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Frequency Asked Questions
  1. What documents are required to lodge my individual tax return? To find out what documents are required to lodge your individual tax return, please click on the link: tax return.
  2. Why can't you give me a fixed quote for the work? Just like its impossible to quote a building job over the phone without looking at the plans, or value jewellery over the phone, its not possible to know how long any accounting work might take. Rarely is your work exactly the same as last year and the tax laws are never the same, so things are often different from one year to the next.
  3. Can you prepare multiple year's returns at the same time? Yes, we can prepare and lodge all previous year's returns at the same time.
  4. What deductions can I claim if I'm studying? Only study directly related to your current job may be claimed as a self-education expense. For example if you were cleaner and you were studying early childcare then you wouldn't be able to claim the cost of the course as a work related expense.
  5. I have received a dividend statement, do I need to declare this as income? Yes, you need to include dividends and any interest earned on bank accounts. Don't forget to include all interest, even if you've already closed the bank account.
  6. Do I have to lodge a tax return? Some individuals do not have to lodge a tax return. Each person's situation will differ due to age, income and expenses.
  7. I have a property, purchased in 1990, which qualifies as my main residence for CGT purposes. Can I move out of the property, rent it out, and continue to treat it as a main residence? Yes. This can be done for up to six years whilst continuing to call the property a main residence. The main proviso is that no other property is being treated as a main residence for CGT purposes during the absence from the first property.
Time Management Tips
Do not avoid administration tasks.  Set time aside each week to do any administration work you need to do.
 
Delegate what you can.
 
Do not wait until the end of peak season.
 
Identify and eliminate inefficiencies as you find them.
Keeping your Tax Records

The Australian tax system relies on taxpayers self-assessing. This means that you are responsible for working out how much you can declare and claim on your tax return. You also need to be able to show how you arrived at these figures – in some cases you may be required to provide written evidence.

In order to prepare an accurate tax return and support the claims you make, you need to keep careful records - which records depends on your personal circumstances. If you are not sure, it is better to keep too many records than not enough.
 
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