Taxation

At the end of each financial year, you need to file a tax return.

Your tax return will calculate the exact amount of tax you should have paid for that year (taking into account various deductions, offsets and rebates). If the amount already paid is incorrect, you will be issued with either a bill for additional tax that needs to be paid or a tax refund.

Most individuals need to prepare and lodge a tax return each year. Use this information to understand your reporting obligations.

A tax return is a form you complete, that tells us:

• how much money (income) you earn
• if you are claiming any deductions.

The Australian Tax Office uses this information to check if you:

• have paid enough tax or too much
• need to pay the Medicare levy or surcharge
• can get any tax offsets (for example, the low and middle income tax offsets).

If you pay more tax than you need to, we will refund the extra amount to you (this is known as a tax refund). If you don’t pay enough tax then you may receive a tax bill.

What is a tax file number?

Each person receives an individual tax file number and this number is valid for life. You should never allow anyone else to use your tax file number for any reason, and you should only ever supply your tax file number to the Australian Taxation Office, Centrelink, your bank, your employer (after you start a new job), your super fund and your registered tax agent.

Reasons you need to lodge

There are a number of reasons you may need to lodge a tax return. These include if you:

• had any tax taken out (withheld) from income you receive
• had $1 or more of foreign income
• are a liable or recipient parent under a child support assessment
• had business or investment income
• are leaving Australia and have a study or training support loan.

What you can claim

Here is a list of common deductions that you may be able to claim:

• Details of Work-related Motor vehicle expenses
  • Kilometres travelled for work
  • Or a logbook with expenses
• Receipts for
  • Dry cleaning of uniform, Uniform Purchases, Safety Work Boots, Sun Protection & Products for Outdoor workers
  • Donation receipts (not raffles)
  • Tools for Work
• Journals relating to work/occupation
• Self-Education cost to do with your present occupation
• Mobile Phone bills – If used for work
• Union Fees
• Private Health Cover rebate notice

Home Office Expenses

To claim home office expenses, the ATO require you to keep a 1-month diary of your home office usage, with the number of hours spent working from home.

Information we require from you as our client is, total hours worked from home and or total of Electricity and Gas expenses.

Rental Properties

Rental Properties details of Income and Expenditure e.g. are

• Council rates
• Water rates
• Utility connections
• Repairs done
• Body corporate fees
• Agent fees
• Interest charged
• Land tax
• Details of any capital works i.e. renovations

If you have purchased or sold an investment property, we will need to see all purchase/sale documents and loan statements.

How much do we charge?

All our current pricing can be found on our Pricing page.