Managing ATO audits
An Australian Taxation Office (ATO) audit can create a lot of fear and stress, our team will help you in determining what action to take during an ATO audit.
Taxes made simple
Tax time doesn't have to be tough. Coleman Financial Group is here to simplify things.
The Coleman Financial Group difference
Are you ready to maximise your tax refund and experience a quick and stress-free tax return lodgment with our team at Coleman Financial Group?
We bring a thorough and dedicated approach to ensure no stone is left unturned when it comes to maximising a tax return for individuals. Our goal is to secure the best possible outcome for your income tax return by leveraging our extensive expertise and knowledge.
When it comes to individual returns, our many years of experience makes all the difference. We understand the intricacies of the tax system and know how to navigate it effectively to achieve optimal results for our clients. You can count on us to provide you with expert guidance and strategies tailored to your unique circumstances, ensuring that your income return works in your favour. So if you seek professional advice book a free consultation now!
Registered tax agent accountants
Coleman Financial Group's accountants have a wealth of experience with tax returns.
We are technically proficient and always up to date with all things to do with your personal income tax return.
With years of experience as tax agents and certified practising accountants as well as lodging an abundance of varied tax returns each year, we pride ourselves in knowing how best to fully cover your circumstances for eligible tax deductions.
The Australian Taxation Office changes its guidelines frequently as to what you can claim on your personal tax return. Coleman Financial Group are aware of all these changes and know what government deductions you can claim. Some examples of these deduction changes that you can claim are: work from home office expenses, record keeping, dividends, software, interest, capital gains and receipts.
When you do your own tax return you could be missing out on claiming more than you are aware of.
When we process your personal tax return, we will try to process your tax return in a timely manner ensuring there is a quick turnover time because we understand the importance and need for clients to receive their refunds quickly, we will also strive to meet your obligations for tax compliance.
Cloud accounting software experts
You can rest assured that your tax refunds are in safe hands. We utilise cutting-edge accounting software to ensure security and accurate consistent returns. With our streamlined processes, your refunds will be processed quickly, allowing you to breathe easy during tax season. At Coleman Financial Group, we are committed to minimising your individual taxes for the current income year, so you can focus on what matters most to you.
Paying your income tax
In Australia, individuals are required to pay income tax on their earnings. As the saying goes there are two certainties in life - death and taxes!
The amount of tax you need to pay depends on various factors, including your taxable income, residency status, the specific financial year and any applicable deductions or exemptions. The Australian financial year runs from July 1 to June 30, and tax returns are usually lodged by 31 October following the end of the financial year. But accountants have later due dates.
To pay tax in Australia, you will need to obtain a Tax File Number (TFN) from the ATO. Your employer will ask for your TFN when you start a new job, and they will withhold tax from your wages based on your income and tax bracket. This is known as Pay As You Go (PAYG) withholding.
At the end of the financial year, you will need to lodge your tax return with the ATO to reconcile your total income and deductions for the year. If you have paid more tax than you owe, you may be eligible for a tax refund. And so, if you have paid less tax than you owe, you will need to pay the remaining amount.
The Australian Tax Office regulations change frequently and so it is important to ensure you comply with the current tax laws and regulations in Australia. The team at Coleman Financial Group are up to date with these changes and can help you get the best outcome on your income tax return.
Understanding a tax return for individuals
Taxable income refers to the portion of an individual's income that is subject to tax. It is calculated by subtracting allowable deductions and exemptions from the total income.
To determine your taxable income, you typically start with your total income, which includes various sources such as:
- Employment income: Salaries, wages, bonuses, tips, and commissions.
- Self-employment income: Company's income earned from operating a business or working as a sole trader.
- Investment income: Earnings from investments like interest, dividends, and capital gains.
- Rental income: Income generated from renting out property.
- Retirement income: Pensions, annuities, and distributions from retirement accounts.
- Other income sources: Spousal maintenance, royalties, and certain types of grants.
Another area in which we have an abundance of experience and wealth of knowledge is with foreign income and deceased estates both of which affect your taxable income. These two areas can prove quite tricky to navigate if your accountant is unfamiliar with dealing with the intricacies of these two items. If you are still confused contact us or seek guidance from the ATO. If you make a mistake as a result of not understanding your obligations, you can still face fines and penalties.
