Individual Tax Returns

Maximise Your Refund

Our expert accountants work closely with you to ensure you claim every deduction and offset you’re entitled to. We have a thorough understanding of the Australian Taxation Office (ATO) regulations, which means we can identify opportunities that others might miss.

Tailored Tax Advice

Every client’s financial situation is unique, and our tailored advice reflects this. Whether you’re employed, self-employed, or a property investor, we take the time to understand your income sources, expenses, and goals to offer the best possible outcomes.

Save Time and Avoid Errors

Navigating tax laws can be complex, especially for those with multiple income streams or investment properties. By working with Wotton & Co, you save time and reduce the risk of errors, penalties, or audits by ensuring your tax return is accurate and fully compliant with current regulations.

For property investors, lodging an accurate and optimised tax return is essential for maximising your rental property income and minimising taxable liabilities. At Wotton & Co, we specialise in helping property investors claim deductions such as:

• Depreciation: Maximise claims on wear and tear of assets like appliances and fittings.
• Loan Interest: Claim interest expenses on loans used to purchase investment properties.
• Repairs and Maintenance: Deduct eligible repair costs while understanding the difference between capital works and immediate deductions.
• Rental Property Expenses: Offset costs like property management fees, council rates, and insurance.

Our expertise in property investment tax returns ensures that nothing is overlooked. Whether you own one rental property or a portfolio, our team will guide you through the complexities of the tax system, so you receive the highest possible refund.

To ensure your tax return is accurate and completed efficiently, here’s a checklist of the key documents and information you should provide:

For All Individuals:

1. Personal Information:
   • Tax File Number (TFN)
   • Bank account details for your refund
2. Income Information:
   • PAYG summaries (income statements from employers)
   • Centrelink payment summaries (if applicable)
   • Foreign income details
   • Any additional income (e.g., freelance work or gig economy earnings)
3. Deductions and Expenses:
   • Work-related expenses (e.g., uniforms, tools, and training costs)
   • Receipts for charitable donations
   • Income protection insurance premiums
4. Investment Information:
   • Dividend statements
   • Details of managed fund distributions
   • Records of cryptocurrency or share trading

For Property Investors:

1. Rental Income and Expenses:
   • Annual rental statements from property managers
   • Invoices for repairs, maintenance, and improvements
   • Loan statements showing interest charged
   • Council rates and strata fees
   • Land tax assessments
   • Insurance premiums for rental properties
2. Depreciation:
   • A depreciation schedule prepared by a qualified quantity surveyor
3. Capital Gains or Losses:
   • Records of property purchase and sale, including contracts and settlement statements
   • Costs of purchasing or selling property (e.g., legal fees, stamp duty)

By providing these documents, our team can ensure your tax return is accurate, compliant, and optimised to achieve the best financial outcome.

Failing to Claim Legitimate Deductions

Many individuals miss out on tax refunds because they are unaware of the deductions they’re entitled to. Wotton & Co ensures you maximise every claim, whether it’s work-related expenses or investment property deductions.

Misreporting Income

It’s essential to report all sources of income, including freelance work, foreign income, or rental property earnings. Failure to do so can result in ATO audits or penalties.

Delayed Lodgement

Late lodgement can incur penalties. Our team will ensure your tax return is submitted on time, giving you peace of mind.

Our goal is to make filing your individual tax return simple, efficient, and rewarding. Here’s how we work with you:

1. Initial Consultation: We discuss your financial situation, goals, and any concerns you may have about your tax return.
2. Document Review: Our team reviews all relevant documents to ensure no deduction or offset is missed.
3. Lodgement: Once your tax return is prepared and reviewed, we lodge it with the ATO on your behalf.
4. Ongoing Support: Have questions or need further assistance? We’re here year-round, not just at tax time.

Ready to take the hassle out of lodging your individual tax return? Wotton & Co is here to help. Whether you’re a salaried worker, a freelancer, or a property investor, our team of experts in Glenelg can provide personalised advice, accurate lodgement, and the highest possible refund. Contact us today to book your consultation and experience the difference of working with a top-rated tax professional.