Individuals

Solutions to meet your needs.

Our Approach

We have a unique approach to individual taxation services. Compliance and tax return lodgement is a very necessary and important part of meeting your annual requirements with the ATO.

It is also the smallest part of our overall approach to individual taxation. Find out about our total tax approach and what you’re missing out on by using other providers or the ATO’s ETax system.

Maximising your tax position

Contacting you after 30 June each year to prepare your income tax return is too late to make any decisions.

We ensure that we:

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Have a good working relationship with you

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Motivate you to achieve and earn more

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Keep you resourced and informed with newsletters and relevant advice

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Are accessible for when you need to make informed decisions that will save you money

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Have maximised your overall tax position by the end of the financial year

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Explain a tax management and payment outline to you so that you know where you stand

Why you need us 

Every major financial decision has a very direct tax consequence. Whether it be:

  • Buying or selling;
  • Investing or not investing;
  • Accepting a redundancy package or remaining;
  • Relocating for work or staying put;
  • Financing an operating versus a financing lease;
  • How you decide to pay for virtually every major purchase you make.

You put so much time and money into creating these opportunities and one wrong decision can lead to very costly consequences. 

Common pitfalls surround:

  • Buying or selling;
  • Investing or not investing;
  • Accepting a redundancy package or remaining;
  • Relocating for work or staying put;
  • Financing an operating versus a financing lease;
  • How you decide to pay for virtually every major purchase you make.

For the full range of taxation services we offer, please see compliance essentials.

As Chartered Accountants we have the privilege of independently advising you of the tax considerations of these opportunities and to be a sounding board to allow you to make a well informed decision.

 

Individuals toolbox

Compliance essentials

As an individual your key compliance essential is your personal income tax return. Any Tax Agent can lodge an individual tax return. You can even do it yourself (and the government encourage you to do so). Our competitors sell you on cheap compliance, promise refunds with disclaimers, and do none of the below. We add and create value for you and we want you to know where you stand.

The Australian Taxation Office are now placing emphasis on those taxpayers who:

  • Have a rental property;
  • Deduct motor vehicle or other employment related expenses;
  • Are sole traders in business;
  • Have hobby farms or Primary Production Income;
  • Have shares or options issued in their name from their employment;
  • Deduct superannuation;
  • Have any foreign investments;
  • Break residency for all or part of the year.

As Chartered Accountants and Registered Tax Agents, Traverse Accountants is well positioned to:

  • Advise you of potential tax relief or exemptions that may apply;
  • Advise you on areas that are traditionally more complicated to administer;
  • Calculate assessable income and allowable deductions;
  • Prepare your income tax return;
  • Represent you with the ATO.
Tax advice and structuring

Traverse focuses on tax planning and proactive advisory throughout the year. We build relationships that ‘stick’ by being accessible, listening to your goals and then working with you to drive toward them.

You need a team of accesible professionals that work with you as you make big decisions:

  • Buying or selling – it doesn’t matter if it’s the family home or investments – what are the implications?
  • Timing the decision – the best ideas in the wrong year can cost you –when’s optimal?
  • Protect yourself – you’re working hard for your assets and wealth – should you structure differently?
  • Single, married or in between – look before you leap when choosing title – who should be involved?

We work with you throughout the year in:

  • Reviewing opportunities or offers
  • Specific transactions (eg: thinking of buying/selling a business)
  • Asset purchases or sales
  • Structuring finance
  • Business start ups
  • Family tax planning
  • Asset protection
  • Succession planning
Your trusted advisors

We know that we are in a position of privilege to advise our clients as their Chartered Accountants. At Traverse that privilege is respected and acknowledged through the level of trust that we maintain with all of our clients. 

Traverse Accountants staff are focused on understanding you, your family, your business and how all of it needs to work.We are no fuss, don’t over service, and are only interested in creating value for you.

 

The strength of our relationship is a result of:

  • The way we conduct ourselves;
  • How effectively we assess what problems or issues our clients have;
  • Our response to those issues and whether we solved the issue;
  • Whether we take an interest in our clients;
  • If we can learn from and through our clients to be more proactive;
  • Offering services that clients only want to obtain from a trusted advisor.

 

Using advice followed by year-end review

Correctly applying the advice is just as important as getting it in the first place. On every matter that we advise on we follow up later on in the financial year to ensure that there are no negative consequences prior to 30 June.

 

We also use this as an opportunity to:

  • Review your estimated assessable income;
  • Making sure that there are no unforeseen changes or effects;
  • Discuss the impacts of the proposed budget on your current and next year’s tax position which allows you to consider timing or other decisions that may affect you;
  • Reconcile your estimated tax liability and give you the ability to plan purchases on an informed basis.

The year-end review is useful as it:

  • Almost always leads to tax advantages due to more informed clients;
  • Simplifies the actual tax return preparation;
  • Allows you to budget knowing any tax payable or refundable at the end of financial year;
  • May indicate that a PAYG withholding variation should be submitted for the following financial year which increases your monthly disposable employment income.

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