When Are Tax Returns due to the ATO?
This varies widely depending on the tax return type, last year's return being lodged on time, and a few other variables.
Please contact us so we can give you specific advice suited to your circumstances.
When is my BAS due?
Business Activity Statements generally have a due date printed in the top right hand corner of the front page. Lodging your statement via a tax agent may afford you a 14 day extension past that date. Please be aware that the ATO charges interest for late payment of statement liabilities and may also penalise you.
If you have any issues with your BAS, please contact us for assistance.
Are credit card statements acceptable as tax receipts?
Yes they are as long as the supplier details are visible. We would still advise you to retain all receipts where possible to back up your card statement.
If you are concerned about your receipts, please contact us for assistance.
Am I able to claim fees paid to my tax agent?
Yes, all fees related to taking care of your tax affairs are claimable in the year that the fee is paid. Only registered tax agents are legally allowed to charge for the preparation of tax returns.
Please contact us if you need any assistance with preparing your tax return.
How do I claim home office expenses?
A taxpayer who carries on a business from home or is required to carry out part of their employment duties at home may be entitled to claim deductions for home office expenses. The ATO will generally not allow a taxpayer to claim for expenses associated with their home office unless their employment considers it necessary for them to work from home.
Contact us to discuss your particular situation, as there are a few methods that can be used.
What can I claim as a tax deduction?
In general terms, you are able to claim most items that are an expense directly related to you performing your job.
Follow this link to the ATO for further explanation or contact us for advice.
How long do I need to keep my tax receipts?
A minimum of 5 years after you receive your notice of assessment for a certain tax year. If your tax return involves depreciation or capital gains tax asset sales then receipts must be kept for 5 years after it is certain no Capital Gains Tax applies.
Please contact us for further information.
How do I set up a company or business structure?
There are a number of different structures that can be used to run a business. Every situation is different so it is best that you contact us so we can tailor a solution to best suit your needs. Establishing the correct structure in the beginning can help uou legally minimise tax now and in the future.
Contact us now to discuss the various options.