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ACCOUNTING & TAXATION for Individuals
Why use FAA Accounting?
We offer a range of services for individuals with Face to Face, Virtual and Phone appointments.
We strive for our meetings to be easy and efficient, while also keeping you informed every step of the way.
We can help you with:
- Tax Returns (including Sole Trader)
- Tax Variations
- Tax Amendments
- General Advice
- Captail Gains Tax calculations
- TFN/ABN Application
Additionally we have a range of services regarding Self Managed Super Fund Administration.
Thanks for your invaluable assistance, I am indeed very satisfied with the FAA service and your personal approach to things.
Professional Quality Service
We aim to get to know our clients and deliver a flexible professional service tailored to your needs. Life is busy and we offer a variety of communication and processing choices to our clients and are happy to work around their needs.
The world is constantly changing and in turn the taxation and accounting worlds are also changing. The Accounting and Taxation team is constantly looking for ways to stay current and relevant in all areas of accounting, whether it is the knowledge of the team, the changing compliance landscape, the technological aids available or the services we can offer.
Our aim is to protect you and work within all compliance guidelines, so if we are not comfortable with an approach we will let you know. We will always endeavour to provide a viable alternative if there is a better way. We respect our clients and relationship with them and may not always be able to agree with everything, but honesty is imperative.
We aim to show you value, whether it’s giving you the option to simplify your processes and reduce your fees or create value in the items you are already having prepared so that you see the benefit in utilising an Accountant.
Really good service with good communication and explanation of information needed and why.
Individual Tax Returns
Lodging your Tax Return has never been so easy with our reliable, experienced and progressive team. You can choose to arrange the lodgement of your Tax Return via email, mail or by appointment (Face to Face, Virtual or Phone).
Send in your Tax information
via email or mail
We will review, request any additional documentation and process your Tax information
Frequently Asked Questions
Why do you want my documents before my appointment?
By sending them in prior to your appointment we can have our system up to date and the Tax Return partially completed before you even make it through the door. This also means we can ask you to bring any missing documents with you and discuss your Tax Position with you during your appointment. We want you to get the most out of your appointment with us so why spend your appointment going through documents when we can go through your Tax Return, Tax Situation and Planning Strategies for the year ahead.
What if I don’t have all my documents ready for my Tax Appointment?
You are much better waiting until you have all your tax documents together before coming in. Let us know when you are ready and we are happy to reschedule your appointment. If you would like to have a chat about what documents you need, do not hesitate to ring our office at any time.
Why don’t you continue working on my Tax Return while you wait for additional documents?
We understand that you don’t always know what you need, to get your Tax Return completed and that sometimes we will ask for items you would have never thought of. We will issue you with a list of items required to complete your Tax Return after we meet with you or commence your Tax Return. Until we receive all of those items we will not continue working on your Tax Return.
Not only do we want you to be able to claim all the expenses you are entitled to, but we want to ensure that your Tax Return is prepared in the most efficient way possible so that we can be as cost effective as possible.
Do I have to lodge a Tax Return?
Yes, even if you haven’t earned any income you will need to lodge a NIL return or a ‘Return Not Necessary’ with the ATO.
Also, if someone passes away, the Executor of their Estate will need to lodge a ‘final return’.
No lodgement is required if you have previously lodged a ‘final return’ and aren’t receiving any form of income.
I am an Australian resident but I live overseas, do I need to prepare an Australian Tax Return?
This will depend on where your income is paid from and for how long you are overseas.
There is a difference between being a resident of Australia and being a resident of Australia for tax purposes.
Contact us with your situation and we can let you know what you need to do.
If you remain an Australian tax resident, you must lodge an Australian tax return. If you work overseas for 182 days or less, you must declare to the ATO:
- all your foreign employment income
- any exempt income, even if tax was withheld in the country where you earned it.
Can I claim any deductions if I have no receipts?
Yes, if you don’t have any proof of payment you can claim up to $300 worth of deductions.
If you don’t have receipts, you will need to have access to the following should the ATO ever audit you.
- Documentation that include the name of the supplier, amount of the expense, what the goods or services are, date the expense was incurred for example:
- Bank statements
- Credit card statements
- BPAY reference numbers
- Email receipts
- PAYG payment summary
- Paper or electronic copies of original documents
Can you prepare multiple years returns at the same time?
Yes, be sure to keep all receipts safe and easy to find.
Penalty interest may be applicable if you have outstanding debts or lodgements, or you may be eligible for a tax refund.
If I am a sole trader or have multiple jobs, do I have to lodge 2 returns?
No, everyone lodges 1 individual return per year. If you are a sole trader, work multiple jobs or have an investment property, this is all included in the 1 return.
Can I claim driving 5,000km in my car?
It depends. If you have genuinely travelled 5,000km for work related travel and haven’t been reimbursed from your employer, yes you can.
Should the ATO ever audit you, they will request the following:
- Diary proof of travel.
- A letter from your employer stating that the travel was work related.
- Proof that the car is registered in your name or in the name of a spouse.
I have sold a property, do I need to pay Capital Gains Tax (CGT)?
It depends. If you have sold an Investment Property, chances are you may be required to pay CGT. Factors include:
- If you have ever lived in the property
- If you own other properties
- The price you purchased it for
- The price you sold it for
- Other costs involved
If you have sold property or shares in the financial year, bring this up with your accountant as you may be required to pay CGT.
I made a loss on property or shares, do I need to include this on my tax return?
Yes. Capital losses are carried forward and deducted from capital gains in future years. There is no time limit on how long you can carry forward a net capital loss.
I have a HECS-HELP debt, are there any tax requirements?
This will depend on your income and the repayment threshold and rates for the financial year.
If you still have an outstanding HELP balance you may be require to make compulsory payment when you lodge your tax return if you haven’t already contributed the required amount. Check in with your payroll to confirm they are aware of your HECS-HELP debt to ensure they are withholding for you, where required, to avoid potential headaches.
What is the Medicare Levy Surcharge? Changes as 1 July 2023 – for 23/24 FY
It is payable where your income is over a threshold amount and you do not have adequate private hospital insurance. The income threshold and rates can change each financial year, which will be outline on the ATO website. If your income for surcharge purposes exceeds the relevant amount and you do not have private hospital cover, you will be liable to pay the surcharge.
When is the best time to lodge?
The best time to lodge your tax return is from late July. This is because most of your information from your employers, banks, health funds and government agencies will be automatically pre-filled in your return for you. Lodging your return before all this information is available may result in the ATO amending your return automatically which could potentially result in a bill.
How can we help you?
Contact us today to organise an initial appointment with an Accounting & Taxation Specialist.
The specialist can provide a free financial assessment and evaluate the impact on your individual circumstances.
We provide a holistic service and can assist you in all areas of your financial life.