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Income Tax and Compliance

Welcome to Investax, your trusted partner in tax accounting! We focus on offering top-tier tax advice and year-end tax return services. We are the preferred choice for professionals across diverse fields, catering to every step of your wealth creation journey. Regardless of whether you’re an aspiring medical practitioner, legal professional, tech professional, educator, active investor, skilled tradesperson, healthcare provider, or a specialist in any other domain, our adept team is poised to guide you through the intricate tax landscape, optimizing your financial gains along the way.

STEP Precise Tax Preparation

At Investax, quality is our first preference, and we take precise tax preparation very seriously. Our team of expert accountants specializes in accurate and timely tax filing, going the extra mile to ensure every detail is handled with care. We understand the complexities of tax forms and meticulously report all income, deductions, and credits to minimize any potential errors or discrepancies. To uphold our commitment to quality, we follow a rigorous quality assurance process that involves multiple review stages. Unlike doing tax returns on the spot, this thorough approach ensures that your tax return receives the attention it deserves and adheres to all regulatory requirements.

STEP Expert Guidance Through Ever-Changing Tax Laws

Tax laws are not set in stone; they are subject to constant change. Keeping track of these updates can be an arduous task, especially when you have other obligations to attend to. You can rely on Investax Accountant to stay up to date with the latest regulations, credits, and deductions. We will guide you through the evolving tax landscape and keep you compliant with all requirements.

STEP Avoiding Costly Mistakes

Filing taxes involves a mountain of paperwork, and even a minor error can have costly consequences. Investax accountant’s attention to detail can help prevent such mistakes, ensuring accurate and timely filing, thus avoiding penalties and audits.

STEP Identifying Overlooked Deductions and Savings

Our keen-eyed accountants can spot eligible deductions and tax credits that you might miss on your own. This can lead to substantial tax savings and increase the likelihood of receiving a higher tax refund.

STEP Proactive Tax Planning

The real magic of a tax accountant lies in their ability to strategize. Our experienced accountants will work closely with you to develop personalized tax planning strategies. By analysing your financial records, deductions, and credits, we can optimize tax savings while ensuring compliance with tax laws.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
When is the deadline for filing my individual income tax return in Australia?

The usual deadline for filing your individual income tax return in Australia is October 31st. However, if you are using a registered tax agent, you might be eligible for an extended deadline, generally up to May 15th of the following year.

Is the income I earned overseas taxable in Australia?

In most cases, yes. If you are an Australian resident for tax purposes, you generally need to declare your worldwide income on your Australian tax return. However, certain exemptions and credits might be available based on international tax agreements.

Can I get a refund if I’ve paid too much tax during the year?

Yes, if you’ve paid more tax than you owe, you can receive a tax refund. This usually happens when your employer withholds more tax than necessary from your wage, you’ve made excess payments throughout the year, or you have large investment losses/negative gearing.

What happens if I miss the tax filing deadline?

If you miss the October 31st deadline and you’re not using a tax agent, you might face penalties and interest on any tax owing. It’s best to lodge your return as soon as possible to avoid these additional charges.

Can I claim deductions for working from home?

Yes, you can claim deductions for expenses related to working from home if you meet the eligibility criteria. The ATO introduced a simplified method, which allows you to claim a fixed rate for each hour worked from home.

Why do I have to pay the Medicare Levy Surcharge?

The Medicare Levy Surcharge is an additional charge imposed on Australian taxpayers who earn above a certain income threshold and do not have adequate private health insurance. Its purpose is to encourage individuals to take out private health cover and relieve some of the pressure on the public healthcare system (Medicare).

I travel for work. Can I claim car expenses?

Yes, you may be able to claim car expenses if you travel for work-related purposes. This includes using your car to perform tasks directly related to your job, such as visiting clients, attending meetings, or traveling between different work locations. Keep accurate travel records, including travel distances and related expenses, to support your claims. Remember that personal trips, such as commuting from home to your regular workplace, are generally not eligible for tax deductions.

Trust the Leading Income Tax and Compliance Specialist. Contact us today to discover how we can assist you.
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Investment Property Tax

Welcome to Investax, your trusted Property Specialist Accountant

Maximise Your Property Investments with Expert Tax Advice and Accounting Services

Are you a property investor seeking reliable tax advice and professional accounting services? At Investax, we are passionate about helping property investors like you thrive. Our specialised expertise, reliable tax advice, and accurate tax returns ensure you receive the exceptional service you deserve.

STEP Tailored Property Investment Strategies

We develop personalised property investment strategies designed to legally reduce taxes and maximize your financial outcomes. Our team takes into account your unique circumstances and investment goals, ensuring you make informed decisions for long-term success.

STEP Optimal Structure For Property Investments

Selecting the appropriate structure for your property investments, projects, and development is paramount. Whether it be an individual ownership, a company, or a Trust, making the right choice is crucial for legal compliance, tax efficiency, and operational flexibility. At Investax, we offer expert guidance to help establish the optimal structure that aligns with your goals, ensuring you maximise benefits while adhering to regulations and maintaining the desired level of flexibility.

