GFM Accountants Pty Ltd in Essendon, Victoria, Australia | Accountant

GFM Accountants Pty Ltd

Locality: Essendon, Victoria, Australia

Phone: +61 3 9374 2422

Address: 140 Keilor Road 3041 Essendon, VIC, Australia

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

Likes: 508

Add/Update information

Reviews

Tags

• Accountant
• Financial service

24.01.2022 Non-Concessional https://www.ato.gov.au//key-superannuation-rates-and-thr/ Concessional https://www.ato.gov.au//key-superannuation-rates-and-thr/

24.01.2022 The ATO has now confirmed that it has begun contacting 860,000 business owners through emails and letters to encourage them to assure themselves that they have met their super guarantee obligations to their employees. An ATO spokesperson has said that the letters have not been specifically directed to employers who are suspected of failing to meet their SG obligations. Many of the employers who receive the correspondence will check their records and conclude that they have... fully complied with their obligations. If this is the case, these employers do not need to do anything further, the ATO spokesperson said. However, for those employers who receive the ATOs correspondence and determine they need to address any unpaid super guarantee, the letter reminds them the amnesty ends on 7 September 2020. Despite coinciding with shutdowns and the economic downturn caused by COVID-19, the SG amnesty continues to run to its six-month deadline on 7 September. The government has remained unmoved on the deadline, despite the best efforts of the professional accounting bodies, who have called for the amnesty to be extended by a further six months. While the ATO is unable to extend the benefits of the amnesty beyond its legislated due date, it has acknowledged that some businesses may not be fully able to pay their super guarantee debt at this time due to COVID-19. As such, it will allow businesses to establish a payment plan that can be extended beyond 7 September, although only payments made by the deadline will be tax-deductible. Super is a form of deferred wages and every bit as important to be paid, and paid in full, said Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume. The super guarantee amnesty allows employers a one-off opportunity to come forward, pay or put a plan in place to pay, and set things right without facing financial penalties from the Tax Office. If you are in any doubt, it is vitally important that you contact our office on 9374 2422 or email [email protected] as soon as possible; the amnesty expires in a month and it will take time to verify the amount of any unpaid super and pay it or put a payment plan in place. See more

24.01.2022 EXTENDED DEADLINE FOR TOP-UP PAYMENTS: Crucially, the ATO has announced that the deadline for making payments for new eligible employees for JobKeeper fortnights starting on 3 August 2020 and 17 August 2020 has been extended to 31 August 2020 (ie, to meet the condition for employers to pay at least $1,500 to eligible employees in each JobKeeper fortnight).

23.01.2022 2019 Tax Return Usually receive a refund from your return? Not lodged your 2019 Tax Return yet? Please contact the office to arrange your return to be prepared, we can prepare your return from information at the ATO then contact you with any question and email the return to you.

22.01.2022 In light of the new Government restrictions review, from Monday the 18th of May, GFM will be accepting in office appointments. The front door will remain locked and we will be spreading out appointment times to avoid too many people in the office at one time. Please call our office on 9374 2422 to book your appointment.

21.01.2022 Vigilance is a vital virtue when it comes to cyber-security. Criminals will take any opportunity to take whats yours. Here are a few things you can do to stay ...safe from cybercrime: create unique passwords, change them regularly and dont share them use multi-factor authentication keep your software up to date password-protect your WiFi dont make financial transactions on public networks always exercise caution when clicking on links or providing personal identifying information. If youre running a business, there are additional steps you can take: educate your staff on scams and cyber safety remove any staff accesses that arent needed any more. Call us on 1800 008 540 if you want to verify ATO calls, SMS and emails youve received. Keep up to date with scams and cyber safety, including how to report a scam at www.ato.gov.au/general/online-services/online-security/

19.01.2022 Want to claim a deduction for super contributions? Your super payments must be accepted by the 23rd of June 2020, see link below

19.01.2022 ATO tax refund: How to make your tax return bigger this year

18.01.2022 The ATO will now raise the cents per kilometre deduction rate for motor vehicle expenses to 72 cents for the income year starting 1 July 2020. The rate last changed in 2018 which saw the rate rise to 68 cents. The cents per kilometre method currently allows taxpayers to claim up to a maximum of 5,000 business kilometres per car per year, without requiring written evidence.

18.01.2022 We just wanted to let everyone know that although we may be in "Lockdown" its business as usual behind the scenes at GFM Accountants. We are all working remotely and here to assist you in any way we can. All tax returns are being prepared via telephone meetings or emails and are being sent out for signing via our new e-signature software.... Please call our reception on 9374 2422 or send us an email to [email protected] to arrange a meeting time that suits.

