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Individual Tax

Individual Tax Returns

They say there are two certainties in life: "death and taxes". We are here to assist with one of those. Come meet us over a warm beverage in winter or a cool drink in summer to discuss your personal tax affairs. ​

Suggested Read: The value is in record keeping: Keep your receipts

Shares accounting

Shares may impact upon how you are taxed. Let us take the stress out of your taxes and ensure everything is correctly managed.

Shares have various classifications and implications depending on if they pay dividends, are paid as a company bonus or dividend, how they are traded, if they are franked among many other considerations. For you to know how it will be taxed you only need access to us so we can calculate the outcomes for you.

Property Accounting

Property taxing often operates around capital gains, negative gearing and your personal income. We are highly experienced in and knowledgeable around these elements of tax, as such look forward to effectively helping you to manage your returns

Suggested Read: Owning Investment Property: Depreciation and Negative Gearing

Sole Traders

Sole traders are individuals who operate their business under a personal name. This is often the most cost effective means of starting a business, however it also holds the highest risk of business structures generally due to personal assets being exposed to creditors and legal liabilities. The tax rate for sole traders still is that of individual tax returns applied directly to an income. A sole trader may have an ABN though is not a company.

Suggested Read: Business Structure Start-up Businesses & Restructuring

Employee Share Schemes

Employee share schemes can give an employee shares in the company they work for, or an opportunity to buy shares these. Share purchase plans offer eligible employees the chance to purchase shares, sometimes through a loan from their employer. Employee share schemes can be taxed differently to regular share types depending on how they operate. 

Suggested read: Employee Share Schemes: A greater connection to the workplace

Changing residency

Changing your residency status may impact significantly upon how you are taxed. Property owned overseas will become taxable Australian properties when you become an Australian tax resident. Any real estate or shares you own prior to becoming an Australian tax resident will be considered as acquired at the market value at the time of becoming an Australian tax resident. Similarly when you leave Australia permanently your capital gains will be realised. 

Personal Services Income

Personal services income applies to an individual who uses their knowledge and skills to generate business income. A personal services income can be derived under a a sole trader, company or trust, though is applied due to direct use of the services for income generation. 

Income is classified under personal services where over 50% of the amount you received for a contract was for your skills, labour or expertise. Personal service classification impacts upon the deduction types you can claim. For example you cannot claim rent or mortgage interest. 

Loan Interest- Shares

When a loan has been taken to purchase shares the interest, borrowing costs and bank fees incurred in relation to the loans are all tax deductible. This also applies to scenarios where people refinanced out of their existing assets to invest the share market. 

Upon applications for such loans sometimes cash flow forecasts or alike may be required from the bank, these related accounting fees are tax deductible at the individuals marginal tax rate. 

Generally when a property is inherited capital gains tax is disregarded. This is only applicable where it passes to an individual as when it passes to an advantaged entity such as a charity. 

Capital gains taxes will apply where the legal personal representative sells a property as part of winding up their estate. For an individual the capital gains upon sale will be calculated based upon the initial time of purchase from the deceased. 

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