19 December, 2024
AI for Small Businesses: Focus on Growth by Working Smarter
Running a small business means wearing many hats – managing operations, serving customers, handling...
Individual Tax Returns
Recording your income and claiming your work-related expenses may seem like a simple task, yet many of us are still claiming deductions that we shouldn’t be and missing out others which could be reducing our taxable income which contributes to a higher tax return.
Lucky for you, Carbon’s team of qualified tax accountants are here to work with you for a stress-free tax time. Not only will we help maximise your tax return by ensuring all your expenses are claimed, but we’ll ensure nothing is wrongfully claimed. This step is very important, as it will help protect you from the dreaded ATO audit.
There’s often confusion about what we can and can’t claim. Here’s some common expenses that may be relevant to all of us:
Work-related deductions
Motor vehicle deductions
Asset write-off
Self-education expenses
Repairs and maintenance
Insurances
Depreciation
Interest
Get the most out of yourtax return
With advancements in the ATO’s system, it’s never been easier for individuals to lodge their own tax returns. However, without the experience and knowledge of all aspects of the process, you could be missing out on possible deductions to maximise all the rebates and deductions you’re entitled to.
Carbon’s tax accountants are highly trained and will be able to look at your return holistically.
Our handy checklist will make preparing for your tax return a breeze.
Frequently Asked Questions
An individual tax return is a form filed with the Australian Taxation Office (ATO) to report your income, deductions and other financial details for the financial year.
If you’ve had any tax withheld from your income during the financial year, then you are required to lodge a tax return to the ATO.
You can claim deductions for work-related expenses, charitable donations and other eligible expenses. Carbon’s registered tax agents can help identify all potential deductions.
You’ll need your income statements (PAYG), bank interest statements, records of any deductions (e.g., work-related expenses) and any other income sources.
An individual tax return covers the financial year from 1 July to 30 June. Those who are required to complete a tax return has until 31 October to either lodge it to the ATO themselves or register with a tax agent.
Maximise your refund by keeping detailed records, understanding eligible deductions and using a tax agent to ensure accuracy.
While it’s easier than ever to lodge your tax return online yourself, you may be missing out on key deductions and opportunities by not having a trained accountant prepare it for you. Our Carbon accountants are fully across the process, so they can help guide you through.
By missing the deadline of 31 October to either lodge your tax return to the ATO or register with a tax agent, you could incur a penalty from the ATO. Carbon can help you prepare and lodge your tax return quickly, and in the future will send you a reminder before the deadline.
Yes, you can amend your tax return if you discover a mistake or have new information. Our tax accountants can assist you with the amendment process.
If you receive an audit notice, contact your accountant immediately. As your accountant, we can guide you through the audit process and communicate with the ATO on your behalf.
Keep your tax records for at least five years from the date you lodge your tax return, as the ATO may request them.
Lodge your individual tax return Contact us today
We’ll help you to maximise your refund!
Our Latest
Featured in
Quotes
5 December, 2024
Selling Your Business: A Complete Guide to Planning the Perfect Exit
Learn how to sell your business successfully. From preparation to finding buyers, Carbon guides you every step of the wa...
11 November, 2024
Case Study: Western Water Solutions
Discover how Carbon helped Western Water Solutions grow with confidence. From setting up Xero to managing cash flow, bus...
