Archive for the 'Tax Returns' Category
We have been very busy this July. We have already lodged more than 900 individual income tax returns. This week the ATO has started to release client tax refunds and issue assessment notices.
Tax refunds are now being deposited into client bank accounts – or our trust account (if your fees are being deducted) – and we are now receiving lots of assessment notices via Australia Post.
ATO takes approx 3 weeks to process 2010 tax refunds
This week, we have received more than 250 assessment notices. Our administration team – Olive, Rachel, Lynley and Sally – are processing tax assessment notices as quickly as possible. Client tax refunds are being transferred every day. We would like to thank all of our clients for their patience.
Do you want a fast tax refund service?
Simply organise your tax records, get us to complete your electronic tax return for lodgement, pay our accounting fees up front and have the ATO deposit your tax refund directly into your bank account. Download our tax return checklist to help organise your records.
Call 9246 9055 to make your appointment
Evening and Saturday morning appointments are very popular again this year and we encourage you to book your tax return appointment 10-14 days in advance.
The Marmion and Joondalup offices are open – by appointment – Monday to Saturday between 9AM and 7PM. If that is not convenient, we continue to provide mobile tax return services.
Our mobile tax accountants travel as far north as Yanchep and as far south as Mandurah. Mobile tax return appointments are available seven days a week and can be booked outside business hours – at no extra cost.
These are the most common errors we find on personal tax returns previously lodged by clients using the Tax Pack or ATO e-Tax.
Incorrect, missing or understated:
- Bank interest income
- Share dividends and franking credits
- Capital gains and losses
- Personal or Business income
- Home Office and Work Related Expenses
- Depreciation on Rental Property fixtures and fittings
- Borrowing costs and other expenses associated with rental properties
- Education tax refund expenses
We recommend you use our tax return checklist to make sure that your tax return is complete before it is lodged. Click here to download our 2010 Income Tax Return Checklist (PDF).
I have an investment property. How can I get myself organised?
If you have an investment property then your are required to include a rental property schedule with your income tax return.
We’ve attached a blank schedule below. It shows the information categories used by the ATO to calculate your rental return.
Download a blank rental property schedule
What can I claim?
Taxpayers with rental properties incur a number of expenses. Most of these are completely tax deductible. These expenses include:
Interest paid on the investment loan - Management fees and charges
- Advertising for tenants
- Council rates and taxes
- Insurance premiums paid
- Body corporate and strata fees
- Repairs and maintenance
- Depreciation on furniture and fittings
For a more exhaustive list, please contact us or register online. If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants.
Don’t forget to ask us how a depreciation report could save you thousands of dollars in tax every year
If you are considering investing in property or have already purchased an investment property then we are the perfect tax accountants in Perth for you. Most of us have invested in property ourselves and we are more than happy to help you maximise your returns.
Appointments: please call (08) 9246 9055
Maximise your tax refund and minimise your accounting fees with the help of one of our free tax return checklists.
Individual Tax Returns from $120
It pays to be well organised. Our tax return checklists are designed to help you prepare your receipts, payment summaries and paperwork so that we can prepare your tax return as quickly and as affordably as possible.
DOWNLOAD OUR PERSONAL TAX CHECKLIST
Small Business Tax Returns
If you own and operate a small business – either as a sole trader, partnership, company or trust – then ideally, you will be able to prepare a set of reconciled accounts in MYOB, Quickbooks or Cashflow Manager before making an appointment.
DOWNLOAD OUR SMALL BUSINESS TAX CHECKLIST
We have created this checklist to help clients get their paperwork organised and to give you some guidance on what you need to provide your tax account and what can and can’t be claimed on your 2010 tax return.
If you have any questions or need additional information then please don’t hesitate to contact the office via telephone on 08 9246 9055.
The Tax Office has recently upgraded their computer system and there are significant delays processing income tax returns.
If you lodged your return after 4 January 2010 then we have not received your assessment notice – or tax refund – yet!
The ATO have started processing income tax returns again and they hope to have cleared backlog of tax assessment notices – and tax refunds – before the end of the month.
For more information – click here to read the ATO Press Release – or contact us via telephone: 08 9246 9055.
We try to be innovative and stay connected with our clients and customers. We’ve just created a Facebook page for our company.
We encourage our clients to become a fan of Prouse Family Accountants on Facebook. Please use the discussion feature and watch out for news, updates and special offers.
Please stay connected and make sure we have your current contact details. We would like to use electronic forms of communication a lot more in 2010 – its more convenient for our clients and saves money and paper in the long run.
Would you like a fast and accurate income tax return with the maximum possible deductions and minimum fuss?
Prouse Family Accountants has two offices in the Perth Metro Area – one in Marmion, another in Joondalup. Both offices are open, by appointment, Monday to Saturday from 9AM until 7:30PM.
If that’s not convenient – don’t forget – we can come to you. Our mobile tax services are available in 225 Perth suburbs.
How much does it cost?
For personal tax return services, our fees start from $120 including GST. If you own a rental property, have invested in shares or operate a business then your tax return is going to be more complicated – and our fees will be higher.
Fees can be paid up front or deducted from your tax refund. We accept payments by cash, cheque, credit card or internet bank transfer.
It’s been a year since we expanded and we’re pleased with the feedback from our clients. They find us efficient, flexible and extremely convenient with offices located in Marmion and Joondalup and a mobile service.
Do you need a fast tax refund?
Simply organise your tax records, get us to complete your electronic tax return for lodgement, pay our accounting fees up front and have the ATO deposit your tax refund directly into your bank account. Download our tax return checklist to help organise your records.
We would like your email address
We want to provide you with an electronic copy of your completed tax return; share the latest taxation news and information; and make you aware of other opportunities and services that may interest you. It also helps us to save time, maintain our low fees, reduce paper usage and protect the environment.
We can assist with a lot more than tax returns.
If you are considering investing in property; buying your first home; starting or buying a business; financing a vehicle; business or equipment; need insurance or want to invest in superannuation then please contact us. This office and its partners can help you.
To make an appointment please call us on 9246 9055.
For more information send an email to marmion@prouse.com.au
Bye for now!
Rob Prouse
Director & Tax Agent
The Federal Court has held that a student taxpayer who received Youth Allowance was entitled to a deduction for the expenses she incurred in pursuing a teaching degree, as she incurred them in the gaining or producing of her assessable income (being the Youth Allowance).
Court rules you can claim tax deductions against Youth Allowance
The Court basically held that, in order for the taxpayer to receive the Youth Allowance, she had to satisfy the requirements set out in the Social Security Act 1991 (i.e., generally to undertake full-time study throughout the relevant period), which required her to spend money (on such things as student administration fees and text books), so those outgoings were incurred in gaining or producing her assessable income.
Media release 2008/59
The Tax Office will shutdown all IT and communication systems and applications over the Christmas and New Year period to complete essential maintenance at our data centres.
This means all systems and services will be unavailable from 4pm EDST Wednesday 24 December 2008 until 9am EDST Monday 5 January 2009.
There may also be some disruption to our systems and services after those dates.
If you think you will need to contact the Tax Office over this period please consider contacting us before 24 December.
The systems and services affected include the tax agent portal, business portal, electronic lodgment service, e-tax lodgment service, call centres, telephone services, the Tax Office website and internal business systems.
We apologise for any inconvenience this may cause.
