Individual Tax Return FAQ
What do I need for a tax return?
- PAYG Payment Summaries (Group Certificates)
- Bank Interest Details
- Payment Summaries from Centrelink
- Superannuation Lump Sum Statements
- Superannuation Income Stream Statements
- Dividends Statements
- Share Transaction Statements
- Partnership & Trust Distributions
- Managed Fund Statements
- Capital Gains Details – Investment Property Sales, etc
- Foreign Sourced Income and Pensions
- Sole Trader (ABN) Income Details
- Investment Property Income Details
- Motor Vehicle and Travel Expenses – You can claim vehicle and other travel expenses directly connected with your work, but you can’t claim for normal trips between home and work – this is considered private travel.
- Clothing, laundry and dry-cleaning expenses – You can claim a deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing and unique distinctive uniforms.
- Self-Education Expenses – You may be able to claim a deduction for self-education expenses if your study is work-related or if you receive a taxable bonded scholarship. In some circumstances, you have to reduce the amount of your claim by $250.
- Other Work Related Expenses – You may be able to claim other deductions not previously mentioned. As a rule of thumb, if you need to spend money to earn income, you can usually claim it – either as an immediate deduction, or over time.
- Asset Purchase Details – Computer, Tools, Equipment, etc
- Investment Related Expenses – You can claim a deduction if you are able to show that you incurred expenses earning interest, dividend or other investment income.
- Donations to Charity Organisations – You can only make tax deductible gifts or donations to organisations that have the status of deductible gift recipients (DGRs).
- Cost of Tax Affairs
- Income Protection Insurance Premiums
- Superannuation Contribution If Self-employed.
- Home office expenses -You may be entitled to claim deductions for home office expenses including a computer, phone or other electronic device you are required to use for work purposes. You must keep records. Running costs may be deductible. Occupancy costs are generally not deductible for an employee.
- Private Health Insurance Statement and Your Spouse Income details
I have not received all of my PAYG payment summaries (group certificates) yet. Can I lodge a tax return without them?
Your return can be completed using the details from a copy of the PAYG Payment Summary, a letter from your employer detailing the information on the PAYG Payment Summary or by reviewing your pay slips for that period. If you are unable to obtain the payment summary details from an employer a Statutory Declaration would need to be completed. The detail from your PAYG Payment Summary may also be accessible by us on the ATO Portal. Contact us for details.
I did not earn a large amount of bank interest. I can say that it was about $5. Do I need to include in my tax return? How can I check the exact amount?
Yes. You must declare bank interest income even if it is $1. You can acquire the amount by contacting your bank or checking internet banking if you use it.
Can I receive a tax refund equivalent to full amount of deductions?
No. Deductions only reduce your taxable income. Your tax amount equals taxable income times tax rate. Thus, a tax refund increases (or tax liability reduces) by the amount equivalent to an amount of deductions times tax rate.
How long do I have to keep my tax records?
Australian taxation law requires that you must retain your records for at least 5 years from 31st October or lodgement date, whichever earlier.
Can I claim expenses that used for both work and personal use?
Yes. You can claim for items that have both work and personal use as long as the item in question represents a deduction type that is normally allowable. You need to estimate work related percentage reasonably and exclude the amount of private use.
I quitted my job and have no intention to work in this financial year. Can I lodge a tax return now?
No. Even if you do not work anymore in this financial year, you need to wait for 1st July. However, in case you left or are leaving Australia permanently, you can lodge an early tax return before 1st July.
When is due date of a tax return?
You must lodge your tax return by 31st October each year. However, in case you are our existing client, an extension can be requested to ATO. You are never too late to lodge overdue or late tax returns. It is recommended that you lodge outstanding tax returns asap to avoid ATO fines.
I am likely to pay tax rather than receive refund. Should I lodge a tax return?
Yes, you need to lodge a tax return regardless of an amount of your refund or payment.
I am leaving Australia prior to 30th June. Can I lodge a tax return before 1st July?
Yes. In case you have left or are leaving Australia permanently (not coming back and working within at least 2 years), you can lodge your tax return early. For example, your visa expired and you went back to your country. However you need all of PAYG payment summaries (group certificates) or equivalents as well as bank interest details.
I heard that I do not need to pay Medicare levy if I am covered by a private hospital insurance. Is it correct?
No. Generally speaking, in case you are covered by private hospital insurance, you may be exempt from Medicare levy surcharge but not Medicare levy.
Is it correct that I do not have to pay Medicare levy if I am not Australian?
Generally speaking, it is correct. If you live in Australia, but are not eligible for Medicare benefit during all, or part of, any financial year, you can claim an exemption from paying the levy. To claim the exemption on your tax return, you must apply for a Medicare levy exemption certificate.
You may not be eligible for the exemption if you:
-hold a permanent resident visa or have applied for a permanent resident visa
-were a resident of the United Kingdom, the Republic of Ireland, Italy, Malta, Sweden, the Netherlands, Finland, Belgium, New Zealand, Norway or Slovenia before entering Australia maintain a dependant or another person who was eligible for Medicare
-are an Australian citizen living overseas for less than five years
We can also prepare a Medicare levy exemption certificate for a small fee.
How long does it take to receive my refund?
The normal processing time is 10-14 working days. However this processing time is subject to ATO.
Can you take the fee from my refund?
Yes. We can deduct the fee from your refund and have the net funds deposited into your nominated bank account with only $24 extra by your choice. This means that you do not need to pay in upfront.
I have not lodged prior year tax returns. Can you also lodge them?
Yes. We can prepare and lodge electronically to the ATO all the prior year tax returns since 2001. It is recommended that you lodge your outstanding tax returns asap. ATO may impose fines for non-lodgement of a tax return.
Can I receive my notice of assessment?
Yes. You receive your notice of assessment and other correspondences directly from ATO by mail.
What is the fee to prepare and lodge individual tax return?
Individual Tax Return: $165.00
Investment Property: $88.00 for each property.
Sole Trader: Quote will be provided in first meeting.
What payment methods do you provide?
VISA, MasterCard, bankcard, bank transfer and pay from refund are available.