FAQs

1. How can I organize my financial records to make tax preparation easier?

For salary wage earners: While not mandatory, organizing your expenses in an Excel spreadsheet can streamline the process. Ensure all expenses are supported by original receipts; the ATO does not accept bank or credit card statements as proof. It’s advisable to photograph receipts as originals may fade.

For businesses: Utilizing a bookkeeping system like Xero or QuickBooks is beneficial, especially for larger volumes. We can recommend suitable bookkeeping services if needed.

2. What are the consequences of missing a tax deadline?

Late lodgement may incur penalties and interest charges for delayed payments. While we cannot guarantee waiver, we have a successful track record in applying for remittance of these charges.

3. What should I do if I get audited by the ATO?

We have extensive experience dealing with ATO audits and recommend against handling audits independently due to their complexity.

4. How do I report income from freelance work or a side business?

Extra income must be declared when your personal tax return is lodged.  Usually when you earn an extra income, there are also expenses that can be claimed to reduce the tax implications of the extra income. 

5. How can I plan ahead for next year’s taxes?

After completing your current year’s tax return, we can assist in devising tax planning strategies to minimize liabilities and optimize returns for the upcoming year.

6. Are there any tax implications if I work abroad or have foreign income?

We offer guidance on managing taxes related to international income and residency status.

7. What changes in tax laws should I be aware of each year?

We stay updated on tax legislation to ensure compliance and provide relevant advice on any changes affecting your tax obligations.