Accounting Services - Individual Tax Returns
Generally speaking, anyone who earns over the tax free threshold during the course of a financial year, 1 July - 30 June, is required to submit an individual tax return to the Australian Tax Office.
You must pay tax to the Government in proportion to your earnings for that period. In addition to the marginal tax income rates that are used to calculate the base amount of tax payable, taxpayers may be eligible to claim deductions or offsets that may further reduce the amount of tax payable.
Personal Income Tax Returns address all significant financial transactions by the taxpayer for the year. So this includes not only income from employment and wages but also regular income from investments and rental properties as well as one-off payments as a result of the sale of assets. Additionally, any losses incurred during the period also effect the net amount of taxable income and hence the total amount of tax payable by the taxpayer.
If you are submitting your personal income tax return yourself it must be lodged with the Tax Office by 31 October each year. However, if your return is prepared and lodged by a registered tax agent such as The Quinn Group then the deadline is significantly extended.
It is important to diligently submit regular tax returns in order to avoid incurring penalties and possible audits.
At The Quinn Group we work hard to ensure that our tax clients are aware of what they can and cannot claim on their returns and we work with you to legally minimise that amount of tax that you are required to pay.
Contact us now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166 and arrange for one of our tax agents to help you minimise your tax.
The Quinn Group - Providing the Total Solution
As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.
Visit our Personal Accounting Services page for more information on the wide range of Accounting Services that The Quinn Group can provide to you as an individual.
View all our office locations to find The Quinn Group office nearest you, or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.
Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.
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