Glint Accountants in Melbourne, Victoria, Australia | Accountant

Glint Accountants

Locality: Melbourne, Victoria, Australia

Phone: +61 435 116 868

Address: Unit 30, 29 Richards Road, Hoppers Crossing 3029 Melbourne, VIC, Australia

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

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25.01.2022 Glint Accountants are Diamond Sponsors of Rabbit Run-Away Orphanage, who are currently running a Go Fund Me campaign to pay for vet care bills. https://www.gofundme.com/f/rabbit-runaway-orphanage We offer a discount for all supporters of Rabbit Run-Away Orphanage, as follows:... - $25 off each personal or sole trader tax return - $25 off each Business Activity Statement - $100 off each business tax return. All you have to do is to produce a donation receipt from Rabbit Run Away Orphanage reflecting a donation that is equivalent or higher than the discount, and we'll reduce your bill accordingly.

25.01.2022 Under Stage 4 restrictions, accounting services are closed for on-site work. 11 professional accounting and bookkeeping bodies forming the National Tax Liaison Group and the Tax Practitioners Stewardship Group are currently appealing to grant tax professionals access to the permitted worker scheme to travel to their own practices or their clients’ business premises to access crucial physical documents. In the meantime, rest assured that Glint Accountants is open for business... as usual, even though we are working from home. We remain contactable via email, zoom appointments, phone calls, Whatsapp, etc. Read more here: https://www.accountantsdaily.com.au//14683-profession-appe

25.01.2022 Surviving a Recession as an Entrepreneur https://glintaccountants.com.au//surviving-a-recession-as/

25.01.2022 $120m in JobKeeper clawed back by ATO, new compliance areas highlighted About $120 million in JobKeeper payments have been recovered by the ATO due to businesses making deliberate or reckless mistakes, as fresh guidance on its JobKeeper extension compliance focus lands. Fronting a Senate Estimates hearing on Tuesday, ATO second commissioner Jeremy Hirschhorn said $200 million in payments had been stopped permanently, with another $100 million under review....Continue reading

24.01.2022 Earning Personal Services Income & What You Can Do About It Read more here: https://glintaccountants.com.au//earning-personal-service/

24.01.2022 Cash and Accrual Accounting in Layman Terms: Accounting on a cash basis means recording income and expenses when the cash transaction happens. Accounting on an accrual basis means recording income and expenses when they are incurred or delivered, without taking into consideration when payment is received or made. This is usually when credit terms are available.... Read more here: https://glintaccountants.com.au//cash-vs-accrual-accounti/

24.01.2022 ATO circles around 1,200 who utilised early release of super tax planning strategy Around 1,200 individuals have been contacted by the ATO around a tax planning strategy involving the early release of superannuation measure. The Tax Office has now identified 1,200 taxpayers who withdrew money under the COVID-19 early release of super measure and immediately recontributed it in a bid to claim a tax deduction.... The recontribution scheme, which made its rounds around the community in late March, had been singled out by the ATO as a potential red flag that might attract the application of Part IVA the general antiavoidance rule for income tax. We have written to them advising them that there is the potential application of the anti-avoidance rules and they might want to consider their position in their next tax return in terms of claiming a deduction for the recontribution, said ATO second commissioner Jeremy Hirschhorn at a recent parliamentary hearing. ATO commissioner Chris Jordan also hit out at the tax arbitrage strategy, stating that it went against the policy intent of the early release of super. They’d get a tax deduction for the money that they put back in, Mr Jordan said. It’s like a circle. They take it out and then put it back in and they end up with a tax deduction. That’s not what the intent was. However, accountants believe there are some legitimate circumstances where taxpayers will be able to withdraw and recontribute super without Part IVA coming into effect. The Institute of Public Accountants general manager of technical policy Tony Greco previously told Accountants Daily that a taxpayer could have found a new job or had their salary return to 100 per cent in the wake of applying for the early release of super, leading to the recontribution. Other legitimate scenarios could include a gift from a spouse or another family member not under financial stress to fund the contribution, Mr Greco added. So long as the person did not early release with the express intention to game the system, then a personal concessional super contribution is a legitimate tax planning entitlement if the person can show a change in personal financial circumstances not to attract Part IVA anti-avoidance provisions, Mr Greco said. When early release was first announced, no one would have anticipated that things would have evolved the way they have and that some individuals would find themselves later to be in a position where they can make recontribution. As of 13 September, $33.3 billion of super has been paid out to 4.3 million applicants since the inception of the early release of super scheme. Source: https://www.accountantsdaily.com.au//14853-ato-circles-aro