STEP Cash Flow Modelling

Our team conducts thorough cash flow modelling to help you better understand the financial implications of your property investments. This analysis empowers you to make strategic decisions and optimise your cash flow management.

STEP Funding Solutions

Whether you need funding for your current or future property investments, we assist in sourcing appropriate funding options. We leverage our network of trusted partners and financial institutions to help you secure the necessary capital for your projects.

STEP Expertise in Property Tax Accounting

At Investax, our deep knowledge and expertise in property tax accounting set us apart. With over 80% of our clientele being property owners and our leadership team personally invested in property, we understand the intricacies of the property, development, and construction sector. Our specialists stay updated on the latest legislation and funding challenges to ensure we provide you with informed guidance that directly impacts your investments.

STEP Dedicated to Maximizing Your Deductions

We understand that your family accountant may not always be equipped to identify and maximise your entitled deductions, potentially costing you more money. At Investax, we are committed to ensuring you claim all tax deductions you are legally entitled to, including depreciation, expenses related to property improvements, appropriate loan interest, and understanding the refinancing process to accurately claim interest deductions after refinancing. What sets us apart is the fact that our senior managers themselves own multiple investment properties, granting them an in-depth understanding of property deductions like the back of their hands.

STEP Comprehensive Services for Property Investor

Our range of services covers all aspects of property tax accounting. From tax planning and compliance to professional management of Margin scheme, GST, land tax, and CGT, we offer the expertise and guidance you need to navigate the complexities of property taxation successfully.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
What is negative gearing and how does it affect my tax return for an investment property?

Negative gearing occurs when the expenses of owning an investment property, including loan interest, exceed the rental income received. This creates a loss, which you can offset against other income to reduce your overall taxable income.

What expenses related to my investment property can I claim as deductions on my tax return?

You can claim a range of expenses as deductions, including interest on your investment property loan, property management fees, council rates, property insurance, repairs and maintenance costs, and depreciation on eligible assets within the property.

Can I claim deductions for travel expenses to visit my investment property?

As of my last update in September 2021, travel expenses for inspecting your investment property are generally not deductible. However, some limited exceptions may apply, such as if the property is a commercial property.

What is Capital Gains Tax (CGT), and how does it apply to investment properties?

CGT is a tax on the profit made from the sale of an asset, including investment properties. If you sell an investment property for more than you paid for it, you may be subject to CGT. However, there are concessions and strategies available to minimize CGT, such as the 50% CGT discount for assets held longer than 12 months and the main residence exemption if the property was your main home for part of the time.

Can I claim a deduction for the interest on my home loan if I use the loan to buy an investment property?

If you use a loan to buy an investment property, you can generally claim a deduction for the interest on that loan. However, you need to ensure that the loan is specifically used for the investment property and that you keep proper records to support your claim.

Can I claim expenses for renovating my investment property?

Yes, you can claim deductions for expenses related to repairs and maintenance of your investment property. However, substantial improvements or renovations that enhance the property’s value may need to be depreciated over time, rather than claimed in full as an immediate deduction.

How do I get a depreciation schedule for my investment property?

To get a depreciation schedule, you typically engage a qualified Quantity Surveyor. They will assess your investment property, identify all depreciable assets within it, and determine their respective values. The Quantity Surveyor will then prepare a detailed report, known as a depreciation schedule, which outlines the deductions you can claim for both Division 40 (Plant and Equipment) and Division 43 (Capital Works).

Is obtaining a depreciation schedule worth the cost and effort for my investment property?

Yes, obtaining a depreciation schedule can often be worth the cost and effort for several reasons, such as maximise deduction, long term tax benefit for a one-off cost and compliant documentation for audit.

What is capital gain?

Capital gain is the financial profit realised when you sell or dispose of an asset, such as stocks, real estate, or valuable possessions, for an amount higher than the original purchase price. It represents the difference between the selling price (proceeds) and the cost basis (purchase price and any associated acquisition costs).

How is capital gain taxed in Australia?

Capital gains in Australia are subject to taxation under the Capital Gains Tax (CGT) regime. If you’ve owned the asset for over 12 months, you may qualify for a 50% CGT discount on the gain, with the remaining 50% added to your taxable income and taxed at your marginal rate. Capital losses from other investments can offset capital gains, and any excess losses can be carried forward. There are exemptions for primary residences, concessions for small businesses, and different tax rates for superannuation funds. For accurate guidance in navigating the complexities of CGT, it’s advisable to consult a tax professional or accountant, such as Investax Accountants, as tax laws may change over time.

Can an Investax accountant help me calculate my capital gain accurately?

Yes, Investax accountants are well-versed in CGT calculations. We can help you accurately determine your capital gain by considering various factors, such as the purchase price, sale price, holding period, and eligible deductions.

Trust the Leading Investment Property Tax Specialist. Contact us today to discover how we can assist you.
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Start-Up Business 

Many people dream of achieving independence by starting their own business. The allure of being your own boss, pursuing your passions, and creating something meaningful is a powerful motivator.

At Investax, we are passionate about helping startup businesses thrive. We understand that starting a new venture can be both exciting and overwhelming. That’s why we offer comprehensive support tailored specifically to the needs of new business owners.

