Thomson Consulting Solutions in Berowra, New South Wales | Business consultant

Thomson Consulting Solutions

Locality: Berowra, New South Wales

Phone: +61 2 9456 5724

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• Tax preparation service
• Financial service
• Business consultant

25.01.2022 If you make an after-tax contribution into your super fund, you may be able to claim a tax deduction for those amounts. There are certain conditions which need to be met, including lodging a Notice of Intent form with your super fund before June 30. Contact us for more information to ensure your eligible contributions can be used as a tax deduction.

23.01.2022 A new JobKeeper payment has been announced by the Government which will pay employers (affected by the Coronavirus) $1,500 per eligible employee over a six month period. See more details here: https://drive.google.com/open

21.01.2022 - - ?... No. The payment will be paid automatically to eligible recipients. - ? The rate of payment will be $750 per eligible recipient or card holder. Eligible recipients will receive one Economic Support Payment only, even if they receive more than one qualifying payment or card. - ? Services Australia and the Department of Veterans Affairs will automatically deliver the payment from 31 March 2020 (subject to the passage of legislation) with the majority of recipients receiving the payment by 17 April 2020. . - ? If you have lodged a claim for one of the qualifying payments or concession cards by 12 March 2020, and the claim is subsequently granted from a date on or before 12 March 2020, you will receive the one-off payment. - ? Yes. - ? Yes. Recipients who claim Family Tax Benefit as a lump sum after the end of the financial year will be eligible for the payment if they are eligible for Family Tax Benefit in the 2019-20 financial year and will receive the one-off payment as part of their lump sum payment. ? If you are currently on Family Tax Benefit and you have chosen to receive a zero rate of payment, youll still be eligible to get the payment. Payment will be issued to you from 31st March onwards.

19.01.2022 The new tax year starts on 1st July. For a quick reference to the tax rates for 2019/20, see below:

17.01.2022 For businesses receiving JobKeeper payments, from 28th September, new criteria must be met to keep receiving payments - JobKeeper Extension 1 and 2. Payment rates have changed, as well as the need to identify which employees work an average of 80 hours or more over a four week period. For more details, see the below factsheet or contact us to discuss your situation.... https://drive.google.com//1ETJKx2Aa5I5B_ztHjEDSYqxHz/view See more

15.01.2022 For the latest information on the Governments stimulus initiatives, please refer to the attached file issued by CPA Australia. Contact us to discuss any aspects you need more information on. https://drive.google.com/open

14.01.2022 According to National Tax and Accounting Association (NTAA), the following will be high on the ATOs agenda this year: - Claims for work-related clothing - Deductions for home office use - Overtime meals claims... - Union fees and subscriptions - Mobile phone and internet costs - Motor vehicle claims where taxpayers take advantage of the 68 cent per km flat rate for up to 5,000km - $300 dollar or less deductions without receipts Be sure to substantiate all claims where necessary. Contact us for help in preparing and lodging your tax return this tax season. We can compare your claims to industry/occupation standards to see if you could be on the ATOs radar.

13.01.2022 The Government recently passed an increase in the Low and Middle Income Tax Offset (LMITO) effectively meaning more people will be paying less tax. As a result, the indicative tax cuts in 2018-19 are shown below. The savings will be available only when you lodge your 2019 tax return.... Call us anytime if you would like us to prepare your tax return, and to answer any questions you may have about the recent income tax changes.

13.01.2022 - Payment Summaries (or group certificates) are being replaced by Income Statements. If your employer reports your income, tax and super information to to the ATO through Single Touch Payroll (STP) they are no longer required to give you a payment summary. This information will be made available to you through ATO online services via myGov and finalised by 31 July.... If your employer is not yet using STP, they will continue to provide you with a payment summary. More information can be found here: https://www.ato.gov.au//Wo/Accessing-your-payment-summary/

13.01.2022 The ATO has deferred tax obligations (including the December 2019 BAS lodgment and payment) for areas which have been affected by the recent bushfires. No payments will be due by those affected until 28th May 2020. Check here to see if your postcode has been included on the list of automatic deferrals. https://www.ato.gov.au//Specific-disas/Bushfires-2019-20/

