GBS Accountants & Business Advisors in Somerton, Victoria | Financial planner

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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• Tax preparation service
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• Financial service
• Financial planner

24.01.2022 #Eligibility #jobkeeperextension #JobKeeperPayment #ATO #Clawback Employers cautioned over ‘hard and fast’ decline in turnover eligibility Accountants assisting clients with the JobKeeper extension have been urged to pay close attention to the actual decline in turnover test, with the ATO unable to offer leeway for those who come just shy of the requirements.... With JobKeeper now requiring entities to satisfy the new actual decline in turnover test, rather than the projected decline in turnover test used earlier in the program, the ATO will be required to follow the strict letter of the law in ensuring the requisite percentage declines are satisfied. [In JobKeeper 1], the legislation didn’t require the actual turnover to decline, so we saw a lot of organisations make a projection in a very difficult environment... and a lot of those projections didn’t pan out and that’s fine, said ATO assistant commissioner Sandra Farhat on a recent ChangeGPS webinar. But moving into the extension, that is the test; the test is an actual decline. There is really no discretion in relation to decline in turnover, so there is no ability for the ATO to say, ‘Well, you were close, just not close enough, but we’ll let you through’ the 30 per cent is a hard and fast legislative requirement. It is a significant change from a projected decline in turnover to an actual decline in turnover. The approach is a shift from the sympathetic and understanding stance that the ATO committed to earlier in the year when queried on how it would police the projected decline in turnover estimates. ATO second commissioner Jeremy Hirschhorn told a Senate inquiry in May that the ATO would not nitpick turnover estimates that fell just short of the requirements because the law had merely required entities to make a reasonable estimate. If it ultimately turns out that the estimate was overly pessimistic and a business only went down 29 per cent, instead of an estimated 35 per cent, that is OK; what the legislation requires is a reasonable estimate, Mr Hirschhorn said earlier this year. Clawing back JobKeeper payments The ATO’s confirmation of its new position comes as it releases fresh guidance on how it will manage JobKeeper payments that were incorrectly paid out. For payments that were made because of an honest mistake, the ATO will not seek to recover these payments. The facts and circumstances of each case will be considered, including whether the mistake was made earlier in JobKeeper when there was less public guidance. Entities that did not take reasonable steps to check their eligibility will not be considered as having made an honest mistake. Where payments will need to be repaid, the Tax Office will write to the entity to inform it of the reasons for clawing back the payments, how much needs to be repaid, and how repayments can be made.

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 Most income is pre-filled from information received from employers and financial institutions. However, there may be some information you will need to enter manually, such as foreign income, dividends, employee shares, trust income or cryptocurrency transactions. For any further clarification, feel free to contact our office. (03) 9305 3664... [email protected] www.gbsaccountants.com.au See more

19.01.2022 #Depreciation #instantassetwriteoff #taxsavings Luxury cars depreciation. Can you get a 100% deduction? Some are asking whether the full expensing of assets announced in the Federal Budget can apply to luxury cars. The answer is "no" in relation to the full cost of the vehicle. ... This is because the new full expensing law gives you a 100% deduction for the asset's cost. However, section 40-230 ITAA97 limits the first element of the "cost" of a "car mainly designed for carrying passengers" to the "car limit". The car limit is $59,136 for the 2020-21 financial year.

19.01.2022 #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

18.01.2022 #taxreturn2020 #duedate #logement #lodgmentdue #GBSAccountants Don’t forget, there’s only two weeks left to lodge - your tax return’s due 2 November! 31 October falls on a weekend this year, so you technically have until midnight the following Monday. Don’t leave it til the last minute though - lodge online using myTax before the due date or contact your registered tax agent by 31 October!... If you’re not sure how to get started, our team of professional accountants are here to help. For more info about lodging, please email us at [email protected].

18.01.2022 #ABN #entitlement #tax #subcontractor You may have remembered to cancel your streaming service free trial, but did you remember to cancel your ABN? If you’re no longer using your ABN, it’s quick and easy to cancel it and update your details online. Cancelling your ABN lets people know that you are no longer in business. If you need help in cancelling or reinstating your ABN, don’t hesitate to contact our office #GBSAccountants at 03-9305 3655 or email at [email protected]

15.01.2022 #internationalwomensday2021 #empoweringwomen #RespectWomen #equality #GBSAccountants GBS Accountants & Advisors would like to show their utmost appreciation, respect and support to all women for their tremendous achievements to date towards achieving equal rights and opportunities during these challenging times. We're celebrating #internationalwomensday2021 because of you!

