GN Accounting Solutions in Melbourne, Victoria, Australia | Financial service

GN Accounting Solutions

Locality: Melbourne, Victoria, Australia

Phone: +61 425 339 814

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25.01.2022 The Victorian Government has recently announced rent relief grants for Victorians experiencing rental hardship as a result of the coronavirus (COVID-19) crisis. The package provides a one off grant to help Victorian renters maintain safe, secure and stable accommodation. The grant will assist renters in Victoria experiencing financial hardship due to coronavirus (COVID-19), who have, or will shortly have, a bond registered with the Victorian Residential Tenancies Bond Author...ity. To be eligible for the grant you will need to have registered a reduced rental agreement with Consumer Affairs Victoria. Deferral of rent is not considered a rent reduction and therefore does not meet the eligibility criteria. Your household income must be less than $1,903 per week, and you have less than $5,000 in savings and still be paying at least 30 per cent of your income in rent. There are no citizenship or permanent residency requirements for applicants. Applicants that may be eligible include casual workers on holiday and working visas, international students, skilled visa holders, seasonal workers, New Zealand citizens and all refugee and temporary protection visa holders. https://www.housing.vic.gov.au/help-renting/rentrelief

23.01.2022 Tax time is fast approaching and theres no denying things are going to look a little different come June 30. With millions of Aussies forced to work from home, a list of new deductions is available to include in this years tax return. https://7news.com.au//finance-expert-warns-ato-will-be-inv

20.01.2022 I was coming across these questions from clients to understanding of instant write-off assets keys points are as below: The asset must cost less than $150,000 (after claiming any GST credits). Threshold applies on a per asset basis. The asset must be both acquired and installed ready for use by 30th June 2020... Available to businesses with an aggregated turnover of less than $500 million (grouping rules apply). Available for new and second-hand assets. Yes, Car limit of $57,581 (201920) and $59,136 (202021) still applies. The media release is available here: https://lnkd.in/g5qCwiW #tax #accountants #taxinstituteoz

19.01.2022 Businesses: Its time to take the next step and make a monthly business declaration for the JobKeeper payment If youve enrolled and identified your eligible employees, you have from the 1st to the 14th day of each month to receive payments made to employees in the previous month. You can complete this step through this Business Portal using myGovID or our online services via myGov if youre a sole trader. The sooner this declaration is made, the sooner you will be reimbursed. Check out our video below for to tips to complete your monthly business declaration and find more info at www.ato.gov.au/general/JobKeeper-Payment/

19.01.2022 Removing tax deductibility of non-compliant payments You can only claim deductions for payments you make to your workers (employees or contractors) from 1 July 2019 where you have complied with the pay as you go (PAYG) withholding and reporting obligations for that payment. If the PAYG withholding rules require you to withhold an amount from a payment you make to a worker, you must:... withhold the amount from the payment before you pay it to them report the amount to ATO https://www.ato.gov.au//removing-tax-deductibility-of-no/

18.01.2022 Please contact GN Accounting if you meet eligibility criteria

18.01.2022 Employers: The JobKeeper Payment is changing, so more employees can qualify. There are changes to: 1. the eligibility criteria 2. a payment extension to 31 Aug...ust, and 3. employers can nominate different employees if their employment has changed. For more details on the changes, see https://www.ato.gov.au//JobKeeper-Payment/Employers/Your-/

18.01.2022 Stay one step ahead of scammers and know the signs of a tax scam. Well never call you to threaten you with immediate arrest, jail or deportation. If youve... received a suspicious phone call, text message or email that asks you for your personal or financial information, report it to us on 1800 008 540 or visit www.ato.gov.au//online-services/i/verify-or-report-a-scam/ for more info. See more

17.01.2022 ###Jobkeeper updated version#### Two important changes have also been made to eligibility requirements, namely the business turnover test and the employee eligibility test. Previously, business turnover needed to be down in both the June and September quarters to be eligible for JobKeeper in the December quarter.... Now, businesses only need to be down by the requisite amount in the September quarter to be eligible for payments in the December quarter. "This takes into account that some businesses through May, through June, through April, did OK," Frydenberg said. "But obviously with the Stage 4 restrictions particularly in Victoria through the months of July and August and September it's going to be very difficult. And these businesses will now be eligible for payment." The other change means employees who were on the books as of 1 July are now eligible to receive the payment. Previously employees had to have been on the books from 1 March to receive JobKeeper. https://www.businessnewsaus.com.au//jobkeeper-eligibility-

17.01.2022 JobKeeper extended but eligibility and rates to change https://www.accountantsdaily.com.au//14630-jobkeeper-exten

15.01.2022 Australians offered $25,000 grants to build or renovate homes Eligibility The grants are open to people earning less than $125,00 a year, or $200,000 per couple.... They can be used for new homes valued up to $750,000 including land, or renovations worth between $150,000 and $750,000 that will result in the property being priced at $1.5 million or less. https://7news.com.au//grants-of-25000-offered-to-home-buil

14.01.2022 ##Rental property## Covid-19 income & deduction The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to claim these expenses in their tax return as long as the reduced rent charged is determ...ined at arms length, having regard to the current market conditions. This applies whether the reduction in rent was initiated by the tenants or the owner. Also remember that many banks have moved to defer loan repayments for stressed mortgagees. In these circumstances, rental property owners are still able to claim interest being charged on the loan as a deduction, even if the bank defers the repayments.

