Every year, individuals in Australia are required to report their income and claim any eligible deductions or offsets by lodging a tax return with the Australian Taxation Office (ATO). An individual tax return summarises all your income—such as wages, investment earnings, business income and Centrelink payments — Along with this, any tax you’ve already paid. It’s also your opportunity to declare work-related expenses and other deductions to ensure you’re not paying more tax than you should.
Lodging a tax return ensures you stay compliant with tax laws and gives you the chance to receive a refund if you’ve been overpaid tax throughout the year. Whether you’re an employee, student, sole trader, or juggling multiple income sources, getting professional help means you won’t miss out on deductions you’re entitled to. At OMW Accountancy, we make this process simple, clear, and stress-free—so you can lodge with confidence.
We charge fees for Individual Tax Returns on a modular basis. For most basic tax returns (for example with employment income and employment deductions) the fee is a flat rate of $220.
For every additional tax schedule that needs preparing we charge an additional $165. For example:
We charge $165 per rental property that need including on the tax return. If you own a property jointly with a spouse or family member we will only charge for the rental schedule once. Either fully charged to one taxpayer or split equally between the property owners.
We charge $165 per ABN business schedule that needs preparing. This does not include bookkeeping, you will need to provide us with details of your income and expenditure or access to your online bookkeeping such as Xero.
If you have sold capital assets such as rental/second property, shares or crypto currency. We charge $165 per capital gain that has been made during the year that requires analysis and calculations.
Gone are the days of needing to bring in your Group Certificate or copies of bank statements showing interest earned. Our ATO-linked tax software securely pre-fills much of this information, making the process quicker and easier for you.
Given this – what do you need to provide?
Motor vehicle expenses based on business use percentage (include your log book if applicable) and Travel and accommodation – both for domestic and overseas travel.
You will need to provide invoices for Computer, software and repairs, relevant equipment, Rent/lease payments, Building or maintenance costs, Utilities bills – electricity, gas, water and telephone and internet.
Courses, education and seminars that you have attended or participated in during the tax year.
Work uniforms and other specific employment-related clothing expenses, Donations, Private health statements, and Childcare expenses if relevant.
We have curated a list of the most common questions that we get asked.
We have prepared a helpful Excel Template for you to record your rental income and expenditure in here to help make sure you don't miss anything.
If you use a letting agent they will likely provide you with an annual summary of rental income vs expenses. Providing this to us along with the Excel template can assist us in the preparation of the schedule.
There is additional helpful information on the ATO website regarding Rental Income and Expenditures here.
The best practice is for you to keep copies of all the documents regarding the purchase of a property, the sale of the property, capital improvement costs and all costs related to the previously mentioned items. In short we need the following:
Sale Proceeds – Date of Sale
Costs related to the sale – Legal & Advertising costs and Sales Commission
Purchase Cost – Date of Purchase/Probate value if inherited.
Costs related to purchase – Legal & Advertising costs and Sales Commission
Other Capital Expenditures
The best practice is for you to keep records of all purchases of shares, sales of shares and if applicable details of dividend reinvestment transactions.
If you use a share broker such as CommSec then you should receive an annual portfolio report which details all transactions for the year. Please keep these and provide them to us each year even if you do not sell any shares.
You should receive a income/gains annual activity report from your digital wallet. Please provide us with this each year even if you are unsure if you have made any trades.
Prices can vary depending on your needs. We charge the following fees which cover the cost of formation charged by ASIC and include us registering the new entity for an ABN, TFN & Tax registrations such as GST where necessary. The fees are currently:
$1,100 for a Pty Ltd
$660 for a Trust
$990 for a Corporate Trustee
$1,650 for an SMSF and a Corporate Trustee.
Please fill in the New Company Formation Form by clicking here and make an appointment on the contact us page.
You should keep your taxation paperwork for 5 years after the year it relates to. Part of our tax return preparation work and digital signature request process ensures you will be sent a signed copy of your tax return once you have approved it. Please keep this safe in your records.
02 4380 8279
hello@omwaccountancy.com.au
The Foundry | 1 / 86 Mann Street GOSFORD NSW 2250
Practice Hours | Monday - Friday | 9am - 5pm | Outside business hours appointments by arrangement.
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