Every person who receives an income, whether it be derived from employee wages, subcontracting, sole trader business, bank interest, investments, rental properties, directors fees or trust distributions are required to lodge an annual income tax return. The financial year begins on 1st July in one year and ends on 30th June of the following year. In general, individual tax returns need to be lodged with the Australian Taxation Office by 31st October following the end of the financial year except for those who are registered with a tax agent. Any person registered with a tax agent, gains a lodgement concession that extends the lodgement due date to May of the following year.
When lodging an individual tax return you are required, by law, to disclose all income you have received but you are able to deduct costs associated with the earning of this income. In many circumstances, people are unaware of exactly what items they are entitled to deduct until they have a return prepared professionally. This is because the deductions you are able to claim are often dependent on your occupation. For example, the deductions of a blue collar worker may vary significantly to those of a white collar worker. To ensure that you claim everything you are entitled to, keep all of your receipts and let us do the hard work for you by identifying what you can and cannot deduct. We also apply any tax offsets or rebates that you may be eligible to claim such as the low income rebate, spouse rebate, medical expenses offset or, if you work in remote areas of Australia, a zone rebate. No matter what your area of work and expertise, ours is ensuring that you pay the least amount of tax possible.
At L Jeffery Accountants we work with you to achieve the very best result whilst remaining firmly within the guidelines enforced by the Australian Taxation Office. Our accountants keep up to date with the very latest tax laws and no matter what your query, we can help. Our service does not stop once you have your refund. We will prepare your return with the best possible outcome, negotiate with the Australian Taxation Office on your behalf should you have a debt you are unable to pay by the due date and assist you with future tax planning strategies.
If you have any questions about your return, what you might be able to claim in the year to come or how the sale of an investment property may affect you, our accountants are always on hand to give you the very best advice. We guarantee a personal, professional experience and believe our friendly team offer unrivalled service.