Case Studies (Individual)
These case studies are common scenarios that we deal with at Hedland Accounting. We’ll always strive to ensure you get the tax refund you’re entitled to. We look after thousands of Hedland residents every year, and a growing number of ex Hedland residents who are now residing elsewhere in Australia, or across the globe.
Unclaimed Tax Deductions
A new couple came to our practice soon after moving to Hedland. When preparing their tax returns we realised they had not claimed all the available deductions relating to their rental property in their previous year’s tax returns.
We were able to contact the ATO explaining that previous year’s tax returns had omitted certain rental property expenses, and that the client was entitled to a few thousand dollars extra tax refund.
A few weeks later that couple received the additional refund from the ATO that they were entitled to for those previous year’s tax returns.
Property Loan
A local family had been at our practice for a few years. Over this time they had paid a significant amount off their first investment property and were ready to buy their second rental property. These clients had decided where to buy, but were unsure which bank would be best for them, or how to structure their loans. They were also unsure if the new property should be in the wifes name, husbands name or both.
As licenced mortgage brokers, we were able to compare the loans from many lenders for them and help choose the best loan for their needs. We structured their lending in the most tax effective manner and helped choose whose name should be on the new property to benefit their financial goals..
Overdue Tax Returns
A new client came to our firm after not lodging his tax returns for the previous 12 years. He couldn’t find all the necessary paperwork relating to each year, particularly the older years.
We were able to retrieve some of these records from previous employers and other sources. We could then complete these overdue returns. Initially the ATO charged the client some significant penalties and interest.
We were able to negotiate these penalties with the ATO on behalf of the client. On this occasion, we managed to have the full $90K of penalties waived.
