History

SELF ASSESSMENT

Self Assessment means that the Australian Taxation Office accepts the information disclosed on your tax return as being true and correct.

There is no examination of the information presented in your tax return by the Australian Taxation Office other than to calculate your final refund or amount payable.

Instead of assessing your tax return the Australian Taxation Office emphasis has switched to post lodgement review by way of a desk or business audit. This audit can be undertaken up to four years from the date of your assessment notice (NoA) for that year. Audits undertaken by the Australia Taxation Office can be costly and time consuming, we recommend all clients to contemplate the purchasing of audit insurance in consolation with the resident Financial Planner, Investment Strategies & Financial Services, 08 9345 5999.

As a result of the Australian Taxation Office accepting the information presented in your return the penalty provisions are potentially more severe.

It is now extremely important that you keep your records used to prepare your return (such as receipts, lists, logs, diaries, etc.) in a clear and precise in order to substantiate claims made and income declared on you tax return.

If you are unsure of the records required to be kept please ask one of our staff. Should you require facilities to store your records for the period required by the Australian Taxation Office, 5 years individuals and 7 years for companies please speak to our staff regarding storage on our premises.

Based upon this notion Phil has based his advice and practice to help facilitate the Self Assessment ideal and help to prevent or ease audit pressure. Taxation Strategies and its predecessors has always provided clients with a "Client copy" of their tax return with worksheets, which are not always provided by other accountants.

We have developed a policy of no schemes, we will not advise clients to take up a scheme that appears to be too good... cause from our experience it usually is.

Taxation Strategies & Accounting Services has only been around since July 2007 however it has a linage throughout the past 25 years. Since 1985 the business has attracted small to large individual clients, and some small to medium family business. The business has always continued strongly built on a foundation of referred clients, while some clients have never left since the inception in 1985.

The business began as small practice and has grown to one we are very proud of.

We have built a business on integrity, accuracy and quality.

In 2008, the business has been extended to include Investment Strategies and Financial Services, a financial planning and mortgage broking business which is the other half of the solution. This new business will be able to advise on superannuation, managed funds, share investment, life insurance, risk insurance, mortgages, leases and eventually SMSF. Although the capacity to advise on SMSF is targeted for late 2009.

It is our goal that we help, encourage and accelerate your drive, desire and capability of reaching your goals, not just accounting for the past, but looking on to the future.