12.01.2022 If you are currently working from home due to Covid-19, there are new rules which can make it easier for you to claim dedcutions at the end of the year. In addition to the standard rules, the ATO has allowed a "Working from Home Shortcut" specifically for people being forced to work from home due to Covid-19. This new measure gives a deduction of 80 cents per hour without needing to keep receipts for the increased expenses you incur for electricity, heating etc. You do howeve...r need to keep a diary of the hours you work from home until June 30. Contact us to discuss if you have any questions. https://www.ato.gov.au//M/New-working-from-home-shortcut/

12.01.2022 The JobKeeper Bill has been passed in Parliament today. A brief summary can be seen in the below file. More information to follow. https://drive.google.com/open

10.01.2022 $ To qualify for the cash, you need to already be receiving some form of welfare or pension, whether thats the aged pension, Newstart, Austudy, disability support pension, carers allowance or family payments. $,... For parents, the good news is that those who receive family tax benefits will secure $750. Family tax benefits are a means-tested payment. The income test is determined by the number of children you have and whether they are teenagers or primary school students. For example, the income test for Family Tax Benefit A is up to $130,000 if you have three teenagers. Family tax benefit B is for single parents. You wont be eligible for FTB Part B if your annual adjusted taxable income is more than $100,000. About half of the recipients of the $750 cash handout will be pensioners. For couples securing the age pension, both will get $750 so their household will receive $1500. For more information, visit: https://thenewdaily.com.au//who-qualifies-coronavirus-han/

08.01.2022 The Government today announced a series of assistance measures in response to the currently deteriorating economic conditions. The measures include:... : 1 - an increase in the instant asset write off threshold from $30,000 to $150,000; 2 - accelerated depreciation for businesses until 30 June 2021 to allow an additional 50% of the asset cost as a deduction; 3 - from $2,000 up to $25,000 tax free for eligible small and medium-sized businesses that employ staff between 1 January 2020 and 30 June 2020; 4 - a wage subsidy for eligible employers of 50% of an apprentices or trainees wage for up to 9 months from 1 January 2020 to 30 September 2020; : 1 - a one-off tax-free $750 payment to pensioners, social security, veteran and other income support recipients and eligible concession cardholders. Payments will be made from 31 March 2020 on a progressive basis, with over 90% expected to be completed by mid-April. (Source - atotaxrates.info) Contact us for more information and to see if you qualify for any of these latest measures.

08.01.2022 Thanks to everyone for your kind thoughts after the passing of my loving parents recently. https://www.portstephensexaminer.com.au//together-in-life/

08.01.2022 Boosting cash flow for employers Legislation has passed to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that: - employ staff - have been affected by the economic downturn associated with COVID-19.... Eligible businesses and not-for-profit (NFP) organisations will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020. The cash flow boosts will be delivered as credits in the activity statement system, and will generally be equivalent to the amount withheld from wages paid to employees for each monthly or quarterly period from March to June 2020. In practice, this means you keep the amounts you have withheld from payments for these periodsBoosting cash flow for employers. Please contact us for more information or click here for the ATO details: https://www.ato.gov.au//In-detail/Boosting-cash-flow-for/

03.01.2022 If you are studying or have studied and currently have a HECS/HELP debt, be sure to let your employer know so they can deduct the correct amount of tax from your pay each week. The starting thresholds for repayments of your debt have been lowered from 1st July. The below table shows the threshold and repayment rates for the 2020 tax year:

02.01.2022 The deadline for lodging your 2017/18 return using a tax agent is 15th May. Contact us for help in preparing your tax and avoid late penalties from the ATO.

02.01.2022 For people experiencing financial hardship due to COVID19, the government is allowing early access to your superannuaiton of up to $10,000 before 1st July 2020 and a further $10,000 after 1st July 2020. For more information, see the attached file and contact us to discuss your situation in detail. https://drive.google.com/open