22.01.2022 Considering a new business venture? We would be happy to assist you with due diligence, financial forecasts & modelling, so that you can make informed decisions. #melbourneaccountant #virtualcfo #businessopportunity #businessmindset #financialmodeling #financialmodelling #duediligence

22.01.2022 Capital Gains Taxes (CGT) Exemptions/Concessions for Small Business Read more here: https://glintaccountants.com.au//capital-gains-taxes-cgt-/

22.01.2022 Victorian businesses receiving grants under the state’s $3 billion support package will now be exempt from paying income tax on them. Contact us for assistance with your BAS and tax returns if you are unsure of how to record/account for these grants. Website: www.glintaccountants.com.au... Email: [email protected] Phone: 0435 116 868 See more

21.01.2022 As we have been asked this question several times in the last few weeks, we have now created a blog post listing 19 tax deductions for residential investment properties in Australia. Read more here: https://glintaccountants.com.au//top-tax-deductions-for-r/

19.01.2022 Flashy cars, low income: ATO eyes tax-dodging red flag Black economy participants and tax dodgers driving luxury cars will continue to come under ATO scrutiny as it looks to extend its motor vehicle data matching program for a further three years. The extension of the data-matching program will see the ATO continue to collect records from eight state and territory motor vehicle registries for the 2019-20, 2020-21, and 2021-22 financial years.... Registry records for around 1.5 million individuals are expected to be collected each year for any newly registered or transferred vehicles with a purchase price or market value of $10,000 or more. According to the ATO, the records will help it identify higher risk taxpayers with outstanding lodgments and those with undeclared income whose asset holdings may not be proportionate to their declared financial position. To support its focus on the black economy, the Tax Office will also use the data as an indicator of risk, along with other data holdings, to identify taxpayers that have purchased vehicles with values that are not commensurate with the income they have reported. The records will also help inform the ATO whether taxpayers that buy and sell motor vehicles are meeting their tax and super obligations, and if taxpayers are compliant with GST, fringe benefits tax, luxury car tax, fuel schemes and income tax obligations. The ATO will also use records to scrutinise sellers, licenced dealers, fleet managers, leasing companies or representatives of these taxpayers to determine if the use of interposed proxy ownership has concealed the real accumulation of wealth. Into its 16th year, the data matching program will acquire a wide range of transaction details that include the vehicle make and model, engine capacity, vehicle identification number, and garage address. Details of individuals involved in the transaction, including their name, address, date of birth, and ABN, will also be collected. Data from the program will be retained for five years. Souce: https://www.accountantsdaily.com.au//15262-flashy-cars-low

19.01.2022 Been helping an online apparel store to iron out their Xero bookkeeping and Shopify integration issues. That gives us as much satisfaction as seeing freshly pressed clothing hanging on the racks! Reach out if you need a hand with Xero bookkeeping for your Shopify or Woocommerce store! #shopify #woocommerce #shopifyaccountant #accountant #accountantmelbourne #ecommerce #ecommercebusiness #ecommercesolutions #ecommercestore

