Accounting and Tax

  • Should I keep my receipts for a long time?

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    From the date of lodging your tax return, you have to keep your evidence minimum for five years.

  • Can I get any assistance from your side in case of setting up a new Company or Trust?

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    Certainly you can have our help with applying for ABNs, Tax File Numbers, GST Registrations and PAYG Withholding, along with the establishment of each category of entities. You can also get our advice regarding what kind of entity to suit your conditions.

  • What should I do in case of finding an error in my tax return, even after being lodged?

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    In this case, you can communicate with us for having a discussion regarding the error. We will help you to amend your tax return, if necessary. The amended return will be lodged with ATO and to process your return, the ATO can take its standard up to 28 days. On the other hand, you can also communicate directly with the ATO for having their advice regarding taking necessary steps for the solution of the error. You may need to write an application to the ATO describing causes of the amendment.

  • Why should I use a Registered Tax Agent?

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    The Tax Practitioners Board directly regulates the Registered Tax Agents. To get the registration the agents should be a particular level of qualified and experienced in preparing a variety of tax returns. The tax agents must follow the code of professional conduct and must indemnification-insurance. The usage of a Registered Tax Agent ensures your return prepared by qualified person. Besides, it should be noted that using unregistered tax or BAS agents doesnt provide any security for taxpayers. By searching on www.tpb.gov.au, you can check yourself if a Tax Agent is registered or not.

  • What is the deadline of lodging my tax return?

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    In the case of preparing the tax return by your own without any agent, the deadline will be October 31. But, if you use a Registered Tax Agent, your extensions may be up to May 15 of the following year. But it will depend on your lodgment history and income level. If you didn't have a Registered Tax Agent before, you may contact us at info@stealthaccountants.com.au prior to 31 October.

  • In case of wishing to have your services, may I change from my accountant?

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    Yes, you can change in a simple way. Via the ATO tax portal online we have to access your data. For this purpose, we need nothing but a copy of your last years tax return lodged and financial statements, so that we are allowed to complete the current financial year. Actually, it is quite simple to change accountants, like as it would be for banks. Rather, it would be an opportunity for the new accountant to emphasize on the issues and opportunity which not dealt by the previous accountant. As a result, you will be relaxed regarding your tax affairs for having a fresh set of eyes.

  • I have lots of pending for years? Can it be managed?

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    Obviously, it can be managed. This is our mission to keep our clients up to date with the ATO. Besides communicating with the ATO to omit any kind of late lodgment penalties which may be supposed to be applied to your income tax account with the Tax office, we assist in preparing and lodging your tax returns. For further assistance, please feel free to contact us at info@stealthaccountants.com.au

  • Is it possible to meet or contact you after working hours?

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    You can contact us at info@stealthaccountants.com.au for having an appointment to meet at our office or we also offer to serve on mobile phones depending on location.

  • Does it take too long to prepare my tax returns?

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    Depending on your provided information, it may take 30 minutes to 1 hour. We will provide you a checklist, so that you can have all the necessary documents prepared for us to complete your tax return successfully.

  • Is it ok if I send all my necessary documents to you via mail or e-mail?

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    In this case, you can have our online service. Through online, you can fax, e-mail or mail all your information with details. We offer this online service to save time. After having all the necessary information, we will let you inform via e-mail or over telephone. Then we will take the necessary initiatives regarding your tax return preparation and will send you the approved copy and sign off prior to lodgment with the Tax Office.

  • What are the required documents for tax return?

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    Income/Earnings Documents

     

    • PAYG Payment Summaries (Group Certificates)

    • Bank Interest Details

    • Payment Summaries from Centrelink

    • Superannuation Lump Sum Statements

    • Superannuation Income Stream Statements

    • Dividends Statements

    • Share Transaction Statements

    • Partnership & Trust Distributions

    • Managed Fund Statements

    • Capital Gains Details – Investment Property Sales, etc

    • Foreign Sourced Income and Pensions

    • Sole Trader (ABN) Income Details

    • Investment Property Income Details 

    Deductable Expenses

    • Motor Vehicle Expenses

    • Travel Expenses

    • Compulsory Uniform, Protective Clothing, Occupation Specific Clothing, Dry Cleaning

    • Self-Education Expenses

    • Other Work Related Expenses

    • Asset Purchase Details – Computer, Tools, Equipment, etc

    • Investment Related Expenses

    • Donations to Charity Organisations

    • Cost of Tax Affairs

    • Income Protection Insurance Premiums

    • Superannuation Contribution If Self Employed

    Other

    • Medical Expenses

    • Private Health Insurance Statement

  • Is it possible to lodge a tax return without PAYG payment summaries (group certificates), if I havent received them yet?

