Income Tax Returns
Make it an annual habit to lodge your income tax return!
Income Tax Return Accounting Services
Looking To Lodge Your Tax Return?
Did you know that it is your own responsibility to lodge your tax returns?
One of the obligations that we have when starting to earn an income, and a great habit to get into for good financial management, is lodging your income tax return each financial year. Â You are required under Federal Government legislation to do so unless you fall into the few exempt categories. Â In that case, you must at least notify the Australian Taxation Office that you are not required to lodge a tax return which our team can help you with doing.Â
If you generate an income in Australia, you need to have a tax file number (TFN) and you will pay tax on the money that you earn. Â The amount of tax that you need to pay for a specific year is calculated through your annual income tax return. Â If you generate income outside of Australia, it is likely that you still need to lodge a tax return.
Canny Group takes the time to explain the process for new and returning clients as well as those that are lodging a tax return for the very first time. Â Regardless if you’ve got a part-time job and you’re still at school or you’ve just started your own business or you have 2o years of outstanding income tax returns, we have been experts in this field for over 60 years – and our aim is to make this process as easy and stress-free as possible.
It is necessary to lodge an income tax return if you are employed, contracted or operating a company, trust or partnership if tax has been paid on any income that you have earned – even if the total income earned for the financial year is below the tax-free threshold.
Online Bookings For Completing Your Income Tax Return
Don’t have time to come into the office to see one of our accountants? Â
We have times available every day of the week, including Saturday mornings for you to complete your income tax return over the phone.
Pick a time that best suits you, with the accountant you choose. Â Once booked, we’ll send you through a detailed checklist with everything you will need to have ready, prior to your phone appointment.
How Can An Accountant Help?
Canny Group are the accountants Geelong trusts when it comes to income tax returns.
By taking the time to see an accountant when completing your income tax return, you can be assured that all avenues have been covered in regards to your income and what you are able to claim as deductions to maximise your refund.
There are many changes to tax legislation each year and the team at Canny Accounting make sure they are up-to-date and well informed on the latest legislation. Â
For individual clients we are able to calculate the exact amount of tax you should have paid for the financial year, taking into account any deductions, offsets and rebates and inform you if you are entitled to a refund, or if you have tax payable.
Taking the time to see a qualified accountant at Canny Accounting who are also a registered Tax Agents will ensure that you are lodging your income tax return correctly with the ATO. Â We act as your Agent with the ATO and will represent your interests. Â
Canny Accounting has a vast range of clients across a significant variety of industries which means that when it comes to work-related tax deductions, we are able to help put you in a better tax position and ensure that you receive the tax refund you are entitled to or have the correct amount of tax payable.
Why Choose Canny Group When Filing Your Tax Return?
Canny Group are the accountants Geelong turns to for trusted help when it comes to your income tax returns. Â We have been assisting individuals, contractors, and companies to lodge their income tax returns on time and catch up with any outstanding tax returns for over 60 years.
We can assist you with all aspects of taxation advice from start to finish as well as planning for the future to give you the best opportunities available at the time and to make sure that you know where you stand when it comes to your tax obligations.
If you would like to know more about income tax returns, including tax rates, what happens when you have more than one job, how to complete your income tax return and what happens when you have outstanding tax returns, download our free guide to give you all the information you need!
Income Tax Return FAQs
There are many ways to maximise your income tax return, in hope that you will receive a refund.
Some of the ways include:
- Being organised: creating a filing system for your receipts so you have all the details handy and nothing is forgotten; and
- Maximise your deductions – claim deductions including, but not limited to:
- Work-related motor vehicle expenses – remember to keep a logbook;
- Other work-related travel (trains, flights etc.);
- Professional development;
- Work related tools, equipment, office supplies;
- Working from home expenses – remember to keep a logbook;
- Fees, subscriptions, memberships and licenses;
- Work-related percentage of mobile phone use;
- Other work-related expenses;
- Income protection insurance;
- Additional superannuation contributions;
- Donations; and
- Property/Investment negative gearing.
Canny Group provides qualified professional accountants who provide general taxation advice, represent our clients to the Australian Tax Office (ATO) and assist with the preparation and lodgement of all individual and business tax returns.
We ensure that all relevant income and expenses have been included in your tax return, ensuring to obtain the best possible result, while complying with ATO obligations.
Yes, if that is your preference.
Canny Group provides many alternative ways to enable the preparation of your income tax return.
We can engage with our clients online via email or Microsoft Teams, over the phone or in the office with a face-to-face meeting.
Taxpayers can lodge their own tax returns using the ATO’s MyTax system.
This may be useful for taxpayers with simple wage and salary earners with minimal or no deductions.
Based on the industry you work in and what your occupation is, there can be some industry/occupation-specific tax related deductions available or suggested by the ATO.
These may include things such as:
- Memberships and subscriptions;
- Licenses;
- Union fees;
- Uniforms;
- Tools; and
- Allowances etc.
The ATO also uses industry/occupation codes for statistical and data-matching purposes.
Some benefits of using an accountant to prepare your tax return include:
- Time savings and convenience;
- Expertise and knowledge;
- Identify potential deductions and maximise deductions;
- Avoid errors and penalties; and
- Deadline compliance.
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