Teachers Financial Services in Parramatta, New South Wales | Financial service

Teachers Financial Services

Locality: Parramatta, New South Wales

Phone: +61 2 9890 8279

Address: Level 1 6A Villiers Street 2150 Parramatta, NSW, Australia

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

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• Tax preparation service
• Accountant
• Financial service

25.01.2022 Just a warning from the Tax Office. The scammers are at it again please note. The Australian Taxation Office (ATO) is warning the public to beware of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts.

22.01.2022 TFS Taxation will be closed for the Christmas break from Saturday the 22nd of December to Monday the 7th of January. Wishing you all a very Merry Christmas and a Wonderful New Year. From all the staff at TFS.

19.01.2022 Tax Warning The Australian Taxation Office has said it will target false clothing and laundry work-related expense claims this tax year. They state that you must have spent the money you are claiming on buying or cleaning eligible clothes. While they state that you don’t need receipts for claims up to $150, they can ask how you calculated your claim. They may even ask your employer if you have a required uniform. Apparently the Laundry bill for the country is over a Billion D...ollars a year. Further the has been changes to the Cents per Kilometer rate for work related travel. The Rate has risen from 66 cents per kilometer to 68 cents per kilometer. Max km claimable is still 5000km. Home office electricity rate has also risen from 45 cents an hour to 52 cents an hour. Looking forward to hearing from you during the Tax Season. Only 23 more days to go.

18.01.2022 ATO puts the brakes on dodgy car claims. The Australian Taxation Office (ATO) is making work-related car expenses a key focus again during Tax Time 2019. This follows warnings by the ATO last year that work-related car expenses would face greater scrutiny. Assistant Commissioner Karen Foat said, over 3.6 million people made a work-related car expense claim in 201718, totalling more than $7.2 billion.... We are still concerned that some taxpayers aren’t getting the message that over-claiming will be detected and if it is deliberate, penalties will apply, Keep your Records either a diary entry if you using the cents kilometer Method or a Current Log book if you intend to claim a Business Percentage of your motor vehicle expenses. https://www.ato.gov.au//ATO-puts-the-brakes-on-dodgy-car-/

16.01.2022 The Tax Department will be paying extra attention to people whose deduction claims are higher than expected, in particular: car expenses claims including those for transporting bulky tools travel internet and mobile phone self-education.... You have been warned! See more

12.01.2022 The Australian Taxation Office (ATO) today announced that it will grant a two month lodgment and payment deferral to taxpayers impacted by the recent catastrophic bushfires in New South Wales and Queensland.

12.01.2022 Hi All,The Tax office has just advised us that they are doubling their Audits this year on those of you who have have Rental Properties. Remember Travel costs are not deductible in relation to Rental Properties. See the attached link. https://www.ato.gov.au//Tax-office-to-double-audits-of-do/

12.01.2022 In relation on Tax Deductions it will easier to list the things that you can't claim. This is a list sourced from the Australian Tax Department. THINGS YOU PROBABLY CAN’T CLAIM Trips between home and work unless carrying bulky work-related goods... Car expenses that have been salary sacrificed Meal expenses for travel unless you were required to work away from home overnight. Private travel or private transport of bulky goods or equipment Everyday clothes to wear to work such as a suit or black pants even if your employer requires you to wear them Deductions for cleaning eligible work clothes without showing how you calculated the cost Higher education contributions charged through the HELP scheme Self-education expenses if the study is not connected with your current job Private use of phone or internet Upfront deductions for tools and equipment costing more than $300 each. These must be depreciated over time Source: Australian Taxation Office

10.01.2022 Hi All, For those who are clients of Medibank Health Insurance advice from the ATO is that your statements will not be ready till the after the 15th of July so don't rush and wait till you get your statements before you book your appointments.

07.01.2022 A message from the Tax Department to your Tax Agents Focus on work-related expenses: This year we ( Ato ) are paying close attention to what people are claiming as 'other' work-related expense deductions.... Before you include claims for work-related expenses at label D5 this year, make sure your clients can show: they spent the money themselves and were not reimbursed the expense was directly related to earning their income they have a record to prove it. If the expense is for work and private use, your clients can only claim a deduction for the work-related portion. Your clients are not automatically entitled to claim standard deductions. They need to be able to show how they worked out their claims, so remind them to keep records when incurring expenses or be able to provide evidence on how they calculated their claim. Your clients can keep track of their deductions using the myDeductions tool in the ATO app then email you their data for inclusion in their tax returns. See more

05.01.2022 New Help Repayment Thresholds for 2018/2019 Anyone with an Income below $51,957.00 need not worry Nil Tax $51,957-$57,729 You will pay 2%of your income in repayments $57,730 - $64,306. 4% of your Income.... $64,307 - $70,881. 4.5% of your Income. $70,882 - $74,607. 5% of your Income. $74,608 - $80,197. 5.5% of your Income. This increases progressively till you reach till your reach the princely sum of $107,214. were the rate will be 8%. The new Rates will apply from the 1st July,2019 so if you have a Help debt make sure you advise your Payroll of this debt or you'll get a nasty surprise come Tax Time.

04.01.2022 Tax Tip The ATO has recently released a list of common mistakes that lead to a Personal Superannuation contribution deduction being disallowed. You can avoid these errors by... 1. Ensure your contribution is made and received by your Super Fund before the 30th of June. 2. Ensure that you sent a Notice of Intention to claim a deduction form ( Found on our website under Checklists )to your Superannuation fund and you have received a acknowledgement from them. 3. Only claim deductions for your personal after Tax Contributions .