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    You must declare your employment income for lodging tax return. First of all, you have to contact your current or ex-employers. Please feel free to contact us in case of your failure to receive. 

  • May I have back my tax equivalent to full amount of deductions?

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    Your taxable income can only be reduced by deductions. The rate of taxable income time is equal to your tax amount. This is how the amount equivalent to an amount of deduction time’s tax rate increases tax refund (Reduction of tax liability).

  • Am I allowed to claim expenses that used for both work and personal usage?

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    At first, you have to prepare an estimate of work related percentage reasonably and exclude the amount of personal usage. Then, as long as a deduction type, which is normally allowable, is represented in question by the items you can claim for that has both work and personal usage.

  • I have already resigned my job and dont have any intention to do job in this financial year. So, now, is it possible to lodge a tax return?

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    You have to wait till July 1, unless you work anymore in the current year. But, in case of leaving for the country permanently, you may lodge an early tax return before July 1.

  • If I prefer to pay tax to receive refund, do I need to lodge a tax return?

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    You have to lodge a tax return, regardless of an amount of your refund.

  • Can I lodge a tax return before July 1, in case of my leaving Australia prior to June 30?

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    You will be able to lodge tax return early, if you have already left or are going to leave Australia (not coming back and working within at least 2 years). But you will need to have all the PAYG payment summaries (group certificates) or equivalents along with bank interest details.

  • How would I lodge my early tax return, if my ex-employers dont provide me PAYG payment summaries (group certificates) early?

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    First of you need to try to contact your ex-employers. In spite of that, if you are failed, you can use your last pay slip to apply for your tax return and this pay slip must include Your Name-Y.T.D Gross Income-Y.T.D Tax Withheld-Employer’s Name -Employer’s ABN-Payment Date

  • Is it true that I dont need to pay Medicare levy, if I have private hospital insurance?

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    If you are covered with private hospital insurance, you don’t need to pay Medicare levy surcharge, but Medicare levy.

  • Being an Australian, do I need to pay Medicare levy?

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    Actually, you need not to pay Medicare levy in case of your being Australian. In spite of living in Australia, if you are not eligible for Medicare during all, or part of, any financial year, you have the right to have impunity from paying the levy. You need to apply for Medicare levy impunity certificate for claiming the impunity on your tax return.

    It is to be that we can prepare the certificate for you. 

     

  • My earned bank-interest is very poor. Is it necessary to include it in my tax return? May I know the accurate account?

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    It is mandatory to declare your earned bank-interest whatever the amount is. Through internet banking or contacting your bank, you can have the information regarding the accurate account.

  • When can I receive my refund?

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    The process is generally subservient to ATO. It may take 10 to 14 working days.

  • Is it ok if the fee is paid from my refund?

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    It is completely ok to have the fee from your refund and the net funds will be deposited into your nominated account having extra $20 by your choice, which means you need not to pay in hand.

  • Can you also lodge my prior year tax returns?

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    We can lodge any prior year tax returns. We would like to suggest you to lodge your outstanding tax returns ASAP, as fines may be applicable at ATO for non-lodgment of a tax return. 

  • Would I receive any notice of my assessment?

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    Yes, you will receive an assessment-notice and other correspondences straight from ATO via e-mail.

  • Which method should I pay you through?

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    You can pay via MasterCard, bankcard, bank transfer and pay on refund.

  • Would I receive anything after submission?

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    Yes, you will have your tax return and invoice via e-mail within 24 hours. If necessary, we will also provide tax advice.

  • In case of your canceling your policy, may I know your cancelation policy?

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    We accept credit card for preparation, but not for your submission. In most of the case, refund of the fees is not allowed to be issued by Stealth Accountants, especially after preparation. After preparation tax return can be amended. 

  • If there is any mistake found after submission, can it be corrected?

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    You can edit anything after reviewing. We are always for you to amend, absolutely, for free; even your tax return is already lodged. We would like to request you to check your e-mail off and on, after submission and let us know ASAP in case of finding any mistakes. 

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