Recording your income and claiming your expenses may seem simple, but many people still claim deductions they should not, and miss others that would reduce their taxable income and increase their refund.
We understand that tax advice is not a one-size-fits-all solution, and we take the time to provide expert taxation advice based on your actual circumstances.
What this covers
- Income tax and capital gains tax planning and implementation
- A tailored approach to income tax consulting
- Specific tax rules relevant to high net wealth individuals
- Dispute resolution with the Australian Taxation Office
- Preparation and lodgement of annual income returns
- Specific advice in relation to investment properties
A tailored approach to income tax returns
With the end of the financial year behind us, it’s time to open up your receipt box and file your tax return. Whilst recording your income and claiming your expenses may seem simple, many of us are still claiming deductions we shouldn’t be and missing out on others that could reduce our taxable income and contribute to a higher refund.
We understand that tax advice is not a ‘one-size fits all’ solution and we take the time to provide you with expert taxation advice.
Our income tax consulting services include
- Income tax and capital gains tax planning and implementation
- A tailored approach to income tax consulting
- Specific tax rules relevant to high net wealth individuals
- Dispute resolution with the Australian Taxation Office
- Preparation and lodgement of annual income returns
- Specific advice in relation to investment properties
Understanding property taxes in Western Australia
When you own property in WA, you also often have to pay taxes, duties or levies. Transfer duty — also known as stamp duty — is levied by the state government on property purchases and is often the biggest tax most WA property owners pay. It generally falls due at settlement and is calculated on the purchase price or market value, whichever is higher.
Transfer duty applies to most buyers, including investors and owner-occupiers, though investors usually pay a higher ‘General rate’ while owner-occupiers pay a lower ‘Residential rate’.
When a gift is not considered a gift by the ATO
Under Australian tax law, a gift is generally a voluntary transfer of property or money without any expectation of receiving something in return. Gifts are typically not subject to income tax, but they may have implications for CGT or stamp duty — and the ATO may decide that a transaction which appears to be a gift is not classified as one for tax purposes.
Further reading
Guides you can download
Practical PDF guides prepared by our advisers — free to download and keep.