18.01.2022 https://www.ato.gov.au//JobKeeper-guide---employers-not-/

18.01.2022 There’s no such thing as too young: Why you need a will in your 20s and 30s https://www.moneymag.com.au/should-have-will-20s-30s

18.01.2022 https://www.ato.gov.au//downlo/Expanding_STP_factsheet.pdf

17.01.2022 ATO CRACKDOWN ON UNPAID SUPER TO BOOST RETIREMENT BALANCES Millions of dollars of unpaid superannuation is expected to flow into the accounts of Australians over the next two months as an Australian Taxation Office amnesty allowing companies to make penalty-free, catch-up compulsory super payments comes to an end. The total amount of unpaid super is estimated by the ATO to be around $2.3 billion but that figure is expected to balloon on the back of a host of high-profile empl...oyers, including Woolworths, Bunnings, Commonwealth Bank, Coles and News Ltd, admitting that they have underpaid staff, which often also results in unpaid super entitlements. Employers will be able to avoid fines for unpaid super under the amnesty but will still have to repay the superannuation owed to their employees and a 10 per cent interest fee either upfront or through a payment plan. The unpaid super amnesty, designed to encourage employers to come forward and do the right thing, is in place until September 6. After that, employers face late payment penalties of up to 200 per cent on any shortfalls. About 7000 businesses came forward after the amnesty was announced in May, 2018, and another 7000 were expected to put their hands up during the coming months. In the past five years on average 17,000 employers annually disclosed unpaid super. The average Australian worker loses more than $2000 in unpaid super a year, according to Industry Super Australia analysis. One in three workers have been ripped off by a dodgy boss and, with enforcement sadly lacking, they do so without fear of punishment, chief executive Bernie Dean says. The report suggests that men, low-wage earners and those in blue-collar jobs are most likely to be underpaid super. How to ensure your super is being paid Check entitlement: Check if you are entitled to super on the ATO website. Talk to your employer: Find out how often your super is paid, how much you are receiving and which fund it is being paid into. Check your payslip: Make sure your payslip includes super contributions each pay cycle. Check your statement: Review your super fund super statement for regular payments by logging in online or calling your fund. Check your fund has your Tax File Number: Sharing your tax file number will help your fund report your super information to the ATO. Create a myGov account: Having a myGov account gives you access to all your super fund accounts. You can also also track down any lost super and roll your balance into one account. Contact the ATO: If you think your employer does not pay the minimum amount of super owed, the ATO may investigate in response to your enquiry.

16.01.2022 Who thinks Jenny’s granddaughter is feeling the same way in Japan as we are in Melbourne right now?

16.01.2022 2020 GFM CLIENT FOOTY TIPPING COMP Overall Results for 2020: 1st Place Big Charles 115 (369)... 2nd Place Booga 114 (426) 3rd Place Jumma 113 (377) Congratulations to our winners and thank you to everyone who has participated in our Footy Tipping Competition. Overall Winners will be contacted directly and presented with prize money at our office once COVID-19 restrictions are lifted. Weekly winners will be presented with their prize once Cinemas reopen, so you can take full advantage of the voucher period.

16.01.2022 If your specific employment duties require you to have physical contact or be in close proximity to customers or clients while carrying out your duties or you are involved in cleaning premises, you can claim a deduction for expenditure on protective items such as gloves, face masks, sanitizer, anti-bacterial spray.

15.01.2022 Job keeper documentation critical for any potential ATO audit Please make sure all documentation regarding calculation of how you established turnover for the particular period in 2020 and how the turnover is shown to be 30% down compared to the same period in the previous year is kept to ensure all bases are covered if the ATO come knocking

14.01.2022 ATO says home schooling expenses cant be claimed as tax deductions

14.01.2022 GFM CLIENT FOOTY TIPPING COMP AFL Footy Is Back Tomorrow! Dont forget to put your Round 2 Tips into the GFM Client Footy Tipping Comp. Fixtures have been updated and results from Round 1 stay the same.... Good Luck See more

13.01.2022 https://treasury.gov.au/coronavirus/sme-recovery-loan-scheme

13.01.2022 JOBKEEPER CHANGES Firstly if you are currently registered for and receiving JobKeeper nothing changes up to the end of September 2020, you are still eligible and will receive the reimbursement for every eligible Employee and Business Participant for wage paid until the 28/09/2020. Whats Changed? For wages paid from 29/09/2020 onwards to be eligible for the extend JobKeeper payment up to the 03/01/2021 you must have show a decrease in GST Turnover in the June and September Qu...arter of at least 30% compared to 2019. For wages paid from the 04/01/2021 to the 28/03/2021, you must show a decrease in GST Turnover in the June, September and December quarters of at least 30% compared to 2019. The payment rates have also decreased, from the 29/09/2020 to the 03/01/2021 the minimum payment per fortnight will be $1,200 for employees who work at least 20 hours per week or $750 per fortnight for employees who work less than 20 hours per week. Then from the 04/01/2021 to the 28/03/2021 the rates drops again to $1000 per fortnight for employees who work 20hours per week or more and $650 for employees who work less than 20 hours per week. What hasnt changed, the employee eligibility requirements remain the same.

