MK Associate in Brookwater | Business consultant

MK Associate

Locality: Brookwater

Phone: +61 430 282 582

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• Business service
• Tax preparation service
• Accountant
• Business consultant

25.01.2022 Changes to JobKeeper Eligibility rules announced by Treasurer: Eligible Business - Decline in turnover test to apply to September quarter only (previously both June and September quarter) Eligible Employees - Employees need to be on books as of 1 July 2020 (previously 1 March 2020).... Contact us today to see if your business is eligible for JobKeeper payment under the new rules. Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

24.01.2022 MK Associate’s team wishes you and your whole family a Very Happy and Prosperous Deepawali! May this festival of light bring to you abundance of Happiness, Success, Love, Health & Prosperity! #HappyDiwali2020

23.01.2022 JOBKEEPER PAYMENT JobKeeper Enrolment opens today. Eligibility criteria is applicable. It is required to be satisfied before enrolling.... Regards Manpreet Kaur Chartered Accountant Chartered Tax Advisor Registered Tax Agent M: 0430 282 582

21.01.2022 The JobKeeper subsidy has been extended until March, but will operate at a reduced rate, the prime minister revealed on Tuesday. Businesses receiving the payment will now be subject to a new turnover test, and a different rate will be applied for part-time and casual employees. Regards... Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582 See more

21.01.2022 Running a business for less than 12 months? You can still be eligible for JobKeeper payment! ATO has introduced Legislative Instrument regarding this today dated 23 April 2020.... Contact us to find out if you are eligible! Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

20.01.2022 One of our clients received their first cash flow boost payment of $10,524. Being proactive and lodging earlier has assisted our client get this payment ahead of many and will assist in their cashflow given the impact of COVID19 on their business. If you are a business Owner and have employees and have been impacted by COVID19 and would like to know how you can access between $10,000 to $100,000 TAX FREE from the ATO, give us a call or drop an email.... Regards Manpreet Kaur CA, Registered Tax Agent M: 0430282582

19.01.2022 WOW end to another good year!! We would like to say thank you to all our clients for great business together and look forward to welcome you all and new clients in the new financial year. #mkassociate #accountant #taxagent #taxadviser #ifyousucceed #wesucceed #brisbane #australia

17.01.2022 JOBKEEPER PAYMENT We have received numerous queries regarding JobKeeper payment from clients driving UBER and other ride sharing services. We have tried to address some here. AM I ELIGIBLE FOR JOBKEEPER PAYMENT?... Turnover Test A sole trader is eligible if GST turnover for a turnover test period of at least one month falls short of the GST turnover for the corresponding period in 2019 by 30% or more. GST Turnover is broadly as defined for GST purposes, but limited to the expected or actual turnover for GST purposes occurring in the turnover test period. Turnover includes all taxable supplies and all GST free supplies but not input taxed supplies. A turnover test period is a calendar month that ends from March 2020 to September 2020; or a quarter that starts from 1 April 2020 or 1 July 2020. Lodgement Test To be eligible for the JobKeeper Payment you must have lodged one of the following by the 12th of March: A BAS for any quarter between 1 July 2018 and 31 December 2019 that included at least $1 of business income, OR Your 2018-2019 tax return that included at least $1 of business income Other criteria also applicable*** If I drive for different companies (Uber, Ola, Didi etc), do I need to add the income together to test the decline in turnover. Yes, as a sole trader you are running a business and are required to combine and report your income on one BAS under your own ABN. If I have a full time job and Uber income, can I claim JobKeeper Payment as a sole trader? No, you can only receive JobKeeper payment through your employer. The reason being if your employer’s business has declined by 30%, then you will be able to access JobKeeper payment through your employer. If your employer’s business has not declined by 30%m the expectation is you will be receiving your normal wage. WHAT IF I AM BEHIND MY TAX AND GST LODGEMENTS? We do not know yet whether ATO will allow to lodge late and apply for discretion. Our advice is you complete your lodgements ASAP. Reach out to us if need assistance. WILL JOBKEEPER PAYMENT BE SUBJECT TO GST? No JobKeeper payment is not subject to GST. Regards Manpreet Kaur CA, Registered Tax Agent M:0430 282 582

16.01.2022 $10,000 Government Grant Available for Small Businesses in Victoria (VIC) and New South Wales (NSW). Eligibility Criteria applies!! Contact us for more information.... Regards Manpreet Kaur CA, Registered Tax Agent M:0430 282 582

