Tax return preparation
Tax Return Perth
The preparation of income tax returns and other tax returns like BAS, STP and PAYG Instalments is a core function of Westcourt. The considered and timely lodgement with the Australian Taxation Office for many people is (hopefully) the only form of communication that a focused business family has with the ATO.
And this focus applies from individuals, SMSF’s, trust, partnership and company returns – be it a standalone position or a large corporate family group.
At Westcourt, we are committed to timely and clear communication with the ATO. Getting forms lodged on time every time to avoid penalties is important. And identifying how much a family has to pay and when to pay is the bedrock of being financially stable.
If you are continually getting fines for late lodgement, it isn’t easy to succeed. We understand that tax return preparation is not particularly exciting for many – but it is essential. And it is crucial in such a way that when things are done poorly, it is often too late to correct and fix them.
So it is for this reason, we do not consider the preparation of tax returns and communication to the ATO as a redundant service. Your entire tax strategy is condensed into the tax return. So, the tax return implicitly contains tax advice about the investment and business activities. The ATO’s first focus is on the lodged tax returns and the tax return preparation process engaged by the tax agent.
We also give written tax advice to every client who engages Westcourt to prepare the income tax return. Even if the tax advice is that the return has no contentious items, we will make sure that it is documented before you lodge the tax return.
Engaging Westcourt is a smart move to assist with preparing and managing your tax returns because, for Westcourt, it is our primary business. As an independent firm, we do not use tax returns as a “free” throwaway service to cross-sell your other products like insurance or more lucrative services. Our technical expertise and singular focus allow us to collaborate with true professionals in their field. This allows us to focus on the tax advisory, tax structuring and tax returns for a family, their investments and the family businesses they control.
If you look at our technical expertise – together with our leveraged technology to streamline the process, the decision to engage Westcourt to prepare your tax return, BAS, IAS and other government forms will be a smart one – call us today.
Frequently Asked Questions
Lodging a tax return in Australia typically involves the following steps:
- Gather your tax records: You’ll need to have all of your income information and receipts for expenses ready in order to complete your tax return. This includes details of your salary, investment income, and any other taxable income you received during the financial year.
- Choose a method for lodging your return: You can lodge your tax return either through a paper return, or by using the Australian Taxation Office’s (ATO) online service, myTax. If you have a simple tax situation, you may be able to use the ATO’s pre-fill service, which will automatically fill in some of the information from your tax records.
- Complete your tax return: Once you have your tax records and have chosen a method for lodging your return, you’ll need to complete the return by providing information about your income and expenses. If you’re using myTax, the online service will guide you through the process and help you complete the return.
- Lodge your tax return: After you’ve completed your tax return, you’ll need to lodge it with the ATO. If you’re using myTax, you can lodge your return online. A tax advisor like Westcourt can also lodge a tax return for you. If you’re using a paper return, you’ll need to send it to the ATO by mail.
- Pay any amount owing: If you owe any tax, you’ll need to pay it by the due date. The ATO will provide you with payment options, including direct debit, BPAY, credit card, or cheque.
An Australian tax agent is a professional who is registered with the Tax Practitioners Board and has the necessary qualifications and experience to provide tax advice and prepare tax returns on behalf of individuals and businesses. Tax agents can help you with a range of tax-related matters, including:
- Preparing and lodging tax returns: Tax agents can help you prepare and lodge your tax return, ensuring that it is accurate and complete. They can also help you claim all the deductions you’re entitled to and ensure that you pay the correct amount of tax.
- Advising on tax implications: Tax agents can provide advice on the tax implications of various financial decisions, such as starting a new business, investing in property, or selling assets.
- Representing you with the ATO: Tax agents can represent you with the Australian Taxation Office (ATO) if you need to resolve a tax dispute or have any other issues with the ATO.
- Helping with tax planning: Tax agents can provide advice on tax planning strategies to help you minimize your tax liability and maximize your after-tax income.
- Managing tax debts: Tax agents can help you manage any tax debts you may have, including negotiating payment plans with the ATO and representing you in disputes.
- Structuring businesses and investments: Taxation forms a backbone business and investment decision and a tax agent can structure your affairs for long term success.
In short, a tax agent can provide a wide range of services to help you with your tax affairs, making it easier and less stressful for you to manage your tax obligations.
To claim tax deductions in Australia, you’ll need to provide evidence of the expenses you incurred in order to receive income. Here are some steps you can follow to claim tax deductions:
- Keep records: You’ll need to keep records of all the expenses you incurred in order to receive income. This includes receipts, invoices, bank statements, and any other supporting documentation.
- Determine which expenses are deductible: Not all expenses are deductible for tax purposes. To be eligible for a tax deduction, an expense must be directly related to earning your income, and you must have incurred it in the process of earning that income.
- Complete your tax return: When you complete your tax return, you’ll need to declare all of your income, including any taxable income you received during the financial year. You’ll also need to list all of the deductions you’re claiming, including the amount and a description of each expense.
- Lodge your tax return: After you’ve completed your tax return, you’ll need to lodge it with the Australian Taxation Office (ATO). If you’re using the ATO’s online service, myTax, of if you use a tax agent like Westcourt you can lodge your return online. If you’re using a paper return, you’ll need to send it to the ATO by mail.
- Wait for a response: After you’ve lodged your tax return, the ATO will process it and determine your tax liability. If you’ve claimed deductions, the ATO may ask for additional information or clarification.
It’s important to note that you can only claim deductions for expenses that you have actually incurred, and you must have evidence to support your claims. If you’re unsure about which expenses are deductible, or if you need assistance with your tax return, you may want to consider seeking the help of a registered tax agent.
