Ferris Financial Services in Nudgee | Tax preparation service

Ferris Financial Services

Locality: Nudgee

Phone: +61 407 167 091

Address: 51 O'Doherty Circuit 4014 Nudgee, QLD, Australia

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

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25.01.2022 Just a reminder that your 2020 Q4 BAS, for the April to June 2020 quarter, is due for lodgement and payment by next Tuesday 25 August.

22.01.2022 New legislation (Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019) has now been passed which allows all Australians to choose their superannuation fund. While this has been the case for most workers, some employees covered by an Enterprise Bargaining Agreement have been forced to contribute to a fund determined by that agreement. The legislation is expected to affect around 800,000 Australians and should help people manage their superannuation better by allowing them to take their superannuation funds with them - minimising the issue of multiple superannuation funds which erodes balances through multiple fees and duplicate insurances.

19.01.2022 We all feel like we can't change the world on our own, but what if you could just change the world of one person? If we all did that, wouldn't that add up to a massive effort? Every day we can make little differences. Share a smile with the person serving you coffee, have a conversation with the check-out worker at the grocery store, give a wave to your neighbour. Right now, more than ever, community is so important. These small acts of kindness make all the difference.

19.01.2022 What a lovely way to end the week!! Today is the last day of school term for my oldest, and my youngest has been sick all week so it's been a big juggle, lots of late nights and not much sleep. So coming home from school and kindy pick up to meet the delivery of this lovely package was really special and a big surprise!... I am so lucky to work with amazing small business owners and people - to be considered a part of their team is an honour. Happy weekend everyone!!

19.01.2022 Do you know what you need to be able to make a valid work-related expense claim on your tax return? The ATO have three golden rules: 1. You must have actually incurred the cost, and not been reimbursed by your employer 2. The expense must be directly related to your income-producing activity... 3. You must have a record (ie a receipt) There are some great apps you can use to collect these expenses, uploading copies of receipts and recording the details of the expenses required for completing your tax return. The ATO's myDeductions app is excellent for this. You can even send the information to your accountant for preparation of your tax return.

18.01.2022 What do you think the budget is going to hold when it's released by the Federal government in October? This year is certainly like no other we've seen. It's just been announced that Australia is officially in recession, with a 7% drop in GDP last quarter. We all knew it was coming, but it doesn't take away the shock of being in recession for the first time in almost 20 years after consistent growth.... It's looking like company tax cuts may be on the horizon - cutting tax for businesses gives more cashflow which will hopefully translate into business growth and therefore more jobs. This has got to be one of the priorities for the government, with unemployment also hitting 7.5% last month. Changes to industrial relations, to ensure cuts to red tape and bureaucracy, also appear to be on the cards but there is no detail about what this means yet.

18.01.2022 With the EKKA winds it's been pretty cold this week in Brisbane. But not as cold as it was out near Warwick when we went camping in sub-zero temperatures last month! If we hadn't gone though, I wouldn't have been able to take this stunning photo at the top of the 4WD track.

16.01.2022 Here in Brisbane, our Royal Queensland Show is affectionately called the EKKA. And with it come what we call "The EKKA Winds", the cold westerly winds that blow in around the middle of August signalling that our winter is almost over. And right on schedule, with the start of the EKKA today, it's a windy and blustery day outside. In these unprecedented times, the EKKA is being held online and for those die hards you can even still purchase your show bags online!

15.01.2022 The Taxable Payments Annual Report (TPAR) is due for lodgement by 28 August 2020. This report is required if your business makes payments to contractors or subcontractors and provides any of the following services: - building and construction services - cleaning services... - courier services or road freight services - information technology (IT) services - security, investigation or surveillance services - government entities If you're unsure if you need to lodge a Taxable Payments Annual Report, please contact your tax or BAS agent.

14.01.2022 It's all about the attitude!

13.01.2022 My husband loves to tell me I can't do simple maths. I'll admit it's not my strength. But let's be real... there's calculators for that. Luckily that's not what being a tax agent and accountant is all about!

12.01.2022 Attitude is everything! They tell you to answer the phone with a smile because people hear it in your voice. If you deliver everything with a positive attitude, people can feel it.

