Forgetting to include capital gains in your tax return is a common mistake, so the ATO keeps a good look out for it.
When you sell an investment asset, you must work out the gain (or loss) you made, and include that amount in your tax return.
The ATO has a data matching program that can determine if you have done this correctly.
The penalties are harsh if you get it wrong so it’s best to plan ahead and seek advice before selling investment assets.
We can help you figure out the tax consequences of a sale and let you know if there are discounts, exemptions or rollover provisions available.
Investments are a great way to build wealth but deciding what to invest in takes know-how.
While you should always consult a financial planner to discover what types of investments are right for you, it’s also important to include a tax expert in the investment process. We can show you how different scenarios will affect your financial and tax situation.
We also have a range of accounting software and record-keeping tools which will help you look after your investments and watch your wealth grow.
If you have a lot of tax deductions you can apply to have the tax your employer withholds from your pay to be decreased. This will give you a lower tax rate every day, instead of having to wait until the end of the year to get a big tax refund.
You will need to go through a 221D process with the ATO. We can help you complete this.
Give us a call on 1300 427 526 or book an appointment.