Email Us At
info@twaccountants.com.au
Our Tax Accounting Industry Knowledge
We understand every industry has its own special circumstances. Teefy Wolfe Accountants has been providing tax accounting services for 38 years. During that long period of time in business, we have built relationships with clients from so many different industries. This has organically improved our expert knowledge of all industries, including:
- Self-Managed Superannuation Funds (SMSF) Building & Construction
- Property Development
- Manufacturing
- Retail & Wholesale Trade
- Hospitality & Catering
- Freight & Shipping
- Financial Services & Law
- Medical & Health
- E-Commerce
- Technology, Science & Research & Development
Our knowledge extends to all entity types, Including:
- Companies
- Discretionary, Fixed & Hybrid Trusts
- Partnerships
- Sole Traders
- High Net Wealth Individuals and/or Families
What Is The Deadline For Lodging A Tax Return In Australia?
The deadline for lodging a tax return in Australia is usually 31 October of the year following the end of the financial year. However, if you are using a registered tax agent, you may be eligible for an extension of this deadline. It’s important to note that failing to lodge your tax return by the deadline can result in penalties and interest charges.
What Documents Do I Need To File My Tax Return In Australia?
To file your tax return in Australia, you will need to provide documentation such as your payment summaries from employers, bank statements, receipts for deductions and details of any investments or rental properties. It’s important to ensure that all information provided is accurate and complete to avoid any issues with the Australian Taxation Office (ATO).
Book Your Tax Return
If you need help with lodging your tax return, our team of experienced tax accountants is here to assist you. Contact us to book your tax return.
Tax Returns & Specialist Advice
Teefy Wolfe Accountants also specialise in Not-For-Profit Organisations and Charities. We have extensive experience in the operations of these entities. We offer specialist advice for significantly important lifecycle stages, including setup structuring and constitution preparation for ACNC registration, right through to winding up and distributing remaining assets. Our knowledge extends to:
- Sporting Clubs & Leagues
- Cultural & Social Clubs
- Schools
- Parents & Citizens Groups
- Churches
- Charities
- Community Service Organisations
Our accountants are proficient in all accounting software including XERO, MYOB and Reckon.
Tax & Accounting Specialists For Charities & Not-For-Profits
Teefy Wolfe Accountants also specialise in Not-For-Profit Organisations and Charities. We have extensive experience in the operations of these entities. We offer specialist advice for significantly important lifecycle stages, including setup structuring and constitution preparation for ACNC registration, right through to winding up and distributing remaining assets. Our knowledge extends to:
- Sporting Clubs & Leagues
- Cultural & Social Clubs
- Schools
- Parents & Citizens Groups
- Churches
- Charities
- Community Service Organisations
Our accountants are proficient in all accounting software including XERO, MYOB and Reckon.
More On Accounting & Taxation
Single Touch Payroll (STP) Finalise
Did you know that you need to physically finalise your STP reporting software to complete your annual employee payments reporting to the ATO?
If You Haven’t Paid Your Employee Super
Did you know If you pay super late, you will need to lodge a Super Guarantee Charge form and pay the superannuation guarantee charge to the ATO. Don’t pay the super directly to the employee super fund.
ATO Debt Recovery
Did you know that the ATO is currently taking a tougher approach to debt collection? The Government is of the opinion the financial burden of the pandemic lockdowns has ended and they expect taxpayers to start repaying old debts.
ABNs & The Tax-Free Threshold
Did you know that those who have an ABN are required to lodge an annual income tax return? This is regardless of whether the business is reporting a profit or loss and above or below the tax-free threshold.
Not-For-Profit Income Tax Exemption
Did you know that the ATO is currently focused on NFPs that self-assess income tax exemption? They will be reviewing organisations to ensure their meet the exemption criteria.
ATO offers Indigenous support this tax time
Did you know the Australian Taxation Office (ATO) continues to provide free tax support for Aboriginal and Torres Strait Islander peoples?
Frequently Asked Questions
What are the most common tax deductions for businesses, and how do I claim them?
Common tax deductions for businesses include:
- Operating expenses such as rent, utilities & office supplies
- Advertising & marketing expenses
- Equipment maintenance
- Vehicles
- Expenses related to training & professional development
- Wages & salaries paid to employees
- Business-related travel expenses, such as airfare, lodging & meals.
- Costs associated with maintaining business premises, such as repairs & maintenance
- Depreciation of assets such as vehicles, equipment & buildings
- Interest paid on business loans
- Professional fees such as legal & accounting services
- Insurance premiums for business-related policies such as liability & property insurance
- Contributions to employee retirement plans & other benefits
To claim these deductions, you will need to keep accurate records & provide receipts or invoices to support your claims.
What is tax accounting, and how does it differ from regular accounting?
Tax accounting is a specialised area of accounting that focuses on helping individuals and businesses comply with tax laws and regulations. It involves managing and preparing tax returns, as well as providing advice on tax-related issues. Regular accounting, on the other hand, is more focused on managing financial information to help businesses make informed decisions.
What are the tax implications of buying or selling a business, and how can I minimise the tax impact?
Buying or selling a business can have significant tax implications, including capital gains tax, stamp duty and GST. To minimise the tax impact of these transactions, it’s important to seek professional advice and plan ahead. This may involve structuring the transaction in a tax-effective way, utilising available tax concessions and taking advantage of any relevant exemptions or deductions.
How can I stay up to date on changes to tax laws and regulations that affect my business?
Staying up to date on changes to tax laws and regulations is essential to ensure that you’re complying with all relevant requirements and taking advantage of any available opportunities. This may involve regularly reviewing ATO updates and publications, seeking professional advice and attending relevant training or information sessions.
How do I choose the right tax accounting software for my business, and what features should I look for?
When choosing tax accounting software for your business, consider factors such as functionality, ease of use and cost. Look for software that can handle all your tax-related needs, including preparing and lodging tax returns, managing receipts and invoices, and providing tax-related advice. Other useful features may include automatic updates to keep up with changes in tax laws and regulations, as well as integration with other business software.
Can I claim tax deductions for expenses incurred while working from home?
If you work from home, you may be able to claim deductions for expenses related to running your home office, such as electricity, internet and phone bills. To claim these deductions, you will need to keep accurate records of your expenses and the time spent working from home. It’s important to note that there are specific rules and limitations around claiming these deductions, so it’s best to seek professional advice.
How can I minimise my tax liability through tax accounting strategies?
There are a range of tax accounting strategies that can help you minimise your tax liability, including:
- Structuring your business in a tax-effective way, such as setting up a trust or company.
- Taking advantage of available tax concessions and exemptions, such as the small business tax offset.
- Maximising deductions by keeping accurate records and staying up to date with changes to tax laws and regulations.
- Utilising tax planning strategies, such as deferring income or prepaying expenses.
- Seeking professional advice from a tax accountant to ensure that you are complying with all relevant tax laws and regulations, and taking advantage of all available opportunities.
By implementing these strategies, you can help ensure that you are managing your tax liability in a responsible and effective way.
