Ponco Taxation Services in Narellan, New South Wales, Australia | Financial service

Ponco Taxation Services

Locality: Narellan, New South Wales, Australia

Phone: +61 450 650 350

Address: 326 Camden Valley Way 2567 Narellan, NSW, Australia

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

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• Tax preparation service
• Accountant
• Financial service

25.01.2022 ATO maintenance this weekend that will cause issues accessing client records.

24.01.2022 Do you need Private Health Insurance for tax? Many Australian taxpayers do not fully understand if they require Private Health Insurance for tax purposes. We will try to cover off on the main questions we hear from clients on a day to day basis. We are only discussing this from a tax perspective and not from a medical or personal requirement. I heard on TV that I need join a health fund otherwise I might be paying extra tax. Is this true?... This is correct only if your/family income* is above the threshold. The current threshold is $90,000 for singles and $180,000 for families/couples. The threshold increases by $1,500 for each child after the first child. This extra tax is referred to the Medicare Levy Surcharge. Why am I being charged the Medicare Levy when I have Private Health Insurance? I thought I didnt have to pay this if I had the appropriate cover. Broadly speaking, Medicare Levy is payable by all Australians whos taxable income exceed a certain threshold. For eg. Singles $21,655, Families/Couples $36,541 (plus $3,356 for each dependant child). Having appropriate health insurance will ensure you are not charged the Medicare Levy Surcharge for those higher income earners over the threshold. What health insurance cover do I need to take out if my income* is above the Medicare Levy Surcharge threshold? You are required to join a policy with an appropriate level of hospital cover with total yearly front-end deductible or excess no greater than $500 for singles or $1,000 for families/couples. I have private health insurance and I want to claim it back on tax. The government provides a certain rebate to Australian taxpayers who have private health insurance. In most situations, the amount you pay towards your health insurance is already the discounted premiums and therefore there is no further amount you can claim in your tax return. If you are in the higher income categories you may even have an adjustment in your tax return if you received a higher rebate than what you are entitled too. I was told there is a another surcharge if I dont join a health fund by 31. You are referring to Lifetime Health Cover. This only relates to the health insurance premiums you pay and has nothing to do with your tax. If you do not have hospital cover with an Australian registered health fund on your Lifetime Health Cover base day and then decide to take out hospital cover later in life, you will pay a 2% loading on top of your premium for every year you are aged over 30. For eg. if you take out hospital cover at age 40 you will pay 20% more than someone who first took out hospital cover at age 30. The maximum loading is 70% which will be removed after 10 continuous years of cover. * income for Medicare Surcharge purposes includes other reportable items and is not solely based on your taxable income.

23.01.2022 Record Keeping Generally, you must keep your written evidence for five years from the date you lodge your tax return or if you: have claimed a deduction for decline in value (formerly known as depreciation) five years from the date of your last claim for decline in value... acquire or dispose of an asset five years after it is certain that no capital gains tax (CGT) event can happen, so you know you dont need the records to work out a capital gain or loss are in dispute with us the later of five years from the date you lodge your tax return or when the dispute is finalised. For more information please contact us or visit the ATO website https://www.ato.gov.au//In-detail/Keeping-your-tax-records/

22.01.2022 TAX SCAM BEWARE The scammers are active again this time impersonating the ATO will their switch board number 02 6216 1111. Good thing the ATO are onto this and have a warning message recorded when you call back their switch board number. The ATO will never call from this number so if you receive a missed call from this number it is 100% a scam. They will demand payment immediately, threaten you with imprisonment and request funds most likely through unconventional means such as itune cards etc. https://www.ato.gov.au//On/Identity-security/Scam-alerts/

22.01.2022 Beware of cyber crime. Contact the ATO or your Tax Agent directly if you have any doubt over a call, email or text.

21.01.2022 More industries now required to lodge a Taxable Payments Annual Report. Any questions please contact us.

20.01.2022 Wheres your refund? For those of you keen on receiving your refunds the ATO will start processing 2017 tax returns on 7 July 2017. However, refunds will not be paid before 18 July 2017. Most returns are processed by the ATO within 12 business days.

19.01.2022 Stranger Things claimed in tax returns

19.01.2022 Scammers are ever-increasing. Remember the ATO will never: threaten you with arrest demand immediate payment, particularly through unusual means such as bitcoin, prepaid credit cards or gift cards project a number on caller ID.... Its always best to be safe and check with us directly if you have any questions or concerns.

18.01.2022 Congratulations to Sally Koski and Joshua Bonfield for winning each a $100 gift card to spend at the Narellan Town Centre. Please come and collect your prize.

