We offer full range of business services that
includes:

Whether you are an individual with PAYG employment, a small business, a first time entrepreneur or someone looking to retire, you can find tax effective solutions for your circumstances with the help of an Austin Brothers adviser.

We at Austin Brothers pride ourselves for looking after our clients intimately. We do not just provide off the shelf tax advice, instead we customize the tax solutions to work for your circumstances.

We believe that whatever your situation there is always the possibility of improvement and we try to find just that for you. Through tax effective strategies we aim to increase wealth and keep the tax liabilities to the minimum possible.

Remember, we are just a call away…… and one of our advisors will be more than happy to have an initial chat with you at no cost.

Tax Calculators

Tax rates

Residency Test

Tax refund

We Austin Brothers we have a specialist “Small Business Compliance Team”, who look after the accounting and compliance requirements of business clients.
We look at accounting more holistically and strive to provide value to our clients through management accounting.

We ensure that your business complies in the areas of GST, FBT, Income Tax, Land Tax, payroll tax and Stamp duty.

Be it a Trust, Superannuation fund, Company or a sole trader….our compliance team will look after you.
In case you wish to find out more about our business accounting and compliance section….. Remember we are just a call away… and our specialist advisor will be happy to have an initial chat with you at no cost.

Further, some useful tips for per personal taxes/Business:

• Advantages of Incorporating
• Non-taxable Income Items
• Rental Property Checklist
• End of Financial Year Checklist
• Income Tax Return Checklist
• Accounting Checklist

Advantages of Incorporating

• Reduces Personal Liability Incorporating helps separate an individual's identity from that of his or her business. Insurance may still be necessary, but incorporation contributes an added layer of protection.
• Tax Savings Careful planning of entity type can result in lower overall tax rates.
• Adds Credibility A corporate structure communicates permanence and credibility. Even a company with only one stockholder and employee may incorporate.
• Easier Access to Capital Funding With a corporation, investors are easier to attract through the sale of stock.
• Easier Transfer of Ownership Through the sale of stock, ownership of a corporation may be transferred without substantially disrupting operations. The need for complex legal documentation is also reduced.

(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, please contact us at 92386358.)

Non-taxable Income Items

• Life insurance proceeds
• Most inheritances and bequests
• Most gifts
• Federal income tax refunds
• Gain on the sale of your personal residence: Main Residence exemption (In most of the cases)
• Interest from Government bonds
• Most Workers' compensation payments
• Disability payments.
• Damages for personal physical injuries (damages for emotional distress are generally taxable).
• Health and accident benefits
• Some scholarships and fellowships
• Welfare benefits
• Child support payments
• Certain disaster relief payments

(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, please contact one of our consultant at (612) 9231 1890.)

Rental Property Checklist

PROPERTY DETAILS

• Address of rental property
• Purchase date of property
• Percentage ownership of property
• Number of days property was available for rent
• Was the property used for private use, if so how many days?
• If registered for GST provide copies of BAS statements

INCOME

• Gross rental income received during the year (agent statements or copies of invoices)
• Sundry income received (including reimbursements of expenditure) DEDUCTIONS
• Accounting fees for preparation of income tax return
• Advertising for tenants
• Agents commissions (including bank fees, postage and petites)
• Body Corporate fees
• Borrowing Costs Eg. Establishment of mortgage costs
• Cleaning
• Council Rates
• Gardening
• Insurance
• Interest on borrowings
• Land Tax
• Legal Expenses
• Quantity Surveyor costs
• Repairs & Maintenance Costs
• Stationery Expenses
• Travel and car related expense for rent collection, inspection, maintenance of property
• Water rates

CAPITAL ITEMS

• Improvements made to property
• Capital allowance write off (if applicable)

(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, please contact one of our consultant at (612) 9231 1890)

End of Financial Year Checklist

BEFORE 30 JUNE

• STAFF BONUSES & COMMISSIONS – a company may claim a tax deduction for staff bonuses and commissions that are unpaid at 30 June provided that they are definitely committed to the expense prior to end of financial year. This also applies to accrued wages in the financial year but not paid until the next financial year
• OBSOLETE STOCK – Review all stock. Obsolete stock may be scrapped.
• BAD DEBTS – Review all bad debts and write of existing bad debts
• SUPERSANNUATION – ensure all superannuation contributions you are required to pay are paid by 30 June or they will not be tax deductible
• REVIEW FRANKING ACCOUNT – Consider if there is a benefit in paying a dividend to take advantage of company tax credits ON 30 JUNE
• STOCK ON HAND - Physically count the stock on hand at 30 June and include and work in progress if applicable
• CREDITORS – Make a list of all invoices received but NOT PAID as at 30 June
• DEBTORS – Make a list of all invoices issued but NOT RECEIVED as at 30 June AFTER 30 JUNE
• PAYG PAYMENT SUMMARIES – ensure all PAYG Payment summaries are issued to your employees and PAYG Payment Statement completed by the due date
• WORKCOVER – Ratable Remuneration Certificate completed by the due date
• SUPERANNUATION - all superannuation contributions must be received by the fund by 28 July

(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, please contact one of our consultant at (612) 9231 1890)

Income Tax Return Checklist

Income

• PAYG Payment Summaries (including Government Centrelink Payments)
• Interest Receivedc
• Dividend Statements
• Rental Income Received
• Any distribution received Eg. Managed funds, trusts, partnerships
• All other income received Eg. Allowances, directors fees, tips, foreign source income
• Capital Gains including dates of and costs associated with the acquisition/disposal eg. Shares – buy/sell notes, Real Estate – contract of purchase/sale

Deductions

• Work related motor vehicle expenses Eg. Log Book -Business kms, fuel costs, service, registration, insurance, finance costs
• Work related travel expenses Eg. Taxi, accommodation
• Uniform and laundry expenses Eg. Protective clothing, uniforms, dry cleaning
• Work related self education expenses Eg. Course fees, text books
• Other work related expenses Eg. stationery, union fees, home office, subscriptions
• Interest and dividend deductions
• Gifts and donations
• Accounting fees (prior year tax agent fees)
• Superannuation paid

Rebates & Tax Offsets

• Private Health Insurance statement for the year ended 30 June
• Medical Expenses (include out of pocket expenses only)
• Spouse’s income including income received from Centrelink in relation to Family Assistance or Family Tax Payments

Liabilities

• Copies of loan statements and documents for borrowings
• Lease/Hire Purchase/Chattel Mortgage Contracts

(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, please contact one of our consultant at (612) 9231 1890)

Accounting Checklist

Cashbook

• Printouts from MYOB, Quicken or other general ledger
• Softcopy of accounts (Eg. disk, CD, USB, email)
• Copy of spreadsheet or manual cashbook
• Bank Statements
• Copies of bank statements for the year ended 30 June

Income

• Dividend and Distribution Statements
• Interest Income Received
• Rental Statements
• Details of any other income received

Expenses

• Copies of receipts
• Records of Fringe Benefit Tax
• Receipts of any donations
• PAYG Payments summary reconciliation copy – salary & wages expenses
• Motor vehicle expenses (log book, km traveled)
• Superannuation contributions paid
• Details of any other deductions made

GST

• Copies of BAS

Assets

• Closing stock amounts
• Purchase/sale details of assets
• List of debtors at 30 June

Liabilities

• Copies of loan statements and documents for borrowings
• Lease, hire purchase, chattel mortgage contracts
• List of creditors at 30 June

(This information is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, please contact one of our consultant at (612) 9231 1890)