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Tax Returns

When Are Tax Returns Due for Individuals in Australia?

As with most queries tax returns related in Australia, the answer depends on several factors, but here are a few key things to keep in mind for the 2021 tax year which ends on 30th June 2021.

If you are lodging directly with ATO

If you intend on preparing your own tax return through the Electronic Tax Pack in myGov, your return is due to be lodged on 31st October, or given 31st October falls on a Sunday this year, 1st November!

So, if you correctly file your own tax return, and the ATO does not raise any queries, you will likely receive your Notice of Assessment over the next 28 working days after the tax return has been lodged. And, if you are due a tax refund, it will hit your bank account around the same time as the Notice of Assessment. On the contrary, if you have a tax payable, the Notice of Assessment will tell you the payment date along with payment details for an efficient transaction. This could change based on several things, but generally, it should be paid within 4 weeks after the Notice of Assessment is issued.

If you lodge through R T Accounting & Taxation Services (Registered Tax Agent)

If your Accountant, who is a registered tax agent is lodging your tax return on your behalf, if you have a good history with the ATO, you could receive a large extension on both your due date for lodgement and payment compared to those lodging by themselves. R T Accounting & Taxation Services have a very good lodgement history with the ATO and unlock the full range of extensions for our current clients as well as any future clients.

Most individual tax returns will be due around mid-May 2022, which is close to 11 months after 30th June 2021. However, some individual tax returns will be due at the end of March 2022 as those who often have a tax payable at the end of the year as opposed to a refund will be among those affected. This date usually only applies to those who have made a substantial income from sole trader, investment, or business income where tax does not periodically tax out during the year as it would for those on salaries and wages.

Regarding refunds and payments:
  • Tax returns tend to be processed within 5 to 7 days of lodgement by registered tax agents. And usually, the refund will be received within that time frame also should there not be any additional ATO queries.
  • If you have a tax payable, it will rarely be due prior to February 2022. And more often than not it is some time in the first week of June 2022.

So, there are some definite benefits to have a registered tax agent lodge a tax return on your behalf. It would primarily be beneficial to those with tax payables. As they essentially have a year from financial year-end to pay the liability. This can help with cash flow for your business or yourself.

If you have a poor lodgement history?

If you have a poor lodgement history with the ATO, your return will be due 31st October 2021. Regardless of if you lodge through a registered tax agent or lodge it yourself. Your tax payable, if applicable, will also be due that same day also.

Need an Extension?

If you would like to qualify for an extension to lodge and/or pay, let alone mentioning. Ensuring that you receive any deductions you are entitled to. As well as lodging correctly with a relatively lower risk of ATO queries. You will need to be on our client list before 31st October 2021. If you have a historically poor lodgement history and this return is due by 31st October. We can help lodge your tax return before this date. So in the 2022 financial year, you qualify for the lodgement extensions.

Get in Contact with Us!

We are conveniently located just 10 minutes from the Sydney CBD in Kingsford. If you are intrigued about how to become our client and gain access to our special perks. Please get in contact with us to help you get what you deserve.

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Taxation Management Services

7 Reasons to Hire a Taxation Management Services

What is Taxation Management?

Taxation management services are the most effective ways to increase efficiency and reduce costs. A good taxation department is one that can work effectively to make the process of tax collection easier for everyone. Are you a taxpayer and having problems with tax collections? You may need assistance from an expert in tax administration. You should hire a professional service that can deal with your tax problems efficiently. There are many different issues that can come up when you are dealing with tax. And you should be able to make use of the best services. To get the best results from your tax administration problems.

How Taxation Management Services Can Help You?

Taxation management services can help you in the following ways:

Improve your tax Filing efficiency and accuracy:

When you use an expert in taxation services, you will be assured that your tax data will be filed accurately. And there will be no compromise. The company will have professionals who are knowledgeable about tax laws. And tax collection methods and will therefore deal with your data very carefully.

Quicker processing of returns:

This is an essential service that can really help when you have tax collection problems. Because it means you will be getting your taxes approved before the deadlines. In this way, you will be able to save a lot of time and money. Professional services in tax administration will ensure that your tax returns are processed as quickly as possible. Sometimes even before you receive them from the tax office.

Simplified tax preparation procedures

It is often difficult for people who have very complicated tax situations to prepare their tax returns. If you are faced with this kind of tax problem, you should seek tax administration help. Because you will be provided with simplified procedures that can make the entire tax process much simpler. If you make use of these kinds of management services, you can handle your tax collection problems with ease and confidence. You can also expect fast processing of your tax returns, because these professionals deal with a large number of clients.

Simplified Tax Payment Procedures

There are many people who have problems with preparing their tax payments because they are not very experienced with tax collection matters. If you need help with handling the payment, you should seek tax administration help so that you do not have to worry about any complex tax issues. If you hire a professional, you can rest assured that you will always be able to make the best out of your tax payments because these individuals have experience with tax payment procedures.

7 Reasons to Hire a Taxation Management Services

Increased Efficiency

If you hire tax administration personnel to deal with your tax collection, you can expect to get quick and efficient results. These professionals can provide you with accurate information regarding tax collection. They also have the expertise to deal with tax payment issues, so you can ensure that you pay your tax on time without having to delay the payment in order to deal with tax-related problems.

