Tax Return – Income

When preparing your tax return we require substantiation (evidence) to confirm information. The ATO receive information from banks, employers, and some investments. The information you provide your accountant is used to verify these balances.

Some other incomes aren’t provided to the ATO but still need to be included in your tax return. This may include allowances, capital gains, investment property income, income received in cash, etc.

Tax Return Income

Tax Return – Deductions

Your deductions must relate to the income you received. The most common deductions relate to work-related expenses. There are three rules to be applied to be able to claim this type of deduction.

  • The money needs to be spent by you and not reimbursed by your employer
  • The expense must directly relate to the earning of your income
  • You must be able to provide substantiation (records to prove) the deduction is real (usually a receipt or invoice).

Other deductions will relate to other income received.

For example, if you received investment income then the expenses incurred relating to obtaining this income is deductible (such as related borrowing expenses).

Individual Tax Return Deductions

Complex Individual Tax Returns

When your tax return becomes complicated, seek advice from your local accountant to help prepare your tax return correctly.

We can help you navigate the requirements around:

  • Residency for tax purposes
  • Available Offsets and rebates
  • Levy & Surcharges
  • Sole Trader Income
  • Distributions and Dividend Income
  • Rental Property Income
  • Capital Gains
  • Cryptocurrencies

Avoid the headaches and reach out to us for help.

Not all accountants can provide the services you require. It is always best to shop around and assess your options.

The most important consideration for choosing your accountant is finding one you can build a strong professional relationship with.

If you only see your accountant once a year, it may be time to find a new one.

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