15.01.2022 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

14.01.2022 FAREWELL JOBKEEPER Born: 30 March 2020 Expected Date of Death: 28 March 2021 To Be Buried: April 2021... In your short life, you tried your best to help those most in need. After a quick conception, you were a very welcome and much loved member of the Rescue Package family, and quickly rose to be its most prominent member. You weren’t perfect, but you served your purpose as best you could. Many owe their livelihoods to you. Many became much better friends with their accountants and BAS because of you. You will be missed, especially by those who are still very much your dependants - Tourism and Aviation. Thank you for your service. You will long live on in our memories. A memorial service will be held at the Australian Taxation Office towards the end of April - like everything else about you, accountants have the details. #accounting #law #business #australia #covid19 #GBSAccountants

13.01.2022 #taxreturn2020 #lodgmentdue #duedate #GBSAccountants Lodged your tax return yet? If you’re looking to lodge your own tax return using myTax this year, you only have four weeks left to press ‘Lodge’. If you’re not sure you’ll be able to lodge or pay on time, talk to our professional team of Accountants at 1300 766 427|03-9305 3665 or via email at [email protected] as early as possible.

12.01.2022 #JobKeeper #$1500/fortnight Businesses: If you’re receiving JobKeeper payments, you have until 14 October to make your declaration for payments made in September. Remember, this is the last month you can claim $1,500 per JobKeeper fortnight for your eligible employees. ... For more information, please contact your trusted accountants and advisors #GBSAccountants via email at [email protected]

11.01.2022 #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

10.01.2022 #Rentalmarket #tenants #landlords New laws are set to shake up Melbourne’s rental market. From next week tenants can apply to get their bond back without the landlord's agreement. Many investors say it's the final straw that will force them to sell up.

09.01.2022 Did anyone notice the date today is exponential? 5/10/20

08.01.2022 #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.

08.01.2022 This year many people have had to change the way they buy, build or sell new residential homes. If you have bought, built or sold a new home you may need to treat your property transactions differently than you initially intended. Check out our top four tax tips for new homes: changes to creditable purpose GST at settlement... using the margin scheme building to rent Find out more at www.ato.gov.au//Business-b/GST/GST-and-newly-built-homes/

06.01.2022 #personalvsbusiness #claimableexpenses #Seperation #compliance #taxes #GBSAccountants Some things in life belong together, like cheese and crackers. #Personal and #business #finances? Not one of them; they should definitely not be mixed. While it can be tempting to write everything off as a #businessexpense, we encourage you not to fall into that trap by reading through these three tips:... - Understand the differences between personal and business expenses - Open a business credit card and/or bank account - Buy separate business items where possible If you’re unsure or would like to know how we can #support you in managing your #paperwork and #taxes, don’t hesitate to get in touch. We can #answer your #questions and can even help you devise a #system to #trackyourexpenses. E: [email protected] T:03-9305 3665 | 1300 766 427

06.01.2022 ATO have translated information about the JobKeeper extension into 16 languages. Our shareable resources include in-language videos explaining the changes, an explanation of the new payment rates based on hours, and information about what steps your clients should take next. You can find them at https://lnkd.in/g_zT2N8

03.01.2022 #Income #Declaration #Compliance #Accountants #taxreturns #Commission #Incentives #GBSAccountants What do commission income, incentive payments and dividends from investments have in common? They’re all examples of assessable income that small businesses need to report in their tax return! Take a moment to ensure you’re on top of what you need to declare

02.01.2022 #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

02.01.2022 Have you recently hired an #employee? You may qualify for #JobMaker Payments and receive up to $10,400 P.A. We can also assist you in determining your eligibility prior to registering for JobMaker #SpecialOffer #JobMakerPackage #SmallBusinessOwner #Pandemic #Covid19 #BusinessSupport

01.01.2022 #Commitment #taxsavings #priorities #bestadvice We commit to work with you and for you. We have no affiliation or alignment with any products or providers, so our advice is always objective and in your best interests. ... (03) 9305 3665 [email protected] www.gbsaccountants.com.au