12.01.2022 Caroline Chisholm Society is a family support agency that provides a broad range of support and assistance to pregnant women and parents with young children. GFM Accountants will be supporting Caroline Chisholm Society until the end of September. We ask that if any of our clients would like to help in supporting this wonderful cause, please make a cash donation at our office the next time you are in.

12.01.2022 Pay contractors? TPAR reporting is due 28 August 2020 If you pay contractors or subcontractors to work for the business and your business provides the following services: - Building and Construction - Cleaning... - Courier or Road Freight - Information Technology (IT) - Security, Investigation and Surveillance You will need to lodge a Taxable Payments Annual Report (TPAR) by the 28th August. In order to complete a TPAR, you will need the following: - Their name - Their address - Their Australian Business Number (ABN) - The total amount paid to them, including GST If you have any queries, please contact our office and we can help you with your TPAR needs. See more

12.01.2022 Pandemic Leave Disaster Payment: Support if you live in Victoria and cant earn an income because you must self-isolate or quarantine at home, or are caring for someone with COVID-19. Pandemic Leave Disaster Payment is a lump sum payment to help you during the 14 days you need to self-isolate. This payment replaces the Victorian Governments $1500 Coronavirus (COVID-19) Worker Support Payment. The Pandemic Leave Disaster Payment is for people living in Victoria who cant ear...n an income because they must self-isolate or quarantine. You must be directed to do this by the Victoria Department of Health and Human Services. You may also be able to get it if youre caring for someone with COVID-19. Keep in mind, staying home because of Stage 3 or 4 restrictions doesnt mean youll meet the eligibility for this payment. Please contact our office if we can assist or answer any queries you may have. See more

11.01.2022 Theres no such thing as too young: Why you need a will in your 20s and 30s https://www.moneymag.com.au/should-have-will-20s-30s

10.01.2022 Have you received a government payment or grant? If you are unsure whether you need to include as assessable income please have a read of the link provided by the ATO https://www.ato.gov.au//Have-you-received-a-government-pa/

10.01.2022 Weve had a lot of interest in the JobKeeper Payment. Here are some answers to common questions we are seeing: Do I have to enrol for the JobKeeper Payment b...y a certain date? As long as you meet the eligibility requirements for employers, sole traders or other entities, you can enrol anytime up until the scheme closes. Can an employer choose not to participate in the JobKeeper Payment scheme? Even if an employer meets all the eligibility criteria, its up to them to decide if they would like to participate or not. Can an employer choose which employees they want to keep paying? No. If an employer decides to enrol for JobKeeper payments, they must identify all eligible employees. For more info, visit www.ato.gov.au/JobKeeper

09.01.2022 How does an accountant stay out of debt? . He learns to act his wage.

09.01.2022 Your Employees Mental Health - 8 Key Focus Areas For Managers. https://www.evansfaull.com.au//your-employees-mental-healt

09.01.2022 Your Employees' Mental Health - 8 Key Focus Areas For Managers. https://www.evansfaull.com.au//your-employees-mental-healt

08.01.2022 COVID-19 Update - 2020 Tax Returns We wanted to provide our clients an update given the re-introduction of the Stage 3 Restrictions in Metropolitan Melbourne. Our office will remain open but we will be unable to accept face to face appointments for Individual Income Tax Returns, these face to face appointments will be replaced with telephone appointments. Please continue to contact the office when convenient to organise a telephone appointment for the preparation of your 2020... Tax Return. For clients who have already made appointments to attend our office, we will keep your allocated time, however the face to face appointment will be replaced with telephone appointments. The simplest way for you to process your 2020 Tax Return is for you to email through your information to our office and we will prepare your return with the same due diligence and professionalism as if you were to come into our office. Once we are in receipt of your information, we will process your return and contact you to discuss and finalise together. We are offering this service following its success last year, where clients found it more convenient to process their tax returns in this manner. We ask that you please email all of your 2020 tax paperwork to us at [email protected] or alternatively contact our office for a telephone appointment on (03) 9374 2422 when convenient. If you have any questions please do not hesitate to contact our office.

