Income Tax Returns
A tailored approach to income tax returns
With the end of the financial year now behind us, it’s time to open up your receipt box and file your tax return. Whilst recording your income and claiming for your expenses may seem like a simple task, many of us are still claiming deductions that we shouldn’t be and missing out on others which could be reducing our taxable income, contributing to a higher tax refund. We understand that tax advice is not a ‘one-size fits all’ solution and we take the time to provide you with expert taxation advice.
Our Income Tax consulting services include:
- Income tax and capital gains tax planning and implementation
- A tailored approach to income tax consulting
- Specific tax rules relevant to high net wealth individuals
- Dispute resolution with the Australian Taxation Office
- Preparation and lodgement of annual income returns
- Specific advice in relation to investment properties. Click here to learn more about specific items for investment properties
Understanding Property Taxes in Western Australia
When you own property in WA, you also often have to pay taxes, duties or levies.
Transfer Duty
Transfer duty is also known as stamp duty and is levied by the state government on property purchases. In WA, it is often the biggest tax most property owners need to pay. Transfer duty generally falls due when the property changes hands, typically at settlement. The amount is calculated based on the property’s purchase price or market value, depending on which is higher.
Do You Need to Pay Transfer Duty?
Transfer duty applies to most property buyers in Western Australia, including investors and owner-occupiers. However, the rates vary. Investors usually pay a higher ‘General rate’ while owner-occupiers pay a lower ‘Residential rate’.
When a Gift Is Not Considered a Gift by the ATO
In Australia, the tax treatment of gifts can be complex, particularly when the Australian Taxation Office (ATO) decides that a transaction, which appears to be a gift, is not classified as one for tax purposes. This distinction can have significant implications for both the giver and the recipient. Here’s an overview of how and why the ATO might challenge the classification of a gift and what this means for taxation.
Defining a Gift for Tax Purposes
Under Australian tax law, a gift is generally considered to be a voluntary transfer of property or money from one individual to another without any expectation of receiving something in return. Gifts are typically not subject to income tax, but they may have implications for other taxes, such as capital gains tax (CGT) or stamp duty, depending on the circumstances.
When a Gift is Not Considered a Gift
Resources
Tax Deductions & Substantiation
How To Effectively Protect Your Assets
What Is Investment Risk?
SFC Property Investors
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We offer a 10-minute no obligation consultation to existing property investors, first home buyers and small business owners who are looking at property investments, business and asset protection.