Income Tax

STR’s other available services

Income TaxSTR also processes and lodges SME, trust and personal income tax returns on behalf of its clients as part of its tax online services offering. Highly qualified practitioners prepare these returns, and contact and liaise with clients on a related needs basis, personalizing the client experience to the degree necessary to obtain the best available outcome for the latter in a range of given instances.

The compilation and submission of these various returns require a range of accountancy skills, such as a sound knowledge of standard business practices and procedures, and a familiarity with applicable Trust legislation. Clients should become cognisant with the ATO’s tax rate scales (as applicable to themselves), with the range of legislated deductions pertinent to their circumstances, and with their record keeping requirements.

Australia currently labours under an unnecessarily convoluted tax system, which introduces great complexity to the compilation of tax returns. However, STR’s carefully selected home-based practitioners navigate tax legislation to afford its clients the best result possible in whatever given circumstance. Once again, as is the case when SMSF returns are prepared and audited, good record keeping by clients, together with the scanning and forwarding of their pertinent paperwork in a relatively easy to understand format, reduces the time taken to prepare returns, and minimises respective fees charged to clients.

Clients who use a credit card to pay tax deductible expenses, create a ready record in that regard for tax purposes, and can contemporaneously earn frequent flier points if their card is linked to a rewards program, however the card should be regularly paid off each month, so as not to incur unnecessary interest costs. Furthermore, the act of using a reward linked credit card to pay the cost of unavoidable living expenses such as groceries, petrol etc, accumulates points over time that can be used for holiday travel or travel, the cost of which otherwise would have to be funded from elsewhere.

SME’s who use efficient bookkeeping services greatly reduce the cost of their tax returns, and STR’s rates charged for SME returns are competitive. The saving of say $5,000-00 on an SME’s annual tax bill can better be spent or re-invested in a business by its proprietor, instead of being wasted on a more expensive provider for the same work.