First Home mortgage broker in Cranbourne North- Things to avoid

This article is for you if you’re looking for your first home mortgage broker in Cranbourne North. We’ve discussed some of the costly mistakes that people often make in the process. Let’s get started.

Mistakes people do while looking for a home mortgage broker-

Not stating the exact income and expenditure.

Similar to other loans, lenders often need exact details of your income and home-related expenditures. This helps them in estimating the perfect loan amount and tenure, based upon your profile. However, if you hide out specific details or don’t mention any active loan IDs, it will only cause you trouble. If you are already paying out some part of your income to a loan, opting for a mortgage loan will add to your stress levels.

People often think that stating a reduced expenditure makes them more likely to bigger loans with better tenures. However, this whole notion is entirely wrong. An individual must have a good ratio between their total income and expenditure to be eligible for mortgage loans.

Not making enough comparisons.

In your search for the first home mortgage broker in Cranbourne North, you always need to make fair comparisons. Just checking out their adorned websites with hyper claims, is going to take you nowhere. While checking out a mortgage loan, there are various factors that need careful observation. Checking out the rate of interest, home-loan features,    allowable loan-to-value ratio, tenure, and the moratorium are essential. Getting a note of these helps you stay prepared for the upcoming financial changes.

You should also have a detailed discussion of the various processes included, if possible. This can come in handy while analyzing your needs, along with the lender’s interests. Another option is to scroll through multiple online lending websites and comparing their aspects with each other.

Not checking the credit score.

A credit score is like the backbone of all loans. The three-digit number helps bankers and other lenders examine your financial stability when applying for loans with them. Hence, you must perform a credit score check before going for a mortgage loan. While a good credit score generalizes your promptness to finances, a bad one might not be acceptable. Apart from the credit score, lenders also examine the credit report. The report bears every detail about the loans you have applied, paid, their names, and every other component of your financial records. So, if your account shows that you have missed payments or have overdue balances, you are most likely not to get a loan.

Some mortgage brokers can help you with low credit scores, so make sure to know the score beforehand.

Applying for too many home-loan applications

As discussed above, it is essential to check out the various features of home loans. However, be sure to not apply for every home loan you pass through. An increased number of applications reduces your creditworthiness, making you a suspect of late payments. So, if you apply for a mortgage loan and move on to another, the next lender might become suspicious of your actions. Not only your chances for the loan goes down, but also it is termed as a fraudulent action. This might also lead to your blacklisting from other lenders.

Not rectifying errors

Looking for a first home mortgage broker in Cranbourne North is undoubtedly a delicate task. It is easy to make mistakes while filling out their forms, but sending an application filled with errors will make all your hard work go in vain. While some banks or lenders might be lenient, others might outright reject your application for the loan. So, before you submit the form, be extra sure of your needs, personal and income details, etc. Fill only the exact amount to get the best services.

If you want to save yourself from all this hassle and want to make the whole home mortgage process easy for you, contact Rands Financial Services. They have been serving the city for more than two decades and have some of the best-in-class brokers to help you with your case. Most important, you will get a quality service worth your hard-earned money.

How to qualify for mortgage loans in Melbourne?

The first and foremost thing that is examined by your lenders before mortgage loans in Melbourne is the person’s credit history. An individual must have clean records with a fair number of previous loans for successful acceptance as a potential candidate. The loans must have precise data with regular payment of the installments to be eligible for the next big loan. However, the chances diminish in case there is some discrepancy, or your loans have been overdue a lot many times.

However, there are some other essential elements as well. Let’s discuss them in detail.

Criteria essential for Mortgage Loans in Melbourne

Gathering income slips

When you are applying for mortgage loans, your lender would want to know as briefly as possible about the repayment process. In case you are a salaried individual, you need to show or deposit 3-month bank statements or payslips. But, in the case of a self-employed individual, the preliminary checking is done through analyzing the latest two years Group certificate or tax returns. Some lenders also accept trust deed, company, and trust appendix, so be sure to clear your doubts.

Neat Property Paperwork

After a successful evaluation of all other criteria, the next important milestone is the paperwork of the property to be mortgaged. For a successful property appraisal by lenders, the paperwork must have a stamped seal from the Australian Government. The plotted area must be as similar, as mentioned in the documents with no issues. There should be no fraud or illegal land ownership cases on the property or the owner. Moreover, the owner must pay regular land and revenue tax for a successful mortgage loan acceptance.

