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FAQ
Frequently Asked Questions
Get answers to common questions on tax, accounting, business setup, audits, and more. Expert guidance tailored to individuals, startups, and growing businesses.
What documents do I need to lodge my tax return?
Bring your income statements, bank interest, and deduction records. Include private health details and any eligible expense receipts. Professionals can guide you for accurate and timely lodgement.
When is the tax return due in Australia?
Individual tax returns are generally due by October 31st. Using a registered tax agent may extend your deadline. Stay ahead by keeping records ready before the deadline.
Can you help with overdue tax returns?
Yes, overdue returns can be managed and lodged properly. Past non-lodgements may attract penalties or interest. Assistance is available to restore compliance efficiently.
Do I need to register for GST?
GST registration is mandatory above a $75,000 turnover. Some industries may require earlier registration. Seek advice based on your specific business activity.
What structure is best for my new business?
It depends on liability, goals, and size. Common structures include sole trader, company, and trust. Choosing the right one helps manage tax and risk.
How long does it take to set up a company or trust?
Setup time is usually between 1 to 3 business days. Includes documentation and regulatory registration. Timelines may vary based on structure and approvals.
What is STP (Single Touch Payroll)?
STP reports payroll data directly to the ATO. Each pay cycle submission includes tax and super. It’s mandatory for most employers in Australia.
Can I change my business structure later?
Yes, but it involves legal and tax considerations. Timing the change is important for compliance. Seek advice before restructuring your business.
What types of insurance should I consider?
This depends on your business and personal needs. May include liability, income protection, and asset cover. Advice helps match insurance with your situation.
What is BAS and who needs to lodge it?
BAS is for reporting GST, PAYG, and other taxes. All GST-registered businesses must lodge it regularly. Filing frequency depends on your business type.
How often should I lodge a BAS?
Usually lodged quarterly, some may be monthly. ATO decides based on business turnover and size. Lodging on time avoids penalties and interest.
What is the benefit of using a registered tax agent?
They help ensure accuracy and compliance. Tax agents can also identify eligible deductions. Some offer extended deadlines and personalised advice.
Do I need an audit for my business?
Not all businesses need audits, but some do. It depends on industry, size, and structure. An audit ensures transparency and regulatory compliance.
What is a trust account audit?
It checks that client funds are properly managed. Required for legal, real estate, and other industries. Ensures compliance with relevant trust account rules.
Do you support SMSF compliance and setup?
Yes, including setup, registration, and ongoing obligations. SMSFs require annual tax returns and audits. Professional guidance ensures long-term fund success.
What software is best for bookkeeping?
Popular options include Xero, MYOB, and QuickBooks. They offer automation, cloud access, and reporting. Choosing the right one boosts efficiency.
What is tax planning and why is it important?
It reduces tax legally using structured strategies. Helps individuals and businesses optimise finances. Planning early yields better outcomes.
Do you provide payroll services?
Yes, from payslips to superannuation processing. Includes compliance with STP and ATO reporting. Outsourcing payroll saves time and ensures accuracy.