Here are Frequently Asked Questions
If you have not found answer to your questions,
Please feel free to call US.
Frequently Asked Questions
General
1. How can I schedule a consultation?
Please visit our website and click 'Book Appointment', Choose your preferred Date, Time and Mode of consultation.
2. When is the Deadline to lodge Tax Returns in Australia?
If you lodge yourself using Mygov then it is 31st of October after the end of financial year in 30 June. If your tax affairs are UpToDate and if you have appointed tax agent then the deadline is 15th of May next year. If you think you cannot make the 31st October deadline please call us or fill up the Tax Form and we can add to our tax agent portal. If you still cannot make the 15th of May deadline, please keep in touch with us and we can apply for extension to lodge to ATO.
3. How do you ensure the security of my personal and financial data?
We prioritize data security. All of our data are on cloud, we try to minimize correspondence of your data and file and if we have to do they are encrypted. Our best practices include strictly not saving the file on computer hard drive or portable drive and no printing unless necessary. We use 2FA authentication system to access the cloud services.
4. I am ready to do tax returns how do I start?
We have a tax form on the website. Please fill up the online form, the website is secure. Once we receive one of our staff will contact you for more information and finalise your tax return.
5. I am not a Permanent Resident (for immigration purpose) or Citizen of Australia, can we get exemption for Medicare Levy?
If you are not eligible for Medicare card and do not have Medicare Card (Medicare is Australian Government Medical insurance for Australian), then you are eligible for Medicare levy exemption. To apply for Medicare Levy exemption please apply for 'Medicare Entitlement Statement' online. You need to do separate application for each Financial year. It takes around 2 months for Services Australia to finalise and send you the letter. Once you receive this letter we can do the Medicare Levy exemption on your tax return.
If you were eligible for the Medicare in the middle of the year, we highly recommend you to get the Medicare Entitlement Statement as we can get you exemption for the no of days you were not eligible for Medicare.
If you have not claimed Medicare Levy exemption in previous years, then please contact us, we can amend your tax returns.
6. Do you offer Tax Planning Service?
Yes, we do. We use proactive approach to tax so we highly recommend everyone to plan ahead, specially if you are on high tax bracket and or have businesses and investments. This will help you a lot during life time.
7. Can you estimate my Tax Refund before I proceed?
Yes, Definitely you can. If you are not sure we highly recommend you not to provide your Tax File Number and Date of Birth to any one even Registered Tax Agent. Please utilise out Tax Refund Calculator before you want to make decision. If you are unsure about anything please call us.
8. How do I Appoint Sydney Tax & Accountancy Services as my Tax Agent
Please fill up the Appointment of Tax Agent Form.
9. Can you help me Apply for Departing Australia Superannuation Payment?
Yes, we apply for Departing Australia Superannuation Payment(DASP) on you behalf. Please fill up the form Authorization To Apply for DASP.
10. I have outstanding ATO debt. Can you organize a payment plan?
If you have outstanding ATO debt, you can directly contact the Australian Taxation Office (ATO) at 13 28 65 if you are an Individual and 13 72 26 if you are a Business to arrange a payment plan for yourself. This is easy and fully automated service if you haven't breached a previous payment arrangement. Alternatively you can use myGov for individual and Online Services for Business if you are business.
However, we can also setup the payment plan for fee. If this is new payment plan then we lodge through the ATO portal and the fee is $55. If you have breached previous payment arrangement then we need to call ATO to arrange the payment plan so the fee is $110.
Frequently Asked Questions
Individual PAYG
1. My Employer has not finalised the payroll for Tax, Can I still get it done?
You Employer has obligation to finalise your Single Touch Payroll by 14 July of Each year. We highly recommend you to wait till the Payroll is finalised. if they have not finalised until long after the due date, we can still lodge your tax return. But if the Income and tax withheld from the employer changes then there will be discrepancy in your tax return. Majority of the time ATO adjusts and amends your tax return and you might either need to pay or receive the refund according to the changes.
2. How do you ensure the security of my personal and financial data?
We prioritize data security. All of our data are on cloud, we try to minimize correspondence of your data and file and if we have to do they are encrypted. Our best practices include strictly not saving the file on computer hard drive or portable drive and no printing unless necessary. We use 2FA authentication system to access the cloud services.
3. I am ready to do my personal tax returns how do I start?
We have a tax form on the website. Please fill up the online form, the website is secure. Once we receive one of our staff will contact you for more information and finalise your tax return.
4. I Have Sold Shares and/or Managed Funds During the Tax Financial Year, What do I have to provide you?
If you have sold shares and/or managed funds, Please provide us all purchase and sale transactions from your broker portal (We prefer CSV format). We need purchase date and price of the financial instrument you sold to calculate Capital Gain and also find if you qualify for 50% Capital Gain Discount.
