How To Prepare Tax ReturnsPosted by Warner Schwartz on March 18th, 2021 Don’t spend your time or effort on attempting to prepare your own personal or business tax returns. Our knowledgeable registered tax agents are here for you and always near you. Whether over the phone, in our office, or in your home, we do whatever we can to offer you best-in-class personal tax return solutions in the Brisbane, Gold Coast, Ipswich, and Logan community. If your clients provide goods accounting payroll or services through the sharing economy, consider how income tax, goods and services tax or any other tax applies to their earnings. If your clients are engaged in the sharing economy, their income and deductions need to be included in their tax returns. At Australian Accountants, we realise that the right accounting and tax advice is needed at the right time to make successful business decisions. changes to advertising and other fees for short-term rental properties during COVID-19 due to no demand for the property. The ATO is also allowing the use of a shortcut method for working from home claims between 1 March 2020 and 30 June 2020 which enables taxpayers to claim a deduction of 80 cents per hour. If this method is chosen, no other expenses for working from home for that period can be claimed. Ensure you correctly identify your client’s occupation or business industry codes. The ATO has produced guidance on the level of detail you will be required to include for the income details, deduction and multi-property rental schedules. Sponsored products are clearly disclosed as such on website pages. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Sponsored products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The table position of a Sponsored product does not indicate any ranking or rating by Canstar. The table position of a Sponsored product does not change when a consumer changes the sort order of the table. We have helped many relieved clients get completely up to date with their tax lodgements. Very often this is achieved with no late lodgement penalties, interest charges or other repercussions from the Australian Taxation Office. If you have more complicated tax return, do not hesitate and call these guys. Do you need help with the preparation and lodgement of your UK and/or Australian tax return? bdh Tax is a Registered Business Name of bdh Sterling Tax Pty Ltd, a limited company registered in Australia, ABN . bdh Sterling Tax Limited is a limited company incorporated in England & Wales, number . It will begin with the basics and take you through income and various deductions. Tax agents must be registered with the Tax Practitioners Board . You can find a registered tax agent, or check whether a person is registered by visiting the TPB website. This record-keeping tool allows individuals and sole traders to keep track of general, worked-related and sole-trader deductions in the one place during the income year. From students to retirees, graduates to CEOs, “just starting” all the way to landlords and investors, Etax is here to serve almost every Australian. A beginner’s guide to your cryptocurrency tax obligations and how the ATO is targeting digital currency holdings in 2019. Check they have a relevant university degree such as accounting, commerce or law and how long they have been operating. We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision. They have helped fix issues and also have been able to support our queries. The advice is very timely and thorough to help with business and security planning. We have very happy with their advice and have referred our family to them as well. Every year, all Australian businesses are required to lodge a business tax return. As registered tax return Perth agents, we can also prepare your quarterly, monthly or yearly IAS and BAS lodgments in a simple, easy and tax effective manner. But if you're unsure about whether you should be making an amendment or what impact it might have, an accountant would be a good idea, says Ms Bain. Small business, rental properties, capital gains — all these things can be difficult to get right when lodging a return. "It is a good idea to assess your needs for an accountant each and every year," says Laura Higgins, ASIC senior executive leader. "Xero" and "Beautiful business" are trademarks of Xero Limited. Learn about the eight core bookkeeping jobs, from data entry to bank rec, reporting and tax prep. From 1 July 2019, anti-avoidance rules for circular trust distributions have been extended to family trusts. Trustees of family trusts are liable to pay trustee beneficiary non-disclosure tax on circular trust distributions. Family trusts are trusts that have a valid family trust election in place, have made a valid interposed election, or are part of a family group. The ATO has produced a flowchart to assist in determining if deductions for expenses related to vacant land are limited. Ensure that you are aware of the client’s history with the property and complete the rental property schedule properly. Query if the property was used for holiday or other letting during the course of the year.Like it? Share it! More by this author |