What can I claim in my taxes?
The ATO has a sophisticated list of what is claimable and what is not. Unlike other parts of the world where all tax payers are only allowed a blanket deduction, we can legitimately claim any expenditure incurred for income producing purposes. From travel to purchasing assets we can help you better understand what you can claim. All tax work is 100% deductible! Why not speak to a Win specialist today?
Will buying this item save me exactly this much on my taxes?
If the item you purchase is used for income producing purposes then yes it is deductible for tax purposes. However, the ATO place limitations on how to deduct these items based on type and cost. While a general item will be a deduction it is important to consider that this will reduce your overall taxable income and not directly reduce your tax bill or increase your refund.
Is a company the safest business structure?
It is important to understand that a company is just a business form. Depending on your industry it is important to ensure you are operating with the right business form. When it comes to structures there are many complex structures that are setup behind companies to ensure safety maximise taxation benefits.
Why am I not getting a refund?
Australia is under a progressive taxation system – this means that you are generally paying the same percentage of your income based on different income brackets. Most employers do not calculate the exact tax to be withheld on an individual basis and structure it based on the level of income for employees. The changing nature of the taxation system and the adjustment for inflation with annual wages growth are a big reason as to why you may not be receiving a refund this year.
How much tax will I pay?
It is very difficult for anyone to tell you just how much tax you will be paying. Many clients ask their accountants this question year after year without ever getting a proper answer. Win Accounting will at first engagement give you a general understanding of our taxation system so you will always have a general understanding of what your year ahead looks like.