Specialists in accounting and tax advisory services
We are specialists in the preparation of individual, 457 visa holders, partnership, company, trust and self-managed super fund tax returns. We offer a wide range of accounting and tax advisory services, including:
- Advice regarding the timing of tax payments
- Advice on appropriate business and taxation structures
- Assistance with tax issues including payroll tax, Fringe Benefits Tax (FBT), land tax, stamp duty and Workers’ Compensation
- Advice regarding capital gains tax
- Ensuring clients’ compliance requirements are maintained; including compliance with the GST legislation and registrations
Download our 2017 Income Tax Checklist
Tax Tips For 2017
- Claim the Medicare tax rebate: If you got a credit for medical expenses in last year’s tax return, you’ll likely be able to claim the offset of up to 20 percent this year (depending on your income).
- Get some of your private health costs back: If you have private health insurance, you may be eligible for a rebate, depending on whether you pass the income test (less than $140,001 for singles and $281,001 for families). Most people tend to take the rebate as a reduction in the premium they pay to their insurer, the ATO says, but you can also claim it as a refund.
- Salary sacrifice to super: If you haven’t hit your annual super contribution cap ($30,000 for under 50s and $35,000 for 50 and above), you may want to salary sacrifice to build up your retirement savings. Contributions are taxed at 15 percent.
- Pre-pay income protection insurance: As with investment loans for properties or shares, you can reduce your tax by pre-paying your income protection premiums a year ahead.
- Claim your home office expenses: If you work from home, the ATO allows you to claim a deduction for your computer’s depreciating value and internet access. But be warned, it has to be a legitimate business. You have to prove one of the following to the ATO: income over $20,000, profit in at least three of the last five years, own land worth more than $500,000 or other assets of over $100,000.
- Consider subscriptions: Many taxpayers forget that the cost of subscribing to trade journals in fields related to their work is fully deductible.
- Donate: Any contribution you make to charity or a private ancillary fund above $2 is tax deductible. You can set up a private ancillary fund through a trust and then apply to the ATO to be endorsed as a deductible gift recipient.
- Claim vehicle expenses: Do you use your car for a work purpose beyond travelling to and from your place of business? If so, you can deduct the cost provided you have a log book.
- Clawback uniform maintenance: If your work requires you wear a uniform, you can deduct the cost of dry-cleaning.
- Recoup some of your union fees: If you’re part of a recognised industry union, you can deduct the cost from your taxable income.
Contact us on (08) 6168 9261 or email firstname.lastname@example.org for more information.