We provide comprehensive support tailored specifically to the needs of startup businesses.

STEP Listen and understand

We take the time to listen to your ideas and understand your vision for the business, ensuring we lay a strong foundation based on your goals.

STEP Business structure guidance

Our experienced team guides you in choosing the right business structure, whether it’s a company, trust, or partnership. We provide valuable insights on legal compliance, tax efficiency, and operational flexibility, considering factors like tax benefits, income distribution flexibility, and your exit strategy.

STEP Strategic advice for long-term growth

We offer structured advice that goes beyond creating a safe environment for your business to flourish. Our guidance is aimed at optimising your financial outcomes and positioning your business for sustainable growth.

STEP Personalized approach

We recognise that every startup is unique, and at Investax, we take a personalised approach to address your specific needs. Our goal is to empower you with the knowledge and tools necessary to successfully navigate the challenges of starting a new business. Additionally, if your startup is eligible, we will assist you in organising government grants, ensuring you can take advantage of available funding opportunities to fuel your business growth.

STEP Exit Strategy

When it comes to planning an exit strategy for your startup business, Investax takes into account multiple factors, including transferring the business to the next generation, selling it to a third party, and the potential capital gain outcomes for different types of sales. Our experienced team will work closely with you to develop a customised exit strategy that aligns with your goals and objectives.

STEP Trusted partner

With our support, you can focus on bringing your ideas to life, knowing that you have a trusted partner by your side, providing guidance and expertise every step of the way.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
What is the first step to start a business in Australia?

The first step is to choose a suitable business structure, such as a sole trader, partnership, company, or trust. Register your business name and obtain any required licenses or permits.

Do I need a business bank account for my start-up?

Yes, it’s advisable to have a separate business bank account for financial transparency and to manage business transactions effectively.

Is it important to register a trademark?

Registering a trademark provides legal protection and exclusive rights to use that mark for your goods or services. It helps prevent others from using a similar mark, which can protect your brand identity and reputation.

How can I protect my start-up’s intellectual property (IP)?

Protect IP through trademarks, patents, copyrights, and confidentiality agreements. Consult an IP lawyer for advice.

Do I need an Australian Business Number (ABN) for my start-up?

Yes, most businesses in Australia require an ABN. It simplifies tax and business dealings. You can apply for an ABN online through the Australian Business Register (ABR) website.

What taxes do I need to consider for my start-up?

Start-ups need to consider taxes like Goods and Services Tax (GST), income tax, and payroll tax. GST is usually compulsory for businesses earning over $75,000 per year.

Do I need a business plan for my start-up?

While not mandatory, a business plan is highly recommended. It helps outline your business strategy, market analysis, financial projections, and goals.

Are there government grants or incentives for start-ups in Australia?

Yes, there are grants and incentives for start-ups, including the Research and Development (R&D) Tax Incentive, Export Market Development Grants (EMDG), and the Entrepreneurs’ Program.

How can I fund my start-up in Australia?

Funding options include personal savings, loans, grants, venture capital, angel investors, crowdfunding, and government programs like the Entrepreneurs’ Program.

Trust the Start-Up Business  Specialist. Contact us today to discover how we can assist you.
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Small Business Tax

At Investax, we understand that staying on top of your tax obligations is vital for the success of your business. Falling behind in tax compliance can lead to serious consequences, which is why we offer comprehensive tax planning and compliance services to ensure your business remains on the right track.

Our clientele spans a wide range, from small businesses to medium-sized enterprises (SMEs) with up to $50 million in turnovers. No matter the size of your business, we have the expertise to assist you in navigating the complexities of business taxation.

STEP Business Tax Compliance Services

We handle the preparation and submission of your business tax returns, ensuring compliance with all relevant tax laws and regulations. Our meticulous approach helps you maximise your eligible deductions, reduce audit risk and avoid late lodgement penalties.

STEP Financial Accounting for Business

We provide accurate financial accounting services, maintaining your business’s financial records and generating comprehensive reports that offer valuable insights into your company’s performance.

STEP Management Accounting

Our team assists you in making informed financial decisions by providing timely and reliable management accounting information. We analyse your financial data and offer strategic recommendations to optimise your business operations.

STEP Corporate Insolvency Advice

We work with industry experts and trusted partners in the field to bring you comprehensive solutions, helping you navigate through challenging times and explore potential strategies for financial recovery.

STEP Bookkeeping Services

We provide comprehensive bookkeeping services to ensure your financial records are accurate, up-to-date, and compliant with relevant accounting standards. Our bookkeeping solutions streamline your financial processes, saving you time and allowing you to focus on your core business activities.

STEP Cloud Accounting Services

Embrace the convenience and efficiency of cloud-based accounting with our assistance. We help you leverage modern accounting software and technology, enabling real-time access to your financial information and enhancing collaboration between your team and ours.

STEP Comprehensive Exit Strategy

At Investax, we recognise the significance of a well-executed exit strategy for your business’s long-term success. Our expert team is here to assist you in developing a comprehensive plan that encompasses various scenarios, including transferring your business to the next generation, facilitating the sale of your business to a third party, or implementing an employee share scheme to foster future leaders within your organisation. Additionally, we provide guidance to navigate the complexities of capital gains tax on the sale of your business, ensuring optimal financial outcomes.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
What evidence should I have to support my business deductions?

