Tax Returns
What is a Tax Return?
A tax return is a document or set of forms filed with a tax authority to report income, expenses, and other relevant financial information. Tax returns enable taxpayers to calculate their tax liabilities, schedule tax payments, or request refunds for overpaid taxes.
At Ray Accounting Group, we specialise in preparing accurate and compliant tax returns. Our goal is to minimise your tax liability, maximise your deductions, and ensure a smooth filing process, so you can focus on what matters most.
What We Have Here for You
At Ray Accounting Group, we focus on minimising your tax liability and maximising your deductions. Our expert team will guide you through the process, ensuring we have the necessary information to prepare an accurate and efficient tax return tailored to your needs.
Individual Tax Returns
An individual tax return is a form submitted to the tax authority to report income, claim deductions, and calculate the tax payable or refund due. At Ray Accounting Group, we simplify the process by ensuring accuracy, compliance, and maximising your deductions to achieve the best outcome.
Company Returns
Company tax returns involve reporting a business's income, expenses, and liabilities to calculate its tax obligations. Ray Accounting Group ensures your company's tax returns are accurate, compliant with regulations, and submitted on time, helping your business avoid penalties and stay focused on growth.
SMSF Returns
Self-Managed Super Fund (SMSF) annual returns include reporting income, expenses, member contributions, and compliance with superannuation regulations. Ray Accounting Group helps SMSF trustees stay compliant, manage their obligations, and streamline the return process.
Trust Tax Returns
Trust tax returns involve reporting the income, deductions, and distributions for a trust, such as a family or business trust. Ray Accounting Group ensures trust tax returns are prepared accurately, meeting all regulatory requirements while optimising outcomes for trustees and beneficiaries.
Business Planning
A business plan outlines your company's goals and the strategies to achieve them. Ray Accounting Group assists with the financial planning and forecasting components of your business plan, helping you create a roadmap for sustainable growth and success.
Business Activity Statements(BAS)
Business Activity Statements (BAS) are required to report and pay GST, PAYG, and other tax obligations to the ATO. Ray Accounting Group ensures your BAS is prepared accurately and submitted on time, helping your business remain compliant and efficient in managing its tax liabilities.
FAQ
To complete your tax return, you’ll need details of your income, expenses, and any deductions or offsets you are eligible for. At Ray Accounting Group, we guide you through the process by identifying the specific documentation required, such as:
- Income statements or payslips.
- Details of any deductions (e.g., work-related expenses or charitable donations).
- Bank statements showing interest earned.
- Receipts for expenses that may qualify as deductions.
Our expert team ensures you have all the necessary information to prepare an accurate and compliant tax return.
In most cases, individuals and businesses must lodge a tax return each year if they’ve earned income. If you’ve had tax withheld from your income or if your earnings exceed the tax-free threshold, you’re required to lodge a return.
Ray Accounting Group helps determine whether you’re required to lodge a return and guides you through the process, including any applicable exemptions or special circumstances.
If you lodge your tax return late, the ATO may impose fines or interest charges. It’s essential to submit your return on time to avoid penalties.
Ray Accounting Group offers assistance with timely lodgement and, in some cases, may help you negotiate extensions or minimise penalties by acting quickly on your behalf. Let us ensure you stay compliant and avoid unnecessary costs.