TFP TAX Accountants in Perth, Western Australia | Tax preparation service

TFP TAX Accountants

Locality: Perth, Western Australia

Phone: +61 401 450 434

Address: 252 FITZGERALD STREET 6000 Perth, WA, Australia

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

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11.01.2022 KEY POINTS A FIRST HOME BUYER SHOULD KNOW ! While buying your first home can be overwhelming, there are a few helpful ways to ensure your experience is a smooth one. Here are our top four tips for new home buyers. 1. Find the right broker for your home loan.... Finance / Mortgage brokers provide you expert advice or range of borrowing options, however finding the right one is essential as they are the one to guide you through out the process. 2. Calculation of Borrowing Capacity One should be realistic about current financial situations, also about future costs and monthly mortgage payments they can afford. Using serviceability calculators from different banks to calculate borrowing capacity and household budget calculators can help in better planning. 3. Genuine Saving & Fund to complete Deposit can be in the form of saving and non-saving. Usually, lenders require 5% of purchase as genuine saving while acquiring a home loan. But a saving of bigger amount can benefit you in more ways like lower interest rate and lower repayments. Likewise having deposit of more than 20% avoids the extra cost of Lenders Mortgage Insurance. See if you are eligible for government grants and stamp duty concessions available for first home buyers, which may vary from state to state. In WA, following grants are available: First Home Owner Grant $10 K Building Bonus Grant $20 K (must sign the building contract before 31st Dec, 2020) Homebuilder Grant $25 K (must be Australian citizen) From this arrangement, you will find out your total fund required to complete your home settlement. 4. Find the Right Home Once you have a clear picture of how much you can afford, make sure you explore your full range of options in terms of where you will live, as well as the kind of house you want. Do a research for local available services and decide which housing option best suits your lifestyle. Good Luck!!

10.01.2022 National & State Home Builder Grant for Australians: Two grants are available to promote investment in the WA residential market and stimulate jobs in the construction industry. Multiple grants can be paid to the same applicant on separate transactions if they meet the criteria for each grant. 1) Morrison Government revealed New Home Builder Grant: It has been revealed the $25,000 Home Builder grant for new home builds and renovations will commence from midnight 4th June 2020.... To be eligible for the Home Builder scheme, you must: Be an Australian citizen aged 18 years, Be on an income of less than $200,000 for couples, and $125,000 for singles. Be spending between $150,000 and $750,000 on a renovation for a home that has been previously valued at less than $1.5 million. Be building a new home worth less than $750,000 (includes land value). Crucially, the tax-free grant will apply to all owner-occupiers - not just first home buyers. The scheme will not apply to owner-builders or those who are planning to build a new home or renovate an existing home as an investment property. The grant will be offered for contracts entered between 4 June 2020 and 31 December 2020. Construction must be contracted to begin within three months of the contract date to be eligible. 2) WA residents will receive additional $20,000 grants: Building Bonus Package grants are available for people who enter into a contract to build a new home on vacant land or purchase a new home being constructed under a single-tier strata plan. A grant of $20,000 is available for eligible applicants who enter into a contract to build a new home on vacant land or enter into an off-the-plan contract to purchase a new home as part of a single-tier strata scheme. The contract must be entered into between 4 June 2020 and 31 December 2020. If you receive one of these grants, you may still be eligible to receive the first home owner grant. There is no cap on the purchase price or value of the contract. These grants are different to the Commonwealth Government's Home Builder scheme. If you receive one of these grants, you may still be eligible to receive the $25,000 Home Builder grant. Should you wish to know more please contact: TFP Tax Accountants : 0893860047 or 0401450434.

08.01.2022 ATO COMPLIANCES FOR RIDE SHARE UBER/OLA/ DIDI - DRIVER Ride-sourcing, which is also known as ride-sharing, is an ongoing arrangement where a driver make a car available for public hire for passengers, using a third-party digital platform for payment (a fare). Rideshare driving has become very popular these days. Driver for a rideshare company is independent, and they are categorized as self-employed. Accounting for self-employed can be very difficult when it comes to taxes,... if proper records are not maintained. Rideshare companies do not withhold any taxes and rideshare drivers are responsible for own tax obligations. If you are a Rideshare Driver and looking to minimize self-employment taxes, we are here to guide you. You should have an Australian Business Number (ABN) and be registered for GST to work as a rideshare driver. You have to file your BAS return every quarterly and pay the GST amount collected during the quarter to ATO within the due date. Money earned from Uber/Ola/Didi is treated as income and should be included in your tax return. You should be very careful about the information included in your BAS and Tax return. There may be risk that the expenses that you claim in annual tax return may not be eligible for deduction or also there may be possibility that the expenses you are eligible to claim may be omitted. ATO can raise issues and you can be investigated. You should be very careful while declaring the income from rideshare in the tax return because the information provided in the annual tax return can be verified with the Business Activity Statement lodged with ATO, your bank statement as well as the monthly statement provided by the Rideshare companies. To claim for deduction of expenses, there should be receipt, or the logbook should be maintained. Normally following expenses can be claimed as deduction in Rideshare Tax Return are: Service Fee and Other Charges from Uber/Ola/Didi Fuel Expenses Telephone Expenses Car Registration Expenses Servicing, Repair and Maintenance Insurance Expenses Roadside Assistance Finance cost if any Depreciation on car Protective clothing Water and Mint for passenger If you require any assistance regarding the queries of ATO or face any difficulties concerning the tax return, one of our friendly team can help you. So, you can contact us on or email at [email protected].

07.01.2022 Wishing you all very happy, prosperous and Safe Bijaya Dashami 2077.

07.01.2022 This financial year was challenging one, especially due to COVID-19. It has affected almost all our client one way or the other. However, we, TFP Tax Accountant, tried our best to serve our client in every possible way. Now, as we all know that tax time is here, we are ready to prepare your tax returns and help you get maximum possible refunds, which may help during this difficult time. Now is the perfect time to start gathering your documentation relating to your income and ...deductions. Your can submit your details through our online form here https://www.tfptax.com.au/online-tax-return/ Should you need further discussion on your personal circumstance , please feel free to ring us. TFP Tax Accountants: No: 0401450434 or 0893860047, EOFY $Tax Refund $ATO dealing#