14.01.2022 Tax planning is legitimate when you do it within the intent of the law. However, tax minimisation schemes that are outside the spirit of the law may attract our... attention. We refer to these as tax avoidance schemes or arrangements. A tax avoidance scheme involves the deliberate exploitation of our tax and superannuation systems. We take these schemes seriously and will take action when they are not lawful. Involvement in a tax avoidance scheme can risk your original investment. You might also have to pay back tax, with interest and penalties. Contact your Accountant or Tax Agent for further information. if you want to contact GN Accounting Solutions, please call on 0425339814

14.01.2022 Get ready - second round of ##cash flow boosts## If you received initial cash flow boosts, you'll automatically receive additional cash flow boosts when you lodge your activity statements for each monthly or quarterly period from June to September 2020. The amounts will be equal to the total amount of initial cash flow boosts you received and will be split evenly over your lodgments. quarterly, you'll receive 50% of your total initial cash flow boost for each activity statem...ent monthly, you'll receive 25% of your total initial cash flow boost for each activity statement. When you lodge your June 2020 activity statement, you may receive the last part of your initial cash flow boost and the first additional cash flow boost as a credit. See more

13.01.2022 Businesses that are operating within a postcode affected by the return to Stage 3 restrictions are eligible for a one-off, $5,000 grant to help them get through to the other side of the local lockdown. https://www.business.vic.gov.au//local-lockdowns-business- This program closes 31 July 2020.

12.01.2022 Working from home? Weve introduced a temporary shortcut method to help you easily calculate these expenses with minimal record keeping requirements. If you ...plan to claim working-from-home expenses this tax time, youll need to make sure youre eligible and you have the right records to back-up your claims Find out more at www.ato.gov.au//deductions-you-can-c/home-office-expenses/ See more

12.01.2022 More support from Victorian government!!! An extra $3 billion in cash grants, tax relief and cashflow support will be made available to Victorian businesses in a bid to keep them afloat during the extended coronavirus shutdown. https://www.google.com.au//d538477a6f590baf3ec67ad1a921aea

12.01.2022 Contractors and consultants do you provide any of these services? Building and construction Cleaning Courier Delivery and road freight ... Information technology Security, investigation or surveillance Businesses who pay you to provide these services may need to include your payments to us as part of their annual reporting. We'll use this info to prefill these payments in your tax return, making it easier for you to get tax time right! Learn more at www.ato.gov.au//taxable-payments-reporting---what-it-mea/ See more

11.01.2022 I have some exciting news####, I am up for an Award!####winning###

11.01.2022 30th June 2020 is on the corner. Its time to do our checklist of EOFY for personal tax returns: > Compile your tax deductions receipts. > Keep recording your w...orking from home during covid-19 > Keep records of your logbook for Motor Vehicle. > compile your investment property income and deductions. > Look at your receipt deductible donations and put them together. > Any other work related expenses > If there is sale of CGT assets during FY2020, get ready documents. See more

10.01.2022 Instant asset write-off extended: $150,000 claims to last until December 31, but its still not permanent. Please contact GN Accounting Solutions for further information on 0425339814. https://www.smartcompany.com.au//instant-asset-write-off-/

10.01.2022 Corangamite Shire Council grants to help small businesses hit by COVID-19 downturn "To be eligible businesses must be located in Corangamite Shire, have a valid ABN and no more than 20 full-time equivalent employees," council growth and engagement manager Growth and Engagement Rory Neeson said "They need to have received funding through a state or federal COVID-19 program, showing that they have been financially impacted by the pandemic.... "Funding will be allocated on a first-in-first-served basis until the $50,000 has all been allotted."

09.01.2022 Hi All, It's already June, tax time is approaching, its time to sit down with your accountant and discuss your tax position.

09.01.2022 GN accounting solutions are taking tax appointments, we can do zoom meeting, face time, online meeting considering social distancing. Please call us for bookings or queries on 0425339814 or email us your queries on [email protected]. Thanks

09.01.2022 Changes from 1st July 2020 1. Lower company tax rate changes The lower company tax rate will reduce for base rate entities to 26% in 202021 and to 25% from the 202122 income year 2. Increased small business income tax offset The tax offset increases to 13% in 202021 and to 16% from the 202122 income year.... 3. From 12 March 2020 until 31 December 2020, the instant asset write-off: threshold amount for each asset is $150,000 (up from $30,000) eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million). 4. 72 cents per km for 202021 for car 5. In the 2019-20 budget, the government announced they would further relax the work tests for super contributions. This will mean that from July 1, those aged 65 and 66 will be allowed to make voluntary concessional and non-concessional superannuation contributions without meeting the work test.

08.01.2022 https://www.smh.com.au//new-home-boost-50k-to-home-builder

08.01.2022 Please contact us for further information...

07.01.2022 GRANTS TO SUPPORT VULNERABLE TEMPORARY VISA HOLDERS AND SPECIALIST MIGRANT AND SETTLEMENT NGOS DURING https://multicultural.nsw.gov.au/grants-temporary-visa-hold

03.01.2022 Council Community Grants Round 1 2020 take a COVID-19 focus Applications for Round 1 of Greater Shepparton City Councils 2020 Community Grants will open tomorrow, 1 July 2020, with a particular focus on assisting organisations impacted by the COVID-19 pandemic. Three grants will be open for applications:... Community Matching Grants Community Arts Grants Our Sporting Future Grants

02.01.2022 Running your own small business? If you received government grants or payments last financial year, you may need to include these as assessable income when you ...lodge your tax return. Assessable government payments include: JobKeeper payments Supporting Apprentices and Trainees wage subsidy Fuel tax credits Wine equalisation tax producer rebate Check out our small business tax time essentials to learn more - visit www.ato.gov.au/SBsupport See more

02.01.2022 Thinking of buying a brand new house or apartment? You may have tax obligations to keep in mind. Your conveyancer, solicitor or registered agent can help, but i...ts a good idea to stay in the know. Read up on the settlement process and watch our video at www.ato.gov.au//in-detail/you/property/gst-at-settlement/