18.01.2022 Contact us if you require assistance with claiming for JobMaker Hiring Credits. :-) Phone: 0435 116 868 Email: [email protected] Website: www.glintaccountants.com.au... Employers who hired new eligible workers under the age of 35 from 7 October last year can now claim their first JobMaker Hiring Credits using ATO online services, Online services for business or the Business Portal, or through a registered tax or BAS agent. The hiring credit is paid in arrears every three months, with the first claim period open since Monday. The scheme will see eligible employers able to access up to $200 per week for each eligible additional employee aged 16 to 29 years, and up to $100 per week for each eligible additional employee aged 30 to 35 years. To be eligible, the employee will need to have worked for a minimum of 20 hours per week, averaged over a quarter, and received the JobSeeker Payment, Youth Allowance (Other) or Parenting Payment for at least one month out of the three months prior to when they are hired. Businesses will need to satisfy the headcount and payroll increase conditions to ensure that employers are actually increasing their number of employees, and not replacing them with younger workers. Employers cannot be receiving JobKeeper payments at the same time and must also meet a number of eligibility conditions, including being registered for pay-as-you-go (PAYG) withholding, holding an Australian business number (ABN), being up to date with their tax lodgement obligations, and be reporting through Single Touch Payroll (STP). Entities exempt from STP reporting will need to meet additional requirements and provide these details by contacting the ATO. ATO Deputy Commissioner James O’Halloran has urged employers to check their eligibility on the ATO’s website, noting that business owners need only register for the scheme, nominate their eligible new employees, and claim the payments. The ATO is here to support employers access the government’s JobMaker Hiring Credit. If business owners need help, they should check out the range of resources available on our website, or speak to their registered tax or BAS agent, Mr O’Halloran said. Helping young people who are unemployed secure jobs now will build their skills, improve their career prospects over their lifetime and support Australia’s economic recovery. The ATO is proud to be involved in facilitating the JobMaker Hiring Credit on behalf of the government.

17.01.2022 Tax Commissioner reveals JobKeeper extension rules Commissioner Chris Jordan has now registered three legislative instruments pertaining to the method of determining when a supply is made to calculate actual GST turnover; the alternative reference period to determine whether an individual has worked more or less than 80 hours; and when the higher JobKeeper rate will apply to individuals whose work hours are not readily ascertainable. The new determinations follow after the Tr...easurer registered the rules governing the extension of the wage subsidy to 28 March 2021 on Tuesday. Decline in turnover test: According to the new determination, the calculation of current GST turnover will align with how entities would attribute GST payable on supplies to a tax period under the GST Act. Importantly, it aligns with how businesses are required to allocate their supplies to a reporting period when completing their GST return (business activity statement), the explanatory statement said. The rules also set out the basis of accounting either a cash basis or a non-cash basis that an entity is required to use, depending on its circumstances. Alternative reference period: The commissioner’s determination also covers the new requirement to test the number of hours worked by an employee in the 28-day period before either 1 March 2020 or 1 July 2020 to determine if the higher of lower JobKeeper rate applies. The new determination details a number of scenarios where the standard reference period might not be suitable, including where an employee’s number of work hours in that standard reference period was not representative of a typical 28-day period. A range of alternative reference periods that cover the different scenarios is included under the commissioner’s determination. Determining the higher or lower rate: The final determination covers three specific circumstances where the higher JobKeeper rate is taken to apply, particularly where an employee’s hours are not readily ascertainable. Source: https://www.accountantsdaily.com.au//14840-tax-commissione

17.01.2022 Halfway through lockdown in VIC. Hope the plants in the office are still thriving! #plants #accountantlife #gardeningaustralia

17.01.2022 I have always loved art even though it’s not one of my talents. My happiest days at work were during the time I worked as an accountant in an art school years ago. So I was overjoyed to get the chance to work with not 1, not 2, but 3 creatives in the last fortnight! #happydays #melbourneaccountant #artsy #creativelifehappylife

16.01.2022 3 Steps to Avert a Cash Flow Crisis https://glintaccountants.com.au//3-steps-to-avert-a-cash-/

16.01.2022 Without trucks, Australia stops. Definitely finding it true during this pandemic. Our e-commerce clients are all reporting longer delivery times as both Auspost and courier services are stretched to the limits delivering our online orders. #shopifyaccountant #accountant #accountantmelbourne #ecommerce #ecommercebusiness #ecommercesolutions

