GTA Accountants & Business Advisors Pty Ltd | Businesses

GTA Accountants & Business Advisors Pty Ltd

Phone: +61 3 9988 3003

Address: 2A Westall Road, Clayton VIC 3168

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

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25.01.2022 2 weeks till Single Touch Payroll deadline Small employers (with 19 or less employees) need to move to Single Touch Payroll (STP) by 30 September. There are now two weeks until the deadline. Employers have a number of options to transition to STP. They can start reporting now, get a deferral, or work with their registered tax or BAS agent to report quarterly (if eligible).... There are also concessions available for employers who dont have access to a reliable internet connection, as well as those that employ family members or other closely held payees, one to four employees, and intermittent or seasonal workers. The Commissioner of Taxation, Chris Jordan has reassured small employers that the ATOs approach will be flexible, reasonable and pragmatic with no penalties for mistakes, missed or late reports for the first year, Mr Lucchese said.

23.01.2022 Its now Seriously EasyTM to do your invoicing, bookkeeping and billing as Intuit QuickBooks Online software gives you the things you need most to run your small business, all in one place. Secure access anytime, on any device: your data is completely secure in the cloud, allowing you to run your business from your Mac, PC, tablet or phone. Easily track cash flow: automate bank feeds, send quotes and invoices, track sales and expenses, scan receipts and pay employees.... Reports and insights: create accounting reports and invite your accountant or bookkeeper and get real-time advice and be ready for tax time. WE OFFER: Simple Start at $10 .50/mo* Buy now Track income & expenses Send custom invoices & quotes Snap & store receipts Track kilometresNEW Connect your bank Track GST & e-lodge BAS Insights & reports Manage payroll - 4 staff included* Contact Us: 03 9566 7270 Address : Level3, 2 Brandon Park Drive, Wheelers Hill, VIC 3150 Email : [email protected] Web gtaaccountants.com.au

16.01.2022 ‘Substantial sting in the tail’ for discretionary trusts Discretionary trusts could be hit with more than double the amount of duty when purchasing property in Victoria as the State Revenue Office announces the end of its 4-year-old practical approach. Tax&Compliance Jotham Lian 26 February 2020 ... From 1 March, Victoria's State Revenue Office (SRO) will regard all discretionary trusts with potential foreign beneficiaries as ‘foreign’ purchasers. The change comes as the SRO stops applying an administrative concession that allowed trusts that could demonstrate that its foreign beneficiaries have not and are unlikely to receive any distributions from the trust to not be considered foreign trusts. Under the new rules the practical approach is gone, and any discretionary trust that has one or more potential foreign beneficiaries will be considered a foreign trust, said Rigby Cooke Lawyers’ tax counsel Tamara Cardan. The SRO’s decision could see the duty payable on a property purchased through a discretionary trust rising to as high as 13.5 per cent, when standard duty rates don’t exceed 5.5 per cent of the purchase price. This could mean trustees are hit with more than double the amount of duty than they might be expecting, she added. On an average residential property in Melbourne, that’s a substantial sting in the tail. Apart from foreign purchaser duties of up to 8 per cent, Ms Cardan said trustees should also beware of the foreign ownership land tax surcharges imposed on residential land owned by foreign purchasers. The SRO notes that trustees can amend the trust deed so that there are appropriate exclusions for foreign natural persons, foreign corporations or trustees of foreign trusts from being potential beneficiaries. I would recommend trustees intending to acquire property in Victoria seek immediate advice to amend their trust deed to explicitly exclude foreign beneficiaries, before the Victorian change takes effect on 1 March, said Ms Cardan. They might also consider other ways of acquiring property other than through a discretionary trust. With the SRO’s announcement following a similar move in NSW, Ms Cardan believes trustees should keep their eyes peeled for other similar changes in other states. As similar changes are also proposed in NSW, and with a foreign purchaser surcharge applying in every Australian state, excluding foreign beneficiaries may also safeguard against unintended duty consequences should other states follow Victoria’s example, said Ms Cardan. At the very least, trustees with property or looking to invest in property outside of Victoria should certainly be keeping a close watch on any proposed changes to the treatment of discretionary trusts in other states. Accountantsdaily

