What can our tax accountants do for you?
Expert Tax Accountants in Perth
Our team of tax accountants make the accounting process simple, so you can focus your time on doing what you do, better. Whether you need to lodge a tax return, start a business, or require on-going support with your accounts, we crunch the numbers and don’t let opportunities pass you by.
What our clients say
Taxpro always takes the time to explain everything to us so we fully understand how we are going financially and with this information we have been able to grow our business to what it is today.
What I really appreciated most, is I can simply text, email or phone any time if I need advice or support and the job was never too small or too complicated for Joseph and the staff at Taxpro.
Latest news
Stay up to date with all our latest news, guidance and regulatory information from our tax accountants here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
First Home Loan Deposit Scheme
Interest rates are at a historic low and first-time buyer’s only need 5% deposit – Sounds good, right? The Australian Federal Government launched the first home loan deposit scheme on 1 January 2020. It is administered through the National Housing Finance and Investment Corporation (NHFIC) in partnership with lenders, and there are now 27 lenders part of it. The scheme has been developed to help first-time buyers get on the property ladder, easier and faster. On the surface it looks like a great opportunity. With the first home loan deposit scheme, the buyer may only need 5% of the value of the property, and the Government will underwrite the loan so there is no requirement to have lenders mortgage insurance (LMI). Usually, if your home loan deposit is less than 20%, the lender would require you to pay LMI. It is based on your loan to value ratio and the amount of money you borrow. For example, if you had a $25,000 deposit saved (10%), of a property worth $250,000, the LMI estimate would be around $4,800 up front. Therefore, this new scheme could [...]
Do you own investment property overseas?
It is important you know your tax obligations in Australia! As an Australian resident you are taxed on your Worldwide income, that includes income from any investment property overseas. In recent years, the Australian Tax Office (ATO) has increased its crack down on tax residents that fail to declare income from property overseas. It states that you must include the rental income or property asset sale on your Australian tax return, and it must be converted into Australian dollars. What happens if I sell the overseas property? You may have to pay Capital Gains Tax when you sell the asset. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it. This could be either a gain or a loss. The ATO states that if you acquired an overseas property before you became an Australian resident, you are taken to have acquired the asset at the time you became a resident. If you are a temporary resident (normally someone on a temporary migration visa) you are not subject to tax on sales of [...]
Did you over-spend at Christmas?
Your tax refund may cover those extra indulgences If you haven’t lodged your individual tax return for the 2018/2019 year yet, then you could be eligible for a tax offset of between $255 and $1080! It’s not very often we can say that your tax return could get you out of a Christmas and New Year debt hangover, but this is thanks to the Government’s $158bn tax cut package for low and middle-income earners. Eligible taxpayers can receive up to an extra $1080 for singles depending on income, or up to $2160 for a couple. Remember though, it is a tax offset, which means it is automatically calculated when you lodge your tax return. So, you may get a larger refund, or a smaller tax bill, but you won't get an extra payment into your bank. To help you work out how much you can expect back, here is a useful tax calculator You have until 15thMay 2020, if filing through Taxpro, to lodge your individual return. If you have any questions, or would like to book your appointment, please give us a call on [...]
Our partners
CALL US
08 9240 7629
EMAIL US
VISIT US