Chrome Accountants can efficiently complete your annual return with all the updated information from the ATO and comprehensive check lists in place. The services for individuals include:
- Preparation and Lodgment of Income Tax Return.
- Advice on maximizing tax refund legally.
- Advice on various deductions and rebates available.
- Preparation of BAS statements.
- Maintenance and finalization of final accounts.
- Tax Planning
- Advice on Fringe Benefits Tax and Superannuation.
- Preparation and advice on Investment property returns.
- Preparation of tax return pertaining to foreign source income and investments.
At Chrome Accountants, we have a wide knowledge and are very well trained in understanding what income needs to be included such as wages, allowances, lump sum payments and commissions.
We will endeavor to provide you with all the tips needed to maximize your refunds by claiming the assigned deductions according to your current occupation.
Whatever your occupation is, we guarantee you will be satisfied with the desired outcome of your tax refund.
You can generally claim an immediate deduction against your current year’s income for your expenses related to the management and maintenance of the property, including interest on loans.The Investment property tax deductions include:
| Rental advertising costs.
| Loan interest
| Council rates
| Land tax
| Strata fees
| Building depreciation
| Appliance depreciation
| Repairs and maintenance
If you sell a capital asset, such as real estate or shares, you usually make a capital gain or a capital loss. This is the difference between what it costs you to acquire the asset and what you receive when you dispose of it. Generally, we cannot deduct spending on capital assets immediately. Instead you can claim the cost over time which reflects the asset’s depreciation (or decrease in value). This applies if you use depreciating assets to earn assessable income, including:
| Small and large businesses
| Rental property investors
| Employees (for equipment and tools they provide at their own expense for use in their work).
If you’re an Australian resident for tax purposes, you are taxed on your worldwide income. You must declare any foreign income in your income tax return. You may receive foreign income from:
| Pensions and annuities
| Business activities
| Employment and personal services
| Assets and investments
| Capital gains on overseas assets
What happens if you do not declare foreign income? Penalties for failing to declare foreign income will be determined by the ATO, and will usually be between 25% and 95% of the tax avoided, plus over 9 per cent interest on unpaid tax for the time that you haven’t declared your tax.To prevent double taxation once you have declared your foreign income, you will often be able to claim a tax offset for the foreign tax paid against your Australian tax.