Providing an authentic reason for the loan

Although not applied by all, this step may come in handy for some private lending institutions. Most often, lenders might also ask for submitting a detailed project report. This report should include your plan for applying for the mortgage loans in Melbourne, estimated loan amount, installment details, and more. You may also require to attach all your documents along with this project form attested by yourself.

Taking professional assistance

With the always-changing rules and regulations of loan form acceptance, you will need a lot of experience and time for doing all this by yourself. So, unless you have been a banker for yourself, you will need a professional mortgage broker by your side. They are specially trained to help their customers in every step and solve any situation that might come upon them. Furthermore, as their works revolve around the financial sector, they need to have close contacts with many lenders. So, if you are not satisfied with the loan amount or conditions from your persisting lender, you can easily switch to others.

Things to be avoided before signing the loan form-

Changes to the annual income

Once you have mentioned your annual income, refrain from changing it. Making sudden changes is punishable and referred to as fraud. If the annual income has been mentioned wrong as contrary to the original documents, consulting with the lender might help.

Signing other loans

A person must maintain a good credit history with as few as loans possible. This helps create a good profile, thereby helping you get bigger loans in the future. Similarly, it is also advisable to not co-sign any other loan during this term.

Changing Bank Accounts

The lenders and loan officers need to track your expenditures from the loan account. Thus, account transfers or changing the bank account should not be done once the amount is released. This might cause tracking issues, resulting in you needing to submit more papers.

Sudden closure of credit accounts

While it may seem closing existing loan accounts can help increase credit history, the results might not be as you wish. A great patriot of your credit profile comes from your loan histories, and closing them abruptly can create imbalance. However, choosing to pay installments regularly sure has a benefit on your mortgage loans in Melbourne.

If you want to easily avail of mortgage loans in Melbourne, contact Rands Financial Services today!

7 Ways a Tax Agent in Narre Warren can help you

We all see Tax agents as our guide to pay taxes but they are capable of much more. They can help you manage your accounts and optimize spendings to save more towards the year end. In this regard, let’s discuss how the presence of an elite tax agent in Narre Warren by your side can help you in several ways.

A tax agent can help you towards the following:

Utilize time perfectly

While online DIY ideas may seem easy, taking the help of a professional tax agent in Narre Warren is more fruitful. Having years of experience, they can offer case-friendly solutions which can save both time and money.  Their work is to carefully analyze your income sources, deductions, and other essential aspects to fill out the tax form successfully. However, unless you are well-versed in accounting, this process may take a couple of days to complete, with a greater chance of mistakes.

Informing about Tax guidelines

As part of their service ethics, tax agents must stay updated on all alterations made to taxation laws. So, while applying for taxation, they can help you understand every complicated term, including advising legal ways for minimizing tax returns. It also reduces the chance of failed tax form submission, preventing a surprise audit from the ATO.

Time Extension

The Australian Taxation Office (ATO) provisions individuals working with tax agents to have a greater time extension for submitting their forms. While the usual deadline for each financial year falls on October 31, you can have until May for completing the whole process. However, the ATO has their list of certified tax agents who are allowed these unique benefits. So, while looking for a tax agent in Narre Warren, be sure to ask if they are on the list or not.

Giving the right advice

Every person bears a distinct financial record, and hence getting the right advice is very important. Some may be normal, whereas some may be too critical, therefore requiring more streamlined resolutions. Thus, only a professional can help you avoid making unnecessary and bulky payments to the ATO. You can either choose to get a free quote to compare with others or check out reviews of their work quality. Similarly, if some of your assets are sitting at a loss, they can give you the best option to eliminate the asset without any fraud issues.

Calculating your total income

Another task your tax agent can help you with is to make proper and exact income calculations. This is done by combining all your income sources, including foreign investments, trust funds, pension schemes, etc. This may seem easy; however, it can take a person many days to make it right when done at home. While the ATO carefully analyzes your tax forms, any miscalculation is interpreted as a fraud attempt, which may mean hefty fines. It is wise to choose a tax agent in Narre Warren rather than blindly trusting DIY tips and tricks.

