Natasha Marianne
Accounting
townsville tax accountant
QUESTIONS & ANSWERS
How long does it take for the ATO to process my return?
Most returns are processed within 2 weeks. However, they can take up to 30 days if the ATO needs to manually process them.
Paper returns can take up to 10 weeks to process.
How long do I need to keep my records?
Written evidence must be kept for 5 years from the date you lodge your tax return.
What deductions can I claim?
Taxpayers may be eligible to claim a variety of deductions, including work-related expenses, costs associated with managing your tax affairs, gifts and donations, expenses related to income from investments, personal super contributions, and income protection insurance. We will examine all potential deductions applicable to your unique situation. This process involves reviewing various expenses, contributions, and other relevant factors that can be subtracted from your total income, thereby lowering your taxable income and reducing your overall tax liability. For tailored advice and to ensure you’re claiming everything you’re entitled to, consider booking a free consultation with Natasha Marianne Accounting.
Do I need private health insurance?
The Medicare Levy is mandatory for most Australian taxpayers. In addition, if your income exceeds the relevant thresholds and you do not hold an appropriate level of private patient hospital cover, you may also be liable for the Medicare Levy Surcharge.
We will review your income and other relevant factors to determine whether the Medicare Levy Surcharge applies to your circumstances. This ensures you understand your obligations and can make informed decisions about your health cover and tax position.
Do I need a letter from my super fund to claim my personal superannuation contributions?
Yes. To claim a deduction for your personal super contributions, you must give your super fund a "Notice of intent to claim or vary a deduction for personal super contributions" form. Your superannuation fund will provide you with an acknowledgement letter.
Click on the link below to download the form and for instructions on how to complete the form.
I have just renovated my investment property, can I depreciate the expenses?
Capital works refer to the construction of buildings, extensions, alterations or improvements to existing structures. These deductions are spread out over a longer period compared to depreciating assets. The rates for deductions are 2.5% or 4.0% depending on factors such as the commencement date of construction, the nature of the capital works, and their intended use.
We will determine the appropriate depreciation rate for your capital works.
I am operating as a Sole Trader, how much tax should I put aside?
The amount of tax you have to pay is determined by your taxable income, which is calculated by subtracting any deductions from your assessable income. Assessable income consists of all the earnings you have accumulated throughout the year, such as income from employment, interest, dividends, bonuses, pensions, rent, and other sources.
Please click the link below to visit the Australian Taxation Office website for the amount of tax you should set aside based on your taxable income.
Once your business income reaches a certain threshold, you will enter the PAYG installments system. PAYG installments are periodic payments made to the Australian Taxation Office, typically every three months. These payments are reported in your Business Activity Statement and serve to reduce your tax liability at the end of the financial year, thereby decreasing your overall tax obligation.
We provide a range of services for businesses, including assistance with business start-ups, preparation and lodgement of Business Activity Statements, Tax Return filing and continuous support throughout the year.
Will I be fined if I do not lodge my tax return?
Tax returns, Business Activity Statements, and other documentation must be submitted by their respective deadlines. Failing to meet these deadlines can result in penalties. Failure to lodge on time penalties are calculated depending on the size of the entity and the period of time since the due date for lodgement.
Please click the link below to visit the Australian Taxation Office website to view the penalty units.
If the deadline for lodging your tax return cannot be met, it is possible to collaborate with the Australian Taxation Office (ATO) to mitigate the risk of incurring penalties. We can facilitate communication with the ATO on your behalf to discuss your situation and explore potential solutions. This may involve requesting an extension or negotiating a payment plan, depending on the circumstances. It’s important to note that engaging in proactive communication with the ATO can help to demonstrate a commitment to compliance and may result in more favorable outcomes. However, it’s always recommended to lodge returns as soon as possible to avoid any potential penalties or interest charges.