FAQ

Some tax returns can take up to 50 days to process, usually, your tax refund will be processed within 14 days.

A business with a GST turnover of more than $75,000 must be registered for GST. A not-for-profit organisation with a turnover of more than $150,000 must also register for GST.

If your business has a turnover less than $2 million, you qualify as a small business entity and are able to claim certain pre-payment expenses in the year it was paid.

Eligible expenses are payments that are made for periods 12 months or less and covers at the end of the next financial year. Some expenses that can be claimed is rent, insurance, or subscriptions to professional associates.

Yes, if a taxpayer carries out all or part of their work at home and has a dedicated room set aside to do the work. The Commissioner’s rate of 52 cents per hour can be claimed for when the home office is used during the business hours.

For businesses where the place of business is home and has separate entrances, signage, and a set area of your home being used, deductions can be claimed on running expenses and occupancy. This includes mortgage interest, rent, house insurance, council rates, repairs, cleaning, pest control, maintenance, telephone, and any other expenses directly related to running the business.

No, there is no limit on the amount that can be claimed each year, provided the expenses are incurred in earning your income. All spending related to your tax deduction must be work-related, with all necessary receipts being kept as proof of expense.

In general, records must be kept for a minimum of five years. There are some records that need to be kept for longer than five years.

A record that needs to be kept for more than five years are records that relate to a tax return or document that has been corrected or amended, records of information to be used again in the future, records of depreciating assets, capital gains tax assets, and any petroleum resource tax records.

Yes, there is a limit to the amount of money you can voluntarily contribute into your super on a concessional basis and non-concessional basis.

The concessional basis is a contribution which is tax-deductible, and include employer contributions and personal contributions claimed by the self-employed. The current limit is $25,000 per annum, regardless of age.

Non-concessional are contributions that are made from after-tax income. The non-concessional cap is $100,000 per year, it then follows $300,000 over a three-year fixed period “bring forward rule”

Yes, If you are an Australian resident. Any Australian resident is taxed based on his worldwide income, this means you must declare all invoice revived from foreign sources in your tax return.

Exempt foreign income must also be declared on your tax return.

Yes, you must have an investment strategy for your Self-Managed Superfund. Although there is no set format, SIS legislation requires you have a strategy that includes, but not limited to risks of investments, cash flow needs, liquidity, funds investment composition, future contributions and age of members.