Income Tax & GST

We place great emphasis on effective tax planning and minimization and a quick turnaround on all returns.

We are happy for people to meet with us to go over the information provided to prepare the tax returns, or if it is more convenient ,to accept the information electronically.

It is vital to discuss every tax return with the taxpayer to ensure they are aware of the end result of every return.

Whilst income tax returns are virtually “self-assessed” these days and individual tax returns in particular seem easier to do without the assistance of a professional, in fact, with the extent of “Data Matching” by the ATO from property sales to interest income, greater care must be taken in tax return preparation. Even going back 10 years, any mistake, honest or otherwise, will be picked up and interest and penalties can effectively double the tax liability generated. The ATO are stepping up this data matching particularly with regards to the failure to declare Capital Gains on Property, Shares and Bitcoin. This is proving enormously successful and penalties range from 25% minimum to 100%.

This applies to individuals and all business entities.

The ATO are increasing BAS reviews on a regular basis, in particular for new business for they want to see what method of reporting they adopt. If there is no accounting software being adopted, you can rest assured the ATO will increase their review/ audit procedures. Being on a package like XERO assists enormously.

Remember, if there is an adjustment to a BAS, where the ATO disallow a deduction for not being able to prove a payment for example, not only will there be more GST payable but an adjustment to the income tax of the entity/individual will flow on automatically.