PERSONAL TAX ACCOUNTING
Income Tax Returns
If you’ve ever tried to complete your income tax return yourself, you’ll know how time consuming, confusing and stressful it can be. You can spend hours filling out forms and gathering paperwork only to wonder if you’ve left out deductions, or paid too much in tax.
Don’t leave your income tax return to chance, and don’t put it off.
Our team of qualified, accredited accountants can submit your income tax return quickly and efficiently.
We know the personal income tax law inside and out (yes, we’re very exciting people!) and can work with you to ensure all of your entitlements, government payments, health fund levies, and deductions are accounted for so you pay only the minimum in income tax.
We can help
Get peace of mind knowing a tax professional is acting in your best interests.
Increased Accuracy
As Registered Tax Agents, we’re trained in methods of cross-checking and data validation, ensuring accuracy and completeness.
Get More Time
Lodging your income tax through a tax agent means you don’t have to meet the 31 October deadline. This gives you greater flexibility.
Greater Benefits
We can advise on methods of reducing your tax bill, such as salary sacrificing, and on deductions that you may not have realised existed!
Ensure Compliance
Tax laws and legislation are always changing. We keep up to date with the latest legislative changes from the ATO, so you don’t have to.
Maximise your benefits and reduce the complexities of income tax
with your personal Registered Tax Agent, Corporation One.
FREQUENTLY ASKED QUESTIONS
How much tax do I have to pay?
The answer is: it depends! Your taxable income is calculated based on your unique circumstances and can be impacted by:
- Declared Income
- Eligible Tax Deductions
- Residency Status
- Medicare Levy
- Medicare Levy Surcharge
- Government payments such as Family Tax Benefits
- Government loans such as HECS and Study and Training Support loans such as HELP/TSL, VET Student Loan and SFSS
Ensuring you pay the correct income tax can be complicated. We recommend contacting our friendly team and we can work with you to get the details correct and lodge your income tax before the deadline.
What tax deductions can I claim?
You can claim income tax deductions for work-related expenses. To claim a deduction for a work-related expense, the expense must directly relate to earning your income, you must have spent the money yourself and weren’t reimbursed, and you must have a record or receipt of purchase.
If the expense was for both work and private purposes, you only claim a deduction for the work-related use. As your registered tax agency, our team can advise you on how to claim work related expenses. Contact our team today to make an appointment.
What are some common income tax deductions?
Depending on your work related expenses, you may be able to claim a tax deduction for:
- Working from home expenses
- Phone, data and internet usage expenses
- Tools, equipment and other business assets like laptops and vehicles
- Further training and education expenses
- Charitable donations
I haven’t submitted a tax return for years. Am I in trouble?
You must lodge a tax return each year. If you are behind in your income tax lodgements, please reach out to our friendly team today.
We can help guide you through the process of lodginging historical income tax returns. Don’t bury your head in the sand – let us help you and give you peace of mind. Talk to our team today.