Central Coast
Personal Tax Returns
- Our Central Coast accountants excel at maximising deductions and tax returns.
- We handle the paperwork and lodgement for a stress-free experience.
- The team are available for in-person meetings and can always take a call.
- We can support or represent you in the case of an ATO audit.
Contact us today to arrange an initial consultation with no obligations.
What is a tax return?
A tax return is a form submitted to the Australian Taxation Office (ATO) that reports income, expenses, and other pertinent tax information. It is used to calculate the amount of tax you owe or the refund you are entitled to receive. Under the self-assessment system, you are responsible for declaring all your income and supporting all your claims for deductions and tax offsets when you sign your tax return.
To complete your tax return, you will need:
Your Tax File Number
Our Accountants have over 8+ years of experience lodging tax returns on behalf of employees and employers. We will require your Tax File Number (TFN) to find you in the ATO database.
Income Details
Our Central Coast team will need details about your income, including employer payment summaries, bank interest, and other income sources. The good news is that most employers are required to lodge this with the ATO for you.
Bank Details
We will need to add your bank details to the lodgement so that any refund money can be deposited back into your account.
Tax Offsets
If you are eligible for any tax offsets, you must supply information to validate your eligibility. Our Central Coast accountants will ask you questions about potential offsets during your consultation.
Tax Deductions
You will need records of any deductions you wish to claim, such as work-related expenses, donations, and investment expenses. Our team of accountants in Gosford are experts in maximising tax deductions through compliant means and will suggest strategies based on your unique circumstances.
Proof of Identity
Our accountants and the ATO will need to verify your identity to safeguard against any attempts at tax fraud. We will need your full legal name and date of birth but may require other documents if the ATO request them.
Get In Touch
Our new clients are offered an initial consultation to explain their business and individual goals. During this initial meeting, we also take this opportunity to understand your requirements and how we can help you by looking into any obstacles that may prevent you from moving forward.
When is your tax return due?
In Australia, the deadline for lodging your tax return is generally October 31st of the following financial year. For example, for the financial year ending on June 30, 2023, your tax return would be due by October 31, 2023. If you use a registered tax agent, you may have a later deadline, but you must be registered with them by October 31st.
People often go to an accountant or registered tax agent to lodge their tax return due to their professional expertise, which ensures accuracy and compliance with tax laws. Accountants can navigate complex financial situations, maximize deductions and tax offsets, and provide valuable tax planning advice. They save time, reduce stress, and offer extended lodgement deadlines and ongoing support, providing peace of mind that the tax return is optimized and handled correctly.
How do I increase my tax return?
To potentially increase your tax return, claim all eligible deductions such as work-related expenses, charitable donations, and investment-related costs, and ensure you are claiming all applicable tax offsets. Keep accurate and detailed records to substantiate your claims, and review your pre-filled information in myTax to ensure it is complete and correct.
Frequently Asked Tax Return Questions
What happens if I make a mistake on my tax return?
If you make an honest mistake, you will not be penalised, but you must pay any money owed, and interest may be charged. If you voluntarily disclose mistakes, this will be considered in deciding any interest and penalties.
What information is pre-filled in myTax?
The ATO pre-fills information from employers, banks, and other institutions, but you are responsible for ensuring its accuracy.
Can I use myTax if I have complex tax affairs?
Yes, myTax is now available for everyone, regardless of the complexity of their tax affairs, including sole traders and those with rental properties.
"Experience hassle-free tax returns with our dedicated and knowledgeable team."