To ensure valid deductions, make sure that your claimed expenses are directly related to your business operations. Keep all necessary evidence, such as receipts, invoices, and documentation, to support your claims. Consulting your tax professional can help you determine which deductions are eligible and provide guidance on proper documentation.

What qualifies as a small business for tax purposes in Australia?

In Australia, a small business for tax purposes, is generally defined as one with an annual turnover of less than $10 million. This threshold applies to various tax concessions and benefits, including the Small Business Income Tax Offset, simplified depreciation rules, and the Small Business Capital Gains Tax concessions.

What is the simplified depreciation method for small business tax returns?

The simplified depreciation method is a streamlined approach designed for small businesses in Australia. It includes an instant asset write-off for eligible assets and a general small business pool for assets that don’t qualify for immediate deduction. This method simplifies the calculation of depreciation deductions, reducing administrative complexity for small business owners.

How does the instant asset write-off work for small businesses?

The instant asset write-off allows eligible small businesses to immediately deduct the cost of eligible assets up to a certain threshold. This deduction is claimed in the year the asset is first used or installed ready for use. It allows businesses to reduce their taxable income by deducting the cost of assets such as equipment, vehicles, and machinery.

How can I determine if my business is eligible for simplified depreciation?

If your small business has an aggregated turnover of less than $10 million (since 1 July 2016), you are generally eligible to use the simplified depreciation rules. However, eligibility criteria and thresholds can vary based on the financial year and specific circumstances.

What is the significance of keeping good records for my business?

Accurate and up-to-date records are essential for effective tax reporting and compliance. It enables you to track income, expenses, and financial transactions, making it easier to report to the ATO accurately. Good record-keeping also helps you identify potential discrepancies, support your claims, and demonstrate your business’s financial position.

What advantages does accounting software provide for businesses?

Accounting software streamlines financial tasks, automates processes, and enhances accuracy. It helps businesses manage invoicing, expense tracking, payroll, and financial reporting more efficiently.

What is a Division 7A loan?

A Division 7A loan refers to a loan or financial arrangement made by a private company to a shareholder or their associate, where the terms and conditions of the loan are not at arm’s length or are less favourable than what would be available in a commercial transaction. Such loans are subject to Division 7A rules.

How can a private company avoid Division 7A implications?

To avoid Division 7A implications, private companies should ensure that loans and financial arrangements with shareholders or associates are structured in accordance with the Div 7A loan requirements. You can take out dividends and wages to avoid Div 7A Loan.

Where can I find more information about Division 7A?

For comprehensive information and expert guidance on Division 7A, we recommend reaching out to Investax accountants. We specialise in taxation matters and can provide you with the most up-to-date and tailored advice to ensure compliance with Division 7A rules. You can also visit the Australian Taxation Office (ATO) website for additional resources and information, but consulting with an Investax accountant can offer you personalised guidance specific to your situation.

Trust the Leading Small Business Tax Specialist. Contact us today to discover how we can assist you.
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Business Structure 

Before hastily creating a company or a sole trader ABN to run your business, it is crucial to pause and consider the significance of a well-thought-out business structure. Choosing the right structure for your business can make all the difference between long-term success and unnecessary complications.

Considerations for Business Structure 

There is no one-size-fits-all structure suitable for every business.

When determining the best business structure, asset protection, and tax planning usually take precedence.

Several factors come into play when establishing a business and selecting the optimal structure, including:

  1. The financial positions and personal situations of the business owners.
  2. The short-term and long-term objectives of the owners.
  3. The number of business owners, including the potential for additional owners in the future.
  4. The level of risk associated with business activities.
  5. The expected profitability of the business.
  6. Tax implications for both the business and its owners concerning trading profits and capital gains from business sales, shares, or units.
  7. The industry in which the business will operate.

Getting the right structuring in place, along with associated structuring agreements, at the earliest stages can yield significant benefits, particularly in the unfortunate event of business failure or insolvency.

At Investax, we understand the importance of strategic business structuring, and we are here to guide you through the process. By carefully examining your business goals, industry landscape, and legal requirements, we help you lay a solid foundation for your venture. Don’t underestimate the impact of a well-designed business structure—it can optimize your operations, protect your assets, streamline your financials, and position your business for sustained growth.

Frequent Asked Questions
Got questions? Well, we’ve got answers.
How do I choose the right business structure in Australia?

Choosing the right structure depends on factors like the nature of your business, liability preferences, tax implications, and future growth plans. Consult with a business advisor or accountant for personalized advice.

What is the most common business structure in Australia?

The most common business structure in Australia is the sole trader structure, followed by companies, Trust and partnerships. The choice of structure depends on factors like liability, taxation, and business goals.

What are the tax implications of different business structures in Australia?

Tax implications vary by structure. Sole traders report business income on their individual tax return. Companies pay tax on their profits at the corporate tax rate. Partnerships and trusts distribute profits to partners or beneficiaries who report them on their individual tax returns.

Can I have more than one business structure for different parts of my business?

