Understanding complex taxes
We understand complex tax and help you get the best outcomes no matter the investment or sale, whether personal or in business.
Most of our clients have something else going on, or they want to get to a point where they can grow their wealth. Our job is to support them to do this in the most tax-effective way possible. We are not financial advisors and always encourage our clients to seek professional investment advice. The part we help with is the tax implications of that investment as well as providing advice to clients about nuances to the tax laws that they could take advantage of and how it could look.
Rented properties
One of the most common situations is a rented property because they moved town for work and now own a property somewhere that for whatever reason they are renting. This could be because they intend to move back one day or simply the timing is not right to sell. There are unique rules about this kind of situation when it comes to capital gains tax.
Capital gains on properties being rented out
We provide peace of mind by giving our clients the right information and tools so that they are better informed. When you are better informed you can make better decisions.
We can prepare a capital gains tax asset register for your rented property at the time of purchase, or later for new clients. This means we have information available to advise you of the potential capital gain and tax payable. We aim to get an answer to you the next workday.
Negative gearing
Our tax system differentiates passive (investment) losses from active (business) losses.
Investment losses including rented properties can be claimed against other income such as wage and salary income. Business losses, as well as capital losses are essentially quarantined and can only be claimed against other income of the same type.
This is the premise that permits negative gearing of investment income.
Cryptocurrency
You either love it or hate it. Either way, we have you covered when it comes to reporting your gains and losses in your tax return.
Cryptocurrency investors will have two main forms of income to report: capital gains and revenue income. We can make this easy with access to specialized tools even if you use multiple trading platforms.
The Australian Taxation Office has cryptocurrency in its sights and will know if you are active in this market. It is not worth the risk to ignore it.
Other investments
The Australian Taxation Office get lots of information about you from third parties. Every time you are asked to quote your tax file number, that organization will be sending information to the Tax Office about you.
We can often see this information before we prepare your tax return. If we can’t it is often because the organization has not yet reported. Managed investment funds commonly don’t report until the end of August of each year.
We understand a vast range of investments
For everything else from direct shares to managed investment funds, we can interpret and read the reports to include the relevant data in your tax return.
For our clients who have engaged investment advisors, we work with them to provide advice and recommendations in relation to their tax position, including capital gains and losses.