Frequently Asked Questions (FAQs)
Q: "What is a 'basic' tax return?"
A basic tax return involves PAYG Summaries, interest earned from ONE bank account or dividends earned from ONE company and / or ONE item of other deduction (e.g. Union Fees).
The following items do not form part of a basic tax return:
- Rental Properties
- Travel expenses
- Motor Vehicle expenses
- Self-Education expenses
- Multiple claims
- Investment income
- Capital Gains
- Foreign income
Q: "How much does a basic individual tax return cost?"
$198 including GST
Q: "Do I need to lodge a tax return?"
Generally you must lodge a tax return if (in the financial year) you:
- Paid tax
- Had tax withheld
- Earned taxable income above $18,200
- Were eligible for SAPTO or other tax offsets
- Earned any business income
- Had a trust or partnership distribution
- Were a non-resident and earned any Australian income
There are also other circumstances where a tax return must be lodged.
If you do not meet the above requirements and still are not sure if you need to lodge, please contact us on (02) 9520 4433.
Q: "Why do I need advice when purchasing a new asset for my business?"
There are many factors to consider when purchasing new equipment for your business.
Planning ahead and seeking advice on structure, Tax, GST and cash flow implications will not only result in the best outcome for your business, the structure of the finance can be best customised to suit your business and cash flow needs.
Q: "Why do I no longer receive a paper copy of my Activity Statement?"
The ATO has a plan to go paperless and phase out all paper correspondence it currently sends out.
Stage one of this process is to start to email businesses their Activity Statements each month or quarter.
If you are unsure which email address the ATO has, please contact our accountants and they will be able to check with the ATO and update your contact details with your current email address.