What we offer
At Lotus Smart Tax Accountant, we provide personalised, 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,partnership,companies, trust 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 variety of industries . We prepare tax returns for individuals (Basic to complex), companies, trust and self-managed super fund. We ensure that you pay minimum amount of income tax by claiming all legitimate deductions.
Our clients are individuals (wage earners),trade persons (Concreter, plumber, carpenters, electricians etc), registered training organization(RTO), child care facility, family day care, property developer, builders, professionals (Migration agent, 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 return. We accomplish only when we are able to manage all your tax affairs including dealing with the ATO on your behalf and provide you with the ongoing support throughout the year and future.
Income tax on rental property
Whether it’s residential investment property or a multimillion dollar commercial property, the purchase of a rental property will give rise to assessable income and capital gains/loss. It will also have the consequences of GST, PYAG installment and stamp duty. Choosing the right legal structure is important from 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 rental property exceeds the rental income. It will give rise to saving 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 prepare 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 detailed understanding of personal financial circumstances and projection 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 legislations 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 to 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 provision of a car that is allowed for the private usage by the employees or their family members.
We assist our clients for accurately computing their fringe benefit 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
The capital gain arises when you make a profit from selling an investment. The amount of capital gains that is 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 business including:
- Small business 15 year exemption
- Small business 50% active asset reduction
- Small business retirement exemption
- Small business roll over
Our team at Lotus Smart can advise to ensure your access to all CGT concessions that you are legally entitled to.
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 mortgage, school fees, purchase of 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 the most effective tax saving solution by the correct salary packing structure.