Income Tax Deductions

Income Tax Deductions

If Australia only had one tax, preparing a tax return would be a breeze. Unfortunately, this is not the case and taxpayers face a myriad of taxes, with some specific to certain regions and personal circumstances.

 

Deciphering tax law and what applies to you is not an easy feat. However, failing to comply with tax authorities can have very expensive consequences and legal repercussions.

 

dnm group’s accounting team includes members of the Institute of Chartered Accountants, the Taxation Institute of Australia, and the SMSF Professional Association of Australia. We review your personal circumstances, understand tax law and ensure tax compliance for each tax type. We provide advice on the following taxes, and more:

 

Income Tax

dnm group reviews all income sources including wages, salaries, business income, rental income, interest, and dividends from investments. We also look for losses from previous years to lower your tax burden. Our tax professionals pinpoint expenses incurred while earning income and specific deductions permitted under current legislation.

 

Capital Gains Tax

The tax laws surrounding assets are broad and complicated. Some assets are exempt from capital gains, while others are not. The ATO includes capital gains in your accessible income which affects your income tax rate. CGT rules also include time considerations to determine the amount paid. dnm group’s advice can help you minimise the impact of capital gains tax, claim losses and depreciation when applicable, and guide you towards a better financial future.

 

Business Income Tax

If you’re self-employed and operate as a sole trader or a partner in a partnership, your tax requirements may differ from those who earn a salary or wage paid by an employer. dnm group advises entrepreneurs so they access available tax deductions on their super contribution or qualify for super co-contribution. Self-employed individuals may also access additional concessions for particular invalidity payments.

 

Fringe Benefits Tax

If you’re an employer, dnm group may be able to deduct fringe benefits tax against your taxable income. Some fringe benefits are also excluded under Australian law.

 

Land Tax

Some Australia land is subject to land tax, but the rate varies between regions and some asset classes are exempt, while others are not. The taxation thresholds also vary significantly, so proper tax advice from professionals could save you considerable money.

 

 

Tax rates also vary depending on whether you are a resident, foreign resident, non-resident, or working holiday maker. dnm group provides a free consultation to discuss your needs.