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Tax & Personal Accounting
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Tax & Personal Accounting

We focus on all tax matters relating to personal and property investments. We specialise in individual tax returns, from PAYG returns to contractors and sole traders. We also provide tax advice for passive and investment property trusts.

Book your free
appointment
 

We truly believe that tax can be done better. It’s more than just submitting your annual tax return. A great tax accountant is a trusted advisor that forms a crucial part of your property A-Team. They are able to look at your current financial position and understand where you aspire to be and provide qualified, experienced and smart tax advice to help you achieve your financial goals. 

All clients of Empower Wealth are eligible for a complimentary tax and accounting chat, where one of our Tax Accountants will give you a call to understand your unique circumstances and answer any immediate tax queries that you may have.

If there is work to be done, they will take you through the next steps in the advice and implementation process, giving you peace of mind that you and your wealth are protected and on your way to building a wealthier tomorrow.

Frequently Asked Questions

  • What tax return work do you specialise in?

    Our team is focused on all tax matters relating to personal and property investments. We specialise in individual tax returns, from PAYG returns to contractors and sole traders. We also provide tax advice for passive and investment property trusts.

  • How much will I get back?

    2024 is the golden year of tax planning, so your return might be bigger than you think. Consult our investment-savvy accountants to discuss how you can effectively maximise your returns.

  • How do I reduce my taxes?

    Tax is a by-product of financial success. While planning and utilising appropriate structures can help minimise taxes over the investment cycle, it should never be the principal driver behind investment decisions. Make an appointment with one of our investment-savvy accountants to discuss your unique circumstances.

  • When do I need to lodge my tax returns?

    The tax return deadline is 31st October 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, it is best to do your tax return as soon as practically possible, as any refunds can go straight into your offset or savings account. However, if you are anticipating having to pay tax this year, you can defer your pending tax payment into the new year as long as you engage a registered tax agent.

  • How do your fees work?

    Our accountants work on a professional fee for service basis. During your initial consultation, we will assess your tax return needs and the level of work required. A Letter of Engagement outlining all applicable fees will then be sent to you for approval. Our fees are competitive, and we offer special rates for pensioners and full-time students.

  • What happens if my tax returns are audited by the ATO?

    We are aware that the Australian Taxation Office (ATO) and other government revenue bodies are significantly increasing the number of investigations, enquiries, audits, and reviews they undertake. This heightened scrutiny is becoming more common, driven largely by computer algorithms, and it can occur regardless of whether your returns are filed accurately and on time. The ATO has also publicly stated their intention to focus particularly on property investors in the upcoming tax season.

    If you receive a notification of an audit from the ATO or other government revenue authorities (e.g., SRO, WorkCover), our goal is to provide you with the best possible support during what can be an extremely stressful time. We are confident that our Tax Accountants have submitted your tax returns with the highest quality and in alignment with Australian Tax Legislation. Should your file be audited, we will work closely with you to provide all the necessary documentation.

    At Empower Wealth, we strive to offer our services to you at minimal cost. To support this, we have sourced the most comprehensive product available: “Audit Shield” provided by Accountancy Insurance. Audit Shield covers the payment of our professional fees (which would otherwise be payable by you) when we are required to respond, on your behalf, to an audit, inquiry, investigation, review, or examination of your lodged returns or financial compliance obligations by the ATO or other government revenue authorities. This allows us to work on your behalf without adding the burden of additional professional fees that become payable by you.

    FAQs and product details are available here, and our Tax Accountant can explain more about the product at your meeting.

    Importantly, Empower Wealth does not receive any payment or commission by offering this service; we provide it purely as an added benefit and protection for our valued clients.

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