FAQ’s

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We want to help you in every way we can. This page contains the most commonly asked questions by our clients and our answers. Depending on your situation the information given here might not apply to you. We advise you to contact us for custom advice.

Do I have to lodge a return?

Each person’s situation is different due to the age of the person and the income and type of income earned. If you are unsure, please call us to determine your obligation or find out more on the ATO website.

What tax deductions can I claim?

Each individual’s circumstances are different and the allowable deductions will depend on your industry and occupation. The ATO has an extensive list of allowable deductions personalised for certain industries and occupations.

Can you deposit my refund into my bank account?

Yes. It is a requirement by the ATO that all refunds be deposited directly to a bank account.  The ATO has ceased posting out cheques for refunds.  Please ensure you bring your bank details with you to your income tax return appointment.

How long does it take for my refund to come back?

The ATO advises all tax agents and taxpayers refunds should expect to issue in normal circumstances in around 14 working days. There could be some circumstances which could hold up your refund, such as the ATO data matching information with Centrelink. We do ask that clients not call us before at least 14 working days has lapsed.

How much refund will I get back?

The amount of the refund you will receive depends on the amount of income earned, the allowable deductions against this income, any rebates you will be entitled to, and the amount of tax you have had taken out/paid to the ATO on your behalf. Once we have prepared your tax return, we will be able to advise of your estimated refund. Sometimes this estimated refund will change for unknown factors, such as child support debts.

What if I haven’t received my refund?

If you have not received your refund within the normal 14 working day period, it is best to contact your tax agent to check on your refund to ensure the correct bank details were used or the reason why the ATO has not issued your refund.  You could also download the ATO app to monitor the progress of your tax refund.

What should I do if I change my details including name or contact details?

As soon as practical, you should contact us to update your details. It is imperative that your contact details are correct at all times to protect your privacy.

Do I need to keep a hardcopy of my taxation records?

Federal tax law states you must keep your records for 5 years from October 31st or if you lodge later, five years from the date you lodge your return. If at the end of this period you are in dispute with the ATO, you must keep you records until any dispute is resolved.

If I have a tax payable on my income tax return, when and how do I pay this amount to the ATO?

Once you receive your Notice of Assessment, this will show the due date of your tax payable along with instructions for paying the debt.

Do you offer bookkeeping services?

We can offer data entry services; however we are not specialised in bookkeeping and therefore are not the most cost effective. We can definitely do the work, but charges will be equivalent with accounting work. We cannot compete with bookkeepers prices.

Can you take my fee out of my tax refund?

No, unfortunately we don’t have those facilities available.

What are the individual tax rates?

Taxable Income:        Tax on this income:

$0 – $18,200                 $0
$18,201 – $37,000        $19c for each $1 over $18,200
$37,001 – $80,000       $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000     $17,547 plus 37c for each $1 over $80,000
$180,001 and over       $54,547 plus 45c for each $1 over $180,000

See the ATO website for more information on Individual Income Tax Rates.

Can I claim driving to and from work?

If you are just commuting to your job from your home, you most likely cannot claim a deduction on your taxes for the kilometres you drive.  However, there are certain kilometres you may be able to deduct, please contact us to confirm.

How do I choose the best entity/structure for my business?

How you legally structure your organization will impact the amount of taxes you pay and the manner in which you pay them as well as determining your personal liability for circumstances that arise during the course of your business.

Choosing the ideal structure for your business depends on a number of different factors, including the level of income you are and are expected to make, your personal assets, the future of your business and lots more.  We are happy to discuss the ramifications of choices such as incorporating your business—or remaining a sole proprietor or partnership, and different types of corporate and partnership structures.