Tax Return Geelong - Warnock Accounting

Geelong Tax Return and Business Accounting firm Warnock Accounting help Geelong customers with their personal tax returns & business accounting needs. Personal Tax Return preparation services includes personal tax returns that include matters such as rental properties, shares, capital gains tax calculations, sole trader business schedules etc. As well as personal tax returns we also prepare business tax returns for business structures. This includes Partnership Tax Returns, Company Tax Returns and Trust Tax Returns.

Other business accounting services includes business accounting, BAS, Business tax returns, Xero setup & support, Intuit QuickBooks setup & support, company formation & bookkeeping.

We actively look after clients all around Geelong, the Surf Coast and the Bellarine. Warnock Accounting is managed and operated by Duncan Warnock CPA

We pride ourselves on being punctual, friendly, reliable, methodical and accurate. So if these are the qualities you are seeking with your tax return preparation and business accounting needs then please get in touch so we can assist you.

2025 Tax Year Resident income tax rates

Taxable income 0 – $18,200 - Income Tax Rate for this income range band is - 0% Nil

Taxable income $18,201 – $45,000 - Income Tax Rate for this income range band is - 18% including 2% Medicare Levy

Taxable income $45,001 – $135,000 - Income Tax Rate for this income range band is - 32% including 2% Medicare Levy

Taxable income $135,001 – $190,000 - Income Tax Rate for this income range band is - 39% including 2% Medicare Levy

Taxable income $190,001 and over - Income Tax Rate for this income range band is - 47% including 2% Medicare Levy

Helpful facts (well, hopefully helpful!)

Medicare Levy - The Medicare levy is an amount you pay in addition to the tax you pay on your taxable income. For most taxpayers it is 2% of your taxable income and employers typically factor this in when deducting PAYG Tax Withheld from your employee pay.

Medicare Levy Surcharge - Sounds like the Medicare levy but it is quite different. It would be easier to understand if it was called 'Private Health Insurance Surcharge'.

You may have to pay the Medicare levy surcharge (MLS) if:
1. you, your spouse and your dependent children do not have an appropriate level of private patient hospital cover
2. you earn above a certain income.
The MLS is an amount you pay on top of the Medicare levy.

Concessional Super Contribution Cap - The concessional Super contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax.

Excess private health insurance entitlement - Private Health insurance premium rebates are income tested. If an 'Excess private health insurance entitlement' occurs it means that based on Tax Return income the Private Health Insurance premium rebate applied by the private health insurance fund was higher than what premiun rebate should be applied based on your income. Any excess premium rebate applied is repaid via the tax return.

Goods and services tax (GST) - Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Some things don’t have GST included, these are called GST-free sales.

Capital Gains Tax - Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets

Fringe benefits tax (FBT) - Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates.FBT is separate to income tax. It's calculated on the taxable value of the fringe benefit.

Australian Business Number (ABN) - An ABN, or Australian Business Number, is a unique 11-digit identifier used to identify businesses to the Australian Taxation Office (ATO) and other government agencies for tax and business purposes

Australian Company Number (ACN) -Every company in Australia is issued with a unique, nine-digit number when registered.

Business activity statement (BAS) - A BAS helps you to report on taxes like:

goods and services tax (GST)
pay as you go (PAYG) withholding
PAYG instalments
fringe benefits tax (FBT) instalments
luxury car tax
wine equalisation tax

Pay as you go (PAYG) instalments - Pay as you go (PAYG) instalments are regular prepayments of the expected tax on your business and investment income. PAYG Instalments will be counted as income tax credits for your income tax return.

Income Statements - Income statements, previously known as payment summaries (and group certificates before that), are prepared by the ATO based on information provided to them by your employer.

Division 293 tax - Division 293 tax is a different tax from income tax and theDiv 293 tax reduces the tax concession on super contributions. It its administered separately by the tax office from the tax return process. If Division 293 tax applies the tax office will often make an assessment about 2 months after a tax return is lodged.

Tax file number (TFN) withholding tax - If your bank doesn't have your tax file number (TFN), it will withhold tax from your interest at the highest marginal tax rate. You can claim a credit for the amount of tax withheld when you lodge your tax return.

JobSeeker payment - JobSeeker payment (previously Newstart allowance) is the main income support payment for people aged 22 through to age pension age who are looking for work. This is taxable income in your personal tax return. Often when this is paid no Tax is withheld so if other income is earned during the tax year sometimes it means you owe tax at tax time.

Dividends - Dividends are payments by a company out of its profits to investors who own shares in the company. A dividend is usually paid in the form of cash or in additional shares of the company.

Profit & Loss - A Profit and Loss (P&L) statement, also sometimes known as an income statement, summarises a company's revenues, expenses, and net profit or loss over a specific period.

Balance Sheet - The balance sheet provides a view of the financial health of a business at a given moment in time. It lists all of your business's assets and liabilities.

Tax Return Geelong | Warnock Accounting Geelong