16.01.2022 The Seven Money Types - Which one are you? https://glintaccountants.com.au/blog/the-seven-money-types/

14.01.2022 ATO confirms director ID regime to be introduced in early 2021 The ATO plans to roll out a unified business registry service in early 2021, giving way for the introduction of director identification numbers to help address illegal phoenixing. The ATO has published its corporate plan for 2020-21, setting out eight strategic initiatives that it will prioritise over the next year.... Among them is the establishment of the Commonwealth Business Registry Service by early 2021, which will consolidate 32 separate business registers into a single system. The Modernising Business Registers program will deliver a modern, whole-of-government business register platform with high levels of reliability, accessibility and security, which will reduce the regulatory burden for business, the ATO’s corporate plan reads. We will also introduce director identification numbers to help address illegal phoenixing, and help protect honest businesses and individuals from directors involved in unlawful activity. Legislation giving effect to the new director identification number (DIN) regime passed earlier this year, but has yet to become operational. Under the new legislation, all existing and new directors will need to apply for a unique identification number that will be kept permanently, even if they cease to be a director. The new system is expected to combat phoenix activity, as well reduce time and cost for administrators and liquidators during the insolvency process by providing a more streamlined tracking of directors and their corporate history. The implementation of director identification numbers will foster trust and confidence by creating a fairer business environment, the ATO added in its corporate plan. Source: https://www.publicaccountant.com.au//ato-confirms-director

14.01.2022 JobKeeper 2.0 payments, eligibility revealed JobKeeper payments will drop to between $750 and $1,200 per fortnight beyond September, with eligibility tightened, the government has revealed. Prime Minister Scott Morrison and Treasurer Josh Frydenberg have announced that the current $1,500 per fortnight JobKeeper payment will be reduced to $1,200 per fortnight from 28 September, and $750 per fortnight for employees working less than 20 hours a week.... From 4 January 2021, the rate will again fall to $1,000 per fortnight, and $650 for people working less than 20 hours a week. The program will run to 28 March 2021, at a further cost of $16 billion, taking the entire JobKeeper program to $86 billion. The announcement comes after Treasury released a snapshot of its JobKeeper review findings earlier, revealing that up to one in four of the 3.5 million workers currently covered under the program were earning $550 more than they would ordinarily. New eligibility tests Treasury had also argued for a fresh eligibility test for businesses looking to remain on JobKeeper beyond September. Businesses will still be required to demonstrate the required reduction in turnover- 30 per cent for businesses with turnovers of $1 billion or less, 50 per cent for those with turnover of more than $1 billion, and 15 per cent for ACNC-registered charities. However, the government will now require businesses to demonstrate that they have suffered an ongoing significant decline in turnover using actual GST turnover, rather than projected GST turnover. From 28 September, businesses will be required to show an actual decline in turnover for the June and September quarters to qualify for JobKeeper 2.0. From 4 January 2021, businesses will need to reassess their turnover to demonstrate that they have met the decline in turnover test for each of the June, September and December 2020 quarters. Employers will need to demonstrate that they've met the relevant decline in turnover in both the June and September quarters to be eligible for the JobKeeeper payment in the December quarter, said Mr Frydenberg. Employers will need to demonstrate that they have met the relevant decline in each of the previous three quarters ending on 31 December 2020 to remain eligible for the payment in the March quarter 2021. While there are currently 3.5 million workers covered under JobKeeper, Treasury expects the new eligibility rules to see the figure fall to just 1.4 million workers for the December 2020 quarter, before dropping to 1 million workers in the March 2021 quarter. More to come. Source: https://www.accountantsdaily.com.au//14631-jobkeeper-2-0-p

12.01.2022 Principal Place of Residence (PPOR) & Capital Gains Taxes (CGT) for Residents https://glintaccountants.com.au//principal-place-of-resid/

