Archive for the 'Tax Tips' Category
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).
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 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.
Recently, the Federal Government announced that it would introduce a temporary ‘investment allowance’, providing an additional 10% deduction for tangible depreciating assets acquired between 13 December 2008 and 30 June 2009.
The Government has now ‘upped the ante’, increasing both the amount and the scope of this allowance.
In troubling times, the last thing your business needs is a GST audit and a visit from the Tax Office.
Are your records up to date? Are there any gaps, holes or incorrect entries? Are you certain everything has been recorded correctly?
Arthur McInnes worked at the Australian Tax Office for 19 years. He spent 8 years there as a GST auditor. Arthur knows and understands the system — and now that he’s joined Prouse Family Accountants, he’s available to help you!
GST CHECKUP FOR JUST $374
For just $374 Arthur will come to you and spend some time at your business premises reviewing your paper and electronic records and reports.
He will look for errors, gaps and incorrect information; explain how the ATO may view your business records; and provide suggestions for how you can improve your records and reduce your audit risk.
Infochoice provides a family of websites focused on providing consumer information and reviews for financial products and services in Australia.
It features a number of very useful calculators and allows you to compare interest rates, fees, charges and options for credit cards, home loans, investment loans and other financial products and services.
If you are considering switching loans, shopping for a new credit card or investigating a variety of finance, banking and investment products – then infochoice is a great place to start.
Of course, don’t forget to call your Family Accountant if you have any unanswered questions or need information relating to the tax implications or tax deductibility of any financial product or service.
For small business owners, the services of an accountant can be of significant importance. As accountants we are involved in more than preparing financial statements and tax returns – we can provide assistance on everything from estate planning to business financing.
To make the most of our skills, knowledge and experience, its best to come prepared to every meeting with a few questions.
Does your rental property have a tax depreciation schedule?
If it doesn’t and it was built or renovated after 1985, then you could be missing out on THOUSANDS of dollars worth of tax savings every year!
Regardless of the date of construction, all investment properties have depreciation in the form of depreciating assets, commonly known as Plant and Equipment. Over time, these assets wear out and decline in value.
Examples of Plant and Equipment include carpets, ovens, cooktop, dishwasher, clothes dryer, window blinds, air conditioner, heater and hotwater system.
RENTAL PROPERTY + DEPRECIATION SCHEDULE = MAXIMUM REFUND
Are you working in the mining industry up North? Do you want the MAXIMUM TAX RETURN with a minimum of inconvenience and fuss?
There are a lot of stories floating around mine sites about what fly in/fly out workers can and cannot claim.
At Prouse Family Accountants, we know the facts.
- We know all about ZONE OFFSETS, REBATES and MINESITE ALLOWANCES;
- We know the rules about claiming tools, travel and clothing expenses;
- We know about training courses, blue cards and salary packaging;
- We can also show you great ways to SAVE ON TAX through investing.
Don’t risk a tax office audit, dodgy or tiny tax refund.
Call us on 9246 9055 and make an appointment.
We prepare all income tax returns – individuals, partnerships, companies, trusts and self managed super funds. All forms are fully checked by a registered tax agent and then lodged electronically with the ATO.
The Important Question: How long does it take?
Typically, a tax return takes between ten to fourteen days to be processed and assessed by the ATO.
We strongly encourage our clients to keep their tax records in an organised and “accountant friendly” manner. To assist our clients we have created a simple checklist for individual tax return preparation – REGISTER ONLINE – and we’ll instantly email you a copy. To make an appointment please call us on 9246 9055.
The Obvious Question: How much does it cost?
Every tax return is different, and our fees depend upon the complexity of your return but for a general pricing guide:
| Individual tax returns (salary & wage) | from $110 |
| … with a rental property | + $50 |
| … with capital gains | + $50 |
| … deduct fees from your refund | + $20 |
| Sole Trader/Partnership returns | from $220 |
| Company returns | from $660 |
| … with full financials | + $220 |
| Self Managed Super Fund (return only) | from $220 |
| … with full financials prepared | + $220 |
| … with audit report prepared | from $330 |
Of course, the fees quoted above are only a guide. If your financial or tax arrangements are more complex or your paperwork is disorganised, then your tax return or audit will take longer to do – and we will charge you more.
To make an appointment please call us on 9246 9055.
