Tax Accountants

 Tax Agents & Tax Returns

Welcome to a world of complexity! There are so many things to think about when lodging a tax return. At Shen & Co Tax and Accounting, we try our best to explain, simply and succinctly, what you’ll need to know or have ready when you come to us for help.

What to have ready when we prepare your taxes:

  • PAYG payment summaries (group certificate)

  • Investment income – Interest on bank accounts & dividends received on shares

  • Medicare expenses – Your portion of costs paid

  • Work-related expenses

    1. Motor vehicle expenses

    2. Traveling expenses

    3. Uniforms

    4. Self-education expenses

    5. Union fees

    6. Seminars/Courses

    7. Trade journals

    8. Computer costs, including internet access

    9. Mobile and telephone costs – only the work-related portion

    10. Tools & equipment

    11. Professional registrations

    12. Sun protection costs – only apply to outdoor workers

  • Donations

  • Any other information you consider may be necessary

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As your tax agent, we will have access to your tax information from the ATO website, working alongside you to make sure all incomes are declared. We hope to give you that peace of mind you deserve, in case that you need to chase up forgotten income such as bank interests, share dividends, etc.

Useful Individual Tax Links

Individual Income Tax Rates: Click here

 ATO provision of comprehensive education on individual returns: Click Here

Business Tax Returns

Business returns seem more complicated than the individual tax return, but not for us!

 Business Income Tax = Net Income x Company Tax Rate

Net Income = Business Net Income + Other Net Income

Business Net Income = Business Income – Business Expenses

Other Net Income = Other Income – Other Expenses

Examples of Business Income:

  • Retail or wholesale sales

  • Professional fees

  • Contract payments

  • Income where on ABN was quoted

  • Income – Voluntary agreement

  • Income – Labour hire payments

Examples of Business Expenses:

  • Accounting fees

  • Advertising & promotions

  • Bank fees & charges

  • Cleaning and rubbish removal

  • Contract payments (including payments to sub contractors)

  • Depreciation of fixed assets

  • Electricity

  • Government charges, like council rates, etc.

  • Hire or rent of plant & equipment

  • Home Office

  • Insurance premiums

  • Interest paid

  • Materials & supplies

  • Motor vehicle expenses

  • Postage

  • Printing & stationery

  • Protective clothing

  • Repairs to equipment

  • Replacement of loose tools

  • Subscriptions & publications

  • Telephone – landline & mobile

  • Travel & Accommodation

Tax obligations

 

GST Reporting

(BAS : Business Activity Statements)

If your business is registered for Goods & Services Tax reporting purpose, the reporting terms can be monthly, quarterly or yearly based on your business turnover.

Useful Business Tax Links

Income Tax Reporting

(Company/Trust Tax Returns)

Reported yearly based on the financial year calendar, may need to pay PAYG Income Tax Instalment by ATO based on previous year’s income.

 There are other tax obligations, like Fuel Tax Credit, Luxury Car Tax, Fringe Benefit Tax, Payroll Tax etc depending on the circumstances of businesses.

 No matter you’re sole traders, small to medium businesses or even multi-million businesses, the goal is the same: By using the minimum resources you have to generate the maximum business income in a sustainable way.

 There are ways to increase income and ways to decrease expenses, so that our job is to get to know you and your business, then to work with you to achieve your ultimate goal of wealth creation from your business.