Frequently Asked Questions
What is the last date for lodgement of my tax return?
For individual tax payers, it is 31st October after the end of the financial year.
What deductions can I claim in my business?
Every business is different so it can be difficult to identify deductions without knowing a little more about your business but we can safely say that the following expenses can usually be claimed as a deduction if you’re operating a business:
- Accounting Fees
- Bank Fees
- Depreciation of Assets
- Dues and Subscriptions
- Insurance (Business)
- Internet Fees
- Motor Vehicle Expenses (Logbook or Cents Per KM Methods)
- Office Expenses
- Postage / Shipping
- Rent (Business Premise)
- Repairs & Maintenance
- Subcontractor Fees
- Telephone Fees
Please be aware that some of these expenses may not relate to your business or may not be claimed at 100% of the expense.
If you would like further information on what you can claim in your business please feel free to call our Office to book in an appointment and see one of our consultants.
How does Fee From Refund (FFR) work?
I have just moved to Australia to live permanently, am I required to pay tax on the money I have brought over with me?
You do not have to pay tax on what you have brought over, just any earnings you have made from the time you moved. You will however have to pay tax on any interest earnt in a bank account from the money.
What travel expenses can I claim on my tax?
You can claim a deduction on expenses incurred if they are relevant to your job function. You will however require the necessary documentation of your travels, including a travel diary for overseas trips.
What do I need to bring for the meeting?
To prepare for the meeting, we have checklists that you can download directly from our website. Otherwise you can contact our office to confirm what is required.
What if I don't need to lodge a tax return?
If you earned less than $18,200 and didn’t pay any tax, you may not be required to lodge a tax return. However, it’s important to submit a non-lodgement advice to the ATO which explains that you don’t need to lodge and ensures they don’t list you as having an outstanding return. Without a non-lodgment advice, the ATO will assume you need to lodge and may take compliance action in order to force you to. We can prepare and lodge your non-lodgement advice.
Can I claim tools and equipment for my job on my tax?
You are able to claim money spent on replacing, insuring and repair tools you use for your work. Items over $300 will have to be depreciated.
How many days does it take for the tax return to be processed and to receive the tax refund?
10 working days.
I have purchased a new laptop and phone during the year, which I use for work. Can they be claimed?
If you use the items for your job, they can be claimed in your tax return. As the cost will likely exceed $300 they won’t be able to be claimed at full cost, they will need to be spread under depreciation.