Schedule-friendly timing

Unlike DIY ideas, getting a professional tax agent can also help you maintain a uniform balance between your work and other needs. Nowadays, many tax agents offer online services and are also quite understanding when scheduling offline meetings. You can choose to work via email, messages, or over the phone, without going out of your home. With vast options available, you can also pick an agent providing services within your set budget.

A complete package of services

A good tax agent always provides complete and genuine services to their customers. They have several tasks starting from accessing all necessary documents, making exact calculations, determining profits and losses. Apart from that, they also help claim returns and provide 24/7 support and advice if any issue arises. Therefore, when you sign the papers with a tax agent, you can expect thorough services to the end.

If you need a taxagent in Narre Warren who is good at all the skills described above, talk to Rands Financial Services. They have some of the best tax agents in town to help you manage your tax and more with ease. 

7 Tips to Help You Choose the Best Mortgage Brokers in Melbourne

Most of us don’t know anything about finance yet we need its knowledge to handle property and tax related issues. However, mortgage broking could be the worst of them all. In case you have little to no idea about it in the first place, you’re digging your own grave during solo attempts. One of the easiest solutions to avoid probable catastrophes is to hire an ideal mortgage broker. But with so many mortgage brokers in Melbourne, it takes an eagle’s eye to separate the wheat from the chaff. How to do that? Here are some tips to get you started.

Complete your homework

Nowadays, finding online loan companies is very easy. You just need to fill in your requirements and click on search. However, to make sure you choose a safe and accredited mortgage broker, making a comparison is best advised. Many sites provide reviews on the online brokers, or else you can visit their official website.

Understanding their payment type

The payment type of mortgage brokers varies from one another. So, it is highly necessary to make sure that you choose the best mortgage brokers in Melbourne. And this can only be done by creating a query of their payment type. Both upfront and trail commission is the most common forms of payment. However, if your broker receives compensation through the latter one, they are not obliged to continue their services till the loan tenure.

Accessing their competency

Before hiring a particular mortgage broker, you should make sure that they have the required qualification and experience for doing so. While qualification is essential for them to deliver superior services, experience determines their service quality and duration. They should have a university degree, Certificate IV in Finance, and Mortgage Broking. Another beneficial way of finding the perfect broker for you is to ask for references from your friends, relatives, or colleagues.

Questioning Interest Rates

A good mortgage broker maintains a transparent relationship with their client. Their work involves finding the best mortgage loan for you with the best interest rates. As they continuously work with customers, private lenders, and banks, they are well-updated about all the loan processes. But, in case your broker is avoiding directly answering your questions regarding the loan, you should switch over to a new one.

Examining their communication skills

Apart from providing mortgage broking services, they should have excellent communication skills too. Termed as "Business Ethics," this skill is alone enough to know how your broker might be providing their services. You can talk to their previous clients or take one of their free consultations for determining their excellence. Using complicated words and not explaining them clearly is also one of many fraud brokers' most common tricks.

Finding their ownership structure

Many often, brokers are partially or wholly owned by big banks. Although this is a common thing, it can significantly affect their quality of services as they might trick you into indirectly employing the bank's services. Regardless of their ownership structure, a good broker will always tend to provide only what's best for their clients. So, while looking for the best mortgage brokers in Melbourne, you should make sure to hire a non-biased one.

Acquiring documents in writing

Although no broker would want to be suspended and have their mortgage accreditation taken away, the chance of being lied or duped cannot be ruled out. To ensure you are not being caught into any of their traps, it is advisable to ask your broker to provide written credit assessments. This copy can also help you access the terms and conditions and, thus, make a wise decision whenever you want. However, asking for your credit assessment reports might be chargeable.

Now you’re all set to look for an ideal mortgage broker. In case, you find it tiresome, always consider Rands Financial Solutions as your ideal bet. They have a pool of best mortgage brokers in Melbourne to serve their customers. You can leave all your worries to them and they will surprise you with a quick solution.

What is the difference between an Accountant and Tax Agent in Narre Warren?

When people land into the business world for the first time, the complex accounting stuff creeps them out. With so much to manage, from accounts to taxes, entrepreneurs start desperately looking to have an in-house team or get some help from freelancers. But while hunting for the best, they get themselves confused between the exact roles of an accountant and a tax agent. If you’re one of them, this article will serve you as an ideal guide. Let’s get started.  