Yes, it is possible to have multiple business structures for different aspects of your business, such as a company for one division and a trust for another. Each structure will have its own legal and tax implications.

Why should I use a company or a trust structure for my business over a sole trader or partnership structure?

Choosing a company or trust structure for your business over a sole trader or partnership offers several advantages. These structures provide limited liability, protecting your personal assets from business debts, making them appealing for risk management. Trusts, particularly discretionary trusts, offer tax efficiency through income distribution among beneficiaries. They also serve well for asset protection and estate planning, allowing for the orderly transfer of assets. Companies, with separate tax rates and perpetual existence, are attractive to investors and convey professionalism, while also facilitating business continuity and scalability. Depending on your specific business goals, legal requirements, and financial situation, consulting with experts such as accountants or legal advisors can help determine the most suitable structure for your needs.

What and Who is a Settlor?

The Settlor is the individual who “settles” a discretionary trust by transferring the settled sum to the Trustee (or Trustees). The Settlor must also actually transfer the settled sum. If they fail to do so, the Trust will not come into existence. For a trust to be established, there must be trust property. In most situations, this trust property originates from the settled sum.

Trust the Business Structure  Specialist. Contact us today to discover how we can assist you.
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When operating a business, you encounter various tax reporting obligations. The frequency of these obligations to the ATO varies based on the size of your business, ranging from monthly, quarterly, to annual reporting. These responsibilities include tasks such as Single Touch Payroll (STP), Instalment Activity Statement (IAS), Fringe Benefit Tax, and Business Activity Statement (BAS).

Income Tax & Compliance image
STEP Single Touch Payroll (STP)

It is the way you report your employees’ tax and super information to the ATO. It requires employers to report this data to the Australian Taxation Office (ATO) with each pay run, ensuring real-time accuracy and compliance. We can play a crucial role in navigating the complexities of STP. Firstly, we can assist in setting up and configuring STP software to seamlessly integrate with the company’s payroll system. Secondly, we can ensure accurate and timely reporting, avoiding penalties and non-compliance issues. Furthermore, we can keep you updated on STP legislative changes, helping businesses adapt and remain compliant with evolving regulations.

STEP Business Activity Statement (BAS)

The Business Activity Statement (BAS) is a crucial component of the Australian tax system, requiring businesses to report and remit various taxes such as Goods and Services Tax (GST), Pay as You Go (PAYG) withholding, and other obligations. This statement is typically lodged either monthly or quarterly, depending on the business’s turnover. We specialize in providing comprehensive assistance with Business Activity Statement (BAS) preparation and lodgement. Our experienced team can efficiently compile and organize your financial data, ensuring accurate reporting of GST and other tax-related transactions. We also offer expert guidance on claiming eligible input tax credits and deductions, optimizing your tax position. With our support, you can confidently navigate the BAS process, adhere to regulatory requirements, and focus on your core business activities.

STEP The Instalment Activity Statement (IAS)

It is a tax reporting requirement in Australia that involves businesses making regular payments toward their expected income tax liability and employers fulfilling the PAYG withholding Tax Liability. These payments are made in instalments throughout the financial year, helping businesses manage their tax obligations more effectively. Depending on the size of Payroll you may have to lodge IAS on a monthly or quarterly basis. We can provide valuable assistance with the Instalment Activity Statement (IAS) process. Our expertise lies in accurately calculating the required instalment amounts based on your business’s projected income and withholding tax liability. With our guidance, you can optimize your cash flow, avoid underpayment or overpayment penalties, and maintain compliance with tax authorities.

STEP Fringe Benefit Tax (FBT)

As business owners, we universally recognize that our employees constitute our most valuable assets. In an effort to foster employee loyalty, business owners’ endeavour to provide incentives beyond salaries. When extending non-salary perks to your staff, such as company cars, housing, gym memberships, and entertainment expenses, you incur the responsibility of FBT reporting. Maintaining distinct records for FBT is crucial, as it enables your accountants to accurately calculate taxes for your fringe benefits. FBT reporting occurs on an annual basis, with the reporting year spanning from 01 April to 31st March, distinct from the financial year. Many business owners perceive the tax system as complex, which sometimes deters them from extending benefits to their employees. Our proficient team of accountants specializes in simplifying the intricacies of Fringe Benefit Tax (FBT), making it more accessible for business owners. We offer assistance in precisely identifying, calculating, and reporting the fringe benefits offered to your employees. With our guidance, you can effectively navigate the detailed FBT regulations and exemptions, thereby maximizing benefits while minimizing tax obligations.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
How often is a BAS lodged?

The frequency of lodging a BAS depends on the size and turnover of the business. Generally, businesses lodge their BAS monthly or quarterly. However, there are also options for annual lodgement for certain small businesses.

What is an IAS, and when is it used?

An Instalment Activity Statement (IAS) is used by businesses to report and pay their Pay as You Go (PAYG) income tax instalments, Goods and Services Tax (GST) instalments, and other tax liabilities more frequently than the BAS. It’s often used by businesses that do not have a GST turnover.

What is a TPAR, and who needs to lodge it?