5. What are the Deductions I can claim as Wage Earner (PAYG)
The full list of the Tax Deductions you can claim are in our blog post 'Deductions you can Claim'. Please read and let us know if you are eligible for any of the deductions. We will call you to confirm and make sure you get maximum allowable tax refund.
Frequently Asked Questions
ABN Holders / Sole Traders
1. Do I need to register a company to do business in Australia?
No, you can be a sole trader by registering ABN on your personal name to do business. If you want business name you can register a business name from ASIC. We provide both services. All the Business Structures (Sole Trader / Company / Fixed Trust / Discretionary Trust) have their pros and cons so please read our blog post or talk to us.
2. I am running a small business and I do not have wages or any accounting software, how can I keep records?
We suggest you to maintain separate bank for the business. Deposit all the income and use the bank for all business expenses, do not use for personal expenses but you can withdraw cash and transfer to your personal bank account for personal usage. If you are GST registered and your BAS is quarterly then email us the csv file of all the transactions, we can work out from that.
3. What are the expenses we can claim as businesses?
Please look at our blog post 'Expenses You Can Claim for Businesses' for business expenses.
4. I Have Sold Shares and/or Managed Funds During the Tax Financial Year, What do I have to provide you?
If you have sold shares and/or managed funds, Please provide us all purchase and sale transactions from your broker portal (We prefer CSV format). We need purchase date and price of the financial instrument you sold to calculate Capital Gain and also find if you qualify for 50% Capital Gain Discount.
5. What are the Deductions I can Claim as Subcontractor, Uber Delivery, Uber/Didi Driver, Sole Trader?
Please look at our blog Deduction for Subcontractor, Uber Delivery, Uber/Didi Drivers and Sole Traders.
Frequently Asked Questions
Real Estate Investors, SMSF
1. What are the documents / Information that I need to provide you for Tax Return?
If you have Investment Property, please send us following documents:
Rental Statement from the real estate agent ( Add all income from renting if self managed)
Any Out of Pocket expenses (Strata Levy, Council Rate, Water rates, repaid & maintenance, Land Tax)
Bank Interest if Loan for the full year
Depreciation Schedule, (You can order here and receive discount if you do not have)
Settlement Report if you have purchased
Loan Statement
Insurances
2. I Have Sold the investment Property During the Tax Financial Year, What do I have to provide you?
If you have sold the investment property, Please provide us all settlement summary from purchase and sale from your Conveyancer. We also need purchase and sale contract if we are not confirm about if you have held the property for more than 1 year to see if you qualify for 50% Capital Gain Discount.
If you have claimed depreciation then please provide the Depreciation Schedule as well as we need to add back the Capital Work Deductions you have claimed.
3. I am Starting Real Estate Investment Journey, which structure is the Best? Own Name, Company, Trust or SMSF?
There are various aspects on this question. The first question is what is your investment philosophy. (Do you prefer Cash Flow or Capital Growth?) The Second question is what tax bracket you are currently in and what tax bracket will you be in next 10 to 20 years.
If you are in high tax bracket and you prefer to invest in Capital Growth then it could be better for you using the negative gearing and reducing tax, but majority of the properties will be cash flow positive after 7/8 years so at that time you will be paying tax on your marginal for each income you made from the IP.
If you prefer Cash Flow positive properties then buying in Trust Structure will be better off as you can distribute the income to your low income family members or your company. It also provides Asset Protection from outsiders. If you are investing then we do not suggest to use Company as they do not get 50% capital gain discount.
The SMSF works separately and SMSF is set up as sole purpose for your retirement. You can use your Superannuation fund together with 5 other members and use to invest in properties.
Frequently Asked Questions
Businesses (Companies / Trusts)
1. I want you to be our accountant for our business, How do we start?
Once you have decided us to be your accountant and if you are Company or Trust,
You Need to set up myGovID on your phone first. Here is the 'Agent Linking Process' from ATO
Please log in to your 'Online Services for Business' and appoint us as your tax agent. Our Tax Agent NO is 26074416.
We will be sending you Engagement Letter and on the letter you can see what to expect from us, what we expect from you and fees structure. Please Sign it.
If you have any software subscriptions, please appoint sg@sydneytaxservice.com as advisor role.
2. Can You Set up Company / Trust / SMSF?
Yes We set up Companies, Fixed Trusts, Discretionary Trusts and SMSF according to your requirement and plans.
3. Do you do ASIC Services like Change Directors, Shareholders, and Addresses of Company and Directors Shareholders?
Yes We do ASIC Services for Fee. We recommend you to appoint us as your agent in ASIC as Well.
4. What are the Deductions That can be claimed as a business?
Please read our blog post on 'Expenses you can claim for businesses'.
5. Do You Provide Bookkeeping Service?
Yes We Do provide Bookkeeping Service. There is special discount for our Accounting Clients as if we do Bookkeeping ourselves it will save our time.
