Gilberts Accounting Pty Ltd in Norwood, South Australia | Tax preparation service

Gilberts Accounting Pty Ltd

Locality: Norwood, South Australia

Phone: +61 8 8333 6200

Address: 9 Kensington Road 5067 Norwood, SA, Australia

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

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25.01.2022 Cash grants to eligible SA businesses are available from the SA State Government, to the value of $10,000. This payment is to assist in covering operating expenses. https://www.accountantsdaily.com.au//14237-sa-businesses-s

23.01.2022 There has been an extension of requirements for closely held payees to be included in Single Touch Payroll reporting. This has now extended to 1st July 2021. https://www.ato.gov.au//Concessional-/Closely-held-payees/#

23.01.2022 JobKeeper 2.0 commences from fortnight 28th September 2020, with new eligibility requirements for employers and employees. Varying tiers of payments also apply. https://www.ato.gov.au//JobKeeper-Payment-extended-to-28-/#

22.01.2022 The ATO has now extended the 80c home office rate to 30th June 2021. This is the 3rd extension of the increased rate since it was introduced. Note that there are restrictions to this claim against alternatives, which we review before making the appropriate choice. https://www.accountantsdaily.com.au//15224-80-cents-per-ho

22.01.2022 More things to consider with work related expenses and COVID-19. Home to work travel is still private in nature, subject to rare exceptions. There will possibly be more capital purchases (Laptops, modems) that may have a work related proportion to claim though under depreciation rules.... Portions of rent and mortgage payments would still be excluded though, unless a business is operating from specific business premises in the house. One that some people may try to claim are schooling costs at home during lockdown. This is still private and not deductible.

21.01.2022 Final Cash Flow Boost payments for eligible small businesses will be paid out after September 2020 BAS lodgements. Should you still struggle to be paying any debts, don't hesitate to be pro-active with making arrangements with the ATO. https://www.ato.gov.au//Are-you-ready-for-your-final-boos/#

21.01.2022 The cents per km method is the option you may use to claim work-related or business car travel. If you don't keep a log book, this is your choice for car expenses. https://www.ato.gov.au//Deduct/Cents-per-kilometre-method/#

21.01.2022 Many businesses and individuals will have times where they struggle with a tax debt. This is where you look to arrange a payment plan with the ATO, rather than bury your head in the sand. The ATO have now made it easier to attend to this through your tax agent, with an upfront payment and regular instalments that can be arranged online.... https://www.accountantsdaily.com.au//15190-ato-updates-onl

19.01.2022 New COVID-19 related depreciation rules can provide a higher deduction for the year. However, you do need to ensure you qualify. For instance, a second hand item over $150,000 isn't subject to the concessions available. Immediate depreciation, however, does apply for new and second hand items.... https://www.ato.gov.au//Backing-business-investment---acc/#

18.01.2022 Unsure how your rental property will be treated for tax purposes due to COVID-19 effects. The ATO have provided FAQ's to answer these. https://www.ato.gov.au//COVID-19-and-residential-rental-p/#

18.01.2022 If you believe you will continue to qualify for JobKeeper payments and have new eligible employees, you only have a couple of days left to have employees sign declarations under the "one in, all in" rule. https://www.mybusiness.com.au//7316-employers-urged-to-imm

18.01.2022 JobKeeper reminder. You have till 31st May 2020 to register for payments from start date (30th March 2020). There is also the need to submit the monthly declarations at the start of each month. The May 2020 declaration starts next week. https://www.ato.gov.au//Enrol-for-JobKeeper-to-claim-Apri/#

18.01.2022 Ensure you are claiming the correct deductions for work related expenses. For starters, the home office expense rate of 80c per hour can be claimed by each eligible member of the household. Review bank and credit card statements to ensure all costs have been claimed.... Subscriptions related to your work activities may be deductible. Don't forget, fees paid to a registered tax agent are deductible. So is the travel to see them.