Reduce Cost

Increased efficiency can also mean reduced costs. Hiring tax collection professionals to manage your tax administration can actually help you save money. Since these individuals have a better understanding of tax collection processes.

Minimize the Errors

They will be able to minimize errors and misspelled items in your tax files, which can lead to higher tax fees. In most cases, these management services can also help you get deductions for your tax payments, thereby reducing your overall tax cost. It is for this reason that you should always try to hire these tax experts when you need to handle your tax collection needs.


There are many other reasons why you should always hire tax administration professionals to deal with your tax affairs. Apart from these, hiring an experienced individual to handle your taxes can also give you peace of mind knowing that you are managing your finances in the right way. You can also rest assured that your tax-related issues will be handled professionally and efficiently, so you can concentrate on other things. If you want to get the best tax services and professional management solutions in Australuia, you should definitely hire a tax consulting firm for all your tax administration needs.

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Small Business Tax Planning Strategies

Small Business Tax Planning Strategies

The end of the 2021 tax year will be upon us in a months’ time, so it is important to review your business strategies to help you maximise your returns and minimise your tax payable come June 30th. Now is the perfect time to review your expected taxable income (assessable income less allowable deductions) for the current financial year 2020-21, as well as your projected taxable income for 2021-22, as these two key figures will help form a base of your tax planning strategy.

Here are a few tips if you are expected to have a higher income in the current financial year, compared to the next financial year projections.

Get in contact with your local Accountant at R T Accounting & Taxation Services to consider the following steps:
  • Prepay some of your 2021-22 expenses including.
    • Rent
    • Insurance
    • Business Subscriptions to professional associations before June 30th, 2021 as up to twelve months of the following year’s expenses can be deducted in the current tax planning year provided you pay the cost upfront.
  • The instant asset write off of up to $150,000 has been heavily publicised until now and has been extended to June 30th, 2021 provided the asset was bought and first held ready for use prior to this date, so if you need to buy a new car for the business, now would be the time to do so. Be wary, however, as the moment you use a company car for personal use, this invokes a fringe benefit payable by the company, so it is best to contact your accountant at R T Accounting & Taxation Services to see whether this is right for your business.
  • Reviewing and perhaps even postponing some of your client invoicing for the current tax planning year so the income is then reported in the 2022 tax year.
  • Topping up your voluntary superannuation contributions and making the payment prior to June 30th, 2021.
  • This item is not done nearly enough by many small businesses, but it is very important to constantly review your trade debtors and write off any unrecoverable debts as you do not want to be paying tax on income you will not receive.
  • If you are in the maiden year of your business, deducting any start-up expenses you incurred, such as obtaining legal and/or financial advice on your business structure along with any fees relating to the setup and establishment of your business will reduce your tax payable for the 2020-21 tax year.
If you are expecting to have a higher income in the 2021-22 tax year, you should get in contact with us to discuss:
  • Bring forward any client invoices into the 2020-21 tax year for work that will be carried out in the 2021-22 tax year. Having clients pay your invoices by June 30, 2021 will help reduce your taxable income in the 2021-22 tax year where you are expected to have a higher assessable income.
  • Paying your expenses on their due date as opposed to paying them early and getting the deduction in the tax year where your assessable income is expected to be low anyway.
  • Postponing the purchase of any assets you may require in the 2020-21 tax year into the 2021-22 tax year. However, it is important to note that instant asset write off rules can change in the 2021-22 tax year so get in tough with us to help guide you through the process.

The most important tip we can give you is that you should avoid spending on business assets for the pure sake of claiming the tax deduction. In most cases you will be paying $1, to save 27.5 cents in tax (based on the small business tax rate). It is simply not worth buying these items as it means less net money in your pocket. Everything you purchase for the business should have a purpose in enhancing your business to be the best it can be.

Additional Tips for Small Businesses

GST Cash Accounting

Ask yourself this, why and how should I pay GST on income I have not yet received? If you do not know the answer to that question and are on the accruals-based GST accounting method, its time to get in contact with R T Accounting & Taxation Services to change your accounting for GGST to cash basis rather than accruals. GST Cash Accounting is also much better for your overall cash flow.

Instant Asset Write-Off Vs Depreciation

The whole idea of starting up a business is to grow and make more income over time. You could take full advantage of the Government’s instant asset write-off scheme mentioned earlier and claim the deduction in the current tax year, potentially reducing your tax planning significantly, or you can choose to depreciate the asset over its useful life and claim a portion of the asset over several years. What we are doing is reducing your taxable income by a smaller amount over the years as opposed to taking the full deduction in one year. This is very beneficial for those small businesses in high-growth industries.

Is Your Information Correct & Up to date?

Having the most accurate and current information is another key aspect of tax planning that can help you minimise your tax payable as well as help us, your accountant to help you make more informed tax decisions. This can include:

  • Ensuring the logbooks for your company vehicles are correct and up to date. You will need to start a new logbook if your current one is more than five years old anyway. It is often best to create a new logbook every year to get the true cost of operating your business vehicle. There are many free apps that you can use to track mileage of your vehicles.
  • Ensure you do your stock take as of 30th June 2021 is your business trades with stock.
  • Accounting for private use on business assets in your GST returns. You can not claim GST on private expenses, so if you use your car for 20% private use for example, you will need to adjust your GST on expenses component accordingly to factor in the personal use. .

