Scott Associates handle all types of income tax returns
Scott Associates is a registered tax agent and therefore legally able to prepare and lodge your tax return.
Everyone’s tax position is different. Understanding the Australian Tax Office (ATO) requirements and applying them to each of our clients’ situations is how we add professional value. We also structure your affairs to maximise your entitlements so that they are tax effective:
- Better tax planning
- Managing capital gain
- Understanding world-wide income
- Monitoring your share income
- Improving your bookkeeping and recordkeeping
Better tax planning
Scott Associates will help you organise your affairs to give you the best tax advantage.
Tax planning is a legitimate way of minimising your tax within the letter and the spirit of the law. By understanding the full tax implications of your income and expenditures we will make sure you get your tax return correct and that you don’t pay more tax than you need to.
Managing capital gain
The profits or returns that you make on your investments are usually considered part of your income and are taxable. Scott Associates will make sure that all the tax-deductable expenses relating to your investment are included in your tax return.
The capital gain (or capital loss) on an investment is the difference between what it cost and what you receive when you sell it. The capital gains need to be included in your tax return and can be offset against capital losses.
Understanding worldwide income
Australian residents are taxed on their worldwide income. Scott Associates will help you with investments overseas (and in Australia) that are likely to have tax implications when you purchase, own or sell them. All your interests in foreign companies, trusts, or life insurance policies need to be taken into account in your tax return.
The income from shares (dividends) must be included in your tax return. Scott Associates will help you to identify and claim deductions for costs related to the share income, such as the interest on the money used to buy the shares. We will also help identify all the tax implications in buying, owning and selling shares.
Managed investment funds have a number of specific requirements. Scott Associates will advise you on the correct treatment of managed investments , such as including income or credits you receive from an investment product in your tax return.
Improving your bookkeeping and record keeping
Scott Associates will advise and assist you with simple bookkeeping and in establishing online accounting packages (MYOB, Xero and others) to take most of the time and stress out of your annual return.
By keeping good records you make sure you report your income and expenditures accurately. The better the quality of your records the more success you will have in claiming all the deductions to which you are entitled.
Remember the tax office can request documentary proof of your expenditures so always keep receipts or other documentary proof.