Frequently Asked Questions
- Q. Do I have to lodge my return by 31 October?
A. If you lodged your own tax return last year by MyGov, etax or telephone, you are required to lodge your return by 31 October. You may be able to get an extension if you have made arrangements to be included on a registered tax agent's client list by 31 October. If you had your return prepared and lodged by a registered tax agent last year then you may not need to lodge you return by 31 October. You should check the due date with your tax agent.
- Q. Do I need a face-to-face interview?
A. Whilst face-to-face appointments are available, sometimes, especially during our busier months, out appointment diaries fill up pretty quickly. We have found that by posting, faxing or electronically transmitting your information to us, we are able to work on your return sooner than we may have been able to, had you needed to wait for an available appointment. In these cases, we will contract you if we have any questions, need further information or need to arrange signing of your returns, which again can be posted or electronically transmitted to you.
- Q. How much will it cost?
A. Our base fee for a tax return is $160.oo, however this can be increased depending on how involved your return is. The following factors are taken into account:
Time taken to prepare your return.
Inclusion of investment income, including shares, managed funds and rental properties.
Number and type of deductions, including calculation of depreciation.
The quality of the information provided to us.
Whether multiple returns are prepared at the same time, eg both spouses’ returns prepared at the same time.
Whether the return is prepared with or without a face-to-face appointment and sometimes the distance travelled for an appointment.
- Q. How long will my refund take?
A. Once your return is lodged with the Tax Office it may take up to 14 working days for the tax office to process. If you have received or are entitled to receive payments from other government departments, details of your return may be reviewed by those departments prior to the issue your assessment notice. In the majority of cases, refunds are issued within the 14 day period, however we are totally reliant on the tax office’s processing
- Q. How and when do I pay my tax bill?
A. If your tax return is assessed and you have an amount of tax to pay, your assessment notice will include a payment slip. Your assessment notice will include the due date as well as the available payment options. The current payment options include: Pay over the counter at the Post Office, Bpay, direct deposit, direct debit payment program, posting a cheque. Payments can be made in instalments up to the due date. If you are unable to make the full payment by the due date, we recommend contacting the Tax Office prior to the due date and arranging a payment plan with them.
- Q. Do I need to include fully franked and reinvested dividends as income?
A. Even though fully franked dividends are paid from a company’s profit that has already been taxed, they still need to be included in your tax return. All dividends are assessable income, and are therefore included in the calculation to determine your taxable income. Fully franked dividends include a tax credit that is used to reduce the tax payable on your income.
Some shareholders who participate in a Dividend Reinvestment Plan will receive shares instead of a cash dividend. These dividends also need to be included as income as the tax office views these plans as though you have received a cash dividend and purchased more shares with the dividend.Similarly dividends from an Employee Share Plan where the dividend goes to paying off a loan, need to be included as income.
- Q. Can you help with setting up a business?
A. We are able to help you set up your business. As part of the process of setting up your business, we will consider the different structures that are available, the type of industry that you will operate in and the staffing needs that your business will have. We have helped many clients set up partnerships, trust, companies and superannuation funds.
As there are many aspects to setting up and operating a business, we would prefer to discuss your needs in an interview. We can then assist with establishment of the correct business structure, registration of the business and design of the correct ledger keeping system for your business.