Personal Taxation & Advice
The aim of the game is to maximise your tax return as much as possible, within reason of course!
You want to be paying just the right amount of tax, no more (obviously) and no less (audit risk!).
So you ask, what’s the best possible way to do this?
You already know the answer.
Up until this point you’ve been trying to DIY’ing your tax for years. In all honestly, tax is the most painful and dreaded chore of the year and you’d much rather be sipping margaritas on the beach welcoming in the glorious Spring here in Australia or perhaps enjoying Grand Final season rather than being locked away at the computer screen preparing your tax lodgement. It’s stressful and you know it’s not your area of expertise.
What if your taxation this year isn’t as simple as last?
What if you’ve sold a property, have rental returns, traded in shares and are liable for Capital Gains Tax?
What if you have a Self-Managed Superannuation Fund? Are you confident in preparing your end of year lodgements?
The simple answer is…
It is time to hire a trusted Accountant to assist you with all facets of your accounting needs.
We love nothing better than assisting our clients in legally minimising the tax you pay. But what most people aren’t aware of is that we can also go one step further and provide you with future planning and strategy so as the year ticks along you’re maximising your allowable taxation deductions and entitlements.
We provide tailored taxation and advice based on your individual needs, including:
PERSONAL TAXATION & ADVICE INCLUDING:
- Taxation and advice tailored to your individual needs
- Preparation and lodgement of your Income Tax Returns
- Fringe Benefits Tax (FBT) returns
- Business Activity Statements (BAS) and Instalment Activity Statement (IAS) Returns for our sole proprietors
- Australian Business Number (ABN) and Tax File Number (TFN) Registrations
- Australian Taxation Office (ATO) debts
- Self-Managed Super Fund structure set up (execution only), administration services and advice on taxation implications Note: we do not hold an Australian Financial Services License (AFSL) so do not provide any financial advice but can recommend a financial planner if you require one.
Did you know that if you own a property that is over 5 acres, and you go to sell this property you are liable to pay Capital Gains Tax (CGT) on the excess land?
CLIENT CASE STUDY:
It’s a common problem we see being based in North Richmond in the beautiful Hawkesbury. Land is an abundance here, we like it, we like lots of it and we like to have pets and livestock other than a fluffy cat and dog that warrant these larger properties i.e. horses, cows and alpacas to name a few.
What can we do to help you if you have property over the 5 acre threshold?
Unfortunately, this isn’t common knowledge and people aren’t aware of this implication when they first purchased the property. So, we will ensure you are aware of these implications when it comes time to sell your property. If this is going to be an issue for you, you can trust that we will identify it through our conversations.
Next, we will ensure we minimise the CGT implications for you by examining a range of methods available and applying the best outcome to your particular situation. We sometimes use a Valuer who will provide a value of the excess land at date of purchase and disposal or we have had instances where an apportionment of buy/sell prices in deteriorating property markets have factored well to our client’s advantage. We can also examine a range of concessions which may apply if any part of the property has been used for a home-based business.
As your trusted Accountants, we will ensure you’re paying the right amount of CGT on the sale of your property.
NSW land tax
Our firm has been approached by clients requesting assistance in determining their eligibility for land tax exemptions on properties involved in primary production activities. While this area often involves legal considerations, we collaborate closely with legal experts to provide comprehensive support.
By combining our financial expertise with legal insights, we have successfully presented compelling cases for land tax exemptions. This has resulted in significant savings for our clients, with some properties avoiding thousands of dollars in land taxes.
Share and Capital Gains Tax (CGT)
CLIENT CASE STUDY:
A client purchased shares 15 years ago and has participated in a Dividend Reinvestment Plan (DRP) during this time whereby the dividends of these shares are reinvested to buy new shares.
The client recently sold a portion of these shares which had CGT implications for the current year.
How did we help the client?
By applying a ‘Last-In, first-Out’ method we were able to reduce his CGT by $15,000!
The client intends to sit on these investments until retirement when their income is much lower, whereby the larger Capital Gains on earlier parcels of shares will be subject to a lower tax bracket.