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Individual Tax Returns

The finance industry comprises of one of the most detailed and diverse roles, i.e., accountancy, and hence the need of a competent accountant to manage such a significant and detailed part of any business.

The role of an accountant comprises of advising clients with their financial expenses in terms of taxes, profit/loss records, annual progress records, etc. with unbiased information and within legality of the associated authorities. They need to ascertain that their advice follows the limitations and boundaries of the government policies and framework depending upon the type and industry of business. Once a business appoints its accountant, he/she plays a crucial role in performing financial functions related to collecting, bookkeeping, analyzing, presenting and even forecasting accurate financial information related to the operations of the firm.

At BookSmart Accountants, we help you save your business, time and money as we provide our clients tax-planning strategies, budget forecasting, setting up of goals, etc. We provide high-quality professional tax accounting and bookkeeping services to ensure that you focus on other aspects of growing your business and leave your financial worries upon us. Our job role includes but not limited to:

  • Preparing budgets and implementing cost saving strategies
  • Analyzing profit/loss incurred by the business over a selected period of time and producing statements to record this information from time to time
  • Preparing and filing tax returns at the end of each financial year along with providing recommendations on maximum tax savings
  • Managing bookkeeping and accounting practices and maintaining procedures for accounting

Fur such an imperative aspect within an organization, the risk of hampering with large information associated with financial operations can be significantly high and must be taken care of. Due to these crucial tasks, it is evident that every business, be it small scale or large scale, requires an accountant to manage these financial decisions and information. In case of specific requirements such as tax management, one can even choose to appoint a tax agent who would support all queries related to filing taxes and minimizing these taxes as most business-owners pay higher taxes than they are meant to.

We can help you with all your tax related enquiries and can support your business by providing accounting and bookkeeping services. We provide taxation, accounting, compliance, auditing services to public and private businesses as well as individuals located in Melbourne, Australia

Our range of business accounting services includes:

  • Structural business advice
  • Tax planning
  • Tax return preparation
  • Corporate secretarial services
  • ATO negotiations
  • Audit consultation
  • Accounting and bookkeeping services
  • Compliance planning and management
  • Cash-flow
  • Performance monitoring
  • Business health assessments
  • State tax matters
  • Payroll taxes
  • Financial statement preparation
  • Budgeting advice and forecasting
  • Management accounting

Contact us at 1300 664 796 or visit our offices located in and around Melbourne to talk to our professionals. We also offer after-hour appointments suited to your convenience.

Do you think piling up records in a corner of the office space is enough to keep your business up to date? Well, you might want to reconsider when you read this.

While most small business owners may think it’s easy to throw together big numbers ontax agent’s desk at the end of the financial year, they might be unaware of the complexities associated in case of mishandling these records.Doing it alone might save you money initially, but could land you into trouble if things were not done the right way. You need qualified professionals to help you keep a check on the ongoing updates while you run your business without stress. They can also assist you with keeping track of the progress over the years and provide you comparisons that could support the development of your next business plan. It is important to record every dollar spent and earned while running your business in order to be assured that you are headed in the desired direction.

So how about saving your time and effort for running and improvising your business and leave the nerve-rackingtask of maintaining your records and handling these complexities upon us! Our experiencedBookSmart Accountants can support your small business by providing the best advice and service as per your needs to help it grow better within the industry.

Give us a call today at 1300 200 106to discuss your needs and we promise to help you in the best way possible.

When you are buying and selling an investment property it does not only involve annual rental income or loss, you also have to beware of the tax which you have to sell it. This tax is one of the biggest taxes and it is called Capital Gains Tax (CGT)

Despite the commonly used term and its widespread impact, most of the people don’t know what CGT is and what the effects of CGT are.

What is Capital Gains Tax?

CGT was introduced in Australia in 1985 and applies to asset you have acquired since that time. When you are buying most financial assets like shares or commodities aimed to earn some profit then in that scenario that profit is usually subject to CGT.

In the case of property, CGT is usually considered by the property investors as the tax only applies for investment purchase not for your owner occupied residence.

How do I work out my CGT?

CGT is calculated on the difference between selling price and the purchase price, which can include sum paid for the property plus all the legal fees, stamp duty and upfront costs as well as the value of any capital improvement completed by you. Capital Gain occurs when the sale price is greater than the Cost Price.

