We're here to answer to Personal Tax FAQs
You must lodge a tax return if any of the following apply:
- tax was deducted from any payments (such as wages) made to you during the financial year
- you are an Australian resident and your taxable income was more than the tax-free threshold
- you are a foreign resident and you earned more than $1 in Australia during the financial year
- you are leaving Australia permanently or for more than one financial year
- you wish to claim any tax deductions.
- you are a foreign resident and your only Australian-sourced income was interest, dividends or royalties from which non-resident withholding tax has been correctly withheld
- you are a working holiday maker (417 or 462 visa holder) and your taxable income for the year is less than $37,001.
- You can still choose to lodge a return if your income is less than $37,001 and it is estimated that you’re entitled to a tax refund.
Tax returns are due by 31 October if you lodge it yourself using myTax. If you lodge through us registered tax agent it’ll be due in May the following year.
This is one of the most tax faqs. Electronic returns are normally processed within two weeks hence you’ll receive within 10 business days.
The ATO will initially issue you a Failure To Lodge (FTL) Penalty Notice if your tax return isn’t lodged by the due date. This penalty is calculated at the rate of 1 penalty unit for each period of 28 days or part thereof that the a return is overdue, up to a maximum of 5 penalty units. Each penalty unit have a current value of $210, which sum the maximum penalty which can be applied for an individual – $1,050.
No, you have lost your job, then you are entitled to claim the tax-free -threshold to reduce the amount of tax that is withheld from your pay from your new job.
A living-away-from-home-allowance is an allowance an employer pay to an employee to compensate for additional expenses incurred and any disadvantages suffered because the employee’s duties of employment require them to live away from their normal place of residence.
General Tax FAQs
You book your appointment online and or complete the NEW CLIENT FORM on our Website & the INDIVIDUAL CHECKLIST
We complete your Return
We send you an INVOICE
We send your return to you for a thorough review, the sign indicated pages & return via email for lodgement.
Once you have paid & signed we lodge your return
The ATO process your return within 10 business days, issue you a Notice of Assessment confirming your tax refundable/payable amount. If it’s a refund the ATO will deposit your refund into your nominated bank account. If it’s a payable follow the payment options on the Notice of Assessment and if its a NIL PAYABLE & REFUND – NO ACTION IS REQUIRED.
You must retain the Return & Notice of Assessment for 5 years.
NO, We send an INVOICE along with a completed tax return for you to sign and pay before lodgement.
It is required by ATO that taxpayers sign and dates the Tax Payer Declaration & Electronic Refund Declaration after reviewing the return and ensuring that the tax return information on the Return matches the information provided by the tax payer.
Electronic Signing allows fast tax preparation, lodgement and electronic refund. With E-Sign (a function of XERO) allows us to: –
email you the tax return by email
you review the return
press the signing button and we receive the signed return instantly.
Learn more how E-Sign works with this step-by-step video link at https://central.xero.com/s/article/Sign-a-document-your-advisor-has-sent-you-to-authorise#Authoriseanesignaturerequestyouvebeensent
YES, but only return by email the indicated sign pages only. At TAH we are tree huggers. PLEASE TRY TO USE E-SIGN IF POSSIBLE.
YES, but only return by email the indicated sign pages only. At TAH we are tree huggers. PLEASE TRY TO USE E-SIGN IF POSSIBLE.