18.01.2022 Were back in the Narellan Town Centre this year. Hope to see everyone again. We are taking bookings now.

13.01.2022 Work Related Clothing Expense If youre required to wear specific clothing for your job, you may be able to claim a deduction for buying and cleaning it! Deductions can often be claimed for occupation-specific clothing, protective clothing, and unique, distinctive uniforms. For example, if the clothing: has your employers name or logo on it... is a compulsory uniform is protective, like steel capped boots, or is occupation-specific, like a chefs checked trousers. You cannot claim the cost of purchasing or cleaning plain uniforms or clothes, such as black trousers, white shirts, suits or stockings, even if your employer requires you to wear them. The cost of cleaning work related is also deductible whether you wash them at home or have them dry cleaned. More information can be found on the ATO https://www.ato.gov.au//D3-Work-related-clothing,-laundry/

13.01.2022 Happy new financial year. With the end of another financial year, it can mean only one thing. Its TAX Time!!! Its a good time to start to organise your receipts and reviewing your bank/ credit card transactions. Every dollar counts so dig into that shoe box and help us help you obtain the maximum refund. We are taking bookings now. Call, text or book through our website. We also take walk ins at the Narellan Town Centre.... Many Happy Returns.

13.01.2022 Potential ATO Audit If you claimed relatively high work related expenses in the 2015/2016 tax year relative to your income and field of work, you may reviewed by the ATO if your expenses remain high in 2016/17. Claiming above average work related expenses is not an offense as long as you can substantiate your claims with the ATO and they are considered allowing deductions.

12.01.2022 Thanks to Larissa and Carole for the lovely treat.

08.01.2022 If youre a travel agent, you know the job can come with perks like end-of-year conferences and familiarisation travel to learn about new products and destina...tions! You may be able to claim a deduction for certain travel expenses (such as meals, flights and taxis) if you meet a couple of key requirements. You also need to satisfy all three golden rules: 1. You paid for the expense yourself and werent reimbursed 2. The expense was directly related to earning your income 3. You have a record to prove it. Keep in mind you cant claim your passport fees, travel insurance, or the cost of taking friends or family with you on a work trip. Read more in our tailored deductions guide for travel agents at www.ato.gov.au//Travel-agent-employees---income-and-work/

08.01.2022 1 week to go until the grand opening. What a difference bringing down the wall makes.

08.01.2022 ABNs are set and forget, right? Not quite If you’ve changed your business address, associates, activity or bank accounts, you need to update your ABN details ...within 28 days of the changes. Find out how to update your ABN details at https://abr.gov.au//Updating-or-c/Update-your-ABN-details/

08.01.2022 If you’re a travel agent, you know the job can come with perks like end-of-year conferences and familiarisation travel to learn about new products and destina...tions! You may be able to claim a deduction for certain travel expenses (such as meals, flights and taxis) if you meet a couple of key requirements. You also need to satisfy all three golden rules: 1. You paid for the expense yourself and weren’t reimbursed 2. The expense was directly related to earning your income 3. You have a record to prove it. Keep in mind you can’t claim your passport fees, travel insurance, or the cost of taking friends or family with you on a work trip. Read more in our tailored deductions guide for travel agents at www.ato.gov.au//Travel-agent-employees---income-and-work/

07.01.2022 UBER and other ride source drivers Dont forget you MUST register for GST no matter your income level. Many drivers are caught not only for undeclaring their income but also for not registering and paying their GST. The good news is its not too late to register. We can even back date the GST registration date. The ATO has previously mentioned that this is an area of focus and they have access to third party information. Therefore, it is only a matter of time before they in...vestigate into those who are non compliant. For all your ride sharing tax solutions please do not hesitate to contact us.

06.01.2022 So many new shops. Good to see so many people turn up to the grand opening.

06.01.2022 Whilst Single Touch Payroll is already out there small businesses will need to start preparing for 1 July 2019.

05.01.2022 Tax return deadline!!! 2 weeks to go until filing deadline*. To celebrate the opening of the new Narellan Town Centre we are giving away 2 x $100 Narellan Town Centre gift cards to our clients between now and 31 October 2017. Bookings can be made on our website, Facebook page or by phoning/texting us. Winners will be announced on our Facebook page on 2 November 2017. *those without a tax agent at 31 October 2017.

04.01.2022 ABNs are set and forget, right? Not quite If youve changed your business address, associates, activity or bank accounts, you need to update your ABN details ...within 28 days of the changes. Find out how to update your ABN details at https://abr.gov.au//Updating-or-c/Update-your-ABN-details/

04.01.2022 Beware of Scams

02.01.2022 Were back at Narellan Town Centre for another exciting tax season. We will be open from Monday 3 July 2017 located opposite Best & Less. Get your booking in now. Look forward to seeing you all soon.

01.01.2022 #ThrowbackThursday: The year is 1999, and the world is gearing up for Y2K. Amidst the chaos of a new millennium, the ATO prepares for the one of the biggest rev...olutions in Australian business tax history the birth of the Australian business number or ABN! While ABNs were first created as a way for businesses to register for GST, theyre now a vital part of running a business in Australia. If its been a while since you first registered for your ABN, why not take a minute to check your details are up to date? Log on at www.abr.gov.au

01.01.2022 New requirements for businesses hiring contractors in the cleaning and courier industry. This is an extension of the Taxable Payments Reporting System (TPRS) that previously only impacted the building and construction industry. The measures will be effective from 1 July 2018 in an effort to strike a further blow to the cash economy. Should you require assistance with these matters please do not hesitate to contact us at [email protected] or on 0450 650 350.