08.01.2022 Government Confirms Jobkeeper 2.0 Change: Please be aware the following changes have been made to Job Keeper eligibility: Previously to be eligible from 28th September you had to show a decline in turnover in the June and September quarter. Now you only need to show decline in September quarter. From the 4th January you only need to show from December quarter which previously would have been June, September and December. From 3rd August employees need to be employed prior to 1st July 2020 which was previously 1st March 2020.

07.01.2022 The JobTrainer package has expanded the number of businesses that can access the 50% apprentice wage subsidy and extends the subsidy until 31 March 2021 (from 30 September 2020). Originally, only businesses with less than 20 employees or larger employers employing apprentices/trainees let go by a small business were able to access the subsidy (for wages paid to apprentices employed by them as at 1 March 2020). Now, businesses with under 200 employees can access the subsidy f...or apprentices employed from 1 July 2020. Employers will be reimbursed 50% of an eligible apprentices wage up to a maximum of $7,000 per quarter per apprentice. An employer will not be eligible to claim the apprentice wage subsidy for any period where they choose to claim the JobKeeper payment for the same apprentice.

06.01.2022 JOBKEEPER EMAIL SCAM WARNING: Please be aware there is a scam email going around regarding JobKeeper asking for drivers lcience and medicare saying they are doing checks on all claims. Please note the ATO will never ask for this information. If you receive an email along these lines please ignore it

05.01.2022 Interim reminder Now more than ever we feel that it is important to ensure you are paying the right amount of tax. In order to confirm this, please contact the office to arrange a Strategic Interim Report.

04.01.2022 Have you received a cash flow boost from the ATO? The ATO are contacting those who have received a cash flow boost that have made sudden changes to their Wages and PAYG Withholding amounts reported to check they are correct. Please ensure the amounts you have reported are correct, any concerns as always please contact our office.

04.01.2022 Employers: Weve extended due dates for JobKeeper payment enrolments to help you finalise your preparations. If you need some extra time, youll now have until:... 8 May to make sure your eligible employees have been paid a minimum of $1,500 (before tax) for each JobKeeper fortnight in April and 31 May to enrol for April payments for your employees. Youll also need to meet certain criteria to be eligible for JobKeeper payments - for more info, visit www.ato.gov.au/general/JobKeeper-Payment

03.01.2022 If youve received a government stimulus payment this financial year, do you know whether you need to include it in your tax return? Different payment types are... reported differently: JobKeeper payments if youre an employee these will be included on your income statement as salary and wages or an allowance. JobSeeker payments need to be included in your tax return and will also be included on your Centrelink payment summary. Accessed super you dont need to pay tax on COVID-19 early release of super amounts, so you dont need to include this in your tax return. No need to manually fill this out, most info will be automatically included in your tax return by late July. For more info about other income you need to report, visit www.ato.gov.au//Lodging-your-ta/In-detail/Tax-essentials/

03.01.2022 To all of the lovely mothers out there Happy Mothers Day May your day be filled with love, laughter and joy

03.01.2022 Here at GFM Accountants we haven’t let Covid-19 get in our way! We committed to running quarterly fundraising on behalf of various charities and this time we were raising funds for the Caroline Chisholm Society Moonee Valley. Our June September 2020 quarter staff Casual Clothes For Fundraising Fridays managed to raise $210 from gold coin donations and some very kind hearted clients, even after being locked away from the office for most of that time.... We are really happy to say that Darren and Brent have kindly agreed to match our efforts and round it up to a tidy sum of $500.00. We will make sure that we get these funds to Caroline Chisholm Society Moonee Valley as soon as we are able to return to the office. Stay tuned for our next fundraising adventure. Please visit their webpage at https://caroline.org.au/ if you would like to support the Caroline Chisholm Society or know more about their services.

03.01.2022 JOBSEEKER CHANGES From the 25/09/2020 the Coronavirus Supplement will drop from $550 per Fortnight to $250 per Fortnight, with the Income test increasing to $300 per fortnight you can earn before your payment rate is affected. However from the 25/09/2020 the Asset Test and Liquid Asset Waiting Period will be reintroduced as well as the Partner Income Test (with increased thresholds). Also from the 09/06/2020 the job seeking requirements have been reintroduced, meaning a perso...n on JobSeeker in now required to actively seek work and meet with an employment service provider. Note some waiting periods in relation to JobSeeker continue to be waived, i.e. the one week ordinary waiting period before applying.

03.01.2022 GFM CLIENTS FOOTY TIPPING COMP Current Leader board is tight, with only 1 more Round to go! 1st Big Charles - 107 (364) ... 2nd Jumma 106 (347) 3rd Booga 106 (409) 4th doowgnilloC 105 (439) Dont forget to get your tips in today! Good Luck!