Tax agents and accountants are often confused as two different names of the same profession. However, it is essential to know that they are entirely different sides of a dice, with opposite action courses. To make this even easier to understand, let’s check out the distinguishing factors.

Tax Agents

Tax agents, as the name suggests, they are officials recruited by taxation authorities or the Government. They mostly work to help people file income returns that are compatible with ATO standards. Their work involves going through all past income, expenditure, and other details and then supporting their clients to correctly fill-up the form. The tax agents in Narre Warren can be found in private and Government institutes and online and offline.

Educational Difference

The tax agents are well versed in tax laws and hence are much more preferred by clients for compatible IT form fill-ups. As they are a significant part of tax services, they need to have specific qualifications and experience requirements to be eligible as tax agents. These certifications are generally decided by the Tax Agent Services Regulations 2009 (TASR) along with a good record in other qualifying examinations. Similarly, they also have to show the required experience before being termed as a tax agent in Narre Warren.

Accountants

However, the job of an accountant is more like a business strategist. They help you maximize tax returns in traditional ways while simultaneously reducing the amount of tax payable for a financial year. Like tax agents, they also review past data of their clients, including income, expense, assets, and more. This is done to devise better ways for a reduced taxable charge.

Moreover, their work also includes finding the faults and mistakes in businesses or companies and preventing them from being worse. So, they can also be called the ‘additional protective layer’ of your business. They take advanced software that helps track, report, and determine the accurate profit or loss that may be going in the industry. This can help your business or company to thrive more successfully for an extended period.

Educational Difference

Unlike tax agents, accountants don’t need to be thorough in taxation laws. They have to do accurate calculations and devise newer and safer ways for reduced tax payment. An individual can become an accountant if he is a Bachelor of Accounting, Master of Professional Accounting, or has completed a Certified Practicing Accountant (CPA) program. Apart from this, some private institutions might also have different experience requirements, which can vary from others.

Accountants in Australia can also be found working under Government or private institutions, similar to tax agents. The steep demand for their services has also led to many accountants providing online services through approved and registered websites. If you have been looking for an online accountant or tax agent in Narre warren to help you in accounting, consider Rands Financial Solutions as your ideal bet. They are one of the leading tax accounting firms of Narre Warren and offer all sorts of accounting services you could wish for your business.  

What to expect from a cash back mortgage broker in Narre Warren

There comes a time when we start looking for a reliable cash back mortgage broker in Narre Warren. But most of us simply don’t know what these brokers are capable of and end up bargaining less for the same service fee. In this regard, here are some essential tips for you to get started.  

A KYC Form is the first process.

 

It is a general statement that lenders start recognizing their customers before determining if or not to lend them money. For that, they may ask you to fill up their Know Your Customer (KYC) forms or register your details with them. This information will help them know you, the circumstances, income, and expenditure before giving you the loan amount. Moreover, it will also give them enough access to your income and credit profile and provide the perfect customized cashback mortgage loan.

 

Credit Guide

 

The next step you can expect from your cash back mortgage broker in Narre Warren is a detailed credit guide. In this process, you will be subjected to their terms and conditions, credit assessment procedures and requirements, fees, charges, etc. This is generally done according to your credit requirement and after correctly accessing your data. You will get to know the lenders your broker works with closely, including their benefits and add-on specialties. Through this process, your broker will also teach you to file a complaint or get your issue resolved in the proper legal way.

 

Information regarding Interest rates and discounts

 

Applying for a cashback mortgage is indeed a risky task, and not everyone is eligible. Moreover, lenders often charge higher interest rates as compared to standard mortgage loans. The higher interest amount helps them refill the amount they have shelled out upfront as a cashback mortgage loan. So, when eligible, your cash back mortgage broker will provide you with a list of potential lenders. Through this, you can choose whoever you want to work with wisely as it generally comes with a detailed description of their levied interest rates and more.

 

Essential Documents

 

The cashback mortgage loan is one of the most complicated loan types and requires careful assessment of many essential documents. So, once your cash back mortgage broker in Narre Warren completes all the initial procedures, they will ask you to deposit certain documents. Some of them include:

 

● Recent transactions and bank account statements

● Proof of deposits in the form of saving

● Proof of income

● Proof of Identity

● Statements for liabilities like credit cards and other loans

● Detailed analysis of your assets

● Value of the contents in your home, etc.

