Territory Stories

Sunday Territorian 28 Jun 2015



Sunday Territorian 28 Jun 2015


Sunday Territorian; NewspaperNT




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Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.

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Nationwide News Pty. Limited

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Copyright. Made available by the publisher under licence.

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Nationwide News Pty. Limited



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SUNDAY JUNE 28 2015 TAKE THE TRAUMA OUT OF TAX TIME 53 V1 - NTNE01Z01MA Dont go it alone, seek professional accountancy help at tax time Education expenses are worth claiming LJM Accountants have some tips to make tax time easier for Territorians. Just because you dont pay doesnt mean you cant claim. Today, self-education is often a pivotal element to maintaining your skill level at work. Many employers will sponsor such education or reimburse course fees upon successful completion. Generally clients have a perception that employersponsored self-education means no deduction in personal tax returns. Fortunately, this is not entirely true. There are wide range of other expenses that still may be able to be claimed, such as home office running costs, internet usage, phone calls, computer consumables, travel expenses from work to place of education and including but not limited to depreciation on major equipment like computers. Typically small businesses can implement year-end taxsaving strategies by accelerating expenditure and deferring income. Accelerating expenditure may include taking advantage of the $20,000 asset write-off after May 12, 2015, and allocating eligible assets to a small business pool to receive a higher depreciation level. Non-small businesses can plan for tax time can by prepaying eligible expenditure and accruing wages expenses. For example, fringe benefit tax instalments due for the June 2015 quarter can be accrued in the 2015 year and claimed as a deduction, even though they are not payable until July 2015. For further information on tax planning measures contact LJM Accountants or visit www.ljmaccountants.com.au H&R Block say using a registered tax agent is the best way to go about preparing your tax return if you want to be on top of the latest changes and deductions Why it pays to get expert advice from the very best AUSTRALIAS leading tax accountants, H&R Block, are urging taxpayers to seek a registered tax agent to prepare their tax for 2015. Using a tax agent ensures people get their tax return correct, avoid penalties and that they are claiming all the deductions and tax offsets they are legally entitled to. Karen Parr of H&R Block said: There are a range of possible deductions that might increase your refund in 2015, which may not be picked up by those who Do-It-Yourself or those who rely on the Australian Taxation Offices online service to do their tax return. She said tax agents were keenly aware of changes that may affect your 2015 tax return, and any overlooked deductions to cut tax bills, including: Deductions for properties or vehicle costs. Charitable contributions/ donations. Cost of education that helps taxpayers improve their current job skills. Cost of preparing their tax return. Ms Parr added that tax agents could also avoid issues that taxpayers often face when preparing their own returns, including: Being up to date with the ever-changing tax laws and changing tax return forms. Difficulty navigating and working through the Australian Taxation Offices website to determine the correct treatment of tax issues. Heightened danger of audits and penalties if mistakes are made. Fast refunds are available through tax agents with electronic lodgement, and tax agents guarantee their work. Ms Parr said tax agents could help to maximise your tax refund in a number of ways: Your tax agent should complete a thorough interview, ensuring all income is declared, maximising any deductions and checking entitlement to any rebates/tax offsets. Your tax agent should explain the records you are required to have to verify claims in this years tax return. They should explain fully the substantiation rules, what records you need and how long you should keep them. Your tax agent should also give you guidance on any things you may be able to do to improve the claims you can make for next years tax return. H&R Block is Australias largest preparer of tax returns and has been preparing Australians taxes since 1971. For further information please contact H&R Block Darwin on 13 23 25. Your Palmerston Public Accountant & Registered Tax Agent, Providing Professional Services to Companies, Individuals & Small Business Appointments not necessary but will have priority Our friendly staff will be more than pleased to help you with any tax or accounting queries you may have. 6 Adams Road PALMERSTON NT 0831 P. (08) 8932 2390 F. (08) 8932 2123 E. admin@vgant.com www.vitagustafson.com Professional Tax accounTanTs TAX RELIEF IS JUST AROUND THE CORNER With ofces at four convenient locations, its easier than ever to get the tax advice you need. Nothing is too simple or complex. We are the tax experts. Tax Returns & Accounting for: We dont miss a thing. hrblockdarwin.com.au Ofces at: Individuals Partnerships Small Business Companies Trusts Shop 6, 43 Cavenagh St, DARWIN % 8981 5927 Entrance In Searcy Street Shop 17A, Hibiscus Shopping Centre,LEANYER % 8945 1614 Shop 7, 48 Trower Rd, RAPID CREEK % 8985 2278 Shop 22B, Palm City Oasis, PALMERSTON % 8932 6744 Entrance Outside Behind The Chemist

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