Individual Tax Return

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

We can help you with every aspect of your property tax and accounting needs for your property and investments. With our help, and the right investment structures in place for your investment properties, you’ll not only protect your assets and retain your wealth, but legally reduce costs and taxes too.

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

Cryptocurrencies are also known as virtual currencies or digital currencies. They are a form of digital token. There are many different types of cryptocurrency – Bitcoin, Tether, Ether and many others. They are created from code using an encrypted string of data blocks, known as a blockchain. If you buy, sell or invest in cryptocurrency, you need to be aware of your tax responsibilities.

If you are an individual (including a sole trader) or trust, you will automatically enter the PAYG instalments system if you have all of the following:

• instalment income from your latest tax return of $4,000 or more

• tax payable on your latest notice of assessment of $1,000 or more, and

• estimated (notional) tax of $500 or more.

A tax audit is a formal review and examination of your tax return or activity statement by the ATO.

The purpose of an ATO tax audit is to determine whether the tax documents you have lodged with the ATO are correct. The ATO’s auditor will check whether you have correctly complied with your tax obligations under the Australian tax laws and paid the correct amount of tax to the ATO.