 

A Reviewing Period

 

After all the necessary steps are complete, your broker will give you a final reviewing time. This is where you have to review all your decisions, the lender you chose, repayment, interest rates, and other details. You can also ask whatever questions you have related to your broker's loan and get an easy-to-digest format in return. Furthermore, your broker will also send you a disclosure document bearing the fees of their services if they are chargeable. Their final task is to take your sign on a lender privacy form and stay in contact with you until the process is completed correctly.

 

If you’ve been looking for a reliable farm who can supply you manpower in this regard, go for Rands Financial Services. They have a good reputation in the market in handling accounts and tax issues with ease. Go for them without giving any second thoughts.

What are the responsibilities of a mortgage broker in Melbourne?

Finding a mortgage broker in Melbourne is not an easy task. You have to have prior work experience in dealing with mortgages to ask the right questions for the interview. But if you are a newbie, it’s important to understand their roles and responsibilities first. Here are some important responsibilities of a mortgage broker.

Serving as the Middlemen 

The first job of a mortgage broker in Melbourne is to ensure that they serve as the connecting link between the lender and the borrower. They are responsible for almost all meet-ups, negotiations, and more, which are required for completing the process smoothly. When hired, they go through the process, do the necessary paperwork, and meet other time-consuming processes. This can help finalize the deal without much effort by the lender as well as the borrower. In the case of misunderstandings, they are also liable to solve the situation with proficiency. 

Compilation of necessary documents 

As discussed above, almost all of the paperwork is done by mortgage brokers. Their qualification, experience, and knowledge make it comparatively easy to fulfill all aspects of the process in a short amount of time. What’s more? They also accumulate all the essential documents like credit reports, employment history, bank statements from the borrower. After a successful evaluation, the same is then forwarded for purchasing or refinancing the property. Similarly, their work also includes helping the customer fill out a paper or online forms for the loan without any issues. 

Anticipating Complicated Issues and Solving them

If you are in the middle of a crisis during mortgage broking, you can hire one of these mortgage brokers in Melbourne to help you out. With their vast and diverse knowledge, they can simplify the whole situation and curate easy-to-solve solutions. Similarly, you can also take consultations from them to ensure you don’t end up with a hefty loss while trying to sell out or purchase a property. You can always look for the most suitable mortgage broker in Melbourne within your budget, either through reference or online websites. However, it would be best if you were careful enough to go through their qualifications, reviews, and quality of services before hiring them.

Provide professional liability insurance

Most often, prosperous and well-known mortgage brokers offer professional liability insurance to their customers and clients. Although this policy is only beneficial for the brokers, their availability shows that customers most trust them. They also automatically have better service quality as compared to newbies or low booking agents. So, while looking for the perfect agent, be sure to go through their liability insurance details.

Help out with Housing Loans

Not only do they help compile all essential documents, but they can be useful in deciding the prefect housing loan for you too. Their working field enables them to have more connections with lenders, banks, and private lending institutions. So, hiring a broking agent equals more chances of securing the perfect loan for you. They can also help you stay safe from over-priced interest percentages and get the most benefits with lesser investment. What’s more? As they go through every term and condition carefully, they can also help you get a cheap mortgage.

Are you in need of such a responsible mortgage broker in Melbourne? Consider Rands Financial Services as your ideal bet. They are one of the well-known accountant firms of Melbourne. With more than twenty years of experience in the mortgage industry, they are well versed with every nuance of mortgage policies to offer their clients impeccable service. 

Tips to Pay less Tax with a Tax Agent in Hampton Park

There are numerous ways in which you can save your tax money. However, most people don’t know about it and end up paying more than usual. However, you can avoid that by hiring a tax agent in Hampton Park. In this regard, this article will be your guide. So, let’s get started.  

Making Claims for Job-related expenses

As per the Australian Taxation Office’s guidelines, an individual can claim all expenses related to their work. These generally include uniforms, transportation charges, self-education expenses, tools, equipment, computer, internet, books, telephone, etc. However, if your payment is partially related to your work, you need to be careful and only mention the work charges. Mentioning the whole expense might lead to rejection of your claim deduction application and land with hefty charges. You may also be needed to submit electrically scanned copies or paper bills of your expenses within the assessment period.

