Personal Tax Return
Our tax specialist is equipped with in-depth tax knowledge and experience to identify tax opportunities and risks in a broad spectrum of taxation law, in particular income tax, capital gains tax, international tax, taxation of superannuation, and taxation on deceased estate.
At Ezzura Tax Advisory, we take a personalised approach to assist you with your tax compliance. You can be confident that your tax compliance is managed in good hands.
- We provide tax services in:
- preparation and lodgment of income tax return
- calculation of capital gains tax on property, foreign investment, cryptocurrencies, and other CGT assets
- tax objection
- private binding ruling
- tax consulting
- undisclosed income
Rental properties
Have you reported your rent correctly or claimed all rental expenses that you are entitled to?
The ATO has focused their audit on rental properties due to common errors identified in the ATO’s Random Enquiry Program.
In disclosing rent income, there is often confusion as to the correct tax period the rent should be brought as income. Rent income is assessable when it is derived, not necessarily when the rent money is received in your bank account if you use a property manager. Rent is taken to have been derived by the taxpayer as soon as it is applied or dealt with in any way on the taxpayer’s behalf or as directed by the taxpayer.
In some cases, rental property is rented to a related party below market rent. Rent income received from a related party must be based on the market rent. If the rent received is below the market rent, the rental deductions must be apportioned. However, in the recent Tribunal decision of Rizkallah v FCT [2022] AATA 3081, the Tribunal held that rental expenses over rental income were not deductible. The taxpayer was allowed rental expenses up to the rental income.
At Ezzura Tax Advisory, you can have confidence that your rental income is reported correctly and rental expenses are identified and claimed.
- We provide tax services in:
- preparation and lodgment of income tax return
- calculation of capital gains tax on property, foreign investment, cryptocurrencies, and other CGT assets
- tax objection
- private binding ruling
- tax consulting
- undisclosed income
Foreign income and investment
Do you have an investment or asset in a foreign country? Have you declared your foreign income in Australia? Have you received gifts or loans from family members and/or related entities located overseas?
- At Ezzura Tax Advisory, we can help you in:
- preparing voluntary disclosure of foreign income to the ATO
- attending to the ATO’s audit
- providing guidance on the appropriate documents for a gift or loan from outside Australia
