Individual Taxation Returns
Nearly all of us have to prepare a tax return each year. For many, this can be a tiresome and stressful experience…though it doesn’t need to be.
We have prepared an easy to read checklist of all the information you need, and can make sure we maximise your final tax refund, without putting you at unnecessary risk.
Investment Property Advice
Australians love investing in property though not all investors understand the various tax issues involved. Adding to this confusion are numerous ‘unlicensed’ tax advisors who are always willing to offer their opinion.
The three most important aspects of property investment, from a tax perspective, are:
1) Understand what you can and can’t claim as tax deductions each year;
2) Understand the impact, that claiming certain deductions now, will have when you decide to sell the property;
3) Understand the tax implications when a private residence becomes an investment property and visa versa.
We can assist you with all three.
Government Benefits Advice
There are numerous government benefits available to Australian Taxpayers such as the family tax benefit, child care rebate etc.
These benefits operate outside of the tax system though are assessed based on what you report in your tax return.
Termination & Redundancy Advice
Terminations and redundancies, voluntary and involuntary, can often come with generous tax concessions.
We can help you understand these concessions and benefits and help you to make the best of what can otherwise be a difficult and stressful situation.
When a person dies, their assets are usually distributed in accordance with their will by the executor of the deceased’s estate (usually with the assistance of a solicitor). During the period between the date of death and the granting of probate (which can be several years in some cases), assets will be held under the estate of the deceased.
During this period, the executor will be liable to meet the estate’s tax obligations which can involve preparing tax returns and, in some instances, paying tax.
Income Tax Advice
Lots of people have an opinion regarding taxation, and will happily share that opinion over the back fence with the neighbour, in the lunch room with work colleagues, or at a BBQ with family and friends.
Unfortunately, as well intended as this advice may be, it is not always correct.
When people act on this incorrect advice, they can often create very expensive problems for themselves, which could often have been easily avoided.
If you are unsure about something tax related, or would like a second opinion, please pick up the phone and call us. We will never send you a bill for a quick conversation.
Capital Gains Tax Advice
A capital gain is calculated when you sell an investment (eg – shares or an investment property etc), for more than you bought it for. Generally, private assets such as the family car and your residence, are exempt from capital gains tax.
Complications arise however when an asset changes from being private to an investment or visa-versa. For example if you purchase a new home and decide to keep your old home and rent it out, or you purchase a rental property and several years later, move into it yourself.
Getting advice after you sign the contract is too late. If you are thinking of selling an investment, give us a call.
Salary Packaging & Fringe Benefits Tax Advice
Salary packaging can offer genuine savings and tax benefits to many people. The way in which packaging and FBT work, however, is quite intricate and can be confusing.
We can assist in explaining if salary packaging can benefit you, and if so, by how much.
Manage ATO Audits & Disputes
Inevitably, the ATO will decide to audit certain individuals to ensure they are reporting their tax position correctly. Ideally, you want this process to be as efficient and painless as possible.
We can assist by managing the audit on your behalf, dealing with tax office and reducing the risk that you will be subject to future audit activity.
Negotiate ATO Payment Plans
For a variety of reasons, some people can be issued with a tax bill which they are unable to pay by the due date. The worst thing to do in this situation is to ignore the problem and hope it goes away, because rest assured, it won’t.
The Australian Taxation Office can often be much more pragmatic and flexible to deal with than many people expect, provided you are proactive in dealing with the problem.
If you have a tax debt, we can assist in negotiating suitable payment arrangement on your behalf and, in some cases, request remission of previous interest and penalties charged.