach out for help. While its unavoidable that some of us are facing tough financial challenges right now, we want to help people fight through as best they can and were not alone.... Were relieved that the banks will be extending loan repayment deferrals for another four months from September, for those who are still struggling when the current six-month holiday period ends. The VIC government has also extended its Business Support Fund, making one-off grants of $5000 available for businesses within metropolitan Melbourne and Mitchell Shire that are affected by the return to Stay at Home restrictions. Applications for the program close on 19 August 2020 so visit the Business Victoria website to see if your business is eligible and to apply https://bit.ly/2Zs8zcL Meanwhile, the NSW government is providing Small Business COVID-19 Recovery Grants of between $500 and $3,000 for those in a highly impacted industry who have incurred costs associated with safely reopening or upscaling their business. Those details are here: https://bit.ly/32k431N As always, please be assured that the team at #GBSAccountants is standing by to provide any advice or assistance that you need, so get in touch as soon as you can. :1300 766 427|03-9305 3665 [email protected]

02.01.2022 SCAM ALERT Be on the lookout for a new phone scam claiming your tax file number (TFN) has been suspended! Recorded phone calls claiming to be from the ATO and other government agencies are trying to trick people into providing personal information. These scammers will tell you theres a legal case against you, and if you dont follow instructions and provide the information requested, youll be arrested. Dont follow the prompts, and dont provide the information requ...ested. ATO will never send unsolicited pre-recorded messages to your phone, or threaten you with immediate arrest. If youre ever unsure whether an ATO interaction is genuine, hang up and phone ATOs scam hotline on 1800 008 540 or call your trusted Accountants & Advisors #GBSAccountants for verification. Warn your family and friends to stay alert and visit ATOs scam alerts page to learn more: www.ato.gov.au//Online-serv/Identity-security/Scam-alerts/ See more

01.01.2022 #Building #newconstructionhomes #GovtGrant #25k Have you been thinking about building a new home or renovating or extending your current residence? Let us help you weigh up the pros and cons, and particularly if youre eligible for the Federal Governments $25,000 HomeBuilder grant.... There may even be other incentives or rebates available to you, so it could be well worth your while to do a comprehensive assessment. But dont wait too long, because to get the HomeBuilder grant you need to have contracts for the work signed by December 31. However, following the introduction of Stage 4 restrictions in metropolitan Melbourne, the deadline for the commencement of work has been extended from 3 months to 6 months from the date of contract signing for all Victorian applicants. Feel free to contact your trusted accountants & advisors #GBSAccountants as soon as you can and well do what we can to get you moving. (03) 9305 3665 [email protected] www.gbsaccountants.com.au

01.01.2022 #Listen #Understand #Future #FinancialAdvisory #GBSAccountants When we work with you to plan for your financial future, our experience comes into play but only after weve listened to you and fully understood where you are and where you want to go. After all, everyones circumstances, hopes, resources, and capabilities are unique.... (03) 9305 3665 [email protected] www.gbsaccountants.com.au