11.01.2022 Accounting profession responds to bushfire crisis The professional accounting bodies have begun launching initiatives to help support accountants and their clients affected by the ongoing bushfire crisis. Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and the Institute of Public Accountants (IPA) have now confirmed that they will be providing support to communities ravaged by the bushfire disaster.... CA ANZ has now partnered with Rural Aid to connect members wishing to assist drought and fire-affected businesses in rural and regional Australia with monetary donations as well as donations of their time and skill. A range of CA ANZ resources has also been made available, including a checklist on practical issues for small businesses impacted by bushfires, and a mental health first-aid guide to help accountants engage in difficult conversations with their clients. As bushfires and extreme heatwave conditions persist across regions in Australia, my thoughts are with all our members in practice, your clients and the wider communities during this time, particularly those who have had losses or needed to evacuate to safety, said CA ANZ president Peter Rupp. Accountants are often the backbone of their communities, playing a critical role to help Australians and businesses navigate the financial impact of bushfires and assist them through recovery. The IPA has also begun reaching out to its membership base to create a pro bono register for members to volunteer their services. The accounting body had previously carried out a similar exercise in the 2009 Black Saturday bushfires and the 2010 Queensland floods. The IPA has also reached out to members directly affected by the crisis and will offer support as required. CPA Australia is currently in the midst of updating its online disaster recovery toolkit for businesses, with information to guide advisers on aspects to consider immediately following the disaster and steps to developing a recovery plan. A CPA spokesperson said a number of other initiatives were currently being considered and would be announced shortly. Accountants on the ground The ongoing impact of the bushfires has not been lost on the profession, with firms and practitioners coming together to offer various forms of professional support. Lotus Accountants director Kylie Parker has offered to help up to 50 NSW Rural Fire Service volunteers lodge their 2019 individual tax returns for free, inspiring other fellow practitioners to help out. Illumin8 co-founder and director Andrew Van De Beek has also offered free advisory services to 10 businesses impacted by the Victorian bushfires, and is currently in discussion with financial advisers and brokers to offer additional support. Accountantsdaily 7 /1/2020

10.01.2022 Small business bushfire package to offer some relief: ASBFEO The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has stated that the governments support package for bushfire-affected small businesses will help viable small businesses get back on their feet. The Federal Government responded to the needs expressed by small-business representatives at the roundtable last week, with a suite of measures designed to assist small and family businesses deal ...with the extraordinary challenges they are facing as a result of the devastating bushfires. Immediate tax-free cash grants of up to $50,000 are available to eligible small businesses that have sustained damage as a result of the fires. Thats not just businesses that have burned down, but also those that have lost stock as a result of power outages for instance. Carnell also shared that insured small businesses with less than 20 full-time employees can claim expenses not covered by their insurance. Concessional loans of up to $500,000 are available to small businesses that have suffered either significant asset or revenue loss. Such loans will have no repayments due for the first two years, with no interest accruing in this period. Beyond that, an interest rate of about 0.6 per cent will apply and small businesses have up to 10 years to repay. A further $3.5 million will be spent on establishing a Small Business Bushfire Financial Support Line, which will be helpful in providing basic information to small businesses. However, small businesses really need a tailored financial recovery plan. Without it, the chances are they wont survive, Carnell said.We will continue to push for a Government grant that enables small businesses to go to their trusted advisor for a customised strategy. In the meantime, fast-tracked infrastructure and a commitment to build back better is absolutely vital. As part of the re-build, all levels of government should be procuring from local businesses wherever possible. Carnell said that her office broadly welcomes the governments efforts to help small business and will continue to advocate for measures to enable small businesses to get on with getting back on track. INSIDE SMALL BUSINESS JANUARY 21, 2020

10.01.2022 ASICs small business online resources The Australian Securities and Investments Commission (ASIC) have revised and refreshed their online small business resources. You would deal with ASIC to:... register a company or business name renew the registration of a company or business name deregister a company or cancel a business name report misconduct by a financial product or service provider search their registers for information including: --companies --business names --documents --professional registers

09.01.2022 Small-business tax avoiders costing Australians billions SEPTEMBER 3, 2019 The ATO Small Business Tax Gap report released recently has highlighted a $11.1 billion tax gap, almost two-thirds (64 per cent) of this credited to black economy behaviour such as not declaring income, workers paid cash under the table or exaggerating expenses.... 71 per cent of small businesses reported their tax correctly and a further 18 per cent attempted to report correctly but made mistakes, mainly due to poor record-keeping or human error. Australian Tax Leader at Chartered Accountants Australia and New Zealand Michael Croker said the report is a warning to the millions of small businesses now completing their 2019 income tax returns to ensure documentation is complete and accurate. We are pleased to see that the ATO has found Australian small businesses use tax professionals more than those in countries that have reported a larger tax gap, Croker said. It is important to ensure that all income is recorded and that private components of an expense are not inadvertently claimed as a business expense. It is also essential for businesses to disclose all financial transactions to your Chartered Accountant to ensure you are compliant. Businesses that do not accurately share their claims need to consider that the ATO has considerable powers to investigate, claim money back and penalise. The impact of the few businesses that are participating in the black economy is enormous. This is not their money, its Australias money, and each incorrect claim adds up to billions being diverted from Australian services and infrastructure, Croker said. The black economy places undue and unfair competitive pressure on the majority of small business operators who are doing the right thing. Croker noted that the Black Economy Taskforce made a number of recommendations to reduce the impact of the black economy and this report certainly gives the argument credence. The anonymity of cash ensures those participating in black economy remain under the radar. An extremely conservative RBA estimate shows that $1 billion is warehoused by the black economy with a further $5 billion used for operational purposes which represents up to eight per cent of bank notes in circulation, he said. Implementing a ban on cash transactions of $10,000 or more will make it more difficult to operate in the black economy with very limited impact on those who prefer cash and operate within the regulatory systems, Croker concluded. INSIDE SMALL BUSINESS

