Expert Taxation Services

Individual taxpayers must lodge their income tax return with the Australian Taxation Office (ATO) each financial year (1 July to 30 June). 

Remember, you will need to declare all sources of income, including salary and wages, rental income, business income, dividends, interest, and the sale of assets (including your family home—don't worry, a specific exemption applies to these sales). 

Whether you have a basic or complex tax return, our tax return service helps ensure that you meet your obligations while also guiding legitimate deductions and offsets.

Canberra Tax Solutions specialises in tax returns for share, ETFs, and rental property investors. 

We ensure that your investment income and legitimate deductions are correctly accounted for and declared in your Income Tax Return.

We can also assist you in getting the maximum return on your share and rental property investments and managing the record-keeping requirements to comply with tax laws.

Being a sole trader tax or partnership includes additional reporting requirements in your tax return. 

A sole trader must declare all income and allowable deductions in a business schedule, and they pay tax at their marginal tax rate in their Income Tax Return.

A Partnership Tax Return is lodged for partnerships to report the income, deductions, and distributions to partners, but the partnership itself does not pay tax on its income. Instead, the tax liability is passed through to the individual partners based on their share of the partnership's income or loss. Each partner then reports their share of the partnership's income or loss in their individual tax return. 

Canberra Tax Solutions can assist you with your tax return and, if you are registered for GST, your Quarterly Business Activity Statements (BAS), monthly Instalment Activity Statements (IAS), Annual Goods and Services (GST) returns, and Taxable Payments Annual Reports (TPARs).

Did you drive for Uber?  As an Uber driver in Australia, you are considered a self-employed contractor or small business owner for tax purposes. This means your Taxi and Uber income is declared in a Business Schedule in your Individual Income Tax return. 

Were you aware that you must register for GST even if your annual turnover is less than $75,000? This means that Taxi and Uber drivers are required to charge GST on the fares that are paid by passengers. However, you can claim back GST on business-related expenses such as fuel, car maintenance, and other costs. To claim these expenses, you must keep detailed records, including receipts and logbooks, to show how much you spent for business purposes versus personal use.

We can assist you in obtaining an Australian Business Number (ABN) and registering for GST as well as preparing your quarterly Business Activity Statements (BAS) and Income Tax Returns for Taxi and Uber drivers. 

Canberra Tax Solutions provides personalised service and support to help you maximise your earnings whilst legally minimising your tax liability. 

Individuals are charged Capital Gains Tax (CGT) on gains from selling, transferring, or otherwise disposing of assets. 

Many common assets, such as property, shares and cryptocurrency, can be subject to CGT when disposed of. 

You need to know which type of CGT event applies to your situation. It affects how you calculate your capital gain or loss and when you include it in your net capital gain or loss. 

There are also specific exemptions that may apply to a Capital Gain event.

Feel free to Contact Us for further assistance with Capital Gains issues.

Do you hold cryptocurrency? At Canberra Tax Solutions, we want to help you prepare and understand how cryptocurrency investments are taxed so you can avoid any possible penalties, issues or audits down the line. 

At Canberra Tax Solutions, we use CryptoTax Calculator to accurately determine any income from airdrops or staking rewards, capital gains or losses or you can provide us with your own report. We will even send you some step by step detailed instructions o you can email us the exact reports we need to complete your tax return from your wallet.

Remember, any fees incurred in obtaining a Cryptocurrency Tax Report yourself or through us is tax deductible in the financial year that the expense was incurred.

Are you the executor or Legal Personal Representative (LPR) of a deceased person?

Here is a summary of some key points you need to be aware of as an executor or LPR of an estate:

a) A tax return is required for the deceased person’s final income and income earned by the estate after death.

b) As the executor, you are responsible for lodging the return(s).

c) Capital Gains Tax (CGT) and income tax may apply to the estate.

d) Both a date of death and estate return are eligible for the same tax-free threshold (currently $18,200). It should be noted that whilst an estate return has access to this tax-free threshold, it does lose this after three years but still has access to progressive marginal tax rates. 

It is also worth noting that estates that receive fully franked dividends could be eligible for a refund of the associated franking credits even if their income does not reach the tax-free threshold.  

At Canberra Tax Solutions, we can assist with managing a deceased person's tax affairs up to the date of death and for the deceased's estate (Testamentary Trust). Feel free to Contact Us for further assistance.

Generally, a BAS needs to be done every three months. We let you enjoy your spare time or concentrate on running your business instead of doing your BAS by allowing all our clients to email their information, and we handle the rest.

Canberra Tax Solutions must be invited as an adviser to your accounting software package if you use one. 

 At Canberra Tax Solutions, we don’t just help with your current tax return and how to avoid common individual tax mistakes; we can also help set you up for success in the future. 

Are you thinking about investing in a rental property? 

Are you curious about capital gains tax liabilities? 

Maybe you have income from stocks or other investments and aren’t sure how to report it. 

These things can feel tricky, but with our help, they don’t have to be.  

Tax time doesn’t have to be something you dread: if you know how to approach it, it can be an opportunity to improve your financial situation. 

Let Canberra Tax Solutions work with you to create a tax strategy that keeps you in the best possible financial position. 

Our principal is a qualified accountant as defined by the Corporations Act 2001 (Cth) (the Act) and an existing member of the professional body approved by ASIC. 

Canberra Tax Solutions can issue a ‘Sophisticated Investor’ certificate under sections 761G(4), 761G(7), 708(8)(c), and 708(9B) of the Act, subject to meeting the eligibility criteria.

Both businesses and individuals may need to register with the Australian Taxation Office (ATO) for various tax obligations, such as Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes. Here's an overview of the different types of registrations that Canberra Tax Solutions can assist with:

Applying for an Australian Business Number (ABN)

An ABN is a unique 11-digit identifier for businesses operating in Australia.

Applying for a Tax File Number (TFN) for a deceased estate

A TFN for a deceased estate is a separate TFN allocated to the estate, which differs from the deceased person's individual TFN. This new TFN is used for tax purposes, including income the estate generates, such as earnings from investments or rental income.

Applying for or cancelling GST registrations

Generally, you must register for GST if your business turnover is $75,000 or more. This income threshold does not apply to taxi and Uber drivers. 

PAYG Instalment voluntary registrations 

If you have received a small tax bill from the last financial year or commenced a sole trader or partnership business, you can register for PAYG instalments to prepay your predicted tax liability for the next financial year. The ATO calculates how much you need to pay. 

You can make payments quarterly or annually and you can make payments quarterly or annually.

If you disagree with your tax assessment, are not sure that you have received your maximum refund, or want to get a review of your previous tax return, Canberra Tax Solutions can undertake a second-look assessment on your behalf.

We aim to ensure you receive all the deductions and rebates you are entitled to. With your approval, we will file an amendment to refund any missing money if we find any errors. 

Remember, any fees incurred in our second look assessment are tax deductible.

Have you missed a tax deadline or have an outstanding or overdue tax return? Canberra Tax Solutions can help.

We will check your current lodgement status with the ATO to discover what details have been reported and any outstanding years. We will then work with you to lodge these outstanding returns as soon as possible.

If you have been advised that you are required to lodge so as to avoid having to pay a penalty, Canberra Tax Solutions will negotiate with the ATO on your behalf, advising them that your returns are being completed. 

If penalties have been issued, we will work to have these returned on your behalf.