GBS Partners in Penrith, New South Wales | Tax preparation service

GBS Partners

Locality: Penrith, New South Wales

Phone: +61 2 4731 4366

Address: 13 The Crescent 2750 Penrith, NSW, Australia

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

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25.01.2022 GBS Partners have become aware of "scam" emails appearing to be from ASIC requesting payment for Annual Company Statements and Business name renewals. Please be aware that if GBS Partners acts for you in this manner, we will email you directly with the information and payment requirements. In general, we advise you to use extreme caution with ANY emails you receive asking you to "click here" to make payments etc. It is always safest to log into your account or call the provider to check the authenticity, as these scams appear very legitimate.

25.01.2022 Theres a new option in place for self employed Australians to be better able to save for retirement, but another change to the superannuation rules (in the SMSF arena) could lessen the appeal of borrowing to invest. Refer to our September client newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-September-2018.pdf

25.01.2022 Interest expenses on money borrowed to buy business assets can be deductible. However there are also circumstances, allowed under tax law, where deductions are still available after the relevant asset is disposed of. In our May Client Newsletter, we run over the details. http://www.gbspartners.com.au/pdfs/GBS-May-2018.pdf

24.01.2022 To claim a GST credit, a business is generally required to hold a valid tax invoice. However there can arise certain circumstances where an alternative document can be used. Please refer to our May Client Newsletter for more information. https://www.gbspartners.com.au/pdfs/GBS-May-2019.pdf

24.01.2022 Its not uncommon for taxpayers to be in dispute with the ATO from time to time, and although the Tax Commissioner may seem invincible, this is not always the case. In our June Client Newsletter, we look at the best approach to better your outcome. http://www.gbspartners.com.au/pdfs/GBS-June-2018.pdf

24.01.2022 Heading overseas for that trip of a lifetime? There could be a few simple steps you can take to ensure all is in order tax-wise, both while youre away and after you return. Refer to our August Client newsletter for more information. https://www.gbspartners.com.au/pdfs/GBS-August-2019.pdf

22.01.2022 The end of the financial year is in sight, but businesses shouldnt assume their 2016-17 tax outcome is set in concrete just yet there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to. Refer to our June Client Newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-June-2017.pdf

21.01.2022 Sometimes, essential tax records are missing or even destroyed. But all is not lost, as there is a plan B that can be put into affect, in our November Client Newsletter, we run through the options to help your tax outcome. https://www.gbspartners.com.au/pdfs/GBS-November-2019.pdf

20.01.2022 https://www.seek.com.au/job/35868398

20.01.2022 There can be capital gains conundrums when sub-dividing the family property, so our May Client newsletter runs through the typical scenarios to dissect the likely tax outcomes. http://www.gbspartners.com.au/pdfs/GBS-May-2017.pdf

18.01.2022 Compensation for financial wrong-doings, such as has been uncovered by the Royal Commission, may still attract tax. And with any investment, there are taxation issues to consider along the way. Refer to our December client newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-December-2018.pdf

18.01.2022 LATEST UPDATES ATO data matching motor vehicles The ATO will acquire information for the 2016-17, 2017-18 and 2018-19 financial years on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000. Data will be acquired from the eight state and territory motor vehicle registry authorities.... It is estimated that records of 1.5 million individuals in each year will be electronically matched with ATO data holdings to identify non-compliance with obligations under tax and superannuation laws. The Gazette notice for the data matching program (Gazette C2018G00277, 13 April 2018) notes the objectives include: obtaining intelligence about taxpayers buying and selling motor vehicles to identify risks and trends of non-compliance with tax and super obligations identifying and addressing taxpayers buying and selling vehicles who may not be meeting their obligations to register and lodge returns (including activity statements) and ensure the correct reporting of income and entitlement to deductions and input tax credits identifying taxpayers of interest for investigation, such as sellers, licenced dealers, fleet managers, leasing companies, or representatives of these taxpayers to determine if interposed proxy ownership is used to conceal the real accumulation of wealth identifying taxpayers who have not met obligations regarding GST, fringe benefits tax, luxury car tax, fuel schemes and income tax.