A Taxable Payments Annual Report (TPAR) is a report that certain businesses need to lodge with the ATO. It includes details of payments made to contractors for services provided. Industries such as construction, cleaning, and courier services are required to lodge a TPAR.

How is FBT calculated, and when is it reported?

FBT is calculated based on the taxable value of the fringe benefits provided. Employers are required to report and pay FBT annually on their FBT return, which is usually lodged by 21 May each year.

Who needs to use Single Touch Payroll (STP)?

All employers, regardless of their business size, are required to use Single Touch Payroll to report their employees’ salary, wages, PAYG withholding, and superannuation contributions to the ATO. This includes businesses, not-for-profit organisations, and government entities.

How do I report through Single Touch Payroll (STP)?

Reporting through STP is integrated into your regular payroll process. You need to use payroll software that is STP-enabled to send the required information to the ATO each time you process payroll. The software will generate and send the necessary reports directly to the ATO.

What are the due dates for paying employees’ super contributions?

Super contributions for your employees must be paid by the 28th day following the end of each quarter. The due dates are January 28, April 28, July 28, and October 28.

What happens if I miss the due dates for super payments?

If you miss the due dates for super payments, you could face penalties and consequences. The Australian Taxation Office (ATO) takes non-compliance with super obligations seriously.

Trust the Leading STP, BAS, IAS AND FBT Specialist. Contact us today to discover how we can assist you.
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Table of Contents

Investment Structure

Choosing the right investment structure can have a significant impact on your financial well-being, risk management, tax planning, and overall investment success. By proactively examining and selecting an appropriate investment structure—whether it’s a Trust, a Company, or a combination of both—you can ensure that your assets are protected, your tax liabilities are optimized, and your long-term goals are supported.

Considerations for Investment Structure:

When it comes to investment structures, there is no universal “one-size-fits-all” solution. The ideal ownership or investment structure can vary significantly based on various factors, including property investment plans and geographical considerations.

Finance & Loan Image

Several factors come into play when establishing and selecting the optimal structure for your investments, including:

  • For property investors, the choice of investment structure may differ based on their preferences for investing in various Australian States and Territories.
  • Each State and Territory has distinct rules and regulations regarding land tax and land tax surcharges, which can influence the appropriate investment structure for property investors.
  • If you are establishing a Trust for your property Investment the States and Territories have different rules regarding the Foreign Beneficiaries.
  • Venturing into offshore property investments and borrowing money for overseas ventures may require a different approach to achieve the optimal investment structure.
  • Careful consideration of these factors is essential to tailor your investment structure effectively, ensuring maximum efficiency and compliance with specific requirements.

How We Help You?

We empower property and share investors like you to implement effective wealth-creation strategies. From diversifying your portfolio to optimizing risk management, our investment structures provide you with the tools to shape your financial future.

Our experienced team is well-versed in tailoring investment structure setups to suit your unique circumstances, offering expert guidance on tax optimization and asset protection. With a keen focus on risk management and industry-specific considerations, we ensure your investments are strategically structured for long-term success. Whether it’s a Trust, Company, or a combination of both, we work closely with you to create a customized investment structure strategy that precisely matches your goals. Rest assured, Investax’s comprehensive approach empowers you to make informed decisions, providing the confidence and peace of mind you need for a secure financial future.

Frequent Asked Questions
Got questions? Well, we’ve got answers.
What is the difference between joint tenants and tenants in common when buying property with others?

Joint tenants and tenants in common are two common ways to co-own property. Joint tenants have an equal share in the property, and if one owner passes away, their share automatically transfers to the surviving joint tenant(s). In contrast, tenants in common can have unequal shares, and if one owner passes away, their share is passed on according to their will or intestacy laws, not necessarily to the co-owners.

What are the advantages of buying property through a company?

Purchasing property through a company can provide limited liability, protecting your personal assets from the property’s debts or legal issues.

What are the benefits of using a trust for property investment?

Trusts offer flexibility in distributing income and can provide tax advantages. For example, discretionary trusts allow income to be distributed among beneficiaries, potentially reducing the overall tax liability. Additionally, trusts are often used for asset protection and estate planning purposes.

How does property investment through a partnership work?

In a property investment partnership, two or more individuals or entities pool their resources to purchase and manage a property. Partnerships can have varying structures, and profits and losses are typically distributed according to the partnership agreement.

Can I change the property investment structure after purchase?

Changing the property investment structure after purchase is possible but can be complex and may have legal and tax implications such as stamp duty and Capital Gain. Consult with legal and Tax experts before making any changes to your property ownership structure.

Can I sell/Transfer the property for $1?

While you can technically sell a property for $1, several crucial considerations apply. Tax authorities and legal entities typically assess property transactions based on market value, potentially resulting in tax obligations based on the property’s actual worth, despite the nominal sale price. Stamp duty, capital gains tax, and legal and financial implications, particularly if there are existing mortgages or loans, should be thoroughly evaluated.

What is a testamentary trust?

A testamentary trust is a trust that is established through a person’s will and takes effect upon their death. It allows the testator (the person making the will) to specify how their assets will be managed and distributed after their passing. Testamentary trusts are commonly used for various purposes, including providing for the financial needs of beneficiaries, protecting assets from potential creditors, and minimizing tax liabilities. These trusts can be highly customizable, and the terms and conditions are typically outlined in the testator’s will, providing detailed instructions on how the trust is to be administered for the benefit of specific beneficiaries.