16.01.2022 JobKeeper payment is a reportable income for Centrelink benefits purpose. Below is the link to the guidance: https://www.servicesaustralia.gov.au//reporting-income-fro... Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

14.01.2022 $10,000 Government Grant Available for Small Businesses in Queensland. The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience. Eligibility Criteria applies!!... Applications are open now. Contact us for more information. Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

14.01.2022 We would like to say Thank You to all of you who have referred friends, colleagues and family members to us for our services. Referrals continued to be the main driver behind expanding our client base in 2020 which was an extraordinary and challenging year for everyone. We look forward to assist our ongoing and new clients in this new year too. Wishing you all a very Happy New Year!... Regards Manpreet Kaur Principal, MK Associate Registered Tax Agent CA, CTA M: 0430 282 582

13.01.2022 Extension of time to enrol for the JobKeeper scheme. Please note the Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. Regards... Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582 See more

13.01.2022 On ANZAC Day, we remember and give gratitude to those who have served our country, those who did not return, and those members and their families and friends who are still battling the effects of their service on their lives today. Lest we forget. #ANZACDay #LestWeForget

12.01.2022 We are open for business this weekend. Virtual and phone appointments available. Regards... Manpreet Kaur CA, Registered Tax Agent M:0430 282 582 See more

12.01.2022 End of Financial Year is here! Book an appointment with us now and maximise your tax refund for 2020!

11.01.2022 Just received a call from another happy client Keyork who got their first JobKeeper Payment today. #happyclients #happyfriday #mkassociate #accountant #taxadvisor Regards... Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582 See more

11.01.2022 JOB KEEPER PAYMENT is not just limited to employees. Eligible Business Participants are also eligible. The following Business Participants will be eligible for Job-keeper payment: a sole trader... a partner in the partnership an adult beneficiary of the trust a shareholder or director in the company *Eligibility criteria applies. Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

10.01.2022 JOBKEEPER PAYMENT KEY DATES From 20 April, complete Step 1: Enrol for the JobKeeper payment. From 4 May, complete Step 2: Identify and maintain your eligible employees and eligible sole trader or eligible business participant.... By 8 May, pay your eligible employees at least $1,500 (before tax) for each JobKeeper fortnight to claim JobKeeper payments for April. 31 May is your final day to complete steps 1 and 2 if you want to claim for JobKeeper fortnights in April and May. Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

09.01.2022 Tax Tip It’s a great time to donate to your favourite charity (subject to charity being a deductible gift recipient) as you can claim a deduction for anything over $2 as long as you have a receipt. This will help lower your tax bill and assist a good cause at the same time.... Contact us to find out if your favourite charity is an eligible deductible gift recipient. Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582

08.01.2022 JOBKEEPER PAYMENT Seek advice and do the right thing! The Treasury Department made it clear there would be zero tolerance for employers or employees who did the wrong thing.... "An entity that does not comply with its obligations in relation to the JobKeeper Payment is also potentially liable for a wider range of significant administrative and criminal sanctions under the tax law and general criminal law," the fact sheet says. "These penalties will not affect entities that act honestly and with reasonable care. "However, entities that seek to abuse the scheme, especially those that seek to engage in fraud, will face penalties commensurate with the seriousness of their conduct." Regards Manpreet Kaur Chartered Accountant Chartered Tax Advisor Registered Tax Agent M: 0430 282 582

05.01.2022 Increased data matching for ATO purposes continues. This time, vehicle registrations are on the list. https://www.legislation.gov.au/Details/C2021G00046

05.01.2022 Happy New Financial Year!

04.01.2022 Happy Easter Everyone!

02.01.2022 From all of the MK Associate’ s team to you and your loved ones, we wish you a safe and joyful festive season!

02.01.2022 Are you ready to maximise your tax refund? Regards Manpreet Kaur CA, Registered Tax Agent... M:0430 282 582 #mkassociate #accountant #taxadviser #ifyousucceed #wesucceed See more

01.01.2022 Are you a ride share driver? Are you claiming all the deductions you are entitled to? depreciation for assets you own, such as your car ... fees or commission charged by the digital platform fuel lease payments for a car parking fees bottled water, mints, tissues, and newspapers that are provided for the use of passengers wipes, sanitizers and anti-bacterial spray provided for passengers and used to clean your vehicle tolls state or territory commercial licences and approvals such as driver accreditation, driver registration and application fees, medical tests and police checks. tax agent fees and payments for similar services. Contact us to claim all the deductions you are entitled to an to maximise your TAX REFUND. Regards Manpreet Kaur CA, Registered Tax Agent M: 0430 282 582