Indulging in Donations 

Donations are an excellent way to cut-off a hefty taxation charge at the end of your financial year. The new regulations state that a person can claim tax deductions if their donations go above $2, only when donated to a registered charity. But while applying for the claim deduction, it is needed to remember that the donation refund doesn’t come right away as cash. Instead, the amount is converted to a percentage, which can provide a considerable reduction when applied to overall taxable income. So, gather all your charity certificates and attach them with your income tax application for a speedy deduction. If still confused, you can also take the help of your nearest tax agent in Hampton Park.

Proper timing of Expenses 

Another way to pay less during the income tax season is to make all your expenses at the end of June. If all of your work-related expenses and other deductible ones are made within the month, you can claim tax deduction during your current financial year. However, if it is even a month late, you will have to wait for the next financial year before making the claims.

Taking Expert Assistance 

With the constant amendments in the taxation policies, it is tough to stay updated unless you work in the same sector. Thus, to make your work seamless, you can always hire professional tax agents in Hampton Park for your assistance. They can help you claim deductible expenses in the perfect process, without facing any serious issues. However, if you are not interested in hiring tax agents, you can always take advice or book appointments with them and have all your doubts cleared before applying for the tax deductions.

Taking investment insights 

If you want to cut down hefty expenses related to investments without losing the initial income, it is better to take professional help. The professionals are precisely trained and specialize in helping their customers in such cases. Similarly, if you have an investment sitting at a loss, getting legally rid of them can also help you pay less. However, if you are thinking of selling and re-purchasing the asset after the financial year, you should refrain from the practice. This is because the ATO is currently tracking down such involvements and may result in hefty penalties.

If you want to hire an expert tax agent in Hampton Park, consider Rands Financial Solutions as your ideal bet. Hire the best tax agents in town and save more money than ever with their expert advice. Just give them a call and they will carry forward the rest thing for you.

Seven benefits of hiring ATO tax return accountant in Cranbourne North

If you look into the statistics, you will get to know that 74% of people hire ATO tax return accountant inCranbourne North to get the assurance of maximum refunds and increased accuracy. 

Those who don’t have any tax return agents have to go through a lot of difficulties while paying tax, keeping those records or files for a tax return. Tax return agents are trained to spot the options of getting the best returns.  

Here are the benefits of hiring an ATO tax return accountant in Cranbourne North 

Save your time 

There are multiple online Do It Yourself tools are available in the market. You can pay your tax and calculate the tax returns while filing. But sometimes DIY is not the best option. If you hire a tax accountant, he will have all your business transaction records. He will ask a few questions if he is filing for the first time. An experienced tax return accountant will file it correctly without making any mistakes. 

If you are doing it through an online tool, you have to check all your records to avoid mistakes. So to have a hassle-free tax return filing, hire a tax return accountant in Cranbourne North. 

Deadlines are extended

If you are hiring a certified tax return accountant, you can get an extension on your tax filing deadlines. If you are filing on your own, you have to submit it within the date of 31st October. But a tax return accountant has a period until May. So you have enough time to make your spreadsheets and reevaluate your transactions.

Stress-free

It is a massive responsibility if you are going to file your tax return by yourself. Your small or big mistakes can land you to an Australian taxation office’s audit. There might be multiple penalties, fines, or interest to be paid. You can have your peace of mind because your tax return accountant of Cranbourne North has the ability to calculate accurately and file your tax returns on time.

Avoid complexity

There are various tax return filing scenarios. If you are facing any complicated tax filing problems, then you can hire a tax return accountant to save your unnecessary fines to the ATO, stress, and times. You can focus on your business dealings and keep all your tensions because your tax return accountant will file your tax returns after analyzing all your business transaction records.

Build a healthy relationship

It is essential to have a healthy relationship with your tax return accountant. It will help you during the time of tax return filing because he will have all the records of your business. His suggestions may let you a hand to get out of complicated financial rooms. 

