Tax Services

Tax Services

What we offer

As a Tax Accountant in Melbourne, we provide personalized, professional tax service such that you only pay what you have to from your hard-earned dollars. We make sure your legal obligations are fulfilled and also that your individual circumstances are covered.

Our tax services include:

  • Preparation of tax returns for individuals, partnerships, companies, trusts, and SMSF
  • Income tax on rental property
  • Strategic tax planning
  • Advice on Goods and services tax
  • Preparation of Business Activity and Instalment Activity statements (BAS and IAS)
  • Advice on capital gains tax
  • Advice on salary sacrifice
  • Payroll tax
  • Stamp duty and land tax

Preparation of Tax Returns and Lodgment

Have you been claiming everything that you are entitled to?

Lotus Smart does have many years of experience in preparing tax returns for a variety of industries. We prepare tax returns for individuals (Basic to complex), companies, trusts, and self-managed super funds. We ensure that you pay the minimum amount of income tax by claiming all legitimate deductions.

Our clients are individuals (wage earners), trade persons (Concreter, plumbers, carpenters, electricians, etc), registered training organizations (RTO), child care facilities, family day care, property developer, builders, professionals (Migration agents, education consultant, doctors, engineering consultants, etc), teachers, taxi drivers, media companies, restaurants, family day care, and corporate houses.

We firmly believe our responsibility is not limited to preparing and lodging income tax returns. We accomplish this only when we are able to manage all your tax affairs including dealing with the ATO on your behalf and provide you with ongoing support throughout the year and future.

Income Tax on Rental Property

Whether it’s a residential investment property or a multimillion-dollar commercial property, the purchase of a rental property will give rise to assessable income and capital gains/losses. It will also have the consequences of GST, PAYG installment, and stamp duty. Choosing the right legal structure is important from an asset protection and tax planning point of view particularly when you buy a commercial property.

A rental property is negatively geared when the expenditure on the rental property exceeds the rental income. It will give rise to savings of tax and consequently a higher tax refund. The effectiveness of this tax saving depends on many factors including the ownership structure, the marginal income tax rate, the structure of your loan, the construction cost of the building, the year of construction, borrowing costs, etc.

Lotus Smart team analyses these costs very carefully and prepares the budget for you. Our analysis will give you an idea of how much will be the out-of-pocket expenses associated with your rental property. We have assisted hundreds of our clients to choose the right investment property so as to maximize the benefit of negative gearing.

Strategic Tax Planning

The process of tax planning involves a detailed understanding of personal financial circumstances and projections of income for the financial year. There are various measures available to save your tax. Over the period of years, we have developed tools and expertise to accurately project your income based on your current financial circumstance and recommend a series of measures that you can undertake to minimize the tax liability within the scope of income tax legislation and ATO’s guidelines.

Goods and Services Tax

Goods and services tax (GST), is a broad-based tax of 10% on most goods, services, and other items sold or consumed in Australia. At Lotus Smart, we provide a range of services related to GST including:

  • GST registration of your business
  • GST advice
  • Business Activity Statement(BAS)
  • GST reconciliation
  • Assistance with regard to ATO audit

Fringe benefits tax

Fringe benefits tax is separate from income tax and is calculated on the taxable value of the fringe benefits provided by employers to employees or their associates. Examples of fringe benefits include the provision of a car that is allowed for private usage by the employees or their family members.

We assist our clients in accurately computing their fringe benefits tax and the preparation of annual fringe benefits tax returns. We provide advice to employers on various measures to effectively minimize their FBT liability.

Capital gains tax

A capital gain arises when you make a profit from selling an investment. The amount of capital gains that are subject to tax depends upon the type of asset and other factors, including how long you have owned the investment.

A number of CGT concessions are available for small businesses including:

  • Small business 15-year exemption
  • Small business 50% active asset reduction
  • Small business retirement exemption
  • Small business rollover

Our team at Lotus Smart can advise ensuring your access to all CGT concessions that you are legally entitled to.

Salary Sacrifice

Salary packaging (also known as salary sacrifice) is an arrangement where you agree to forego part of your future salary or wages in return for your employer providing benefits of a similar value. You can salary sacrifice the payment of a mortgage, school fees, purchase of a car, laptop, etc.

While the salary sacrifice reduces tax liability to employees, it may attract fringe benefit taxes to employers. At Lotus Smart, we have the expertise and technology to provide you with the most effective tax-saving solution with the correct salary packing structure.

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