Making sense of income tax returns
The Australian financial year runs from 1 July until 30 June the following year. At the end of this period, almost everyone – regardless of their employment status – is required by law to lodge an annual tax return showing their earnings, deductions and tax already paid to calculate what they owe or are owed by the Tax Office.
In theory, you can complete and lodge your tax return yourself – which may be the best way to go if you’re good with numbers and have a relatively simple tax situation (employed, no freelance business, no property, no investments, no major deductions and no expectations of a sizeable refund). For most creatives, however, this isn’t the case.
We handle income tax returns for all creative entities
The fact is that ATO-designed tax return forms can seem overwhelmingly large and complex for those who don’t deal with them every day – and there’s always the risk of accidentally making a mistake and incurring the costly consequences. For the average layperson, tax return forms are difficult to understand and even harder to complete accurately.
Creative Crunchers accountants are experienced operators with years of experience working with clients in the creative industries. We intimately understand these forms and tax compliance law as it relates to this sector. By getting to know you and looking at your situation, we can minimize your tax exposure while also ensuring you’re compliant.
Why hire someone to do your tax?
- You can lodge later (sometimes as late as May the following year – depending on your circumstances. Self-completed tax returns are due in October the previous year);
- You’re more likely to get a better tax result (our experienced accountants may know of deductions you’ve never thought of);
- You save yourself a lot of time and energy (why spend hours doing what we can do in a fraction of the time?);
- Our fees are tax deductible and reasonable;
- Refunds are processed more quickly (sometimes just days after lodging);
- You’re more likely to survive an ATO audit (you must be able to substantiate your claims and our experienced accountants can advise you on these rules).