Been Affected By COVID-19?

R T Accounting & Taxation Services are here to help you in these tough times as we can help liase with the ATO to:

  • Give you extra time to pay your debt or lodge tax forms such as activity statements.
  • Help re-construct tax records that are lost or damaged.
  • Setting up payment arrangements tailored to your individual circumstances including an interest-free period.
  • Remitting penalties or interest charged during the time where you have been affected.
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Find A Business Tax Advisor In the Eastern Suburb of Sydney

The business owners in the Eastern suburbs of Sydney can get the best of their deals by getting assistance from a business tax advisor. It is a place where they can find suitable tax consultants in Eastern suburbs who can guide them in their business affairs. At present, business owners have so many problems to tackle regarding their business taxes. They have to face different problems such as tax investigation, tax payment, tax audit, and many more. If you are one of those business owners, don’t worry about these things because the tax consultants in Sydney can get your problems solved for you. They can give you complete advice on various aspects of your business including taxation issues.

With the help of a tax consulting company, you can get your taxes sorted out so that your business stands free from all the tensions. As soon as you appoint the tax consultants in Eastern suburbs of Sydney, you will see the difference in their service. The first thing that you will feel is the professionalism of the people in this organization. They will handle your business matters in a very friendly manner. Even if you have to make some corrections in the tax records of your business, they will provide solutions for that also.

Business Tax Consultation

In addition to this, there are many other advantages that you can enjoy by getting the services of a business tax consulting company. For instance, you can get a reliable expert who can help you get the right kind of tax concession that you need for your business. Moreover, he will also know the right tax regulations that you need to follow for your business. This will help you save a lot of time and money.

Save a Lot of Money

Apart from this, a professional business tax consultant from RT Taxation & Accounting can also help you save a lot of money on your tax return. This is because he will help you find the tax discounts that you can avail for your business. If you do not know what tax discounts can be availed for your business, then it is best to consult a tax consultant in Sydney. He will tell you about all the options that are available for you.

Business Tax Discount

There are two types of business tax discounts that you can avail of in Australia. These are the concession and the deferment. If you have a big business, then you can seek a tax reduction on your concession. This means that you can get a 50% discount when you pay taxes for your business on a yearly basis. This is one of the most preferred tax breaks by business owners.

Opt for a Deferment

However, if you have a small business, then it is advisable to opt for a deferment. This means that you will not have to pay taxes on income that you earn before you pay tax for it. This is a very good business tax consultant in Sydney that will ensure that you get to benefit from every advantage that is provided to you.

Tax Consultant Will Calculate Everything

When you contact a business tax consultant in Eastern Suburbs, you should give him all the required information regarding your business. This includes your staff, assets and liabilities, cash and assets of investment, expenditure, your turnover and profit margin. The tax consultant will then do his homework and study your business and then draw up a tax calculator that will help you work out how much you can save. This will help you arrive at the right amount of concession and deferment that you can avail for your business. All you need to do is to give him the right information and you will get the right tax benefits.

Where to Find the Best Business Tax Advisor in Eastern Suburb?

There are many business tax advisor in eastern suburbs of Sydney. RT Taxation & Accounting is one of them.

The best business tax consultant in Sydney is RT Taxation. You will be able to find plenty of consultants online that will be able to guide you towards the right path for your business. Sydney has become quite an important financial hub and people from all over the country as well as from other parts of the world are heading towards Sydney for their business needs. In order to be in the limelight, you need to start looking for a professional who can help you with your business tax return.

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Tax Return

Where to Get the Best Tax Return Services in Eastern Suburbs?

Tax Return Services in Eastern Suburbs

When taxpayers are facing tax debt, many turn to tax return services in an attempt to find a knowledgeable professional to help guide them through the process. The tax return services providers in Eastern Australia are unique in their experience, knowledge, and in the quality of the tax return preparation that they can provide. Taxpayers in Eastern Suburbs, RT Taxation is recognized that only a one-size-fits-all approach will not minimize or maximize the amount of their tax liability or maximize what they legally owe to the government! In fact, the tax liability can be maximized by providing the Internal Revenue Service with a detailed examination of every taxpayer’s financial circumstances, thereby allowing the agency to maximize its collection of tax liability.

If you have been negligent about paying your income taxes, the Internal Revenue Service has remedies to collect these delinquent amounts. In some cases, the Tax Authority will pursue you through Tax Court, while in others it will negotiate with you. If you choose the latter course, you want to ensure you are properly represented by an experienced tax return services business in Eastern Australia. Taxpayers in Eastern suburbs know that selecting a reputable tax services business can maximize their recovery of delinquent taxes, while Eastern Australia tax professionals can utilize their experience and knowledge to negotiate with the IRS in such a way as to obtain the best possible resolution for their client.

Why Do You Need to Hire a Good Tax Return Services Provider?

Trained Tax Professionals

The tax returns filed by taxpayers in Eastern Australia are prepared by highly trained tax preparation service workers. These tax preparation workers prepare federal tax returns, state tax returns and provincial tax returns as well. In addition, these workers prepare payroll tax deposits and provide assistance with filing federal tax returns. There is no question that if you work with a tax preparation service that is based in Eastern Australia, you can rest assured that you will be receiving only the highest level of professional tax advice and service.