12.01.2022 Increased SME borrowing a ‘green shoot’ for the economy, says ABA Small businesses borrowed a further $2.2 billion in June, demonstrating green shoots in the economy, says the Australian Banking Association. Small, medium and family businesses have also begun restarting loan repayments again, with the value of SME loan repayments on deferral dropping by more than $686 million last month.... These figures show there are some green shoots emerging in our economy, and that’s a positive sign, Ms Bligh said. There’s a very long road, and plenty of hurdles to clear, but it’s encouraging to see small, medium family businesses slowly regaining some confidence. Ms Bligh noted that banks have since provided more than $258 billion in small-business loans, and will continue to extend loan deferrals on a case-by-case basis for those struggling to resume repayments at the end of their six-month deferrals. Last week, Treasurer Josh Frydenberg announced that the Coronavirus SME Guarantee Scheme would be extended to 30 June 2021 in a bid to help businesses adapt to new COVID-19 conditions. However, take-up of the scheme has been far from popular, with only 15,600 businesses having accessed loans worth a combined $1.5 billion, compared to the scheme’s planned value of $40 billion. Banks are already showing they are prepared to lend to small and medium enterprises so they can get back on their feet. Our banks understand the key role they play in reopening our economy, Ms Bligh said. ABA chief executive Anna Bligh said the new figures showed small businesses were growing in confidence about Australia’s economic future. Source: https://www.accountantsdaily.com.au//14647-increased-sme-b

11.01.2022 Now that lockdown restrictions have been eased in VIC, it’s time to ramp up for Christmas to improve business revenues! #bibleverse #biblicalwisdom #biblicalwisdomforliving #biblequotes #bibleverses #melbourneaccountant #melbourneaccountants #melbourneaccounting

10.01.2022 Spent part of this lockdown helping a snow gear business with Xero. Missing the snow, so this photo is a throwback to our holiday in Austria years ago. #snowgear #snowwear #accountant #bookkeeping

10.01.2022 Merry Christmas from all of us at Glint Accountants!

08.01.2022 Helping a talented photographer with his Xero set-up this week. The best part about this job is meeting people from all walks of life with a range of interests. :-) #accountantlife #accountantaustralia #accountantmelbourne #xeroaccounting #xero

06.01.2022 Loving our new candles for the office in Japanese Honeysuckle scent. Special thanks to That Candle Place and Promo Printing! #accountantslife #accountantlife #accountantmelbourne #accountantsofinstagram

04.01.2022 Principal Place of Residence (PPOR) & Capital Gains Taxes (CGT) for Non-Residents https://glintaccountants.com.au//principal-place-of-resid/

03.01.2022 Melbourne accountants and bookkeepers will have to wait a further seven weeks before they are able to return to the workplace under the Victorian government’s roadmap to winding back stage four COVID-19 restrictions. Read more here: https://www.accountantsdaily.com.au//14797-melbourne-accou... Glint Accountants are still open for business as usual even though we can't meet clients face to face. With modern technology and a range of apps, we remain fully contactable via phone or email Email: [email protected] Phone: 0435 116 868 Or book in a complimentary 15-minute chat via our website www.glintaccountants.com.au. Stay safe and sane, everyone!

02.01.2022 ATO pencils October start date for tax audits ATO audit activities are now set to recommence by October, pending on how the ongoing coronavirus situation develops, a parliamentary committee has heard. Read more here:... https://www.accountantsdaily.com.au//14692-ato-pencils-oct See more

01.01.2022 ‘Spend your money on the things money can buy. Spend your time on the things money can’t buy.’ - Haruki Murakami. Chat with us about how we can free up your time, so that you can focus on running your business & get your weekends back! https://glintaccountants.com.au/... #melbourneaccountant #melbourneaccountants #xerosoftwareaccountants #virtualcfo #onlinebusiness #onlineaccounting #onlinebookkeeping #propertyaccountants #smallbusinessaccounting

01.01.2022 If your Xero software doesn't appear to be churning out the numbers you expect, it could be that a few bookkeeping or set-up mistakes have been made. Read more here: https://glintaccountants.com.au//common-bookkeeping-mista/ Let us know how we could help you with Xero set-up and bookkeeping.... Email: [email protected] Phone: 0435 116 868 Or book in a complimentary 15-minute chat via our website www.glintaccountants.com.au.