Calculating your income 

If you have any foreign investment or own a trust, paying your tax, and filing a tax return can be a difficult task. ATO monitors all your incomes and business statements according to their rules and regulations. Your tax return accountant can give education about all your revenues and losses. Those strategies can be used to grow your business and generate a good profit. The accountant charges will be from your tax return.

Rules and regulations 

Tax return accountants have all the knowledge about the changes or implementation of new laws. Hire an accountant and discuss all your business analytics and share all the transaction records. He will give suggestions about the new regulations to avoid audits and ATO inquiries. Organize your business according to your tax return outputs. If you face any problems, your accountant can also deal with the ATO officers.

In this regard, if you need serious help from an ATOtax return accountant in Cranbourne North, Rands Financial Services would be your ideal bet. They are serving other locations such as Narre Warren, Narre Warren South, Narre Warren North, Pakenham, Hallam, Berwick, Cranbourne North, Hampton Park, Clyde North, and Fountain Gate. They are serving some of the elite clients from the town for the last 12 years. Just drop them a message, and they will do the needful.

Checklist for Income Tax Return in Narre Warren South

Sometimes, despite our strong concern, we are about to miss tax payment deadlines. This is a common thing that all busy entrepreneurs experience these days. In that last moment, all we need is a checklist to make sure we are not missing out on anything important. Otherwise, the department will return our application citing insufficient documents required for verification. In order to avoid that, we have prepared an ultimate checklist to make those last moments hassle-free. 

Things you need in order before applying for Tax Return in Narre Warren South

Form 16 

One of the most important documents while filing an income tax return is Form 16. The form is a TDS certificate provided to salaried individuals from their employers. It comes bearing all necessary info related to salary breakdown, total TDS deductions made, along with the PAN and TAN numbers. However, if your employer hasn’t provided you with a Form 16 during the joining procedures, you can always ask for the same. 

Similarly, depending upon your profession or income source, you may be required to submit the appropriate form 16 variant. 

Salary Slips 

The salary slip comes with a complete reference to the various provided allowances including house rent allowance, transport allowance, travel, tools, and equipment, etc. This data is then added together and tagged separately as the taxable and non-taxable portion from your tax return in NarreWarren South. Although not every allowance needs to be included in your tax form, giving complete details can help you stay safe from fraud-related charges. 

In case you earn through leasing property, receive government pensions and allowances, or depend upon foreign income, then similar essential documents are needed. They must contain data about every income, dividends, loss, payments, interest, etc. 

Interest Certificates from banks and post office 

If you have several savings bank account, fixed and recurring deposits, or post office savings account, then the interest gained is also taxable. Thus, getting an interest certificate from the bank or post office can come handy as it can give you a helpful idea of the taxable portion of the interest. Similarly, if you have a lesser accumulated interest than the set amount, you can claim deductions. But, it is essential to note that taxation rules undergo complete amendments every couple of years. Thus, staying updated on every changed law is a must. You will also need to mention particular transaction details about your active and inactive bank accounts along with the debit and credit cards. 

Expense Receipts 

While filing a tax return in Narre Warren South, you may also be asked to deposit the original or electric form of your expense receipts. This includes telephone and internet costs, freight and transport costs, employee costs, work uniform, and other clothing expenses, educational or program-related expenses, computers, software, and repairs, amongst others. However, all the payments must have been done by you and directly for the company benefits. 

Moreover, you may be asked to present the electronically scanned files or the original receipts at any time during the audits. Afterward, if your expenditure comes within the set bar, you can expect a good tax return. 

The ones mentioned above are some of the most commonly needed documents while filing an income tax return in Narre Warren South. However, the tax authority might also ask you to submit additional papers based upon the audit process. These include: 

●      PAYG summaries from employers

●      Distributions from trusts, partnerships, and super funds

●      Net income/ Loss from business

●      Lump-sum termination payments

●      Superannuation lump sum payments

●      Superannuation contributions

●      Donations

●      Rent/ lease payments

●      Low value pool deductions/ depreciations

●      Legal and accounting fees

●      Stock valuation figure

●      Income protection insurance

●      Business Activity Statements, etc.

The list may sound like a hell of a plan. But that’s what it is like to file a tax by your own. Else, you can easily hire a reputed firm like Rands Financial Services to get things done. They will handle the entire paperwork and remaining procedures for you at a nominal price.