Follow Complete Tax Code

Taxpayers should never attempt to prepare their own tax returns. The tax laws are very complex and there is no better way to receive legal help in resolving tax issues than through an experienced tax return services business. If an individual taxpayer is unable to follow the complex tax code, they can become subject to penalty fines. In addition, improperly filed tax returns can result in interest and penalties being added to the balance of the taxpayer’s liability. Even in cases where a penalty is not incurred, a delayed payment could result.

Resolve Tax Return Problems

If a taxpayer is not able to resolve their tax return problems with the Tax Authority, there is even more potential for the tax burden to increase. The tax collection process is typically very efficient, but errors do occur. Errors can occur when a taxpayer does not understand the complex tax code, they are attempting to include too many items on their return or they miss a deadline. In cases where taxpayers are not properly represented, the tax burdens can be significantly increased. This represents a waste of time and money for both the taxpayer and the Authority.

Networking Skills

Individuals that perform tax return services for a living are often integral members of the community. They interact with local merchants, vendors, law enforcement, the media and more. Individuals that work in the tax return industry have strong networking skills and can often make a significant contribution to any community. For this reason, they are great additions to any civic group and are very popular amongst members.

Use of Tax Software

Individuals that utilize the tax software may also be involved in a volunteer position. Many times these individuals are active in local community groups and have developed relationships that could lead to future employment opportunities. In some tax filing situations, the service provider may also be able to work as an organizer or consultant.

Where to Get the Best Tax Return Services in Eastern Suburbs?

There are many taxation and accounting services provider companies in Eastern suburbs. RT Taxation & Accounting is one of them. We provide the best taxation, outsourced CFO, Accounting services etc. So, if you are looking forward to getting the best company for your tax return services in eastern suburbs, RT Taxation would be the best choice for you.

Why RT Taxation?

  1. We are experienced in taxation for 10 years
  2. Best Tax Return experts
  3. Affordable service charges


In conclusion, a tax return professional is someone who provides assistance with the filing of state taxes. The role they play varies depending on the particular state they live in, but there are several that cover all tax returns. The services provided may include filing taxes, giving advice and instruction on how to file, or offering tax preparation services. Some tax return preparers work exclusively for one particular party and some work for both state tax preparation parties and individuals. All in all, a tax professional is a person who has mastered the art of filing taxes and knows how to reach every individual that may need their assistance.

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Tax Deduction on Working Clothes Work

How Does Tax Deduction on Working Clothes Work?

Many people believe that a tax deduction works clothes as clothing is items that are used every day. It could be used as a coat, tie, blouse, pants, or jeans. It could also be used as an occasional and emergency dress. But if it is new clothing purchased at a tax-free outlet then it is no tax deduction for work clothes. It means clothing that was purchased and used for a tax deduction.

There are many tax deductions available for every type of tax paid. Some tax deductions are excluded for tax reasons and some tax deductions are only applicable on itemized tax returns. Items that fall under the exclusions include interest paid, expenses paid, capital gains, and state and local taxes. If you claim any of these exclusions on your federal tax return, the tax deduction will not apply to clothing worn while working. It will only apply to clothing purchased and worn while away from home.

Tax Deduction on Clothes

Professional Clothes

One example is the tax deduction for clothes for police officers. Although they are not tax deductions, they qualify as regular clothing tax deductions. Because they were purchased for their official duty. This is considered an expense deduction. For most police officers this tax deduction can be very significant.


A clothing-tax deduction that is considered a business tax deduction is determined by determining the gross revenue loss incurred. And adding the appropriate tax deductibles. A tax-deductible business expense includes the total of all expenses, including transportation, business expenses incurred such as meals, supplies, postage, and others. These expenses are deductible if they can be proven to be related to the performance of your job. Clothing expenses such as uniforms can be deducted if they are custom made if the uniform can be altered, if it is branded and if the uniform serves an important purpose. However, uniforms that are regular clothing items can’t be deducted as tax deductibles.


There are two exceptions to this general principle. The first is if you are traveling in your private car, which is called a tax-deductible business trip. The second is if you are traveling in a private vehicle that is chartered by a church, state, or national charity. Even though traveling in these tax deductibles can be good business sense, it’s still not wise to use your tax deductibles for personal expenses.

Tax Deductions by Buying Quality Clothing Item

One of the easiest ways to save on tax deductions is to buy quality clothing items. Good quality clothing items are expensive and if you purchase them in bulk you will be able to get a good discount. You don’t even have to look very hard to find good quality clothing tax deductibles. One excellent way to save tax dimes is to buy in bulk. There are many retail stores out there that specialize in clothing items that can be purchased in large quantities. You can also make purchases from government agencies and institutions, as they are usually on duty free and can be absolutely tax deductible.

Clothing should be chosen with care. Try to avoid clothes that have low-slung collars or other unattractive aspects that will be considered tax dimes. It might be tempting to purchase something in bulk and then resell it, but you will be better off buying low-cost items and adding them to your collection to be sold later. Also, be careful to choose clothing items that are appropriate to the place where you will be wearing them. If you are going to wear a white shirt at your daughter’s soccer practice, don’t choose a white t-shirt to wear to an accounting meeting. If you are trying to save on tax deductions, it’s important to pay attention to detail and select clothing that will help you succeed in whatever position you are trying to get into.


