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Personal Accounting

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Personal Accounting

Start Fresh Accounting are dedicated to maximising personal tax returns for every client. Our taxation expertise includes investment properties, Capital Gains Tax, personal tax offsets, and all deduction categories.

 

Different industries have different deductions available and we proud ourselves on understanding a wide range of industries. We take a genuine interest in your employment as this can assist us in maximising your return.

 

Your personal circumstances are also important to understand to prepare your income tax return, and we take the time to get to know you, and give you advice on more than just tax.

Checklist – What to bring for your tax appointment with your accountant

Income

  • All Payment Summaries (Group Certificates)
  • Government or Centrelink Payments *
  • Interest Received from any bank accounts, or investments
  • Dividends Received on Shares or Managed Fund Statements.
  • Pension or Annuity Summaries
  • Rental Property Income and related documents
  • Details of any Sales of assets that may attract Capital Gains Tax – Shares or Pty
  • Any Other Income

* Including Pensions, Sickness Benefits, Parenting Payments, Newstart, Austudy and Youth Allowance. Please note that in many circumstances you will not be issued with a statement for these payments, if you aren’t sure check first with your accountant or Centrelink.

Other Documents

  • Private Health insurance Tax Statement. Please note this is needed to complete your tax return and in many cases we cannot lodge your return without it.
  • Dependant information
  • Spouses taxable income
  • HECS/HELP Statement. You may not receive this by post, your accountant will be able to tell you your balance as at 30th June.
  • Copy of a Notice of Assessment from a prior year. This is needed for identification with the ATO. Please provide to your accountant.
  • Details of the Bank Account you would like any refund due to be deposited. ATO no longer issues cheque refunds

Deductions

  • Cost of managing your tax affairs – including Tax agents Fees
  • Charitable Donations of $2 and over
  • Interest and Dividend deductions (could include bank fees, margin loan interest)
  • Income Protection Insurance
  • Work Related Travel and Motor Vehicle Expenses (either with kilometres under 5000, or with a logbook)
  • Work related Protective clothing or uniform costs
  • Work Related Self-Education expenses (including conference, course fees, books, seminars, stationary, and travel to courses).
  • Union fees, or Professional Association Costs

Every family and individual is different however their goals of paying minimum tax whilst receiving a maximum return, stay the same. Start Fresh Accounting look forward to assisting your financial goals, by asking the right questions.

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