Individuals

Contrary to belief managing the taxation affairs of some individuals can be complex!  This is usually because they have a financial plan in place and have acquired various types of investments to assist them in achieving the objectives in laid out in their plan. 

A significant part of achieving any financial plan can lie in ensuring that a person’s tax affairs are managed in a proactive and effective way.  At The Hopkins Group we understand the financial investments that our clients make and as a result we understand what should be reported for tax purposes.  Therefore, our clients never miss out on valuable deductions or returning income because their accountant did not understand the investment that their financial planner recommended.  In fact, our financial planners review and sign off every tax return for all of their clients. 

We prepare hundreds of individual tax returns every year for our clients across many different professions and we are experts in what types of items they can claim against their employment income.  We pride ourselves on taking the time with clients to ensure they understand what they can claim to ensure that no appropriate deduction is missed.  We do this by asking clients to complete our annual Tax Checklist. 

For your copy of our latest checklist please click here.  

The Hopkins Group assist its clients manage their tax affairs through offering the following services:

If you would like to contact one of our qualified accountants please click here

Tax Compliance

The Hopkins Group provides a range of tax compliance services to assist you in complying with your Annual Income Tax Obligations.

These services include:

If you would like to speak with one of our qualified accountants about your personal tax situation, please click here

Tax Advice

If you require advice on how the income tax rules apply to your particular circumstances then our team can assist.  We can provide expert advice on your current situation and the most appropriate way to structure your affairs to legally minimise tax.

The most common areas which we are asked to advise on are:

  • Tax Disputes and Objections
  • Capital Gains Tax (CGT) Advice
  • Consequences of Leaving and Returning to Australia
  • Rental Properties Deductions
  • General Work Related Deductions
  • Main Residence Exemptions
  • Setting up a company to be a contractor

If you would like further information on our tax disputes and objection accounting services, please contact us here.

PAYG Withholding Variations

Would you benefit from improved cash flow?

PAYG Withholding Variations give individuals the opportunity to reduce their pay as you go (PAYG) tax withheld from their pay where they are entitled to substantial deductions on investment income or significant tax offsets.  This means that you don’t have to wait until July to apply for your tax refund, you can essentially receive the immediate additional cash flow by reducing the tax that is deducted from your regular pay.

If you have negatively geared investments such as:

  • Rental property
  • Shares
  • Managed funds

Or large tax deductions such as:

  • Motor vehicle
  • Work related study
  • Work related travel
  • Allowances

 You may benefit from a PAYG Withholding Variation.

It is as easy as one of our accountants submitting a form to the ATO on your behalf. The ATO will liaise with your employer and a reduced PAYG tax rate will be established and deducted from your salary.

If you think that you could benefit from a PAYG Withholding Variation, and would like advice or assistance in lodging a PAYG Withholding Variation form,  contact our accounting team on 1300 726 082 or click here.

Salary Packaging

Salary packaging, also known as salary sacrifice, is an approved tax-effective arrangement where you can restructure your income by using some of your pre-tax income to pay for a range of benefits. As you pay for these benefits out of your pre-tax (gross) income instead of your post-tax(net) income,  you ultimately reduce your taxable income, pay less tax and increase the amount you take home each pay.

Your personal circumstances will determine whether salary packaging will benefit you. It is recommended that you seek advice before participating in comprehensive salary packaging to discuss the possible implications.

Our accountants can assist by discussing your personal situation and your options to ensure that you receive the maximum benefit.

Do you have any questions about salary packaging? To arrange a salary packaging discussion or meeting with one of our experienced accountants, please click here.

Estate Planning

Your estate is considered to be everything that you hold in your own name and your will is the document which details how you would like this to be left. However, assets which are not held in your own name are not covered by your will.  For example, your superannuation balance or assets held in companies or trusts are not covered by your will.  Therefore, Estate Planning is the process of considering both assets owned and controlled by you to ensure each of these flow in the way that you want. Estate Planning is appropriate for everyone. It is not just for the retired, wealthy or individuals with multiple marriages like many think. You cannot predict how long you will live; illness and accidents can happen to anyone, at any time. If you don’t have a plan in place, the Government does, but you probably won’t be happy with it.

For more information on Estate Planning or to arrange a meeting to discuss your circumstances, please contact us on 1300 726 082 or click here.

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Accounting advice is provided by John Hopkins Accounting - ABN 25 130 950 515