We manage current taxation needs and also late lodgement of taxation returns for businesses, individuals and SMSFs. We also offer review services for previous years of taxation returns already lodged by taxpayers themselves or other accountants. It is not uncommon to identify missed deductions or benefits and to prepare and submit amended returns. This may result in a further tax refund. Our proactive review services have benefited a significant number of clients new to Success Tax Professionals who have moved their services to us from other accountants or from self-completion.
Tax Returns are prepared and lodged for:
- Individuals and Sole Traders
- Self Managed Superannuation Funds
We use electronic lodgement facilities which links our taxation software with the Australian Taxation Office’s system and allows for efficient and timely transmission of client data for processing and assessment by them.
Each tax return is double checked for accuracy and completeness prior to lodgement.
Interviews, Research and Documentation
Success Tax Professionals accountants provide full interviews in order for customers to answer questions relating to their income, deductions and tax circumstances. It also allows for our customers to discuss forward planning options, provide documents to support their claims and to receive clarification, tax saving tips and advice.
Tax legislation and policies are constantly evolving and changing. Lodging a tax return should not be viewed as a ‘data entry’ process or merely the filling in of boxes. This is why our accountants ask questions and explore options for legally and effectively reducing taxation.
Success Tax Professionals accountants have access to extensive technical resources and participate in special seminars and workshops on a continuous and regular basis scheduled throughout each year. We are highly committed to the professional development of our accountants and the currency of their knowledge.
Pre-filling was first piloted by the Australian Taxation Office in 2007. The ATO, under their Compliance Program have access through data matching to extensive third party information and other data held by the ATO relevant to each tax payer. Pre-filling assists tax payers and tax professionals to more easily complete tax returns accurately and declare relevant income. Failure to correctly declare income can result in a tax payer receiving a greater tax refund than what they are entitled to. This in turn can result in additional penalties applied by the tax office, plus the need to repay the overpaid amount and any interest that is additionally applied to the overpayment by the tax office.
Success Tax Professionals takes advantage of the Pre-fill data that is available to assist in the preparation of taxation returns.
The ATO make available data such as:
- Employment income, including employee share scheme benefits and foreign sourced employment income
- Government payments from the Department of Human Services and the Department of Veterans’ Affairs, including details of Paid Parental Leave payments
- Investment income, including interest and dividend payments and distributions from banks, financial institutions, investment bodies, and managed funds
- A link to the Medicare benefit tax statement
- Private health insurance policy and rebate details
- Shares and property that had been disposed of, or transferred, which may lead to capital gains tax