Frequently Asked Questions
- The tax system in Australia is becoming complicated. If you are planning to do the tax return on your own, you need to have some extra knowledge on how your earnings work and about new rules and regulations imposed by Australian Tax Office (ATO) from time to time. A RTA is up to date with current legislations and practices and specialised in related taxation and commercial law.
- The cost of having a return completed by an agent is deductible from the subsequent tax return.
- When you prepare your tax return through a tax agent, you get more time to lodge your tax return. But if you decide to file on your own, the ATO deadline is October 31. Late lodgement can incur penalties.
- Each individual of the business is responsible for the information contained in the tax return, not the agent. But if you do build up problems with ATO, it will probably be comforting to have professionals like us to state your case, as we are far more experienced at dealing with the ATO.
- After each financial year ends, you can file your tax return. A financial year begins with every July 1 in each year ends on June 30 the following year. If you have a tax agent, you can lodge your tax return even after October 31, but you have to be registered as a client before October 31 to meet the criteria. If you cannot file your tax return by October 31, or by your tax agent’s lodgement date, there will be penalties for late lodgement.
- The ATO will send you a notice of assessment, which informs you the outcome of your lodgement. Notice of assessment will have payment options for payable tax and refund details if tax is refundable. Normally tax is directly credited in your bank account but ATO may issue cheque for the refund of tax.
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LSKS does excellent job in supporting our business. Their professionalism and responsive attitude is remarkable.
Daniel Yu (Chief Finance Manager – Lightway)
I would like to take this opportunity to say that the quality of service offered by LSKS since the establishment of our business has been highly impressive. Every aspect of your service.
Fateh Maan (M & C)
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