Personal Income Tax Return
At Lockwood and Ward we aim to take the stress out of personal income tax returns. Over 84% of taxpayers use a registered tax agent, as it is well known dealing with tax returns can often be an overwhelming task. We don’t just complete the return however, we ensure that we use every deduction you are legitimately entitled to, which comes from our extensive knowledge and experience within the industry.
There are specific entitlements and restrictions that are related to many occupations and industries. You may be entitled to claims from tax determination or rulings in your industry that you are not yet aware of. Alternatively there may be restrictions on claims that you are making that could result in hefty consequences through a taxation audit. To ensure that you are not paying more in tax then required and that you don’t end up being audited due to incorrect claims then contact Lockwood and Ward where we can help you get the best results out of your tax return.
Investment Property Owners
As recently stated in the press, the ATO have investment property owners in their sights with regards to capital and interest expense claims. There is also focus on the sale of property and any capital gains that may result. There has never been a more important time to make sure that you maintain correct record keeping!
We are able to help you claim the correct amounts allowable on your property, which will ensure that you are capitalising on the full value of your asset. We have an extensive knowledge in investment property taxation and are able to inform on issues including negative gearing and capital allowance expenses. We are also able to highlight traps such as black-hole expenses in relation to the pre-purchase costs of an asset.
There can often be confusion when a person is able to finally retire and wether they need to lodge a tax return or not. There can be various income combinations including pensions, super payments, annuities and investment income. Determining wether the rebates have been exceeded, if tax or Medicare may be due or tax credits may be claimable as refund a refund is a tricky process.
At Lockwood & Ward we suggest that retirees bring in their tax information and we can do a check to see if they need to lodge a return. In most cases there is usually no need to make a lodgement. In these situations where there is no lodgement to be made, we do not charge the client any fee. We believe it is our way of supporting seniors who have supported our country over the many years when paying taxes.
The lodging of your tax return is not the finish of our commitment to you as an agent. We remain your agent throughout the whole year and are available for advice, conformation or any general assistance relating to taxation matters that may arise. To ensure that you are better represented and receive a tax service that takes time to understand your position, then you need to contact us to arrange an appointment.
Tax on this income
0 - $18,200
$18,201 - $37,000
19c for each $1 over $18,200
$37,001 - $87,000
$3,572 plus 32.5c for each $1 over $37,000
$87,001 - $180,000
$19,822 plus 37c for each $1 over $87,,000
$180,001 and over
$54,232 plus 45c for each $1 over $180,,000