When do I get my refund?
It will take minimum two week sometimes it may take longer. You can check your progress of return from the link in question below.
What is TFN and ABN?
Tax file number is a unique number used for each individual and tax reporting entity. That is issued by ATO. ABN is an Australian Business number issued by ATO to run a Business. We offer Initial consultation (Free 30min) for business clients
What is GST and When should I register?
Goods and Services Tax (GST) paid from goods and services. A Business required to register when they start earning $75K/y or above. The threshold for Not for profit is $150K.
Do I Get refund?
Refund depends upon how much tax deducted from your pay during the year and how much required to pay.
How do I check Progress of my Return?
Click Here to check the progress of your return
https://por.ato.gov.au/PORWeb/ProgressOfReturn/Privacy.aspx?Task=a1017363-245c-498a-b5ad-3078b5711b0f&NavGraph=Privacy&View=PrivacyView&pid=71
How much Tax I have to pay?
Click on the following calculator to calculate your tax payable. This calculator is suitable for simple tax calculations.
Why is my refund has changed since lodge a tax return?
Check the letter you received from ATO. Does that say you missed payment summary, Interest or Centrelink income? If yes, then you did not provide the full information to us. SO that is why your refund amount has been changed. You may have to pay back the extra amount you previously received.
How do increase my refund next year?
Make sure you do tax planning before the end of financial year to maximise your refund. Follow us on twitter and Facebook because we share information about this throughout the year and end of financial year. You can book a tax planning session with our senior accountant close to April.
I was expecting a refund but now it’s a tax payable, why?
It all depends on individual circumstances. You may have worked for two or more employers and you may have claimed tax free threshold on both jobs. That is why the tax is payable. At the end you will pay the right amount of tax based on your tax bracket.
Here is the link to this year’s tax bracket and upcoming changes after the budget announcement.
https://www.ato.gov.au/rates/individual-income-tax-rates/
Do I required to keep records?
Yes, you must keep record for minimum of 5 years, but we recommend keep them for 7 years.
What is Medicare Levy and Medicare Levy Surcharge (MLS)?
Medicare Ley is paid on taxable income at 2% and Medicare levy surcharge is payable at 1% on top if you earn more than the threshold. Medicare gives Australian residents access to health care. It is partly funded by the Medicare levy, which is 2% of your taxable income. You pay a Medicare levy in addition to the tax you pay on your taxable income. You may get a reduction or exemption from paying the Medicare levy. Your Medicare levy is reduced if your taxable income is below a certain threshold. In some cases, you may not have to pay this levy at all. The reduction or exemption will be determined from the information that you provide in your tax return. In addition to the Medicare levy, you may also have to pay the Medicare levy surcharge (MLS) if you don’t have an appropriate level of private patient hospital cover. If you have an appropriate level of private patient hospital cover, you won’t have to pay the MLS, and depending on your income, you may be eligible for the private health insurance rebate. This rebate is an amount the government contributes towards the cost of your private hospital insurance premiums.
You may be entitled to an exemption from MLS for part or full year. This will be determined from the information that you provide in your tax return. for more information click here.
Do I have to declare income from Centrelink on my tax return?
All income must be declared. This is because the tax office needs to determine what tax rate applies to your other earnings for the year. You may be entitled to an offset to ensure that no tax is payable on your benefit.
Can I claim for the maintenance that I pay my ex-wife for my children?
No. Maintenance payments are not tax deductible.
Can I Claim Travel expenses?
You can claim vehicle and other travel expenses you incur in the course of performing your work duties, but generally you can’t claim for normal trips between home and work – this is considered private travel.
Follow this link
I have HECS/HELP debt, how much do I have to pay?
You must start making compulsory repayments against your study or training support loan when your repayment income exceeds the minimum repayment threshold. This is even if you are still studying or undertaking an apprenticeship. The repayment thresholds are adjusted each year to reflect any changes in average weekly earnings. Compulsory repayments are made through your tax return. You can also make voluntary repayments at any time to reduce your loan balance.
Your repayment income
Your repayment income is calculated using the following amounts from your tax return and payment summaries:
From 1 January 2016, if you have moved overseas and have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) debt, you will have the same repayment obligations as people who live in Australia. This applies if you already live or intend to move overseas for a total of more than six months in any 12-month period.
The compulsory repayment threshold for the 2017-18 income year was $55,874. The compulsory repayment threshold for the 2018-19 income year is $51,957. You can make a voluntary repayment to the Australian Taxation Office (ATO) at any time.
Can you add deductions even if I don’t have any records?
No, Not at all. Before you can claim any deduction, you must show if you have appropriate records and receipts to substantiate your claim. Otherwise we won’t process your tax return.
What should I do If I am not happy with refund?
You need to consider this before you book an appointment. Some people do not fully understand the Australian Tax system. Sometimes you may have understood that you will always get big refund. This can be heard from friend or family. This is not the case; you will only get a refund if you have paid more tax than you should have. We still charge our fee even if you are not happy with your refund.
Do you do bookkeeping?
Yes, we have staff who can do bookkeeping for your business. We have monthly plans for the businesses. Our fixed fee plan will include bookkeeping and annual tax returns.
Do I Have to visit you to complete my Tax return?
No, you don’t have to, you can submit your information online using our online form. We have strong security implemented to protect your data. We have ssl certificate for our website. You can lodge over the phone or via email. If your accounts are on QBO or XERO then give us required access. We can complete your tax returns and financials.
Which area you serve?
We offer our services to whole Victoria. You can choose one of the methods listed above to send us the information.
Do you do Business tax returns?
Yes, we do Company, Trust, Partnership and Sole trader tax returns as well.
Can I Ask you a Question?
Yes, Initial 10 min is free only for general enquiries. If your query is specific, then we charge hourly rate.
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