Personal Taxes

There are many aspects to taxation. Our goal is to provide you with useful information.

 

What You May Miss

Taxation is a very important area that you need to have accurate information on. When I have raised issues with prospective clients they tell me:

“I have an assessment and everything is fine”

I say: “Not necessarily so”

Since the early 1990’s we have the SELF ASSESSMENT regime

  • WHAT GOES IN COMES OUT
  • YOUR TAXATION RETURN IS NOT CHECKED TO SEE IF YOU HAVE COMPLIED WITH THE LETTER OF THE LAW
  • IT IS DONE BY COMPUTER
  • Your return is only checked when you are audited

Therefore just because you have had your assessment back it does not necessarily mean that what you have claimed is allowable.

Taxation is forever changing; you need to have guidelines to follow so that you can make the best of your situation.

First guideline is to keep all records. If you believe that you may be able to use the item as an expense item, then ensure you have the appropriate records.

Considerations

If you are looking towards tax minimization then know the results you want:

  • Are you looking for more disposable income?
  • Are you looking for growth?
  • Is your focus short term or long term?
  • Clarity of purpose is essential, with clarity; you will ask the questions you need to get the results you want.
  • Do you know what the ATO describes as Income?
  • Do you know what paperwork you need to keep?
  • How long should you keep your paperwork?
  • Is Salary sacrifice the way for me to go?
  • What deductions can I have when I own an investment property?
  • How are my investments taxed?
  • Is Superannuation tax effective for me?
  • What is dividend imputation?
  • What is capital Gains Tax?
  • How do I know what I should depreciate or expense?
  • What are some of the items the ATO are looking for when doing audits?
  • When I am ready to do my tax return what paperwork do I need to have available?
  • What is a tax audit?