Tax Return Services in Melbourne CBD:
Tax should not be perceived as a burden but as a fee you pay to the government to provide a conducive environment for a safe and secure lifestyle. Hence lodging your tax return is your responsibility and an obligation placed on you as responsible citizens of Australia. Managing your tax affairs may seem complicated at first but our tax return services will make the whole process smooth and simple for you and that is what we are here for. We will show you the smart way to streamline your tax return affairs. Being registered tax agents we provide all tax return services, some we have mentioned below. All our tax return services are available from the Melbourne CBD office, Hoppers Crossing Office an Dandenong office too.
Tax Returns are of many kinds and so are the taxes too. Some of the more common ones are listed below:
This is a tax on your profits from business or income from a salary. An Individual, a partnership, a company, a trust, an SMSF or any other business structure are all obliged to report income and pay taxes arising from such incomes by lodging annual tax returns. Our tax return services caters to all kinds of income tax returns for an affordable fee. You will also receive a tax deductible receipt for the services you pay us for.
Our tax return services pertaining to Income tax are as under:
- Tax Return Services for Individuals, Partnerships, companies & Trusts
- Overdue/Late Tax Return Services
- Penalty Negotiations for late tax returns.
- Audit Help
- Amendment of tax returns already lodged.
GST/BAS/BUSINESS ACTIVITY STATEMENTS:
This tax return is also called a GST tax return or a Business Activity Statement (BAS).Generally such tax return services are only required for businesses and traders that are registered for GST. Regardless of whether you make a profit or a loss from trading you are obliged to collect and pay GST on sales to the ATO. This reporting period could be monthly, quarterly or annually. Some businesses are required by law to be registered for GST while others have an option if they are below the threshold. We provide tax return services for both the above options whether it is by law or voluntary registration.
Investment Property Tax Returns:
Investment properties could be negatively geared or positively geared subject to the tax return preparation. Mostly we come across negatively geared property portfolios where losses arising from Investment properties are recouped against other assessable income for the same year. We have gained expertise in tax return services with regards to any kind of investment property scenarios and every year we lodge 100’s of Investment property tax returns. The loss arising from a negatively geared investment property reduces the annual income of the owner by the amount of loss. The below example will explain this scenario in more detail.
Rental Income: $1000pmx12 = $12000
Gross Income = $12000
Agent Fees $70pmX12 = $840
Depreciation = $5000
Interest on Loan = $13000
Other Expenses = $3000
Total Expenses = $21840
Net Loss from owning the property = (-9840)
($12000-$21840 = -9840 (loss))
If an individual owns the above property and is on a salary of $80,000 his taxable income will be reduced by $9840 to $71160 ($80,000-$9840), and he will have to pay tax on $71160 instead of $80,000. $80,000 wage is on a 32.5% tax bracket which means the refund arising from the Investment property will be close to $3200.
Capital Gains Tax (CGT):
When you make a profit from the sale of an asset that appreciated in value over time a CGT event occurs and hence an income needs to be reported and tax paid. The tax is paid on the appreciated value after reducing any applicable concessions. A CGT event could be triggered in many ways. The obvious ones are from the sale of a real estate, sale of business and sale of shares. There are numerous concessions available depending on what structure the asset was held by. It is this structure in combination with the overall scenario and circumstances surrounding such an event that will determine how much Capital Gains Tax would need to be paid.
On the other there could be circumstances where there is a loss from the sale of an asset and in such scenarios a loss will be reported on the Tax returns. To deal with any of the above situation you can take advantage of tax return services provided by our highly skilled professionals.
There are numerous other taxes for which our tax return services will provide you with ultimate solution. We believe tax is such an area where no one could be an expert in all areas of the taxation law. We could provide tax return services in relation to all kinds of taxes that may affect you or your business. To know more about our tax return services you can contact us and our team will be there to provide you more details.