A Tax Guide For Tax Return 2024 

Does filing a tax return seem like a huge task? Well, not anymore! Tax Savers is a reputable chartered accountancy, tax, and business advisory firm with years.

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A Tax Guide For Tax Return 2024 

25 Jun, 2024 Admin

Does filing a tax return seem like a huge task? Well, not anymore! Tax Savers is a reputable chartered accountancy, tax, and business advisory firm with years of experience and expertise helping countless businesses and individuals realize remarkable results and reach their full potential. 

Our experienced and certified team of experts understands the process, requirements, and practices and has extensive knowledge of providing consultancy services throughout Australia. We are a trustworthy and reliable company committed to delivering a comprehensive range of services and strategies to maximize your tax savings. 

File with Confidence: The Complete Tax Return Handbook

Filing your tax return can be arduous for individuals and business owners alike, so we aim to simplify it for both. By offering clear guidance that enables the filing of your return more smoothly we are your trustworthy company. Our services are covered by the procedure of filing tax systems, including the required deductions and credits. 

We help you gather the necessary documents for businesses and individuals. If you are an individual, we require a record of your income and expenses throughout the year, and for businesses, we need the financial statements and all the previous filing records. By gathering the documents beforehand, the process of filing becomes simple and quick. 

Process of filing a tax return:

  1. For individuals 

Our guide for filing income tax returns for individuals is simple: helping each and every one in providing effective and efficient services. The first step in filing the tax return is gathering all the necessary documents that are both income and expense-related. 

Once you have got all the files collectively, decide your filing status and fill out all required forms to record income and deductions. Individuals can claim deductions which include mortgage interest payments and charitable donations against their tax liability.

It directly helps reduce the amount of tax owed and helps refund the tax. After claiming all the deductions and credits, calculate your federal income based on the taxable income and claim the eligible tax credits. Once you have completed the forms, file your return electronically. Our team of experts is always available to help you through our guidance and address your queries. 

  1. For businesses 

Identifying the type of business entity you operate helps in filing the return more easily, such as whether it is a one-person company, a joint venture, a sole proprietorship, or any other. Once the business is identified, ensure that all the financial records, including the income, expenses, and payroll information, are up to date. 

We offer business structures different forms to file their returns with us. Our team of professionals offers assistance in calculating incomes and expenses as well as claiming deductions and credits available. Businesses may take advantage of claiming deductions and credits available to lower taxable income.

Some of them include utilities, rent, employee wages, etc. We believe in making our customers happy and satisfied through our services all over Australia. Once all the necessary deductions and credits are claimed, we file for your return by using the advanced technology that is the e-filing system. 

2024 Tax Slabs Explained: Your Guide to Tax Savings

Dreading tax season? Don’t worry! Tax Savers guide you at every step in determining how much tax you owe. The higher the income, the higher the tax slab you reach but we are always there to help our clients in reducing their tax burden. 

The changes that will apply from July 1, 2024 are:

  1. Residents: 

Australian tax residency requirements define residency for tax purposes as individuals residing in Australia who meet several criteria set by the Australian Taxation Office (ATO), such as living there for more than half the financial year, having established permanent homes there, or passing the domicile test. Tax rates on resident’s worldwide income, both earned here in Australia as well as overseas, vary based on income levels with progressive slabs offering tax-free thresholds to lower-income earners and increasing rates with increasing earnings brackets.

 The tax rates and income threshold for resident from 2024-25 

Income ThresholdsRateTax payable on this income
$0 – $18,2000%Nil
$18,201 – $45,00016%Nil+ 16% of excess over $18,200
$45,001 – $135,00030%$4,288+ 30% of excess over $45,000
$135,001 – $190,00037%$31,288+ 37% of excess over $135,000
$190,001 and over45%$51,638 + 45% of excess over $190,000
  1. Non-residents: 

Australian Taxation Office (ATO) defines non-citizens for tax functions as individuals who fail to meet residency criteria set via ATO, along with spending less than half of the economic year there or no longer pleasing domicile requirements. As non-citizens no longer qualify for the tax-free threshold and their quotes start from 30% of the first dollar of profits with higher bracket prices making use of step-by-step, non-residents are concerned to Australian profits taxes most effective on earnings generated in Australia – subjecting their income simplest to Australian taxation taxes instead of being exempt.

Non-resident tax rates and threshold for 2024-25

Income thresholdRate
$0 – $135,000 30%
$135,001 – $190,00037%
  1. Working Holidaymakers:

Australian Taxation Office (ATO) defines non-citizens for tax functions as individuals that fail to meet residency standards set by means of ATO, together with spending much less than half of the monetary year there or no longer fulfilling domicile necessities. From a tax standpoint, working holidaymakers have more difficulty with distinctive fees than citizens or non-citizens; their income of as much as $45,000 is taxed at 15% at the same time as something subject to non-resident costs. Working holidaymakers no longer qualify for the tax-unfastened threshold and therefore only their Australian-sourced earnings could be taxed.

Working holidaymakers tax rates for 2024-25 

Income Threshold Rate
$0 – $45,00015%
$45,001 – $135,00030%
$135,001 – $190,00037%

Nail Your Tax Filing: Last-Minute Tips for Success

We use our tax expertise and knowledge to help you get the maximum refund and ensure that you receive the full amount. Our team of qualified tax accountants have years of experience and expertise to handle all the types of tax returns needed. 

We believe in offering a personalized approach through our services, ensuring that your tax returns meet your specific needs. We ensure that our clients receive the highest quality tax services at affordable prices. We offer a wide range of packages that suit your specific needs and budgets, making the tax return affordable and easily accessible to everyone. 

Effective and transparent communication is at the heart of our longstanding client relationships. We take great pride in keeping you fully informed at every step of the accounting process and responding promptly and openly to queries or addressing concerns quickly and transparently.

We utilize cutting-edge technology to streamline and improve our annual financial accounts system, giving flexibility and making data-driven decisions with confidence. Our commitment is to help you meet your financial goals in today’s dynamic business world.

Tax Filing Triumph: Your Path to a Smooth Finish

Tax savers take pride in providing personalized approaches and strive to build a long-lasting relationship with our clients as our team of certified professionals understands the individual goals and objectives that are tailored to meet your specific needs. 

We aim to achieve financial success for your business through our services, giving our customers peace of mind. We have trained and certified professionals who work in a flexible scheduling system and help you achieve financial success in your business. 

Contact us today and take advantage of our services.  

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