personal tax

personal tax

personal tax
Our personal tax accountants at Scott Partners are able to save you valuable time by completing your tax returns for you, advising on which tax deductions you can claim as we go and offering personal tax advice. We can then quickly and accurately calculate your income tax obligations.  

How Can We Help? 

With frequent changes to legislation and regulations, it’s important that you are well aware of what is happening. This is to ensure that when it comes to your tax return, you are getting the right tax deductions which will help to minimise your tax payment.

We work with you in a collaborative way to accurately and proactively find tax solutions, manage your tax risks and plan your finances. From knowing what you can claim, how to prepare your taxes and the receipts you need to have, we aim to make your income tax return hassle-free to ensure you get back your fair share of tax.

How to Prepare for Your Tax Return

When it comes to preparing your tax return, make sure you don’t leave it all to the last minute. However, don’t panic if you have – we will work with you to ensure your taxes are done correctly. It’s important to keep receipts as you go and make a note of certain expenditures and deductions. A useful tool is to download the ‘myDeductions‘ app by the ATO, making it easier and more convenient to keep your income and expense records all in one place to access when tax time comes.

Common Tax Return Errors

The ATO are very responsive when it comes to declaring the wrong information on your tax return. To avoid getting a call from the ATO, here are some errors for you to avoid.

  • Make sure you declare all of your income: if the income you declare is different to the income submitted by your employer, financial institution or other sources, the ATO may query you about the discrepancy.
  • Make sure you declare your work-related expenses correctly: this includes claiming the right amount of work-related travel. To claim any of these expenses you need to have proof of purchase, paid for it yourself and not have been reimbursed for it.
  • Make sure you have proof of purchase for your expenses: with all your expenses you must have proof of exactly how much you spent. This can be given in the form of a receipt or other relevant records of purchase.

 

At Scott Partners we don’t just offer personal tax advice, our other advisory accounting services include:

  • Wealth accumulation
  • Investment advice
  • Estate planning
  • Aged care planning
  • Capital gains tax
  • Rental properties
  • Capital gains tax (CGT)
  • Wealth protection and insurance

Contact us today and one of our expert accounting specialists can help you.

NEED ADVICE ON YOUR PERSONAL TAX?

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case study
Case Study

THE CLIENT’S PROBLEM: Karyn felt like she was ‘just another client’ and wasn’t valued or supported by her previous accountant.

THE SCOTT PARTNERS SOLUTION: Time was taken to understand Karyn’s business and to explain how her business structure impacted the tax issues she was facing. Karyn now has a Trust and two companies, as well as a robust financial plan for the future. Scott Partners introduced Karyn to Xero and supported her in learning to use it effectively. She is delighted to spend much less time on bookkeeping and admin!

“Two months into our accounting relationship and everything is running great. After understanding my business during our first meeting, Don sent me a fee proposal for the rest of the financial year. This included everything so I knew exactly what I was in for, which was great for budgeting. There are lots of smart accountants out there, but it is great to work with a qualified accountant who also cares!”

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