Tax & Personal Accounting

Frequently Asked Questions

• What Tax Return work do we specialise in?

  Our new team is focused on all tax matters related to personal and property investment. We specialise in individual tax returns, from PAYG returns to contractors and sole traders. We also provide tax advice for passive trust and investment property trust.

• How much will I get back?

  You might be surprised, especially if you have been working from home this year as the ATO has been allowing some deductions and also provided tax cuts with the new Federal Budget to individuals and households — your return actually might be bigger than you think.

• How do I reduce my taxes?

  Tax is a by-product of financial success. Planning and utilising appropriate structures can certainly help minimise taxes over the investment cycle, however it should never be the principal driver behind investment decisions.

• When do I need to lodge my Tax Return?

  The tax return deadline was October 31 each year. If you choose to engage a registered tax agent like us to complete your tax return, you will be eligible for an extended tax return deadline.

  If you have a refund, you are best to do your tax return as soon as practically possible, as any refund can go straight into your offset or savings account.

  However, if you are anticipating having to pay tax this year, you can actually defer your tax bill your pending tax payment into the new year as long as you do your tax return via a registered tax agent. And we’d love to help you do that! Get in touch with us today and our tax accountant can arrange the extension on your behalf. Otherwise, you have to pay by the deadline.

  It can get a little confusing but Key Dates for this year’s tax returns:

  • If you don’t currently have a tax agent your deadline for your Individual Tax Return was 31st Oct 2023
  • If one or more prior year tax returns were outstanding as at 30 June 2023 your deadline for Individual Tax Return was 31st Oct 2023
  • If you do have a registered Tax Agent…
    • and your returns are up to date as at 30 June 2022 your deadline most likely is 15th May 2024
    • and your latest return resulted in a tax liability of $20,000 or more your deadline is 31st Mar 2024
    • and are thinking of switching your Tax Agent to us your deadline to change Tax Agents was the 16^th Dec 2023

   

• How do the fees work?

  Our Tax & Personal Accounting business works on a professional fee for service basis. During your tax appointment, we will assess your tax return needs and advise you on the level of work we need to perform for you. A Letter of Engagement will be sent to you for your approval and will outline the fees applicable. We’d like to think our fees are competitive and are great value for money. We also do special offers for pensioners and full-time students.