The Australian Taxation Office is making more use of technology than ever before.  People need to ensure that they include the details of all of their investment income including interest, dividends and income from managed investments because the investment bodies report these amounts to the Australian Taxation Office.  If the amount of income shown in your tax return is different to the amounts reported to the Australian Taxation Office, they will seek an explanation.

The Australian Taxation Office is continuing to increase its compliance activities in relation to rental properties.  It is concentrating on the usual mistakes that people make such as claiming deductions for capital items, not apportioning costs such as interest and travel expenses that may have a personal component and personal use of the properties.

The Tax Variation department within Thiel Partners Accountants is controlled by Ben Thiel. Ben has had years of experience within this field of work and provides personalised, professional tax services to individuals, businesses and investors throughout Australia.

As a client, you will benefit from our comprehensive tax services and have access to current tax strategies tailored to your circumstances.

We will work closely with you to ensure that your investment strategy achieves your desired outcomes.

We will provide you with ongoing assistance and advice in relation to all of your tax affairs.

We welcome you as a client to Thiel Partners.

 WHAT IS A TAX VARIATION?

Used to ease your cash flow burdens during the financial year the tax variation varies the amount of tax withheld from your wages by way or estimating your total end of financial year tax position in advance.

In essence the variation is a forecast view of what your tax return is projected to give you as taxable income and inturn tax refund.

The tax on this new estimated taxable income is then calculated by the tax office and a new rate is calculated for your based on this to reduce the tax deducted from your wages.

Therefore, rather than getting a lump sum refund at the end of the year you receive it evenly throughout the financial year.

Minor points to note with regards to variations include:

-          A new variation must be lodged every year.

-          If you change employment a new variation must be lodged, it does not transfer to your new employment.

-          A variation that produces a tax payable of more than $500 in your end of year tax return will result in the following year’s variation being rejected.

Thiel Partners has a specialised team to handle the preparation and lodgement of Tax Variations. We can advise and assist you through all the necessary requirements to make the variation application process as smooth as possible. In doing so, we can also assist in the preparation of Depreciation Reports giving you the maximum deductions available.

If you are negative gearing then without doubt the tax variation is the most important tool in managing your cash flow requirements.

WHAT THIEL PARTNERS WILL DO

Property investors require ongoing assistance with their taxation affairs throughout the year.

At Thiel Partners we operate streamlined systems to ease the burden and take the stress out of the day to day tax matters.

• We will annually lodge your PAYG Income Tax Withholding Variations. We will write to you annually and collect the necessary information so that they can be lodged in a timely and efficient manner.
• We will lodge your annual income taxation return/s.
• We will offer you Tax Audit Cover to protect you against un-necessary tax audit expenses.
• We will assist you with tax planning as and when required.