Complete your annual tax return
If you are employed, contracted or operating a company or trust and earning above the tax-free threshold of $18,200 you must complete a tax return.
Additional income streams such as rental properties or other investments are also required to be included in your return.
We will ensure you don’t pay any more tax than required, provide additional ways that may help reduce your tax payable and also point out opportunities we consider beneficial to you, depending on your circumstances.
Relevant items when completing your return may include:
- Employment income
- Business income
- Investment income
- Superannuation Pensions
- Centrelink payments such as Austudy, Newstart, carer payments and the age pension.
- Vehicle and travel costs
- Buying and cleaning of work uniform such as PPE and distinctive compulsory uniforms.
- Tools and equipment
- Union fees
- Home office
- Work related courses and associated study
- Tax deductible super contributions
- Gifts and donations to ‘deductible gift recipient’ (DGR) organisations.
Offsets and rebates may also apply to individuals with:
- Low income
- Private health insurance
- Spouse super contributions – for those who, on behalf of their spouse with low or no income, made contributions into their superfund.
You should keep all documentation, such as receipts for items that have been claimed as a deduction for five years from the date of the lodged tax return.
Maintaining a Self-Managed Super Fund (SMSF)
We can assist with all tax obligations for Self-Managed Super Funds including the preparation of an annual return and member benefit statement, as well as liaising with your auditor to complete the annual audit report. We also offer full bookkeeping services for all of our Self-Managed Super Funds.
More information on Self-Managed Super Fund. (link to Self-Managed Super Funds under Canny Advisory).