Archives: Investax FAQs

The frequency of your tax payments in Australia depends on various factors, including your income source, business structure, and tax obligations. Here’s a breakdown:
1. Individuals: Most individuals in Australia pay their income tax through the Pay as You Go (PAYG) system, which deducts tax from their wages or salary. This is done on each payday, meaning tax is paid regularly throughout the year. If you have additional income sources, such as investments, you may need to make quarterly or annual payments. At the end of the financial year, you are required to file an annual tax return. You have the option to complete it independently or enlist the services of an accountant, such as Investax Group, to assist in filing your annual tax return.
2. Businesses: Business owners have different tax payment schedules depending on their business structure. If you operate as a sole trader, you will have an annual tax liability, which is typically charged on a quarterly basis through PAYG instalments. On the other hand, if your business operates under a company or trust structure, you will have an annual tax return liability. If your business’s income exceeds $75,000, you will also be required to register for GST, and if you have employees, you must register for PAYG withholding tax. In the case of GST, your tax liability frequency (monthly or quarterly) will be determined by your GST turnover and PAYG withholding tax obligations. Additionally, if your business provides personal benefits to employees, you will be liable for Fringe Benefit Tax (FBT), and an annual FBT return must be submitted each year.
3. Property Owners: If you earn rental income from investment properties, you’ll need to declare this income in your annual tax return.
4. Self-Managed Superannuation Funds (SMSFs): SMSFs generally pay tax on investment income at the concessional rate of 15%. This tax is paid throughout the year, and the fund’s obligations include annual tax returns and potentially quarterly PAYG instalments.
It’s essential to keep accurate records of your income and expenses to ensure you meet your tax obligations promptly and accurately. Consulting with a tax professional like Investax Group can provide personalized guidance on your specific payment schedule and obligations based on your financial situation and business structure.

We provide both remote and face-to-face Strategic consultations and tax planning to accommodate your preferences and ensure accessibility.

Most of our clients prefer the convenience of electronically submitting their annual tax return information. We have opted not to offer in-person tax return services to ensure the highest quality of service and efficiency for all our clients. You are welcome to visit our office and drop off your tax documents in person if you prefer.

While we specialise in property-related tax and accounting expertise, our services extend beyond property owners. We cater to a diverse clientele, including small business owners and professionals aiming to build and manage wealth. Our team has the knowledge and experience to assist a wide range of clients in achieving their financial goals.

Yes, we serve both individuals and businesses. Whether you need personal tax return assistance or complex business accounting, we have the expertise to assist you. At Investax, every client, regardless of size, is welcomed as long as you are on the path to wealth creation or have the ambition to build your financial prosperity.

We appreciate your interest in our services. At Investax, we understand that pricing transparency is important to our clients. However, as an accounting company, our services are highly tailored to the unique financial circumstances of each client. Therefore, providing a fixed price on our website wouldn’t accurately reflect the individualised nature of our work.
The annual cost estimate for our Tax Return services depends on several factors, such as the number of investment properties you own, the complexity of your share portfolio, recent investment property acquisitions, the presence of discretionary family trusts, hybrid trusts or companies holding assets, and whether you have a business entity. These variables make it challenging to offer a one-size-fits-all pricing structure.
We believe in providing you with a fair and accurate pricing estimate that aligns with your specific needs and goals. To do this, we offer a complimentary consultation lasting 15 minutes, where we can discuss your unique financial situation, requirements, and expectations. During this complimentary consultation, we will provide you with a pricing estimate tailored to your circumstances.
We encourage you to take advantage of this complimentary consultation to better understand how our services can benefit you and obtain a pricing estimate that suits your needs. There’s no obligation, and it’s a great opportunity to get to know us better. Please feel free to reach out to us to schedule your complimentary consultation, and we’ll be happy to assist you further. Your financial success is our priority, and we look forward to working with you to achieve your goals.

Investax provides a comprehensive suite of financial services to support your wealth creation journey. This includes personalized Investment and bsuiness Structure planning, tax optimization strategies for individuals, asset protection, retirement planning, estate structuring, and access to a dedicated finance team for loans and financial solutions.

Starting your wealth creation journey as an individual employee requires a thoughtful and disciplined approach. Start by establishing specific financial goals, whether it’s saving for retirement, purchasing a home, or creating an emergency fund. Having clear objectives will give you a sense of direction. Next, create a detailed budget that outlines your income, expenses, and savings targets. Explore investment options that align with your risk tolerance and financial goals. Prioritize paying off high-interest debts like credit cards, as they can hinder your wealth creation efforts. Consulting with a financial advisor can provide valuable guidance on investment choices, asset allocation, and long-term financial planning.
For a Business Owner:
Commencing your wealth creation journey as a business owner involves a distinct set of considerations. First and foremost, ensure your business is profitable and well-managed, as it can be a significant source of wealth. It’s essential to maintain clear separation between your personal and business finances to effectively manage both. Collaborate with tax professionals to optimize your tax strategy and leverage deductions and credits available to business owners. Reinvesting profits into your business for growth is a strategic approach to generate more revenue and contribute to your wealth. While your business is a valuable asset, consider diversifying your wealth by investing in opportunities outside of your business.

Wealth creation is the process of steadily accumulating financial assets and resources over time with the aim of boosting one’s net worth and attaining financial security and prosperity. It involves strategic tax and financial planning, prudent investments with flexible ownership structure for future exit and tax planning, disciplined savings, and generating income to systematically build and expand one’s wealth.