Individual tax returns in Penrith — accurate, practical support.
Carmody Accounting helps individuals across Penrith and Western Sydney prepare tax returns and identify deductions that are relevant and supportable. Whether you're a PAYG employee, property investor or sole trader, the aim is an accurate return based on your actual circumstances and records.
We don't just lodge — we optimise.
Plenty of accountants will process your return quickly and move on. At Carmody Accounting, your Penrith tax accountant takes time to understand your full financial picture — your job, your investments, your expenses — and ensures every legitimate deduction is applied.
The focus is on being thorough, responsive and clear about how the tax rules apply to the information and records you provide — not simply completing a lodgement as quickly as possible.
The cost of managing tax affairs can be deductible where the tax rules allow, but the value of professional help depends on the complexity of your return and the support you need.
Individual tax return services
- Individual income tax return preparation and lodgement
- Investment property deductions (interest, depreciation, rates, repairs)
- Rental property depreciation schedules
- Share portfolio and managed fund income
- Work-from-home expense claims (fixed rate and actual cost methods)
- Motor vehicle and travel deductions
- Capital gains tax (CGT) calculations and concessions
- Medicare levy surcharge and private health review
- HELP/HECS repayment assessment
- Prior year overdue return lodgement
Individual tax returns for every situation.
PAYG Employees
Salaried workers with work-from-home expenses, vehicle use, uniforms, tools, and self-education costs.
Investment Property Owners
Rental property investors wanting to maximise deductions while staying fully ATO-compliant.
Share Investors
Those with dividends, capital gains, or managed fund distributions that need correct tax treatment.
Sole Traders
Individuals running a business or side income who need both personal and business income correctly reported.
Retirees & Pensioners
Super income streams, aged pension assessments, and low-income tax offset optimisation.
Prior Year Issues
Overdue returns from previous years lodged correctly and any ATO penalties minimised.
Individual tax returns in Penrith — what you need to know
What can I claim on my tax return?
One of the most common questions we hear at Carmody Accounting is: "What can I actually claim?" The answer depends on your specific situation, but common deductions include work-related expenses (vehicle and travel, home office, tools and equipment, uniforms and protective clothing, self-education directly related to your current role), investment costs, income protection insurance premiums, and the cost of having your taxes prepared.
The golden rule from the ATO: you must have spent the money yourself, it must be directly related to earning your income, and you must have a record to prove it. Working with a Penrith accountant like Carmody ensures you claim the right deductions — and nothing that could trigger ATO scrutiny.
Investment property tax returns — maximising your deductions
Investment property owners have access to a significant range of deductions: loan interest, council rates, water rates, land tax, property management fees, insurance, repairs and maintenance, and depreciation on the building and its fixtures and fittings.
Depreciation is often the largest missed deduction for property investors. A tax depreciation schedule prepared by a quantity surveyor can unlock thousands of dollars per year in additional claims. Carmody Accounting will advise whether a schedule is worthwhile for your property and ensure it's applied correctly every year.
Capital gains tax (CGT) on shares and property
If you sold shares, an investment property, or another capital asset during the financial year, you'll need to report a capital gain or loss in your return. The 50% CGT discount applies to assets held for more than 12 months — but the timing and structure of the sale can significantly affect your final tax liability.
Carmody Accounting calculates your CGT position accurately, applies all available concessions (including the main residence exemption and small business CGT concessions where applicable), and advises on strategies to manage gains in future years.
Work-from-home deductions in 2026
The ATO's fixed rate method for working from home was updated in recent years, and the rules around what can be claimed have changed. Carmody Accounting stays current with ATO guidance and will determine which method — fixed rate or actual costs — gives you the best outcome based on your specific working arrangements and expenses.
Why choose Carmody Accounting for your Penrith tax return?
We're an accounting firm based in Penrith. We work with individuals across a range of employment, investment and business situations and keep our tax-return processes aligned with current ATO guidance. The return still depends on the facts and records relevant to each person.
Individual tax return FAQs
How much does an individual tax return cost in Penrith?
The cost depends on the complexity of your return and the work required. Returns involving investment properties, capital gains or multiple income sources generally require more work. Carmody Accounting discusses the scope and pricing before proceeding.
What deductions can I claim on my individual tax return?
Common deductions include work-related expenses (vehicle, travel, home office, tools, uniforms, self-education), investment property costs (interest, depreciation, rates, repairs, management fees), income protection insurance, and the cost of managing tax affairs (including your accountant's fees). Carmody Accounting reviews your full situation to ensure nothing is missed.
When is the tax return deadline in Australia?
Individuals lodging their own return generally have a 31 October deadline. Registered tax agents can have different lodgement schedules for eligible clients, so confirm the deadline that applies to your circumstances rather than assuming an extension.
Can you help with investment property tax returns?
Yes — this is one of our most common individual tax return services. We ensure all deductible expenses are correctly claimed, depreciation schedules are applied, and CGT is correctly calculated when a property is sold. We also advise on negative gearing strategies where applicable.
Can Carmody lodge prior year returns for me?
Yes. We can lodge individual tax returns for prior financial years and liaise with the ATO to minimise any penalties. The sooner overdue returns are lodged, the better the outcome — the ATO looks more favourably on clients who come forward voluntarily.
Do I need an accountant for a simple tax return?
Many straightforward returns can be lodged through myTax. Professional help can be useful where you have investment properties, capital gains events, business income, multiple deduction categories or uncertainty about how the rules apply. The cost of managing tax affairs can be deductible where the tax rules allow.
Get your tax return sorted — properly.
Book a free 15-minute call with Jai to explain your situation and work out what information is needed before proceeding.
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