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tax returns – smarter way
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what to have for appoinment
- Your ID and Tax File Number
- Bank details for refund
- Payment Summaries (PAYG, Termination)
- Details of spouse taxable income
- Annual bank statement showing interest earned
- Annual statement for investment properties
- Dividend statements
- Annual share trading reports in PDF and CSV
- Annual statements from managed investment funds
- Details of foreign income earned
- Annual private health insurance statement
- Last year tax return
- Details of Income Protection Insurance, Sickness and Accident Insurance
- Expense statements/receipts for investment property, depreciation report, mortgage bank statement
- Evidence of donations to charities
- Annual statement from Investment, Trust or Managed Fund
- Accountant Fees Invoice for previous year’s tax return
- Log book and expense receipts for vehicle used for work purposes
- Receipts for work-related travel expenses
- Receipts for tools, equipment and uniform
- Education related expenses
CUSTOMERS ABOUT US
WHAT CLIENTS SAY?
Booked an appointed online without any hassles and lodging personal tax return was really straight forward. My accountant was very informative and answered all my questions. I would highly recommend using them for personal or business purposes
I dealt with City Tax Accountants for the first time this year (with Elina). Amazing to deal with and helpful and fast – I definitely don’t know the ins and outs when it comes to what I am able to claim back etc but Elina walked me through it all and happy to say that have been able to get back as much as possible on my tax return! Thank you Elina and the team at City Tax Accountant – will definitely be dealing with you again next financial year!
Elina is a very proficient tax accountant who can manage very complicated matters efficiently with great outcomes. I had a complicated situation that required a dispute to be lodged with the ATO, and Elina secured the best outcome possible for me
I walked into Elina’s office knowing nothing and dreading it like a dentist appointment. With her personable but straightforward approach I relaxed within minutes while she went through several years of Tax Returns with me. What I thought was a daunting mess, Elina untangled expertly and concisely. Thank you!
WHY CHOOSING US
Completing your tax return Sydney just got a lot easier with City Tax Accountants. We are the premier tax return Sydney service providers for businesses and individuals alike. As a CPA Public Practice, we understand all of the laws and tax regulations in Australia. We can provide you with the expertise to help minimise your costs while maximising the refund you are entitled to. Let us help you to get even more from your taxes this year.
City Tax Accountants has a team of tax accounting professionals who maintain knowledge about the current tax laws that affect individuals and businesses when preparing taxes. We understand all of the exemptions you can make and all of the compliance issues you will need to observe in order to stay out of trouble.
We can take all of your information and apply it to a taxation scheme that will allow you to maintain compliance at all times. We can help out with everything from fringe benefits taxes, capital gains taxes and GST. Let our professional experience and training serve you.
Tax Returns Sydney for Small Businesses
City Tax Accountants specialise on providing small business advice, bookkeeping and tax return services customized and priced specially for small and micro business owners. We will sit down with you to go over all of your business information and develop a plan that helps you to be more successful. With our help, you will pay less and earn more while maintaining tax compliance at any given time. Call us today on (02) 8973 7475 or book your appointment online in real time now by clicking on the button on your right side.
Our professional staff at City Tax Accountants work with you to provide the best tax return Sydney has to offer as well as a variety of other business services. We take great pride in the professional relationships that we form with all of our clients. Discover what we can do to help your business.
Business Deductions – Tax Return Sydney
As the financial year comes to an end we all get worried about our tax returns. It is important that you plan your taxes ahead so that you do not get into trouble. The more equipped you are with the knowledge about the treatment of your income and expenses that your small business generates – the better is the outcome when there is a time to file your Tax Return Sydney.
As a self-employer or founder of a home based business, it is a wholesome journey to reach your final ITR income and deductions with proper disclosures and deductions. There are many tax professional and software’s that are there for your help to get to your financial year Tax return, but it is always advisable that you have the basic knowledge yourself about your income and expenses so that it makes the process simple and easy and you know what are you paying for. You file an individual return that is taking its toll on you, we can imagine the plight of the additional business return that you have to file, and it must be overwhelming!!
