Tax Return Melbourne
Tax should not be perceived as a burden, but as a fee you pay to the government to provide a productive and favourable environment to ensure that everyone can lead a safe and secure lifestyle. Therefore, lodging your tax return is an obligation placed on you as a responsible citizen of Australia. Managing your tax affairs may seem complicated at first, but our tax return services will make the whole process smooth and easy for you and that is what we are here for. We will show you the smart way to streamline your tax return affairs. As registered tax agents, we provide all types of tax return services, some of which we have mentioned and explained below. All of our tax return services are available from the Melbourne CBD office, Hoppers Crossing Office and Dandenong office.
There are many different kinds of taxes and tax returns. We have listed and explained some of the most common taxes below:
Income TAX:
This is a tax on your profits from a business or income from a salary. An individual, partnership, company, trust, SMSF, or any other business structure are all obliged to report their income and pay taxes arising from such incomes by lodging annual tax returns. Our tax return services cater to all kinds of income tax returns for an affordable fee. You will also receive a tax deductible receipt for the services you pay us for.
Our tax return services pertaining to Income tax:
- Tax Return Services for Individuals, Partnerships, Companies & Trusts
- Overdue/Late Tax Return Services
- Penalty Negotiations for late tax returns
- Audit help
- Amendment of tax returns already lodged
GST/BAS/BUSINESS ACTIVITY STATEMENTS:
Generally, tax return services for GST or BAS tax returns are only required for businesses and traders that are registered for GST. Regardless of whether you make a profit or a loss from trading, you are obliged to collect and pay GST on all sales to the ATO. This reporting period could be monthly, quarterly or annually. Some businesses are required by law to be registered for GST, while others have an option to register for GST or not if they are below the threshold. We provide tax return services for both of the above options, whether it is by law or by voluntary registration.
Simpler BAS reporting requirements from 1st July 2017
Investment Property Tax Returns:
Investment properties could be negatively geared or positively geared depending on the preparation of the tax return. We have gained expertise in tax return services with regards to any kind of investment property scenario and every year we lodge hundreds of investment property tax returns. Most of the time we come across negatively geared property portfolios, where losses arising from investment properties are recouped against other assessable income for the same year. The loss arising from a negatively geared investment property reduces the annual income of the owner by the amount of loss. The example below will explain this scenario in more detail.
Rental Income: $1000/month x12 = $12000
Gross Income = $12000
Less:
Agent Fees $70/month x12 = $840
Depreciation = $5000
Interest on Loan = $13000
Other Expenses = $3000
Total Expenses = $21840
Net Loss from owning the property = (-$9840)
($12000-$21840 = -9840 (loss))
If an individual owns the above property and is on a salary of $80,000, his taxable income will be reduced by $9,840 to $71,160 ($80,000-$9840) and he will have to pay tax on $71,160 instead of $80,000. An $80,000 wage is on a 32.5% tax bracket, which means the refund arising from the investment property will be close to $3,200.
Capital Gains Tax (CGT):
When you make a profit from the sale of an asset that has increased in value over time, a CGT event occurs, so the income needs to be reported and tax paid. The tax is paid on the appreciated value after reducing any applicable concessions. A CGT event could be triggered in many ways. The obvious ones are from the sale of a real estate, sale of a business and sale of shares. There are numerous concessions available depending on what structure the asset was held by. It is this structure in combination with the overall scenario and circumstances surrounding such an event that will determine how much Capital Gains Tax will need to be paid.
On the other hand, there could be a circumstance in which there is a loss from the sale of an asset, so in this case a loss will be reported on the tax returns. To deal with any circumstances like this, you can take advantage of tax return services provided by our highly skilled professionals.
Other:
There are numerous types of taxes for which our tax return services will provide you with the ultimate solution. We can provide tax return services in relation to all kinds of taxes that may affect you or your business. To know more about our tax return services, you can contact us and our friendly team will be able to provide you with more details.