Tax Return Sydney CBD – from $125 plus GST*
Tax time seems to always be right around the corner. If it isn’t time to file your tax return Sydney CBD it is time to plan for it and get your records in order to make sure you are well prepared and organised. Keeping good records and documentation is the key to smoothly filing any type of tax return.
For information that can help with this year tax return it’s good to have your last year’s one handy for the reference. Last year’s losses brought forward to the current year as well as fixed assets balances may well increase your current year tax refund or decrease tax payable. If you are looking for a free consultation in respect to your tax return in Sydney CBD you can get it from City Tax Accountants (by booking/changing your appointment online in a real time from: tax return Sydney CBD)
Records you need:
- Payment summaries from your employer and the Annual Statement from Centrelink.
- Bank Statements showing the interest you have earned.
- Dividends statement.
- Summaries of all your managed investment funds.
- Records and receipts for all rental income and expenses.
- Records and receipts for any job related expenses.
Tip: If you have purchased a capital asset such as shares, managed fund or investment property, start keeping all records immediately to make sure you can offset the expenses against the future capital gains. You do not need the receipts to claim your work related expenses for up to $300 a year.
Income – Tax Return Sydney CBD:
- All wages, benefits, lump sum payments and reportable fringe benefits paid by the employer.
- Pensions, annuities and allowances.
- Interest, dividends and rent or rental related payments.
- Trust income or credits.
- Capital Gains from sale of real estate, shares or managed fund investments.
- Business income from sole trader, partnerships or trust activities.
- Any foreign income.
Tip:When you are not sure if some of your income considered as assessable income, contact City Tax Accountants – your local Accountant Sydney, and we will be happy to help you.
Deductions- Tax Return Sydney CBD:
- Vehicle and travel expenses. Portions of these expenses can be used even if the vehicle is also used for personal use.
- Self-education expenses. You can deduct the amounts for any classes or education that is directly related to your work.
- Clothing expenses. Clothes that are directly associated with the job you do, cleaning and protective clothing is all deductible.
- Gifts and donations.
- Home office expenses. If you are required to use a computer, telephone or other electronic devices in the routine doing of your job these are usually tax deductible. Check with your tax accountant or agent to be sure.
- Interest, investment Expense
- Equipment and tools. Some jobs require that you have tools and they do not reimburse you for the expenditure. These then are deductible.
Tip: Generally, if you had to spend money to earn money you can deduct a portion or all of the expense.
Offsets – Tax Return Sydney CBD:
- Beneficiary Tax Offset.
- Offset for invalid dependents.
- Medical Offset.
- Senior Australian offset.
- Low income offset.
- Overseas forces or remote zone tax offset. (eligible of one but not both)
Tip: Tax Offsets directly reduce the amount of tax payable on your taxable income. It does not add to any refund you may be entitled to but can significantly reduce the amount you may owe.
Lodging your tax return Sydney CBD:
You have gathered your records and feel confident that you have everything you need. Now you must file and there are several options available to you to do that.
- File online. Usually this is the fastest, easiest way to file, if you have a simple return. Many online sites have easy to follow instructions and most have online help available to answer any questions.
- Paper forms. These are becoming almost obsolete, but if you feel more comfortable with this by all means continue.
- Tax specialists. Many companies offer fast and simple returns done and normally just a few questions and you are done.
- Tax Help. Trained and approved by the Australian Tax Office there are offices in most cities, states and territories.
Tip: If you use a tax specialist be sure they have been trained and are knowledgeable regarding the type of return you need. If you have a more difficult return then go to a certified, chartered or licensed specialist. Don’t pay more than you need to or reduce your refund by using a company not versed in your returns.
After the Lodging
After you have filed your tax return Sydney CBD be sure and put your important tax papers together along with all of the documentation that you used. We suggest a folder or large envelope that can be sealed and the dates and forms included printed on the outside. You must retain your information for five years. If possible, store these in a location that is safe, fireproof and easily accessible. Online storage is highly recommended, such as GoogleDrive, OneDrive.
In case of an audit you can easily produce the records that will be needed to verify all of the information for the years that are in question. The more organized you are the faster the audit can be done.
Preparing for Next Year
Now you are ready for next year. If you ended up having to pay a tax now is the time to start planning ahead so that you can reduce or eliminate the need to pay for this coming year. Review your tax return Sydney CBD and see where you could possibly affect the outcome. Do you have enough deductions? Could you increase your withholding? Look for areas that you can improve or reduce. Look at hiring a tax specialist; they can help you to reduce your tax liability.
Above all keep every receipt you think might be deductible. You can always dispose of them later if it proves they are not of use, but it could be difficult in some cases to replace them. Good record keeping is the secret to alleviating the headache of lodging your individual tax return Sydney CBD.
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