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.

How to Maximise Individual Tax returns issues in Cranbourne North

What is Individual Tax Return, and why is it important?

As the name suggests, the individual tax return is a form that is submitted to a federal, local, or state government. The form needs an individual to fill out all details regarding the income, expense, and other tax-related data within a particular financial year. Filing this form allows the Government to monitor the financial transactions of an individual. Afterward, if eligible, the Government then imburses tax-return if the income or expense comes under a specific category. So, it is highly essential to apply individual tax returns in CranbourneNorth each year, or there are high chances of persecution by authorities for not doing so.

Documents required for Individual Tax Return filing

For a successful filing of the individual tax return, you will need: 

●      Tax File Number

●      Bank details including all active accounts

●      Previous year Income Tax Assessment

●      Complete payment summaries

● Detailed information on earnings, income, lump-sum payments, foreign earnings, and other income sources

●      Complete deduction details

●      Receipts to prove the work-related expenses 

While filing up the form, it is essential that you carefully mention all income and deduction details, including income in all active accounts. If not done so, the authority might reject your application while putting hefty charges or persecution order for fraud. 

How does it work? 

For a successful tax refund, the money must be spent by yourself with available receipts for assessment. The money should be spent directly on your work expenses or must be connected to your employment activities for approval. Afterward, the Australian Taxation Office (ATO) will reimburse part of the expense to your registered bank account. 

Tips to Maximize tax refunds 

Now, let's learn some methods that can help you get a better tax return legally without compromising your tax image. 

Calculate your tax benefits on a home loan 

There is an absolute relaxation on home loans' interest for people who had taken the same construction, renovation, purchase, or repair of their residential property. Generally, it is determined based on the income from the house property. However, if the task were completed within five years of the loan sanctioned date, you would still be eligible to ask for a tax deduction from your payable or paid interest. 

Claiming work-related expenses 

If you want to get a higher tax return, be sure to keep receipts of everything that crosses the $300 benchmark. The ATO can ask for the said receipts anytime during the assessment. However, it should be directly linked with work and must not be reimbursed by your employer already, or it will get rejected. The expenses can include vehicle and travel expenses, meals, phone and internet expenses, self-education, feeding, clothing, tools, equipment, and other work-related deductions. 

Make charitable donations 

What's better than involving in charity or any other reasonable cause? Not only it provides inner happiness, but it can help maximize tax refunds, too. The Australian Government currently provides the option to apply for a tax return for any charity-related expense over $2. Although this might seem small, engaging in regular charity for 12 months can help you get a significant amount in the tax return. 

Investing in Superfunds 

Couples, with one working and one dependent, can apply for superfunds for better individual taxreturns in Cranbourne North. Superfunds are a profitable and revolutionary way of getting profit at the end of the financial year. However, it can only be applied with the working partner earning less than $40,000. The tax offset can vary from 15-18 percent, depending upon the individual's previous tax image. 

Selling off 'Loss-running Investments' 

If you have investments or assets that are currently at a loss, then it is better to get rid of them than pay tax for them. Although for every income or sell, you will have to pay tax, the 'capital loss' can be easily offset against the 'capital gain.' However, it would be best if you also refrained from the idea of re-purchasing them. This is because the ATO has issued a tax ruling to cancel any tax benefits with heavy penalties for people in such situations. 

If you are worried that you might make some mistakes or are not sure how to go through the process, you can always ask for professional help. They can help you file your individual tax returns inCranbourne North without any issues and within your budget.