06.01.2022 GTA Accountants & Business Advisors are chartered accountants providing accounting, taxation and business advisory services with many years of experience. Based in Wheelers Hill, next to busy Glen Waverley in Melbourne, we provide quality and personalized, effective and professional advice to individuals, businesses and companies.

06.01.2022 Key dates for October 2019 21 Oct 2019 September monthly BAS due ... 28 Oct 2019 September quarter SG due September quarterly BAS due September quarter PAYG instalment due 31 Oct 2019 2019 Income tax return due

06.01.2022 ATO - Self-managed super fund quarterly statistical report June 2019 The ATO has released its latest SMSF quarterly statistical report for the period to June 2019. Highlights include:... there are 599,678 SMSFs there are 1,125,201 members of SMSFs the total estimated assets of SMSFs are $748 billion the top asset types held by SMSFs (by value) are: o listed shares (31% of total estimated SMSF assets) o cash and term deposits (21%). 53% of SMSF members are male and 47% are female 85% of SMSF members are 45 years or older. The report also provides an update of the annual SMSF population analysis tables for 2014 to 2018, based on SMSF annual return data. From these, highlights for 2018 include: the average assets per SMSF were $1.3 million the average assets per SMSF member were $679,000 members contributed $11.6 billion to SMSFs employers contributed $5.7 billion to SMSFs. See more

06.01.2022 Fuel tax credit rates have increased Fuel tax credit rates increased on 5 August 2019 in line with fuel excise indexation. Its important to keep good records... Dont forget to keep records to support your fuel tax credit claims. If you claim less than $10,000 in fuel tax credits per year, you can use simplified record keeping. The following records will be sufficient to support your claims providing you can show the fuel was used in your business: contractor statements financial institution statements point-of-sale dockets fuel supplier invoices. Good record keeping is important for the health of your business as it gives you an accurate picture of how your business is going. 5 August 2019 ATO

05.01.2022 Substantial sting in the tail for discretionary trusts Discretionary trusts could be hit with more than double the amount of duty when purchasing property in Victoria as the State Revenue Office announces the end of its 4-year-old practical approach. Tax&Compliance Jotham Lian 26 February 2020 ... From 1 March, Victorias State Revenue Office (SRO) will regard all discretionary trusts with potential foreign beneficiaries as foreign purchasers. The change comes as the SRO stops applying an administrative concession that allowed trusts that could demonstrate that its foreign beneficiaries have not and are unlikely to receive any distributions from the trust to not be considered foreign trusts. Under the new rules the practical approach is gone, and any discretionary trust that has one or more potential foreign beneficiaries will be considered a foreign trust, said Rigby Cooke Lawyers tax counsel Tamara Cardan. The SROs decision could see the duty payable on a property purchased through a discretionary trust rising to as high as 13.5 per cent, when standard duty rates dont exceed 5.5 per cent of the purchase price. This could mean trustees are hit with more than double the amount of duty than they might be expecting, she added. On an average residential property in Melbourne, thats a substantial sting in the tail. Apart from foreign purchaser duties of up to 8 per cent, Ms Cardan said trustees should also beware of the foreign ownership land tax surcharges imposed on residential land owned by foreign purchasers. The SRO notes that trustees can amend the trust deed so that there are appropriate exclusions for foreign natural persons, foreign corporations or trustees of foreign trusts from being potential beneficiaries. I would recommend trustees intending to acquire property in Victoria seek immediate advice to amend their trust deed to explicitly exclude foreign beneficiaries, before the Victorian change takes effect on 1 March, said Ms Cardan. They might also consider other ways of acquiring property other than through a discretionary trust. With the SROs announcement following a similar move in NSW, Ms Cardan believes trustees should keep their eyes peeled for other similar changes in other states. As similar changes are also proposed in NSW, and with a foreign purchaser surcharge applying in every Australian state, excluding foreign beneficiaries may also safeguard against unintended duty consequences should other states follow Victorias example, said Ms Cardan. At the very least, trustees with property or looking to invest in property outside of Victoria should certainly be keeping a close watch on any proposed changes to the treatment of discretionary trusts in other states. Accountantsdaily