Tax Solutions for Individuals

Income Tax Returns

Income

Your taxation return will be completed making sure that all income is declared so you can have confidence that your obligations to the Australian Taxation Office have been met. This includes all Australian sourced income and foreign sourced income. The rules relating to foreign income can be complex and have changed recently. Termination payments from employers is another form of income that needs to be declared on your tax return and there are a number of different rates of tax that apply to the various components of a termination package from your employer.

Deductions 

We go beyond just asking what you want to claim. We will discuss your personal situation with you to ensure that everything you are entitled to claim in relation to your occupation is included in your tax return. 

Many occupations now are specific with deductions that you may be entitled to – we can provide you with guidelines for deductions across a range of industries.

In addition, we provide tax effective strategies to reduce your taxable income and even remove the obligation for quarterly PAYG income instalments. 

Capital Gains Tax 

If you made any Capital Gains, for example by selling shares we will be able to advise you on any tax that may be payable. Losses can also be calculated and used for future taxation benefits; ie offset against future Capital Gains. 

Investment Properties 

We have a comprehensive working knowledge of investment properties that may be included in your personal return and legitimate tax planning strategies including:

• Maximising deductions through depreciation of fixtures & fittings and the building 

• Renting out your main residence and not paying any Capital Gains Tax whilst still claiming all applicable deductions – ie interest on loan; rates, repairs etc. 

• The difference between contract date and settlement dates when it comes to purchasing/selling an investment property 

Contact the office if you are looking to purchase an investment property or refinance your existing debts 

Salary Packaging

Salary packaging is a process that allows employees to receive part of their remuneration in a form other than cash salary. In most situations, employees are offered the opportunity to forego part of their future entitlement to gross salary in return for the employer providing benefits of a similar cost to the employer. In order for a salary packaging arrangement to be valid, a contractual agreement, called a ‘salary packaging agreement’, must be entered into with your employer prior to the arrangement commencing.

Salary packaging can be tax effective for both employers and employees where the cost incurred by the employer in providing the benefit is less than what the employee would have incurred had they been paid salary and then purchased the benefit themselves from their net salary.  

Over recent years, various fringe benefits tax exemptions and concessions have been removed or have become harder to access by way of salary packaging. In particular, you should be aware of:

• The tightening of the rules to access concessional FBT treatment of living-from-home allowance (LAFHA) payments made to employees

• The removal of the $1,000 exemption for certain salary-sacrificed in-house fringe benefits

Therefore, your salary sacrifice arrangements may need to be monitored to ensure they are still tax effective. We have the necessary tools to enable concise salary packaging comparisons.