One final note. It’s important that before you begin trying to find clothing tax deduction that you read up on your tax laws. Sometimes certain types of clothing are not tax-deductible depending on where they were manufactured. For example, there is clothing that is manufactured in one country and shipped to another country that is tax-deductible in the country where it was shipped.

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Work-Related Tax Deductions

Work-Related Tax Deductions

With the 2021 Financial Year coming to an end in 3 months it is never too late to get started on compiling your work-related expenses. You would like to claim for your Tax Agent at R T Accounting & Taxation Services to review and lodge your tax return. Here is the list of potential tax deductions you should be keeping an eye on whilst compiling your list.

How do Tax Deductions Work?

First, it is important to understand the role tax deductions play in reducing your taxable income. When lodging a tax return, you can claim deductions for expenses incurred in earning your assessable income. These deductions are known as “work related deductions”.

To be able to claim these work-related deductions you will need the following:

  • A record to prove the expense was paid.
  • Proof that you have spent the money yourself.
  • You have not been reimbursed this expense by your employer.
  • Correlation between this expense and the role you are in.

It is also understandable that sometimes you can jumble up expenses between private and work. So it is important to apportion the deduction you would like to claim for the work-related part of the cost.

Different Types of Tax Deductions You Can Claim

Work-Related Car & Travel Expenses

We are starting this off with potentially the most intricate part of work-related expenses, the work-related car and travel expenses. The key point to note is that you must keep records as this will make it easier for both yourself and your tax agent at R T Accounting & Taxation Services.

If you use your car for work, you can claim the work-related travel expenses for the portion you use your car for to earn your assessable income. There are two methods that we can use to calculate this amount deductible:

  • Cents per kilometre method, currently at 68 cents per kilometre travelled, and capped at 5000kms or $3400. We have found most clients prefer to use this method. As the dollar amount encompasses all work-related car expenses without the need to keep a detailed logbook. Also, unless you are in a role that requires you to be on the road every day of the week, most taxpayers will not travel 5000km in a Financial Year for business purposes.
  • Logbook method, where you record every expense incurred with your car for 3 months and calculate a business use percentage from there. This option is more favourable for tradespeople and salespeople as they travel for more than 5000km a year, for work purposes. This method is more complicated so do not be afraid to come to visit us in the Eastern Suburbs to see which method is best for you.

Travel between work and home daily is not tax deductible as this is still considered private travel.

Work Related Clothing and Laundry Expenses

Another work-related expense most popular with tradespeople. If your employer has a dress policy that is not readily available to you outside your workplace then you can potentially be in line for tax deductions.

Clothing and protective clothing can only be claimed if you require it for your occupation. For example, a generic suit pant combo is not claimable as a work-related expense if your employer’s logo is not on the suit or if wearing a suit does not fit inside your employer’s uniform policy (often listed in your employment contract). You can also claim clothing and footwear you use to protect yourself from on-the-job injury or illness. For example, steel-capped boots for tradesmen or sun cream for teachers on playground duty.

Work from Home Deductions

With many roles still not returning to an office, Work from Home Deductions will play an important role in getting yourself a hefty refund come tax time. If you work from home, some portion of the home office expenses is claimable. In a perfect world, you should have a separate study room in which you carry out your work-related activities. However, if you are using the living room or your bedroom to work, you can only claim expenses for the hours you had exclusive use of the area for work.

Like work-related car and travel expenses, keeping a clean and accurate record of your home office expenses is crucial. If you are not given a work computer to work from home then the cost of the computer is deductible along with any associated electrical charges. This is why it is easier to calculate if you work from a separate study room.

Beware that equipment you would like to purchase that costs more than $300 will need to be depreciated over the asset’s useless life.

Mobile Phone Use

Communication has been more vital with the workforce working from home, and so work-related phone usage has been increasing. The good news is that, if you use your own phone for work purposes, you are entitled to claim tax deductions. If you paid for it and can prove that you have spent the money yourself and were not reimbursed for it by your employer. If you use a single phone for work and private use, then you will need to work out which percentage was used for work-related purposes only.

A simple way to calculate this would be to keep a spreadsheet over a 4-week period. And allocate your calls as work and private. You can then round this up to a full-year expense.

Memberships, Subscriptions & Union Fees

Do you trade shares on the ASX? And purchase a subscription to the Australian Financial Review to keep updated on any news and movements in the share market? This subscription cost would be tax deductible as it is helping you gain your assessable income.

If you work in retail, those trade union fees are deducted from your pay. Each pay cycle is also claimable in your tax return. These union fees are often reported by your employer to the ATO, and we can pick this up on our system.

Gifts & Donations

Gifts & Donations can be claimed if the organisation you are donating to is a deductible gift recipient. A receipt of proof of donation must also be kept claiming the deduction.

Self-Education Expenses

Self-education expenses can be claimed if your study is directly linked to your work. The course you undertake must lead to a formal qualification that meets the below criteria:

  • the course must maintain/improve skills and knowledge required in your current job.
  • result in or is likely to, an increase in your income.

