At Archer Sports Advisory, we work with high-net-worth athletes to help them establish, grow and protect their wealth. We provide a broad spectrum of accounting, legal and wealth management services that ensure your on-field success translates to lasting financial security for you and your family.
We see many professional athletes who, for various reasons, use their parent’s accountant, their best mate’s accountant, or the discount tax agent at the end of the street offering $50 tax returns. Some even do their tax returns themselves.
Elite athletes should always use an accountant for their tax returns
Professional sportspeople have unique tax, financial and legal needs and can take advantage of special tax rules – but only if they’re aware of them. When we speak with athletes during an initial consultation, many of them mention they’re worried that they haven’t received tailored advice to help them access the tax benefits available to them.
Some haven’t taken advantage of income averaging, others have under-claimed in many areas of their return, and many aren’t making the best use of the industry-specific rules available to athletes. And often, they think it’s too late to fix these issues once their tax return has been lodged.
What is special professional income averaging (SPIA)?
Special professional income averaging (SPIA) is a way for athletes to access a tax reduction in higher-income years. SPIA allows professional sportspeople to take advantage of income averaging, a concessional tax treatment that reduces their assessable taxable income. You can learn more about SPIA in our previous article.
Can I fix mistakes on my tax return once it’s been submitted?
The short answer is yes. The Australian Taxation Office (ATO) allows you to amend your tax return in certain circumstances up to two years after it’s been lodged. Whether you’ve entered a figure incorrectly, forgotten to report income or gains, or missed a tax deduction you’re eligible to claim, you have an opportunity to correct errors or omissions.
At Archer Sports Advisory, we regularly help our new clients to amend already-lodged tax returns. We make the process simple, straightforward, and stress-free.
Archer Sports Advisory specialises in supporting professional sportspeople with bespoke tax, legal and wealth management services that are tailored to the unique needs of athletes. We work with Australia’s biggest cricket, football, netball and basketball stars to help them establish, grow and protect their wealth.
Whilst every effort has been made to provide valuable, useful information in this guide, Archer Sports and any related associated entities accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances. This is intended as general information only.