Tax Returns - Astrum Consultants

As an individual, if you have had any tax deducted from any payments during the year, or if your taxable income was more than the tax-free threshold, then you probably need to lodge an Income Tax Return (“ITR”) with the ATO.

From the most basic to the most complex, we can assist with your ITR as well as your business tax returns (no matter the entity structure).

The aim is always to get you the maximum benefit as allowed by the tax laws.

So, what do I have to do?

It is always an option to go it alone. You can lodge your own ITR. The ATO attempt to give you all the information you need to be able to do it yourself. However, considering the size and number of Taxation Laws and the complexity of the system, would you really want to risk getting it wrong?

If you are not sure, you can always contact us via our Contact Page. We are happy to give you an indication of what is involved and the costs. If you decide to proceed, we will provide a fixed fee quote based on the information you have provided. This way, you know what you are getting, when you will get it and (most importantly) how much it will cost.

Have a look at our Information Required page for a general list of items you should put together for us to be able to prepare and lodge your ITR on your behalf.

I’ve got a business; do I need to lodge separate returns?

The answer to this will depend on how you have structured your business.

If you have a separate entity (i.e. a Company, Trust, Partnership or combination thereof), then separate returns will be necessary.

If you are a sole trader, then the business information is included in your Individual ITR. See our Information Required page for a general list of items you should put together, including your business information, for us to be able to prepare and lodge your ITR on your behalf.

What if I haven’t lodged a return for a past year?

If you have missed the lodgement of a return (or several), do not fret, we can assist with prior year returns and we engage with the ATO on your behalf to minimise penalties and interest.

The best advice here is to act quickly. It is always better for you (or us on your behalf) to contact the ATO before they contact you.

What else do I need to know?

Unfortunately, there are many things to consider when you think about your own tax situation. Some of these can include:

What tax rate has been withheld? Has enough been withheld?
Do I have more than one employer? Is the tax-free threshold being applied correctly?
What is the Medicare Levy? Does it apply to me?
What about minors? Do they pay tax at different rates?
Does my residency make a difference?
I get income from overseas, how does that affect me?
I’m a Trustee of a Trust, what should I do (before 30 June)?
Capital Gains Tax?!?
Franking Credits?!?
Goods and Services Tax?!?
I’ve died! What needs to be done for me and my Estate?

There can be many more issues to consider. Going through them here is outside of the scope of this information and will put most of you to sleep.

Are you experienced in this type of work?

Robert Boni is a Registered Tax Agent.

This means that we, as Tax Practitioners, are appropriately registered on the Tax Practitioners Board (“TPB”) register. This means that you, as the taxpayer, are provided with certain consumer protections. These protections include the following:

the registered practitioner has an appropriate level of professional indemnity insurance in the event the client needs to take legal action against them
a minimum mandated level of education and experience has been obtained by the practitioner, and
mandated professional development throughout the registration period is complied with by the practitioner.

Liability limited by a Scheme approved under Professional Standards Legislation.