Personal Tax Accountant Sydney for Individual Tax Returns

Individual and Complex Personal Tax Returns

We prepare individual tax returns using the income, deduction and investment information relevant to the taxpayer. A return may include salary and wages, allowances, interest, dividends, managed-fund distributions, work-related expenses and other reportable amounts.

For executives and professionals, the return may also require a review of bonuses, allowances, Employee Share Scheme statements, vested equity or other employment-related benefits. The tax treatment depends on the arrangement and the documents issued by the employer or plan administrator.

We also assist US citizens and green-card holders who are Australian tax residents with the Australian component of their tax affairs. Where US tax advice is required, the work can be coordinated with an appropriately qualified US tax adviser.

Rental Property and Property Investment Tax

Property investors may need to report rental income and eligible expenses, including agent fees, repairs, interest, borrowing costs and depreciation where the relevant requirements are met. The distinction between a repair, an improvement and a capital cost can affect when and how an amount is claimed.

We can review the available property records, loan statements, settlement documents and depreciation information when preparing the return. Quantity-surveyor, legal, lending or financial advice is provided separately by appropriately qualified professionals where required.

Support can also include negative-gearing calculations, after-tax cash-flow considerations, borrowing-expense deductions, refinancing-related interest reviews and coordination with registered quantity surveyors for depreciation schedules. Multi-property portfolios may require additional review of ownership structures and relevant state land-tax considerations.

Capital Gains Tax for Property, Shares and Investments

Capital Gains Tax may apply when an individual sells or otherwise disposes of property, shares, managed investments, cryptocurrency or another CGT asset. The calculation can depend on the acquisition and disposal dates, cost-base records, capital losses, residency position and any exemption, rollover or discount that may apply.

The ATO states that an Australian resident individual may be able to reduce an eligible capital gain by 50% when the asset was owned for at least 12 months. The concession is not automatic in every case, and different rules may apply to foreign residents, companies and particular assets.

Where advice is sought before a disposal, we can model the potential tax consequences of different timing options using the information available. This may help a client understand the interaction between a proposed capital gain, carried-forward capital losses and their broader taxable income before completing the transaction.

Cryptocurrency and Digital Asset Tax Reporting

Crypto transactions may create capital gains, capital losses or ordinary income depending on how the assets were acquired, held and used. Accurate records are important because a disposal can include selling crypto, exchanging one asset for another, gifting an asset or using it to obtain goods and services.

Support may include organising transaction reports, identifying missing information and preparing calculations from the records supplied. Complex trading, business or decentralised-finance activity may require additional review and a separately agreed scope.

Foreign Income and Tax Residency

Australian residents for tax purposes generally need to declare foreign and worldwide income in their Australian tax return. A foreign income tax offset may be available where foreign tax has been paid and the relevant requirements are met.

Foreign residents and temporary residents can have different Australian reporting obligations. Visa status alone does not determine tax residency, so the individual’s circumstances, Australian connections and any relevant tax treaty should be considered before applying a residency outcome.

Expatriate and Subclass 482 Visa Tax Support

Australian Accountants provides personal tax support for expatriates, inbound executives and Subclass 482 visa holders. The work may include Australian tax-residency reviews, foreign-income reporting, foreign income tax offsets, Medicare-related tax considerations, employee benefits and the Australian treatment of overseas assets or investment income.

Some 482 visa holders may qualify for temporary-resident tax treatment, depending on their residency position and individual circumstances. We review the relevant facts rather than relying on visa status alone and consider applicable Double Tax Agreements where cross-border income could otherwise be taxed in more than one country.

Late Returns and ATO Correspondence

If one or more returns are overdue, we can help identify the outstanding years, review available records and prepare the information required for lodgement. Where penalties, interest or an ATO review are involved, the available options depend on the facts and the ATO’s requirements.

Where information is missing, we can use available ATO records and documents supplied by the taxpayer to help reconstruct the relevant history. We can also assist with structured ATO payment-plan discussions and prepare requests for remission of failure-to-lodge penalties or General Interest Charge where the circumstances support an application.

A request for penalty or interest remission may be considered where appropriate, but acceptance is determined by the ATO. More substantial audit, objection or dispute work should be handled through the dedicated ATO representation service.

Related Tax Planning Support

Tax-return preparation records what occurred during the income year. Separate tax-planning advice considers future transactions, timing and available options before decisions are made. Where planning support is required, we can connect the taxpayer with the appropriate tax-planning service.

Related service: Tax Planning Sydney