You cannot claim self-education expenses that does not have a significant enough connection to your current employment. You can claim the following expenses in relation to your self-education:

  • accommodation and meals (if away from home overnight)
  • computer
  • course or tuition fees
  • decline in value for depreciating assets (cost exceeds $300)
  • purchase of equipment or technical instruments costing $300 or less
  • bus/train fares
  • home office running costs.
  • internet usage (excluding connection fees)
  • parking fees (only for work-related claims)
  • phone calls
  • stationery
  • student union fees
  • student services and amenities fees
  • textbooks
  • trade, professional, or academic journals
  • travel to-and-from place of education (only for work-related claims)

If an expense is partly for your self-education and partly for other purposes, you can only claim the amount that relates to your self-education as a deduction.

Cost of Managing Tax Affairs

If in the previous year you were wise enough to come see us or any other tax agent to lodge your return, you can claim the deduction for the fees the tax agent charged you along with any associated travel costs in getting to and from your tax agent.

Finally, it is important to prove your work-related purchases, via receipts and corresponding bank statements. As well as prove that it is an item or service used for work-related purposes. If in doubt, do not hesitate to get in touch with the tax specialists in the Eastern Suburbs at R T Accounting & Taxation Services and we will be able to help you out.

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Tax Consultation Services

6 Reasons Why You Should Hire a Professional Tax Consultation Services

The growing need for specialized tax advice has prompted many organizations to develop their own tax consultation services, and Australia is no exception to this trend. A number of professional advisory firms offer their members a range of specialized services, including tax planning and consulting, and income tax planning and consulting. In this article, we will discuss the key advantages of hiring professional tax advisory services in Australia.

Taxation is an area of great concern for any government. Effective taxation is necessary to ensure that the tax base is maintained and improved. And by providing advice on tax matters, an expert can assist the government in its effort to properly administer the tax. Proper tax administration also plays an important role in economic growth. Experts who provide tax advice have the knowledge and expertise necessary to provide sound recommendations for tax expenditure management.

 Advantages of Hiring Professional Taxation Services

Savings and Reduce Tax Burden

Many individuals and businesses face the dilemma of undertaking new financial projects or expanding existing ones that will have a significant impact on their tax bills. Expert advice in this area is vital in assisting clients to determine the most suitable structure and type of company to protect assets and reduce their tax burden. An expert can also assist in creating a working budget that allows for tax-expenditure savings and possible reduction of tax payments. Taxation is complex and there are many laws surrounding taxation issues. This is why it is advisable to seek the help of a professional advisory firm.

Highly Experienced and Knowledge

Another key advantage of seeking professional tax services is that these experts have extensive experience and knowledge of tax matters. This experience and knowledge translate into highly effective and persuasive advice, as they are aware of the rules and regulations that govern tax affairs and how to best utilise tax expenditure to minimize income and increase income. A tax specialist will be able to assist clients in maximising their tax benefits and minimising tax liability.

Quality Taxation Services from Professional Services

When engaging the services of a professional tax consultant, it is wise to look for someone with extensive experience and knowledge in tax matters. This will ensure that the advice provided is of the highest quality and that the client receives objective and thorough guidance regarding the taxation regime. Some tax advisors may offer their clients a limited service of providing advice and incorporating a company structure. However, professional tax consultants who offer comprehensive tax planning and tax liability management will be able to deal with all matters that may arise during the course of a business’s operations. These include legal, corporate, accounting and other procedural issues.

Ensure Maximum ROI

Tax consultation is an essential component of any business venture. The proper selection of the right tax consultant will ensure maximum return on investment and minimal tax expenditure. Tax advisors can be found in a number of locations including post offices, tax consultancy companies, tax consultancies, law offices, accountancy firms, and online resources. Most advisors offer a free no-obligation consultation and provide an appraisal of your current tax situation and options available to you. A tax consultation is most effective when undertaken after the purchase or rental of a business and at least six months prior to issuing any tax-related bills.

Tax Payment Calculator

Tax consultants also offer a tax payment calculator that can be used to determine possible tax savings options. Calculating the tax expenditure for a business is not an easy task as it requires information about total revenue, tax payable, tax rate, etc. Some consultants will use internal and external information to help in the estimation of the tax liability and provide recommendations as to how to avoid any unnecessary pitfalls. They can advise on the correct procedure to take in order to minimize the tax liability and maximize the tax savings.

Accurate Advise on Tax Matters

Tax advisors have a duty of care to provide accurate advice on tax matters. It is the responsibility of the client to research the various options available to him and select the option that best suits his requirements and provides him with maximum comfort. Tax advisors must have a sound knowledge of UK tax law, in particular those areas which are subject to substantial variation, and must be conversant with the relevant laws of their client’s country of residence. It is important to ensure that the tax adviser selected by you provides good honest tax advice and helps you maximize your tax expenditure.

Help You in Many Ways

Tax advisory services | tax consultation | tax expenditure | advice | advisable} One of the most important things that you must do before hiring a tax advisor is to thoroughly check his experience. It is advisable to seek advice from people who have been in the business for many years. A tax consultant firm may be able to guide you in selecting the right person and in deciding on the amount of tax that you can afford to pay. It is advisable to take the advice of a tax consultant who has a sound knowledge of Australian tax law and laws pertaining to tax matters in other countries.

Where to Get the Best Local Taxation Services in Sydney?

