Personal tax return and business tax return specialists
We are specialists in the preparation of:
- personal tax return, and
- business tax return: partnership, company or trust tax returns.
Also we can produce and lodge your Business Activity Statements (BAS) either on a monthly, quarterly or annual basis.
So, rest assured that we know how best to help you, whether you are lodging a personal tax return or a business tax return.
Personal tax return checklist
For your convenience, we have put together a personal tax return checklist as a PDF file that you can easily download and print.
Click on the link to download it: Personal_Tax_Return_Checklist.
We are also available for you to seek advice on the most appropriate way to handle your financial affairs from a tax perspective.
For example, sometimes, we find that a company structure will suit better someone in business where limited liability is important.
The reason for this is that:
- individuals are taxed on a progressive scale with a tax free threshold, whereas
- partnerships are not taxed in the same way – the partners are taxed on the share of the partnership income at the tax rate of a flat 30% on profit.
- dividends paid to shareholders may be either franked (having a tax credit), or unfranked (no tax credit) applied to the distribution,
- generally, a company pays a fully-franked dividend. This means that if $100 is paid to a shareholder it will have a tax credit of $42.86, and
- a trust does not pay tax provided that all the profit is distributed to beneficiaries. It is the beneficiaries who will pay tax in their respective tax return.
Documentation to prepare your tax return
The documentation we require to enable us to better prepare your tax return includes:
- your full name, address, date of birth, tax file number,
- your occupation description,
- your PAYG summaries,
- your rental property details: income and expenses,
- your business name and ABN,
- your expenses incurred to earn your income such as: uniform, tools, use of car, training courses, telephone, internet, and so on…
- your spouse or partner name, date of birth, tax file number and taxable income,
- your managed investment income,
- your dividend income,
- computer prints of your Profit and Loss, your Balance Sheet for business operators, or books of accounts if prepared manually,
- your loan documentation for business equipment and motor vehicles,
- your last year’s tax return, particularly where there are depreciation claims.
Note that not all items listed above will apply, but are listed as a guide only. We will explore other areas during our interview process, so that we can claim all the expenses you are entitled to.
Feel free to contact us to discuss your personal income tax return or your business tax return needs. We are here to help.