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Frequently Asked Questions

When is my BAS due?

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Lodging-and-paying-your-BAS/Due-dates-for-lodging-and-paying-your-BAS/

Do I need to have my tax return in by 31st October each year?

If you are an existing client we have an extension to March or an extension to May of the next calendar year to lodge your return. If you are not an existing client, it is best for you to get your information into us ASAP to ensure that we can meet the lodgement deadlines.

How can I contact the ATO?

https://www.ato.gov.au/About-ATO/About-us/Contact-us/Phone-us/

My friend says I must have a business name to be able to claim my business motor vehicle cost, is that right?

No. You do not need to have a business name to be able to claim business expenses, regardless of whether it’s a motor vehicle expense or otherwise. You do need to be operating a business and have an ABN, but the use of a business name is optional.

Should I be a company?

The two main reasons why you might want to trade as a company are profits and protection. If your business has a large net profit, for example high enough that as an individual you might be in the highest income tax brackets, it might be useful to trade as a company to limit your tax payable to that of the company tax rate (currently 30%). If your business activity is in an industry where you may be exposed to a high risk of being sued, for example for negligence, you might want the protection of Limited Liability which comes with trading as a company.

What household expenses can I claim as a tax deduction?

This depends to what extent your business is conducted from your home, and what you will be able to substantiate in case of an ATO audit. Costs you may be able to claim include a percentage of your power, insurance, repairs and telephone/internet expense.  You also need to be aware that when you sell your home, you may be liable for Capital Gains Tax on any portion of your home that you have declared as business use.

I’m not registered for GST; do I have to charge it to my customers?

If you are registered for GST, this means that you are authorised to collect it from your customers on behalf of the ATO. If you are not registered for GST, you do not have this authority, so you do not need to collect it from your customers.

I’m starting a business, do I need to use a computer package, or is there an easier option?

No, you don’t need to buy an accounting software package and spend hours entering all your data, then try to reconcile it to your bank statements. The easiest way to get your information to us is through Banklink. This service generates and emails a computerised version of your bank statement. We send you these statements each month for you to enter the transaction description. When finished just press a button called “Send To Accountant” to transfer it directly to our system. Regular transactions can be memorised to save you even more time. You don’t have to buy any software or learn how to use an accounting package, all you need is internet access. You can even access it from your smart phone when you’re out and about.

Can I give you my bank details to deposit my tax money into it?

Yes. However, for security purposes we cannot carry over your details so you will need to provide us with your information each year you get your tax return done with us.

What happens to my Superannuation when I die?

See Death Benefits

What is the maximum contribution I can pay to my Superannuation Fund?

See Contributions

Claiming Website Development Costs

http://www.ato.gov.au/Newsroom/smallbusiness/General/Claiming-website-development-costs/