There are few reputed and long-time experienced accounting and tax consultants in Sydney, Australia. RT Taxation and accounting is one of them. We are 10 years experienced and have been working as a tax consultant in Sydney. Here few of reasons to hire RT Taxation & Accounting

Why RT Taxation & Accounting?

  1. Our consultants are very well experienced in Australian taxation
  2. We are committed to reducing the tax burden of your company
  3. We help you to calculate the tax amount
  4. Provide very accurate advice and taxation services
  5. Get support from us 24/7
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Accounting & Taxation Services

What does R T Accounting & Taxation Services Do?

The Accountants and Tax experts at R T Accounting & Taxation Services do more than you think. We give strategic advice and can find different methods to either save yourself or your business money and increase your income. We can also help facilitate the automation of tedious administrative tasks that take time away from your most important stakeholder – your customer. Contact us and you will be able to run your business with far more clarity and confidence.

So, what exactly do we do at R T Accounting & Taxation Services? Below is a rough guide on the services we can easily provide to you.

Help Set Up Your Business

Starting a new business, at the start may seem like a simple and easy process. You create a good idea and set off on your journey. However, many people seem to underestimate the work prior to setting up a business. You will need to know that it will make money, as well as convincing stakeholders such as potential investors and lenders the same idea. We can help you set out a clear plan on how to fully optimise your business prior to starting.

We can help test your idea, identify your start-up and operating costs as well as creating revenue forecasts to account for every possible scenario. 

Along with these key pieces of planning, we can also carry out administrative tasks in setting up your business including, but not limited to:

  • Registering your company with ASIC
  • Getting an ABN and TFN for your company

Help with Business Strategy

When starting out a new business, it can often be clustered in that it is hard to know where you should focus your attention to. We can help you understand what is important and the attention you should be giving certain aspects of your business to increase optimal efficiency.

We can work with you to set achievable personal, professional, and financial goals as well as giving you the tools to measure your progress. Quite often, many Accountants and for that matter, small business managers, have fantastic business ideas, but do not know HOW to operate a business efficiently. The experts at R T Accounting & Taxation Services not only guide you in answering the important accounting and tax queries but how you can run your business to become its best possible self. 

However, what happens when market situation dictates that sales will slow down. COVID-19 saw many profitable businesses fail simply because they ran out of cash flows at the wrong time and could not afford to pay suppliers or staff. Even if your business, deals in high frequency outputs, it will not go anywhere if your payments take too long to enter your company, or if your expenses are higher than the norm. 

We understand that revenue can differ from time to time as well as your expenditure. Also, can help you plan as best as we can for events to manage bad situations so you can continue to operate even during the worst economic periods. We can organise cash reserves and ensuring that a proper schedule is made so there is always enough cash left in your bank. This will make your pay day a lot more efficient and allow you to think more freely and focus on your business. 

Debt Management

Most businesses will have some form of debt in their lifetime. No entity starts off with $100,000 cash in the bank, to begin with. However, did you know that there is good debt and bad debt? We can help you differentiate these two key aspects of your business. We can help find you the least expensive borrowing strategies for your business, with the perfect about of principal repayments as well as the low interest garnered from a record low cash rate.

Also, has found that many businesses do not know when to pay back loans or use any residual cash to reinvest in their business. At R T Accounting & Taxation, we can help you make those key decisions to ensure that your debt levels are always manageable.

Setting Up Cloud Software

Rapid advancements in technology have made many Accounting medial tasks automated and far more efficient. One way of taking advantage of these advancements is to set up a cloud accounting software. Many of these software’s come with inbuilt sales and expense data flows directly linked with your bank accounts, as well as invoicing automation that can let you know what has been paid and what is still outstanding. Cloud Accounting Software makes BAS and Tax Reporting far simpler come due date.

At R T Accounting & Taxation Services, we not only look after your business, but also you, the individual. Below are just some of the services we provide for individuals looking to get their tax returns completed.

Tax Return Lodgement 

The main thing is that we can lodge your tax return, saving you the stress of having to fill out every detail on MyGov, a task that is tedious and time-consuming. Along with this, as registered tax agents we have an extra 7 months to lodge your tax return. The ATO and other tax practices like to scare you into believing that 31st October is the deadline date for the lodgement of your tax return. This is only true if you are completing the tax return yourself. If you are lodging through a tax agent, the deadline is extended to sometime in May depending on your history.

Traded in Shares, Forex or Cryptos?

Several clients have come to us having traded in Shares, Forex and Cryptocurrencies and did not know that you are required to report any income (losses) made through trading in these methods. Every taxpayer is required to report any capital gains earned throughout the year in their tax return, no matter how often you may have traded throughout the year. Simply send us your end of financial year statement through your broker and we will be able to calculate the rest. 

Want to calculate your gains during the year? No problem just message us and we will send you an excel template on what we need for reporting of capital gains come tax time. This process will make tax time far more efficient as well as help you identify which assets have made you gains, and which have made losses.

Residency Status

Many of our clients in the Eastern Suburbs of Sydney are Working Holiday Makers. Did you know that Working Holiday Makers have their own special tax rate? Most probably you did not. Coming to a new country is daunting, and the tax process in that new country can be even more confusing to understand. We have found that many clients were taxed at the wrong rate simply due to confusion with Australian tax laws.