18.01.2022 Not quite everyone is entitled to Government handouts due to COVID-19, especially the Cash flow boost for employers. Unfortunately, there are those out there that are trying to rort the system to get, at minimum, a $20,000 handout. Don't be one of these business owners!!!... https://www.ato.gov.au//Cash-flow-boost-for-employers---s/#

17.01.2022 Work related travel and clothing deductions are expected to reduce for the 2020 Tax Return year, according to the ATO. This is due to COVID-19 restrictions. It is best to keep a separate log of use from around February/March 2020 when effects of restrictions and home office work commenced for many.... This will mean additional record keeping requirements for many taxpayers. https://www.ato.gov.au//Record-keeping-for-work-related-e/#

16.01.2022 Lest We Forget.

15.01.2022 If you pay your employee super through the Small Business Superannuation Clearing House, you must make payment by 23rd June 2020 to ensure it clears to your employees super funds by 30th June 2020. This used to be a requirement to be deductible in the year paid to the clearing house. However, recent changes will allow the deduction if paid to the clearing house by 30th June 2020.... https://www.ato.gov.au//Super/Due-date-for-SBSCH-payments/#

14.01.2022 The RBA kept the cash rate at 0.25%. Expectations are that rates won't be increasing until COVID-19 recovery has been accomplished. https://www.smsfadviser.com//18879-rba-makes-cash-rate-cal

14.01.2022 The ATO have made moves to remove paper based Activity Statements, which has led to issues for many individuals and businesses that still use this method. In the interim, the ATO will revert back to paper where applicable from the June 2021 quarter. This will not be permanent however. Contact our office to discuss options going forward.... https://www.ato.gov.au//Interim-solution-for-PAYG-and-GST/#

13.01.2022 Make sure you are up to date with your JobKeeper registrations. The sooner you register, the less chance of delayed payments being received. Provided you qualify of course. https://www.ato.gov.au/General/JobKeeper-Payment/

13.01.2022 Here is our most recent COVID-19 update contact with clients. Good Morning We trust you are keeping well during the continued isolation in place across Australia (and the World)....Continue reading

13.01.2022 Make sure you enrol for JobKeeper (if eligible). This includes for nominated eligible individuals of entities (partnerships, trusts and companies). Our office is able to assist you with this process. Don't delay as deadlines are in place.... https://www.ato.gov.au//Gen/JobKeeper-enrolments-are-open/#

13.01.2022 Do you have a home-based business? If you do, there is an opportunity to claim certain deductions. The problem is, doing so may give rise to some Capital Gains Tax on disposal of your home. There are limitations to what you can claim, but best to check your options and be aware of consequences of doing so.... https://www.ato.gov.au//Deductions-for-home-based-busines/#

12.01.2022 Make sure you are aware of your STP lodgement deadlines for end of year (30th June 2020) as an employer. https://www.ato.gov.au//Finalise-your-Single-Touch-Payrol/#

12.01.2022 Just a reminder that extensions to Enrol for JobKeeper for the April fortnights have been provided to 31st May 2020. Make sure the minimum $1,500 gross wages has been paid to all eligible employees by 8th May 2020 though. https://www.ato.gov.au//JobKeeper-enrolments-extended-for/#

12.01.2022 Plenty will lose vital income during the SA lockdown. Here’s a number you can try (I may be wrong but a 0 could be missing as I thought it would be 1800...). #staysafe

11.01.2022 The RBA have left the cash rate at 0.25 per cent, despite increasing COVID issues. https://www.ifa.com.au/ne/28354-rba-makes-august-rate-call

10.01.2022 It will be a tougher year this year for claiming work related deductions, especially if you've had to work from home during COVID-19 lockdowns, or not at all. https://www.accountantsdaily.com.au//14483-tax-time-2020-a

10.01.2022 We are officially closed for the Christmas/New Year break. Have a fantastic holiday rest and see you all from 4th January 2021. All the best from the Gilberts team.

