JPM Accounting | Finance

JPM Accounting

Phone: +61 402 028 479

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18.01.2022 A big thank you to Maxine Strohbeck for this lovely review! We really appreciate it

18.01.2022 Just a friendly reminder to get your 2019 Tax Return done if you haven’t already!

16.01.2022 We are very pleased to announce that we have a trusted Mortgage Broker! They will be able to assist our Clients with their finance needs including Property Purchase, Refinance Existing Loans, Motor Vehicle Purchase and Business Finance. Please let us know if you're interested in any of these services and we can arrange for our trusted Mortgage Broker to contact you.

16.01.2022 Hey everyone, We would like to wish all of you a Happy New Year and to give you some updates on JobKeeper! We hope that you all had a lovely Christmas with family and friends and had a nice break from your normal routines. Some news regarding JobKeeper: If you qualify for JobKeeper payments for the period 4.1.2021 - 28.3.2021, the amount will be $1000 per fortnight for employees who work more than 20 hours a week and $650 per fortnight for employees who work less than 20 hour...s a week. If you have not lodged your tax returns yet, we suggests you start organising your ifnormation sooner rather than later :)

13.01.2022 Hi everyone, With the new restrictions in place we are still able to continue being open; as we operate from home. Tax information and documents are able to be left at the front of the premises in a bag and we will collect them. Otherwise sending via email is fine. We will follow up with a phone consultation regarding any queries if needed. ... Please take care of yourself during this time and try to stay positive! As always we are here for all your Accounting needs See more

13.01.2022 Federal Budget Overview 2020-21 The 2020-21 Federal Budget see’s the government’s recovery and support reach $507 billion overall, which includes $257 billion in direct economic support. The Economic Recovery Plan focuses on job creation and developing more resilient businesses. Please see below for a small summary of some key factors of the 2020-21 Budget. Job Maker Giving eligible employers $200 a week for each additional eligible employee aged between 16 29 and $100 a... week for eligible employees aged 30-35. The Hiring Credit will be paid quarterly and eligible employees are required to work a minimum of 20 hours per week. Lower Taxes From the 1st of July 2020 the top threshold of the 19% tax bracket will increase from $37,000 to $45,000 and the top threshold of the 32.5 per cent tax bracket will increase from $90,000 to $120,000. Instant Asset Write-Off Businesses will be able to instantly write-off eligible depreciable assets worth up to $150,000 with turnover up to $5 billion will be able to instantly write-off eligible asset purchases. The deadline for purchases is the 30th June 2022. If you have any questions, feel free to call the Office on 0402028479. Take care everyone!

10.01.2022 Hi Everyone! We are now able to provide further information regarding the JobKeeper 2.0 extension. JobKeeper will now continue to be available to eligible businesses (including self-employed) and not-for-profits until 28 March 2021. If a business does not meet the additional turnover tests for the extended period, this does not affect their eligibility for the original JobKeeper scheme (prior to 28 September). The extension scheme is also open to new participants provided the...y meet the eligibility requirements for the relevant period. The payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced and lower payment rates will apply. Two periods of extension are now in place: 28 September 2020 to 3 January 2021 (Period One) 4 January 2021 to 28 March 2021 (Period Two) Eligibility Requirements: The entity will be required to reassess their eligibility and meet a further decline in turnover test for each of the two periods of extension (as well as other existing eligibility requirements). Changes to the Turnover Test: Must use actual GST turnover to calculate their decline in turnover (not projected as previously). Must use the accounting basis used for GST reporting purposes. Sale of assets will be included in actual GST turnover. It must be done for specific quarters only. Period One: Businesses and not-for-profits will need to demonstrate that their actual GST turnover has fallen by more than 30% in the September quarter 2020 (July, August & September), relative to the September Quarter 2019. Period Two: Businesses and not-for-profits will need to demonstrate that their actual GST turnover has fallen by more than 30% in the December quarter 2020 relative to the December quarter 2019. Payment Amounts: Fortnightly payment amounts will be tapered dependent on working hours. Tier 1 rate applies to eligible employees who worked more than 80 hours or more in the 28-day period prior to 1st March 2020 or before 1 July 2020. For eligible business participants they must have been actively involved for more than 80 hours in the month of February 2020. Tier 2 rate applies to all other employees and business participants. The business must nominate the rate an employee/business participant will receive. Date Tier 1 Tier 2 To 27 September 2020 $1,500 28 Sep 2020 to 3 Jan 2021 $1,200 $750 4 Jan 2021 to 28 Mar 2021 $1,000 $650 Adequate documentation must be available to demonstrate the basis of hours calculation in the event of ATO compliance checks. We will keep you up to date with any further announcements. We hope you and your family are keeping as well as possible during these times.

09.01.2022 Thank you very much Luana van der Noord for your wonderful review! It means a lot to us

08.01.2022 Tax Deductions for Tax Year 2020 Work related deductions: Here are some work-related expenses you may be able to claim whilst performing your job as an employee.... - Car expenses, including fuel costs and maintenance - Travel costs - Clothing expenses - Self-education expenses - Union fees - Home computer - Phone expenses - Tools and equipment expenses - Journals & trade magazines - Home office. There are 3 calculation methods you can use. 1. Shortcut method 80cents per hour only for 1 March 20 to 30 June 20. 2. Fixed method 52 cents per hour. 3. Actual cost method. Please note that if you use the shortcut method it covers expenses such as phone, internet, electricity & gas for heating, cooling and lighting and decline in value of equipment & furniture so you can’t claim for these separately. You may also be able to claim deductions relating to your investments such as interest on monies borrowed for investment. Other deductions: - Gifts and donations over $2 - Deduction for the cost of managing your tax affairs. - Personal super contributions for which you have notified the fund you are claiming a tax deduction. Record keeping: You must be able to substantiate your claims for deductions with written evidence if the total amount of deductions you are claiming is greater than $300. If the total you are claiming is $300 or less, you need to be able to show how you worked out your claims, but you don’t need written evidence. JPM Accounting is happy to take new Clients on board. For further information regarding the above deductions please feel free to contact Judith Betts from this office on 0402028479.

07.01.2022 Hi everyone! Welcome to JPM Accounting's Facebook page. Thank you so much for your support so far. We have been in business for nearly 10 years now and we thought it was about time we branched out to social media, especially given the current climate. On this page we will be sharing valuable information regarding tax matters and updates from the Government regarding COVID19. We will be posting our first video shortly and will be keeping you updated with relevant tax and bus...iness information. Take care and we look forward to hearing from you soon!

07.01.2022 JPM Accounting is now a proud supporter of the AiPol Journal, which helps to achieve better policing within our community and deals with issues that affect the wellbeing of Police in general.