We liaise with the ATO to ensure that you are taxed fairly and appropriately based on your visa status and future intentions for living in Australia or moving back. Get in contact with us to make sure you are not paying more tax than you need to.

No assignment is too big or small for us at R T Accounting & Taxation Services. Whether you are a large corporation or an individual taxpayer, get in contact with the Accounting & Tax experts at R T Accounting & Taxation Services today to optimise your earning potential.

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how to hire a tax accountant

Tips on how to hire a tax accountant

Before you know it, your annual tax return time will be here. When tax season is upon us, almost 70 percent of businesses hire a tax accountant to handle all aspects of their tax returns. Even though there is a cost involved with outsourcing to an experienced tax professional, it is very important to work with an accountant – especially when it comes to your tax return. It will save you time, and take away the stress from ensuring you are completing your taxes correctly. You won’t have to worry about mistakes, and your returns will more likely be done accurately than if you had tried to do them yourself.

In addition, not only do tax accountants offer you convenience, but they can also give you the right advice and ensure you are receiving the best possible refund from the Australian Taxation Office. The peace of mind, and understanding that working with an accountant is a necessity for your business is enough to look for an account today! 

Not everyone is familiar with tax accountants and professionals in Australia. Here in Australia, we have different three types of accountants. 
  1. Registered Tax Agents: Registered tax agents need to complete a minimum standard of hours per year studying tax law to continue to be registered to lodge tax returns. They are the best accounting professionals to help your complex tax situations. They will also represent you with you being audited by the Australian Taxation Office. 
  2. Certified Practising Accountants: A certified practising accountant is unable to lodge tax returns in their own right and is often not trained to handle diverse tax issues. 
  3. Tax Lawyers: A tax lawyer specialises in tax law, and works as solicitors. They are best used when you need to take a case before the court or when complexing a complex business tax return that has legal requirements involved. 

While all accountants are great with accounting and ledgers, not all may be able to lodge a tax return on behalf of a business and clients. They also may not be trained or have the expertise to deal with complex tax issues. The only accountants that can help you lodge your tax returns is a qualified professional tax agent or an accountant that works under the supervision of a tax agent. To ensure that you are working with a qualified tax agent, you can always ask them for their tax agent number and check their details online at the Tax Practitioners board.  

Here are our tips for finding someone you can trust with your finances and sensitive personal information.
1. Ask your peers

It’s easy to google “tax accountant” and go with the first result. But that may go pear shaped for you if you haven’t done your research. Referrals are a great way to find a trusted accountant. By asking your peers, family, friends and other business owners, you can discover valuable information such as pricing models and average costs. Your financial advisor may also be able to point you in the right direction. All businesses file taxes, so you should be able to find a wealth of names from people you know. 

It’s always good to call around to the recommended firms before you set up meetings to explore whether they have the capacity for your business and if they have the expertise for your business. Don’t forget to check out their independent reviews, assess their website and the services they provide.

2. Meet the accountant in person before hiring

You need to trust your accountant – after all, they will be working with your money and trying to find ways to maximise your tax return, so it is important to meet them before hiring or making any big decisions to get a feel of their personality and working style. It’s good to explain why you are looking for an accountant and what you want to achieve from the partnership. This will help you set expectations up front and assist the tax accountant in understanding the scope. It is also a great opportunity to make sure the tax accountant understands your taxes and tax situation. 

You should also ensure that the tax accountant is a registered tax agent through the Australian Taxation Office

3. Questions to ask a prospective tax accountant

I’ve already mentioned that you should guarantee that the tax accountant is a registered tax agent. But there are some additional questions that are helpful to ask and be comfortable with the answers before hiring a professional tax accountant. Some include:

  • What licenses and designations do you have? 
  • What kind of fee structure do you offer? 
  • Your fees and are they negotiable based on workload? 
  • How long has your practice been servicing small/medium businesses? 
  • Do you offer services outside tax filing? Will they be able to offer you business advice as well? 
  • What tax issues do you specialise in? 
  • Do you and your team personally complete all the tax filings or are you outsourcing to other externals? 
  • What are the time frames to complete a yearly tax return? 
  • How do you think you can work together with my business? 
4. It’s ok if you made a mistake on your decision

It’s reality – you may be unhappy with your chosen professional tax accountant. Also, it’s easy to think you are stuck with them forever, however, this isn’t the case. If you are not happy with your relationship or the results, you always have the chance to look around for someone else. 

In conclusion

Your tax professional should care about you, your business, and most importantly, your tax return. You need to put the effort in to build a solid relationship and keep your best interests in mind. On the other hand, your tax agent should be dedicated to helping you become financially secure, committed to providing the best and most effective tax solutions and services to your business. They should be upfront with their expectations from you, their costs, and transparent with the process required to complete your tax return. Your investment into a tax agent is a necessity for your business. 

A tax accountant service for small businesses is an important part of your company’s success. You need a firm that is reliable and there for you when an issue arises. When you choose an accountant firm for a small business, they can manage your accounting tasks and offer your business advice and support. Start your accounting firm search today, by getting in touch with us at R T Taxation & Accounting Services. You can take advantage of our Outsourced CFO Services to leave the administrative hassle of running your small business to the experts and for you to do what you know best.

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