In order to prepare your personal tax return, we first require some information from you. This information includes: your name and relevant contact details, information on your income and deductions; as well as your signed authority approving us to assist on your income tax affairs. We like to capture as much information as possible from you at the outset in order that we have the full picture of your situation to secure you an optimal tax outcome.
We now offer two means through which you can submit this information through to us:
You will be prompted for a list of your business income and expenses. If you have an online bookkeeping file please select the “Invite Accountant” Option. You might simply prefer to list your income and expenses to us in your online form submission.
If you own a rental property, our form will prompt you for a summary of total rental income and all associated expenses including council rates, water rates, property agent fees, strata, repairs & maintenance, depreciation (if you had a depreciation report prepared), sundry, electricity, travel to see rental property, mortgage interest etc. If you use a property agent, they will be able to provide you with a summary that summarises most of these costs (generally electricity, council rates and mortgage interest are not included in agent statements).
If you own an air b & b (including if you rented out a part of your home using air b & b) a rental schedule will need to be included within your personal tax return. Aside from the total income you received from people staying in your property, we will also need you to gather together a summary of all your property expenses for the financial year. These will include rates, strata, electricity and mortgage interest. We will also require the amount of time that your property was rented out within the financial year in order that we can apportion your expenses accordingly.
Once you have submitted your details through to us for personal tax return preparation, you will receive a confirmation from our team. Generally speaking, you will not wait more than 3-4 days for your tax return. We will keep you fully posted throughout this time frame. If we feel that there is important information that you need to know regarding your return, we will always get in touch with you to discuss further. Similarly, if we have any queries we give you a call to discuss or email through a list of questions. Once you are happy with the return, you can then digitally (or manually) sign your approved tax return for lodgement. We then lodge your tax return with the ATO and confirm with you once this is done. If you disagree with the tax return that we have prepared for you, please email or phone us with your queries and concerns or requested changes.