In regards to a property investment, the principal CGT exemptions include:

  • 50 % Discount for the investors: For properties purchased after October 1999, a discount of up to 50% may be available on the capital gain calculated for tax purposes

If an investment property is held for 12 months or more you are entitled to a 50% discount. In other words Capital gain is halved before tax is applied.

  • The 6 year rule: This is one of the handy rules. If you move out of the property and rented it out, you can claim an exemption for a period of up to six month.
  • The 6 month rule: This rule applies only if you upgrade or purchase another home. If you buy a new home before selling your present one, you will get the CGT exemption so long as you dispose of your older home with in the 6 months of purchasing the new home.

For your questions and queries, contact us to talk to our professionals at 1300 664 796.

Santa is bringing the most wonderful and awaited time of the year. Christmas is the ideal time to give and take love and joy. After Halloween, people have already started counting the days. And if you have still not decided where you willset up party for your employees or colleagues and how much you are going to spend this Christmas, then this article will certainly help you to plan better.

In recent years, there has been an increase in the number of hosting holiday parties. The way you celebrate Christmas at work reflects your working climate and culture. The cost of a Christmas party is tax deductible only to the extent that it is subject to FBT, according to ATO.It is therefore important to plan and organize the party to ensure that there won’t be any tax problems in future. Not all your costs are tax deductible, you must have a clear knowledge about the expenses which are deductible and which are not.

Christmas parties have no separate FBT category. All benefits that employers avail from the Christmas function varies depending upon where the function is provided, the cost of the function per attendee and the basis that the employer is using in working out the taxable value of such benefits. Food, beverages and other gifts provided at the Christmas party may either constitute –

  • An expense payment fringe benefit
  • A property fringe benefit
  • A residual fringe benefit

These benefits are the actual basis of valuation, however there are special valuations rules that an employer may elect to apply. In case an employer fails to make an election, the taxable value is determined according to the actual expenditure. The “meal entertainment” fringe benefits can be exempt from FBT if there is a “Minor benefit” or an exempt property benefit.

Minor benefits are the ones where it-

  • Does not come under reward for services
  • Provided on irregular basis
  • Has a notional taxable value of less than $300

Exempt Property Benefit

If the party is held on regular workplace, where food and beverages including alcohol is served then it is deemed to be an exempt property benefit, thus, FBT free. This is quite similar to the occasional Friday drinks at work. Such property benefits are exempted by the tax law. This exemption applies solely to the employees.

For all Christmas parties that are held off business premises, the associated costs will give rise to FBT unless these costs are under the minor benefit. To categorize these expenses under proper heads is vital that requires assistance from accountant.Also, if you wish to reward your staff with gifts, you must know whether your gifts come under the “Non entertainment gift” or not. Non entertainment gifts are exempted from FBT.

There is so much more that you need to know about your tax and party. Plan your party considering all tax rules and regulations. You should seek the advice of ATO and accountants if required.


The Australian tax season is approaching and everyone will get busy in dumping useless data which constitute recently filed tax information as well. In this technological era, almost every accounting firm has migrated to paperless records but few of them still grapple with their tax record preservation. Accountants normally encounter their clients in a confuse state-of-mind while dealing with their tax records. They do not know what should be done with their past tax records and for how long they should be retained.

The Australian tax system allows tax-payers to self assess their income tax and are responsible for calculating amount to be declared and claimed on their tax return. This way ATO relies on the information provided by them. The tax-payers may be required to give written evidences to support their information. Hence, the ATO always encourages tax payers and their tax advisers to keep financial records.

But the question is still the same “How long to keep your records“

ATO advices that you must keep your written evidence for five years from the tax-return lodgment date. There are more reasons to retain your tax-

  1. If you are claiming for depreciation deduction, then five years from the date of last claim for depreciation should be held.
  2. If you have acquired or disposed an asset, then after five years of that you do not need to work out a capital gain or loss. Therefore it becomes certain that after five years there will be no CGT or Capital Gain Tax event.
  3. If you are having any dispute with ATO, then you need to keep the records from the date of tax-return lodgment until the dispute is dissolved.

For any tax related assistance, contact us 1300 300 106.

We are happy to serve after-office hours and on Saturdays at your premises as per your convenience.


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Individual tax returns from $99 - $120