10.01.2022 More announcements on JobKeeper support. Still some confusion to be cleared up though. At this stage you can only register your interest at the ato.gov.au site. Actual registration to receive payments will be available in the next week or so. https://www.accountantsdaily.com.au//14238-treasurer-relea

09.01.2022 Eligibility for JobKeeper is not simple. There is the Basic Test, but an Alternative Test is available. They are numerous, so check every avenue before Enrolment deadlines pass. https://www.accountantsdaily.com.au//14278-ato-releases-jo

09.01.2022 Providing residential or commercial premises and provided necessary rent relief to tenants? You may be eligible for land tax relief of 25%. Hurry though, as registrations close by 30th June 2020.... https://www.accountantsdaily.com.au//14292-land-tax-relief

08.01.2022 The $150,000 immediate depreciation threshold has been extended from 30th June 2020, to 31st December 2020 for eligible businesses. https://www.mybusiness.com.au//7023-businesses-given-extra

08.01.2022 New changes issued for JobKeeper 2.0, with the reduction in income test applying initially to the September 2020 quarter only, not June AND September 2020. This may still be a moving target depending how lockdowns do against reducing the number of cases. https://www.mybusiness.com.au//7268-jobkeeper-2-0-eligibil

08.01.2022 Make sure you have suitable records to justify claiming JobKeeper payments. Without them, you may find yourself repaying JobKeeper payments back to the ATO. https://www.mybusiness.com.au//7013-businesses-told-to-pre

07.01.2022 Be prepared for upcoming Cash Flow boost payments. The double up payment is due from June 2020 BAS lodgements. The timing of amounts will depend if you are a quarterly, or monthly lodger. https://www.ato.gov.au//Preparing-for-additional-cash-flo/#

07.01.2022 Extensions to JobKeeper enrolments have been given, to 31st May 2020. Register by then (and pay employees as required earlier), you'll still be able to claim the first 2 quarters for April 2020. https://www.mybusiness.com.au//6875-more-time-to-enrol-in-

07.01.2022 The ATO provide free small business webinars covering numerous topics. You can find details via the link below. https://www.ato.gov.au//Small-bus/Small-business-webinars/

06.01.2022 There would be an expectation that work related expenses from working at home would increase since COVID-19 lockdowns commenced. The ATO released an increased Home Office expenses rate of 80c per hour (up from 52c) to cover the 1st March 2020 to 30th June 2020 period. Note, however, that this rate now includes Internet use as well. You may still use the 52c rate and claim a reasonable internet cost based on actual costs incurred. The 52c rate covers electricity, gas and dep...reciation on office equipment. Diary records of usage of at least 4 weeks are a must to substantiate your claims.

05.01.2022 A small business toolkit is available form the ATO to assist with compliance activities. https://www.ato.gov.au//Tax-Office-toolkit-helps-small-bu/#

05.01.2022 Please note that our office will be closed due to COVID-19 lockdowns until further notice. We expect to be open next Wednesday (25th November 2020) based on current lockdown plans. Stay safe.

05.01.2022 There has been a blanket extension of 2019 Tax Return lodgement deadlines by the ATO due to COVID-19 issues. Effectively, SMSF Tax Returns now have a due date of 30th June. Other entities, including Companies, now have till 5th June 2020. Should tax be payable, it is due on lodgement. https://www.accountantsdaily.com.au//14271-tax-commissione

04.01.2022 The RBA have kept the cash rate at .25 per cent. https://www.smsfadviser.com//18770-rba-makes-may-cash-rate

03.01.2022 With JobKeeper 2.0 soon to begin, Alternative Tests have now been released to determine if a business qualifies. https://www.accountantsdaily.com.au//14865-commissioner-re

02.01.2022 Many employees have the ability to choose their super fund with their employer. Make sure, as an employer, that you provide a Standard Choice Form to obtain fund details. https://www.ato.gov.au//Offer-your-employees-a-choice-of-/