We’ll make light work of your tax related documentation
At M2 Corporate, we offer a broad range of personal tax advisory services to individuals and their families. Taxes can be a burden that cause much anxiety. That is why our experienced team is on hand to listen, understand and guide you through choosing the correct tax structure.
We provide quality advice on all types of tax consequences. Before making any important financial decisions, seek our advice to ensure that the best possible tax outcome is achieved. A second opinion from proven tax agent experts is invaluable. Contact us for accurate, cost-effective and money saving taxation, asset protection services.
Why use professional taxation services?
With over 30 years’ experience, we are proven tax specialists with a passion for overseeing all tax aspects with attention to detail and precision. We’ve learnt just how much of a difference accuracy can make in saving you money, having worked with countless clients in the past.
Some of the typical personal taxation services we provide include:
If you’re earning an income, you usually pay income tax on that amount. Ordinarily, your employer will deduct income tax from your gross pay each month, sending it to the Australian Taxation Office (ATO) on your behalf. The benefit behind this is that it saves you incurring one large bill at the end of each year.
When you complete your income tax return, the amount of income tax the ATO calculates you need to pay is assessed according to the total amount you’ve incurred during the year. Using this figure, the ATO will determine if you get a tax refund or need to pay a tax bill.
If you have any questions regarding your income tax return, contact our friendly team of professionals. They are more than happy to assist.
Capital gains tax
Simply put, a capital gain or capital loss on an asset is the difference between what the asset cost you and what you sold it for.
Capital gains tax (CGT) is the tax you pay on your capital gains. Despite its name, it is a part of your overall income tax, and is not identified as separate.
Did you know?
If you make a capital loss, you can’t claim it against income but you can use it to reduce a capital gain in the same income year? And if your capital losses exceed your capital gains in an income year, you can generally carry the loss forward and deduct it against capital gains in future years.
Most personal assets are exempt from CGT, including your home, car and furniture. CGT also doesn’t apply to depreciating assets used solely for taxable purposes, such as business equipment or fittings in a rental property.
If you’re an Australian resident, CGT applies to your assets anywhere in the world.
Investment property tax
While your primary residence is generally exempt from tax, if you have an investment property, build or renovate houses for profit, deal in land or use a property for running a business, you may be liable for investment property tax.
Capital gains on property sales are taxable and will be determined accordingly. However, there are also some invaluable benefits for property investors in certain scenarios.
For example, if you’ve had the property for over 12 months, you can claim a 50% discount on the capital gain at the time of taxation. This is an added incentive for making a long-term investment by owning the property for a longer duration.
Foreign income tax offset
If you have a source of income that you can access from overseas, you must declare it in your Australian income tax return. Similarly, if you have paid foreign tax in another country, you may be entitled to a foreign income tax offset. This will help avoid the burden of double taxation.
A foreign income tax offset is used to help avoid any potential double taxation for those Australians who derive assessable income from overseas.
Please note: These rules are only applicable for incomes that began on or after 1 July 2008. A different set of rules applies to those that come before this period.
Land tax in Australia
Land tax is a tax paid annually by landowners; its value is determined by the unimproved value (initial value) of taxable property.
Land tax is levied by your state or territory’s government. This applies everywhere excluding the Northern Territory. The laws between states are largely similar but there are a few differences. To find out what these are, make sure to consult our team of experts at M2.
Contact us today for detailed advice and taxation services. We’re the professionals.