Tax and Personal Accounting Guide

Division Guide – Tax and Personal Accounting

Tax & Personal Accounting

"Tax Done Better"

Let's be honest, nobody really wants to pay more tax than they need to. That's where an investment savvy tax accountant would really plays their role in providing the best guidance and personalised tax advice to ensure a holistic approach to your overall financial dreams.

Now first thing first...

Thank You for considering us

As with all of our specialist advisory services, we’re BIG on teamwork and collaboration here at Empower Wealth and totally focused on client outcomes. Drawing on a wealth of knowledge and experience, we work TOGETHER towards helping you reach your financial potential.

Qualified and professional advisors

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Know your numbers and your goals

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Personalised long term strategy

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Managing household budgets is challenging for us all. From changing incomes to greater financial commitments like mortgages, having a family, education and medical expenses, there will be large fluctuations in cash flow on a life’s journey. Throw taxation and investment options into the mix and most people conclude that wealth building falls into the ‘too hard’ basket.

That’s why our team of experienced and qualified tax accountants are here to take this stress away and ensure that we maximise your tax deductions while making sure that your household finance structure is well set up for today and into the future.

Add to this our easy to operate Money SMARTS Program to supervise money management and unlock your savings and surplus cash flow, and wealth building becomes a real possibility.

We’re in the ‘numbers’ business — everything from income to expenditure, savings to liabilities, cash flow to repayments, rental income to growth forecasts, provision for future plans to interest rates… you name it, we know it.

We live by the notion that numbers are everything.

That’s why we take the time to deeply understand your numbers so we can work with you to problem solve and find the right, tailored solution.

Personalisation is a consistent theme right across our firm. We DON’T believe that one size fits all!

Through a series of meetings (starting with a complimentary initial phone chat), we start the process of clarifying your objectives and ultimately creating a holistic tax approach for our clients.

Unlike the traditional accountants, we don’t only look at your tax return for just this financial year. We identify your current and future goals and objectives, review your numbers in Moorr and advise and plan accordingly.

The Tax Return Submission Process

Our team of specialist Tax Accountants will assist you with the implementation of your Tax Return and Strategy.

Stage 1: Initial Phone Chat

a) Understand client's unique circumstances
b) Answer any immediate tax queries the client may have

Stage 2: Tax Appointment

a) Clarify client's holistic needs
b) Evaluate the multiple tax options moving forward and provide clarification to client's queries
c) Determine the appropriate engagement and urgency of our services (tax return vs tax payable)
d) Agree to Service Fee and sign the Authority to Act and Letter of Engagement

Stage 3: Document collection

a) Provide client with a list of documents required for tax return submission
b) Ensure documents are collected from clients within the due date

Here's the document collection checklist>

Stage 4: Preparation of Tax Return

a) Prepare tax return models and assess the appropriate approach to the overall tax strategy
b) Prepare a written Tax Return Plan outlining the final recommendations and deductions

Stage 5: Client's Review and Payment

a) Presentation of the Tax Return Plan to client for approval
b) Fine tuning is facilitated
c) Answer any queries relating to the strategy
d) Strategy is signed off on by client (Authority to Proceed)
e) Payment is completed by client

Stage 6: Lodgement

a) Submit Lodgement as agreed upon with client

Stage 7: Completion

a) ATO to send the Notice of Assessment (NOA) to the client
b) Client to advice if there are any variances with Returns and NOA

Frequently Asked Questions

Is the Initial Phone Chat Free and No-Obligation?

Yes, our initial consultation is free.
What documents do I need to prepare for the Tax Appointment?

We aim to make the Tax Appointment as productive as possible. For that purpose, we’ve prepared a list of documents to prepare for our meeting here.

To make it easier to collect all the documents, before the tax appointment, we will create a request in the My Documents section in the Moorr platform to upload the documents required.
What Tax Return work do we specialise in?

Our new team is focused on all tax matters related to personal and property investment. We specialise in individual tax returns, from PAYG returns to contractors and sole traders. We also provide tax advice for passive trust and investment property trust.
How much will I get back?

You might be surprised, especially if you have been working from home this year as the ATO has been allowing some deductions and also provided tax cuts with the new Federal Budget to individuals and households — your return actually might be bigger than you think.
When do I need to lodge my Tax Return?

The tax return deadline is October 31 each year. If you choose to engage a registered tax agent like us to complete your tax return, you will be eligible for an extended tax return deadline.

If you have a refund, you are best to do your tax return as soon as practically possible, as any refund can go straight into your offset or savings account.

However, if you are anticipating having to pay tax this year, you can actually delay your pending tax payment into the new year as long as you do your tax return via a registered tax agent. And we’d love to help you do that! Get in touch with us today and our tax accountant can arrange the extension on your behalf. Otherwise, you have to pay by the deadline.
How do the fees work?

Our Tax & Personal Accounting business works on a professional fee for service basis. During your appointment, we will assess your tax return needs and advise you on the level of work we need to perform for you. A Letter of Engagement will be sent to you for your approval and will outline the fees applicable. We’d like to think our fees are competitive and are great value for money. We also do special offers for pensioners and full-time students.