Individuals

1. Income Tax Returns

  • Same day service if required
  • Comprehensive – get what you are entitled to
  • Fixed fees
  • Amendments to prior years
  • Answers to questions
  • Electronic refunds

2. Maximise your deductions

  • Keep your receipts
  • Get advice on what deductions you may be entitled to
  • Advice on record keeping
  • Assistance with ATO reviews (even if we didn't do your return)

Good records, log books and supporting receipts can significantly reduce your tax bill at the financial year's end and may even help you get a wad of cash a REFUND back from the tax office. Firstly though, you need to work out what you can claim so you know which receipts to keep and which receipts to throw away. First Choice Accounting can help you with what you can and can't claim. You may be able to claim something that you have not considered.

3. Salary Sacrifice

  • Calculations – will it work for you?
  • Advice and assistance with the paperwork
  • Assist you with discussions with Salary sacrifice provider and employer
  • Reduce your tax
  • Minimise FBT consequences
  • Plan for your future

A salary sacrifice arrangement is also commonly referred to as salary packaging or total remuneration packaging.

It is an arrangement between an employer and an employee, where the employee agrees to forgo part of their future entitlement to salary or wages in return for the employer providing them with benefits of a similar value.

Find the ATO guide for employees click here.

The strategy does not work all of the time and for all people so call us to discuss.

4. Negotiate with the ATO

The ATO is different to other creditors. The ATO has the right to demand tax debt and take money from you without proving its debt in court. First Choice Accounting can deal with the ATO directly for you which eases any pressure off yourself or company. First Choice Accounting can also monitor the ATO if they owe you money and communicate with them

The ATO will sometimes allow directors to negotiate a payment arrangement allowing the ATO debt to be repaid in smaller amounts without interest or penalties over time

RECENT NEWS

Changes to the super guarantee and upper age limit

From 1 July 2013 the super guarantee increases to 9.25% and the upper age limit has been removed. This means employers may need to make super guarantee payments for...

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Medicare levy increase affects small business

The Medicare levy increase – from 1.5% to 2% – will effectively bring the top marginal tax rate to 47%. This will not only impact...

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Changes to simpler depreciation rules

The small business instant asset write-off threshold has been increased from $1,000 to $6,500 for the 2012-13 income year. As a result, small businesses can claim an accelerated initial deduction...

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BAS/GST/Bookkeeping

The ATO require all business to constantly report information to them via Business Activity Statements, Instalment Activity Statements and annual income tax returns. A robust bookkeeping system is an essential basis for the provision of these reports. Without accurate and timely reports the ATO have the power to impose penalties that could have been avoided.

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Negative Gearing

Negative gearing is a form of leveraged speculation in which you borrow money to buy an asset, but the income generated by that asset does not cover the interest on the loan (Interest > Income). In general, the deficiency is used to reduce the tax you must pay on income from other sources.
Like most things there are also downsides to negative gearing...

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SALARY SACRIFICE

A salary sacrifice arrangement is also commonly referred to as salary packaging or total remuneration packaging. It is an arrangement between an employer and an employee, where the employee agrees to forgo part of their future entitlement to salary or wages in return for the employer providing them with benefits of a similar value.

Read more

SMSF MANAGEMENT

Remove the hassle out of running your SMSF and engage us to do everything for you. Take comfort knowing that we, along with the trusted qualified advisors (auditor, financial planner) we have a long history with, care about you and will do all we can to ensure you spend less time worrying about taxation/compliance/legislation and more time enjoying your retirement!

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