Being a home-based businesses owner it yield many rewards for you. Home-based business owners not only experience great shifts in their work-life balance, they experience highly improved motivation with the fact that they are their own boss and the whole experience of working on something that they are passionate about, but they get many financial rewards too. Main amongst them is the eligibility to claim certain tax deductions.
A good knowledge of what you can claim as a deduction significantly reduces the amount of tax that you are liable to pay.
When you have a small home based business it is important that you keep your business and personal expenses separate to ensure easy accounting. There are many expenses that overlap this area and falls under a situation when it becomes difficult to determine how much amount should be kept aside for what. There are a few helpful tips for you below.
The other deductible expenses that are peculiar to home-based businesses are occupancy expenses, running cost and vehicles expenses.
Occupancy expenses – Tax Return Sydney
Occupancy expenses are expenses related to owning, renting or using a house, these are not necessarily related to a home-based business but mostly to all such small business. These expenses include rental payments, , council rates, mortgage interest, bills and house insurance premiums.
Your home-based business area need to pass the “interest destructibility test” if it does then you are can claim occupancy expenses as tax deductions. In order to pass this test, make sure that your business area is definable from the rest of the house, when you have a home based business. Even if it is a small part of the whole house makes sure that it is used only for specific business purpose, keep things separate and organised. These goes a long way in determining and separating business expenses from personal, the business space should exclusively be used by you or your clients for business related work. let’s say when you claim such expenses, you can divide the whole bills by the area of the house and your house and easily get to the amount that accounts for your business expense. It makes things easy for you to explain in front of the auditor. A word of caution here be very careful while claiming some of these expenses like the mortgage interest claims as they might subject to capital gains. A distinction and a thorough understanding are needed here.
Running expenses – Tax Return Sydney
You claim all your expenses as deduction similarly, running expenses are included in deductions. Running expenses are any cost that comes from you using the facilities of your house as part of your business it includes expenses like that of electricity and gas cost , phone bills and cleaning costs of the area of the business.
These expenses are addition to the regular home expenses as they are incurred as a result of running your business from your house you are allowed to claim these expenses as deductions, yet please be mind full of the fact that even though they can be deducted they should involve only amount of actual usage for business, not the personal house expenses.
Various methods can be used to calculate the proportions and deduction amounts. One easy way is to find the percentage of floor area, which is used for the business purpose, as oppose to that used for the entire area. This percentage gives you a fraction that can be applied to calculate the amount of cost for utilities involved in business. Another way is to calculate the cost of utilities of the whole area and the compare the before and after cost of setting up the home based business the resulting difference is the amount that is used for the home based- business.
Be prepared to provide information to support the claims you are making, you should be able to confirm that the claims are reasonable and used only for business and private or domestic proportion of the expense has not been included.
Vehicle expenses – Tax Return Sydney
You often use your own car for business purpose several times a month not realizing that you can claim deduction for the same. Home-based businesses are entitled to claim deduction related to any travel costs they incurred which is business-related travel. If you are carrying on a home-based business then you can claim deduction for all your travel expenses like that of going to a client’s premises, making a purchase of an equipment or any form of supplies or doing your bank work, or sending mails or when you visit your tax adviser.
The most important tip for any business owner and especially home based business owner is to document everything. Keep record of all the Receipts and invoices. They might be small and insignificant information but when combined they form a lot of amount and a substantial amount of deduction can be made using them this greatly reduce your tax liability and who wants to pay more taxes.
Tax Return Melbourne CBD was last modified: February 27th, 2018 by Elina Naumenko
Tax Return Sydney CBD was last modified: October 19th, 2017 by Elina Naumenko
Tax Return Parramatta was last modified: October 19th, 2017 by Elina Naumenko
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