Individual Tax Returns in Lake Macquarie
Personal tax return preparation and lodgment.
Individual Tax Returns in Lake Macquarie
GR & Co Accounting & Advisory Pty Ltd prepares Individual Tax Returns in Lake Macquarie for employees, investors, retirees and people with income from more than one source. We work from our Morisset office with clients in Newcastle, on the Central Coast and throughout the Hunter Valley. A return can be simple, and if yours is, we will tell you so. Many are not: rental properties, share sales, multiple employers, redundancy payments and cryptocurrency all change the picture. We lodge through the agent program, which generally provides more time than the standard self-lodgment deadline.
To talk through your situation, call us on 02 4975 2075.
Preparing a Personal Return
We review your income for the year from every source, including salary and wages, bank interest, dividends, rental income, government payments and capital gains. We then work through the deductions you are entitled to claim based on your occupation and circumstances, apply the offsets that apply to you, and check your private health insurance and Medicare levy position. Much of your income information is prefilled by the ATO, but prefill is frequently incomplete at the time people want to lodge and it does not include everything. We reconcile it against your own records rather than accepting it as the full picture.
Property, Investments and Side Income
Returns get complicated in predictable ways. Rental properties require the split between immediately deductible repairs, depreciable assets and capital improvements to be handled correctly, and interest apportioned if the loan has been redrawn for private purposes. Share and cryptocurrency disposals need a cost base built from actual purchase records rather than an estimate. Income from a side business, contracting or the gig economy needs to be reported even when no payment summary exists for it. Work-related claims in some occupations attract closer ATO attention than others, which makes substantiation more important than the size of the deduction. We work through the areas that apply to you and explain what supports each position.
What to Bring Along
Bring records of any work-related expenses you intend to claim. Add details of any investment income, rental property statements from your agent, private health insurance information and bank interest. If you sold shares, property or crypto during the year, bring the purchase records as well as the sale, because the cost base is what determines the result. Mention any significant change during the year such as a new job, a redundancy, a property settlement or a change in family circumstances, since each of those affects the return in ways that are easy to overlook.
Individual Tax Returns Questions Answered
General Advice — Individual Tax Returns
This information is general in nature and does not take into account your personal financial situation, needs or objectives. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent financial advice.