17.01.2022 If you or anyone you know has considered driving an Uber car to earn some extra income, we have some essential information that you need to understand. However if you are already a higher income earner, note that a certain income threshold has recently dropped (by $50,000!) that may catch a lot of taxpayers unexpectedly. Please refer to our October Client Newsletter for further clarification. http://www.gbspartners.com.au/pdfs/GBS-October-2017.pdf

16.01.2022 As its getting ever closer to the festive end of the year, we thought it prudent to run over the rules regarding Christmas parties and FBT. And borrowing money from a private company, even if it is your own business, can have serious pitfalls if not carried out correctly, so in our November Client Newsletter, we look at the dangers of Division 7A. http://www.gbspartners.com.au/pdfs/GBS-November-2017.pdf

16.01.2022 For a business owner, the issue of bad debts can be bittersweet yes youve missed out on revenue, but at least theres some tax relief. We look at the conditions necessary to access such consolation in our February Client Newsletter http://www.gbspartners.com.au/pdfs/GBS-February-2018.pdf

13.01.2022 Look at the top 10 tax mistakes that rental property owners can make, pick apart where car expenses stand in relation to novated leases, and clarify when (and where) the concept of entertainment sits with regard to the deductibility of certain events to a business. http://www.gbspartners.com.au/pdfs/GBS-December-2017.pdf

12.01.2022 Property developers often feel the gaze of the ATO on their activities, so we look at what could be getting its attention. Still on residences, we look at some little known facts about the CGT exemption that generally, but not always, applies to inherited homes. Refer to our September Client Newsletter for more information. https://www.gbspartners.com.au/pdfs/GBS-September-2019.pdf

12.01.2022 Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims. Refer to our April Client newsletter for more information https://www.gbspartners.com.au/pdfs/GBS-March-2019.pdf

12.01.2022 Theres been a lot of buzz about bitcoin lately, so we thought it timely to run over the ins and outs of cryptocurrencies. Go to our April Client newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-April-2018.pdf

12.01.2022 Start-up businesses are generally not for faint-hearted investors, but there are tax incentives that can help. In our February Client newsletter, we look at two early stage business investment options. http://www.gbspartners.com.au/pdfs/GBS-February-2019.pdf

12.01.2022 Not every retiree has heard of the governments Pension Loan Scheme, but its about time more people did. And with Tax Time now upon us, our July client newsletter runs over some tips for your tax return. http://www.gbspartners.com.au/pdfs/GBS-July-2018.pdf

11.01.2022 SCAM ALERT - Watch out for fake myGov emails offering you a tax refund. Scammers impersonate myGov to trick you into sharing your login and bank account details. Always log on to myGov independently to check debts or refunds owed with Australian Taxation Office and never follow an email hyperlink to log on or provide details. Read more https://www.staysmartonline.gov.au//watch-out-fake-mygov-t

11.01.2022 Making claims for travel allowances is a handy deduction for many employees, especially as the ATO has seen fit to make an exception to substantiate these claims in many circumstances. However this consideration comes with a warning get it right, or lose that exception. Our August Client Newsletter runs over the particulars. http://www.gbspartners.com.au/pdfs/GBS-August-2017.pdf

10.01.2022 ATO Scam Alerts Please remember that legitimate ATO callers will never aggressively threaten tax payers with immediate arrest for an unpaid tax debt, attempt to keep you on the line until payment is made or request payment in unusual method (ie gift cards) Refer to the ATO Links below for information on scams.... Scam Alert https://www.ato.gov.au//Onl/Identity-security/Scam-alerts/ Report a Scam https://www.ato.gov.au//Identity-/Verify-or-report-a-scam/

09.01.2022 Undoubtedly the headline item from the May Federal Budget is tax relief for individuals by lifting the 32.5% tax bracket to $90,000 from 1 July 2018 and the Governments announcement of its intention abolish the 37% tax bracket in 2024-25. In the 2022-23 financial year we will also see the Low Income Tax Offset increased to $645 and the 19% tax rate from $37,000 to $41,000. Refer to our Federal Budget issue of the Client newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-May-Budget-2018.pdf