11.01.2022 It's August?! Is anyone else shocked, despite everything that 2020 has thrown at us so far, that it's actually already August? I certainly can't believe it.... August in Brisbane is pretty sweet though... today we went down to the beach to let the dogs go for a swim and the kids cut loose on their scooters and by the time we left it was already 24 degrees. Can't complain about a Queensland winter! What did you get up to on this first weekend of August?

11.01.2022 Everyone is good at something. Find what you're good at and do it well. This is the joy of life!

11.01.2022 Last week the JobKeeper extension was passed as law by Parliament. The subsidy will now be available for an additional 6 months until 28 March 2021, however there are some changes to the eligibility criteria and the amounts paid for employees and eligible business participants. There are two extension periods, each has an additional turnover test applied, and different payments rates of the subsidy. Extension 1 28 September 2020 to 3 January 2021... Extension 2 4 January 2021 to 28 March 2021 Additionally, the rates of payment are based on the amount of hours worked by an employee or that an eligible business participant is engaged in the business. The test period is the four weeks either before 1 March 2020 or 1 July 2020. If a person worked or was engaged in the business for more than 80 hours in the four week test period, they will qualify for the Tier 1 payment. Otherwise, the Tier 2 payment will apply for less than 80 hours. To be eligible for JobKeeper Extension 1, actual GST turnover must have declined by 30% or more in the September 2020 quarter compared with the same period last year (ie the September 2019 quarter). The payment rates for Extension 1 are: Tier 1 $1200 per fortnight Tier 2 $750 per fortnight Eligibility for JobKeeper Extension 2 requires actual GST turnover to have declined by 30% or more in the December 2020 quarter compared with the December 2019 period. It’s important to note that you can be eligible for JobKeeper extension 2 without having been eligible for JobKeeper extension 1. The payment rates for Extension 2 are: Tier 1 $1000 per fortnight Tier 2 $650 per fortnight The decline in turnover test may only be applied to ACTUAL turnover and is no longer able to be based on projected turnover figures. If you are registered for GST, then you must use the GST reporting basis for the turnover test. If you are not registered for GST then you may choose between cash and accruals. Following the end of the quarter next week, it will be important to establish actual turnover figures as soon as possible. You will need to determine which of your employees are eligible, and if you have newly eligible employees they need to be given a nomination form. Once their Tier has been established, any top-up payments required need to be made for fortnights 14 and 15 by 31 October 2020.

09.01.2022 Single Touch Payroll Finalisation - Small Employers If you employ 19 or less people you are required to finalise their wage information and lodge it with the ATO via the Single Touch Payroll (STP) end-of-year finalisation process by 31 July 2020.

09.01.2022 How are you going for optimism? This year has thrown a lot at us, that's for sure! I'm very much a glass is half full kind of person. I absolutely believe in the best of people and things and, though I might plan for the worst, I always hope for the best.

04.01.2022 Today is R U OK? Day. Firstly, are you okay? It's OK to not be OK. And there are plenty of people out there who you can talk to - if not your friends and family, then there are services like Lifeline (13 11 14), Kids Helpline (1800 55 1800), Beyond Blue (1300 22 4636), Black Dog Institute, Headspace and more.... Or maybe you're OK but you know someone who you think isn't, and you might want to contact one of these services to find out what you can do to help them. At the moment there's a lot going on which is making it even harder to be OK. People are in lockdown, stuck overseas or otherwise away from home, borders are closed, families are separated and the economy is up the creek with many people losing their jobs, their homes, their businesses. It's been a challenging year, for sure. We all need to check in on each other. And follow up the next day, the next week, the next month to make sure. So really, are you okay? I'm here if you need to talk.

03.01.2022 Happy Father's Day! Here's to this guy for being an amazing dad to our two girls. Wishing you a fun morning on the golf course, babe, and fingers crossed you gain back those 7 strokes to finish 3rd! And a happy day to all the dads out there, including guys filling a fatherhood role for someone, for all the things you do.

01.01.2022 A couple of weeks ago we, along with a million other Brisbanians, headed to the Sunshine Coast to do our government proud and our EKKA long weekend justice. It was a wonderful trip away and a great opportunity to spend some quality time together as a family. We were so lucky to have some amazing winter weather and the few days off in an otherwise busy time was just what I needed to recharge those batteries.... How are you recharging your batteries?