Can we claim a Primary Residence Exemption for a property owned by a Trust?

The main residence exemption under the CGT rules cannot generally apply to properties owned by a trust. The main residence exemption can generally only apply when the dwelling is owned by an individual – refer to section 118-110 ITAA 1997. There are some very limited exceptions to this including:  Where the property is held by a special disability trust.  Where the property was owned by an individual just before they died and is now held in a deceased estate or testamentary trust, there are some special rules which can potentially enable the main residence exemption to apply; or  Where the occupier of the property is absolutely entitled to the property as against the trustee.

What and Who is a Settlor?

he Settlor is the individual who “settles” a discretionary trust by transferring the settled sum to the Trustee (or Trustees). The Settlor must also actually transfer the settled sum. If they fail to do so, the Trust will not come into existence. For a trust to be established, there must be trust property. In most situations, this trust property originates from the settled sum.

Trust the Leading Investment Structure Specialist. Contact us today to discover how we can assist you.
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Asset Protection

Are you concerned about safeguarding your assets but confused by the many myths and mistakes surrounding asset protection strategies? Look no further. At Investax, we specialize in providing expert advice on asset protection, offering you the peace of mind you deserve.

STEP Avoid Costly Errors

One common misconception is the notion of owning assets in individual names. We’ll guide you away from this pitfall and help you understand the advantages of alternative ownership structures, such as company ownership and carefully crafted trusts. By avoiding improper use and ensuring sound tax planning and estate planning advice, you’ll minimize risks and maximize protection.

STEP Personalized Tax Advice

Our team of asset protection specialists understands that every investment portfolio and wealth creation plan is unique. That’s why we offer personalized tax advice tailored to your specific needs. By considering the tax and legal ramifications of different property investment trusts and structures, we’ll help you make informed decisions for the long-term security of your assets.

STEP Expertise in Property Investment

With our extensive experience in property investment, we have honed our skills in developing trust structures that optimize asset protection. We work closely with our legal teams to ensure your assets are safeguarded using the most effective and tax-efficient strategies available.

STEP Secure Your Future Today

Don’t leave the protection of your assets to chance. Take control of your financial well-being by partnering with Investax. Let us guide you through the complexities of asset protection, providing you with peace of mind and the confidence to secure your future.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
What is asset protection, and why is it important?

Asset protection refers to strategies and legal mechanisms investors and businesses use to safeguard their assets from potential creditors, lawsuits, or financial risks. It’s crucial because it helps protect your hard-earned assets from being seized or depleted in the event of legal disputes, bankruptcy, or unforeseen financial challenges, ensuring the preservation of your wealth.

Is asset protection legal, or is it a form of hiding assets to avoid creditors?

Asset protection is entirely legal when done within the boundaries of the law and regulatory requirements. It involves prudent financial planning and the use of legal mechanisms to protect assets from unforeseen risks. Engaging in fraudulent activities or hiding assets to evade legitimate creditors is illegal and can result in severe legal consequences.

Can asset protection strategies protect assets from all types of legal claims or creditors?

No, asset protection strategies cannot provide absolute protection from all types of legal claims or creditors. Certain legal claims, such as child support, alimony, or government obligations, may not be shielded by asset protection measures. Additionally, fraudulent or improper transfers intended to evade legitimate creditors can be challenged and deemed ineffective. Asset protection is best used as a proactive strategy to minimize risks rather than as a guarantee against all possible legal challenges. Consultation with legal and financial experts is crucial for tailored asset protection planning.

Can I legally transfer my properties and assets to a trust or a company if I get sued in Australia?

While it is possible to transfer properties and assets to a trust or a company, doing so with the intent to evade legitimate creditors or legal claims can have serious legal consequences. Transfers made with the intent to hinder, delay, or defraud creditors are typically considered fraudulent and can be challenged by creditors or the court. Australia, like many jurisdictions, has laws in place to prevent fraudulent asset transfers. It’s essential to consult with legal professionals to ensure any asset protection or restructuring measures are done within the bounds of the law and do not violate legal obligations to creditors or the court.

What is the 5-year clawback period in asset protection?

The 5-year clawback period, often associated with bankruptcy law, refers to a period of time preceding a debtor’s bankruptcy filing, typically starting from the date of the bankruptcy filing. During this period, a bankruptcy trustee has the authority to review, and potentially reverse certain transactions made by the debtor, such as preferential payments to specific creditors or fraudulent asset transfers. The purpose is to prevent debtors from attempting to shield assets from creditors by engaging in questionable financial transactions shortly before declaring bankruptcy.

Can I transfer my existing property and assets to a trust and company for asset protection purposes? Are there any tax consequences?

Transferring existing property and assets to a trust or company for asset protection purposes is possible, but it must be done carefully and in compliance with the law. Such transfers can have tax consequences, including capital gains tax (CGT) and stamp duty. CGT may apply if the transfer results in a capital gain, and stamp duty may be levied depending on your jurisdiction. Additionally, anti-avoidance provisions are in place to prevent tax evasion through asset transfers. It’s crucial to seek legal and tax advice before proceeding to understand the implications and ensure compliance with tax laws and regulations. Each case is unique, and a tailored approach is essential to address both asset protection and tax considerations.

