Helping out all those on the mining industry
Many of our clients in the mining industry are engaged in black coal mining in and around Emerald Queensland. They are employees, some are contractors (see personal services income below) and some are engaged in small businesses providing goods or services to the mining industry.
You may have told yourself that you are only going to work in mining for a short time to get ahead. It pays well, but the hours are long, and it almost always means long stretches away from your family and friends.
Reducing your taxes
Everyone wants to reduce their tax. In the process of preparing your tax return, we will provide advice about how you can save a bit more tax next time. Sometimes it can be a simple change. Sometimes though the tax saving of a small change is not real. For example: paying private patient hospital cover (health insurance) will reduce your tax, but it may cost more than the tax saved. Any advice we give will be in real terms that you can understand. You can be assured that we will explore every possible avenue for you.
Complex tax
Whether in the search for a tax benefit, or just by circumstance, we recognize that a lot of people have a little something else going on. See (complex tax link) for more information relevant to your situation.
Very few workplaces have not been touched by the rise of salary packaging. Salary packaging is where you pay for something you used to buy with your after-tax income, from your pre-tax income. We like to say you are moving the expense (rent, car, other) above the tax line. We can help you understand this area and advise you on the pros and cons of salary packaging.
In the end, we try to make it simple. Think of one simple question when it comes to claiming deductions in your tax return… Is there a connection or link (legal term: nexus) between this expense and my income? If the answer is “yes” then usually it will be tax deductible. The next step is how. That is where it can get complicated, but we will be there to guide you.
All about Personal Services Income (PSI)
The Personal Services Income (PSI) regime was introduced to ensure that whoever does the work, also pays the tax.
It stops contractors from sharing income with partners, children, and other family members. We can direct you to decision-tools produced by the Australian Taxation Office as well as questionnaires and guides to help identify where you stand in terms of the Personal Services Income regime and what you can and can’t do.