07.01.2022 The budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to clamping down on the political and social hot potato of negative gearing, it has taken some steps to restrict the travel expense and depreciation tax breaks enjoyed by investors. Refer to our Federal Budget Issue of our Client Newsletter for further information. http://www.gbspartners.com.au//GBS-May%20Federal%20Budget-

06.01.2022 When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes - Refer to our July Client Newsletter for more information. https://www.gbspartners.com.au/pdfs/GBS-July-2019.pdf

06.01.2022 2018-2019 Lodgment Rates and Thresholds http://www.gbspartners.com.au//GBS-Lodgement-Thresholds-20

06.01.2022 They say that education comes with a cost, but that ignorance can cost you more. Self education is certainly worthwhile considering, especially as there can be tax breaks for the right sort of training. Refer to our August client newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-August-2018.pdf

06.01.2022 Crowdfunding is a relatively modern phenomenon, helped in no small part by the growth of the online world. But with revenue, of any sort, tax is generally something that has to be considered. Go to our October Client Newsletter for more information. http://www.gbspartners.com.au/pdfs/GBS-October-2018.pdf

06.01.2022 With Tax Time 2019 just around the corner, our June Client Newsletter runs over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim https://www.gbspartners.com.au/pdfs/GBS-June-2019.pdf

06.01.2022 Sometimes small business owners pass up the at-times lucrative small business CGT concessions simply through not knowing that they are eligible to claim them. Answering a few basic questions can clear this up. Please refer to our December client newsletter for more information. https://www.gbspartners.com.au/pdfs/GBS-December-2019.pdf

05.01.2022 Theres a hidden danger lurking within the FBT rules that business owners should keep an eye on. Where a third party supplier is generous enough to include your employees, theres a very real possibility that this could trigger a tax liability for that business. In our March Client Newsletter, we run over this and other quirks of the FBT regime. http://www.gbspartners.com.au/pdfs/GBS-March-2018.pdf

05.01.2022 Court tosses out tax dodging argument after a taxpayer tries to waive rights as a person. The Bendigo Magistrates Court has convicted and fined a man $6,000 for failing to lodge six tax returns because he does not consider himself a person. The man, of North Bendigo, told the court that he did not accept the six charges of failing to lodge an income tax return because he was a human being who waives my right to recognition as a person, as first reported in The Bendigo Adver...tiser. The man had failed to submit six tax returns for the financial years ending 2012 to 2017. The ATO had repeatedly contacted him on his obligations to file his tax returns on the basis that he was earning income. A final notice to lodge the six tax returns by January 18, 2018 was sent to him on November 30, 2017. In his defence, the man referred to the Universal Declaration of Human Rights and the Universal Covenant on Civil and Political Rights to waive his right to personhood. "As I waive my right to recognition as a person, I am not a resident for tax purposes," he said. Instead, magistrate Michael King found the man guilty of all six charges, noting that paying tax did not contravene human rights, and rubbishing the mans arguments as entirely lacking in merit. The man was convicted and fined $6000 plus costs, and ordered to lodge outstanding tax returns by 1 May. "That would make a mockery of the law," said Dr King "This was persistent and blatant disregard of income tax law.

02.01.2022 This years federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year. Refer to our 2019 Federal Budget edition of our Client newsletter for more information. https://www.gbspartners.com.au//GBS-April%20BUDGET-2019.pdf

02.01.2022 The ATO is on the warpath over incorrect deductions that many taxpayers try to claim for holiday rental properties, so our July Client Newsletter takes a look at the issues that have been grinding the taxmans gears. http://www.gbspartners.com.au/pdfs/GBS-July-2017.pdf

01.01.2022 OZWAC (The Australian Women and Childrens Research Foundation) has been funding ground breaking medical research. GBS Partners are proudly sponsoring their 20th Anniversary Ball to help support local medical research and invite you all to do the same by purchasing tickets at www.ozwac.org.au