Contact us now to schedule a consultation with our asset protection specialists. Together, we’ll create a solid plan to protect your assets and pave the way for your long-term success.
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SMSF Tax Return and Audit 

SMSF Tax Return and Audit:

At Investax, we offer comprehensive assistance in lodging the annual Self-Managed Superannuation Fund – SMSF tax return and preparing the necessary paperwork for the auditor to audit the fund. we leverage state-of-the-art compliance software to prepare your Self-Managed Superannuation Fund (SMSF) tax return. Our advanced software ensures accuracy, efficiency, and adherence to the ever-changing compliance regulations. 

SMSF Tax Return and Audit
STEP Tax Return Lodgement

Our team of experts specializes in SMSF taxation and will prepare and lodge your SMSF’s annual tax return accurately and in a timely manner. We ensure that all the necessary information and documentation are properly organized and submitted to meet the Australian Tax Office (ATO) requirements.

STEP Compliance Support

We stay up to date with the ever-changing SMSF compliance regulations to ensure your fund meets all the necessary obligations. Our team will guide you through any regulatory changes and assist you in maintaining compliance throughout the audit process.

STEP Document Preparation

We handle the preparation of all the required paperwork and documentation for the auditor’s review. This includes financial statements, member statements, investment reports, and any other relevant documents necessary for the audit.

STEP Auditor Collaboration

We work closely with reputable SMSF auditors who specialize in conducting independent audits of SMSFs. We provide the auditor with all the necessary information and support, ensuring a smooth and efficient audit process.

STEP Resolution of Audit Queries

In the event of any queries or issues raised during the audit, we act as the liaison between you and the auditor. Our team addresses any concerns and provides the necessary information or documentation required for the audit to proceed smoothly.

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Frequent Asked Questions
Got questions? Well, we’ve got answers.
Does an SMSF require a tax return?

Yes, an SMSF (Self-Managed Superannuation Fund) is required to lodge an annual tax return with the Australian Taxation Office (ATO). The tax return for an SMSF is known as the Self-Managed Superannuation Fund Annual Return (SMSFAR) and is submitted to report the fund’s financial activities, income, expenses, contributions, and deductions. It is an essential compliance requirement, and failure to lodge the annual tax return on time can result in penalties and the potential loss of tax concessions. SMSFs must also undergo an annual audit by an independent auditor as part of the compliance process.

When is the deadline for lodging an SMSF tax return?

The deadline for lodging an SMSF tax return is typically 28 February following the end of the financial year. However, SMSFs with a registered tax agent may have extended deadlines, which can vary. It’s essential to consult with your tax agent and ensure timely submission to avoid penalties.

Do I need to lodge a tax return for the Bare Trust?

In most cases, a Bare Trust itself does not generate income or require the lodgement of a separate tax return. Instead, the income and tax obligations associated with the assets held in the Bare Trust are attributed to the beneficiary of the trust. The beneficiary is responsible for including any income earned from the trust’s assets in their own tax return. It’s essential to consult with a tax professional or legal advisor to ensure compliance with tax regulations and understand any specific reporting requirements related to the Bare Trust.

What are the key components of an SMSF audit?

An SMSF audit is a comprehensive review of the fund’s financial records, transactions, and compliance with superannuation laws. Key components include verifying the fund’s financial statements, assessing investment strategies, confirming contributions and benefit payments, checking for compliance with regulatory limits, and ensuring proper record-keeping. The audit also examines the fund’s compliance with the sole purpose test, the in-house asset rules, and other legal requirements.

How often does an SMSF require an audit?

An SMSF must undergo an annual audit by an independent auditor. This audit is conducted at the end of each financial year and is a mandatory requirement to ensure compliance with superannuation laws and regulations.

What documents do I need to provide to the auditor for a Limited Recourse Borrowing Arrangement (LRBA)?

When engaging an auditor to review an LRBA within your Self-Managed Superannuation Fund (SMSF), you should provide a comprehensive set of documents for examination. The exact requirements may vary depending on your specific LRBA and fund’s circumstances, but generally, you should include: Loan Agreement, Bare Trust Deed, property title deed, current market value of the property, lease agreement etc.

What is the age requirement to start an SMSF pension?

The age requirement to start an SMSF pension depends on the type of pension. For an account-based pension, the member must have reached their preservation age, which is currently between 55 and 60, depending on the member’s birthdate. For a transition to retirement income stream (TRIS), the member can commence the pension once they reach their preservation age, even if they are still working.

Are SMSF pension payments taxable?

The tax treatment of SMSF pension payments depends on various factors, including the member’s age and the components of the pension payment. Generally, pension payments received by members aged 60 and over are tax-free. Members aged between their preservation age and 59 receive a tax offset on their pension payments. However, tax may apply to certain components of the pension, such as taxable elements in the payment.

Trust the Leading SMSF Tax Return and Audit Specialist. Contact us today to discover how we can assist you.
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