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What can I claim?

https://www.ato.gov.au/Individuals/Income-and-deductions/

  • When completing your tax return, you're entitled to claim deductions for some expenses that are directly related to earning your income. The expense must not be a private, domestic or capital expense. If the expense was both work-related and private or domestic, you can only claim a deduction for the work-related portion.

  • The basic rules for claiming a deduction are that you:

    • must claim the deduction in the same income year that you made the purchase

    • can't claim an expense that you have been, or will be, reimbursed for

    • may have to substantiate your claims with written evidence.

 

When do I get my refund?

  • The ATO will process your tax return and issue you with a notice of assessment that shows the details of your tax refund or your tax bill.

  • Most refunds will be issued within 12 business days of receipt. This timeframe does not apply to prior year returns or amendments to returns.

  • If the ATO is unable to finalise your return within 30 calendar days of receiving it, the ATO will inform us of your delayed return.

  • If a return is incorrect, needs checking or relates to a prior year, it may take the ATO longer to complete the process.

 

What’s the tax-free threshold?

  • For the 2014 income tax year, the tax-free threshold is $18,200.

 

How much tax do I have to pay?

  • The amount of income tax and the tax rate you pay depends on how much you earn. The more you earn, the higher your rate of tax.

  • If you're an Australian resident, the first $18,200 you earn is tax-free. This is called the tax-free threshold. If you are a foreign resident, you pay tax from the first dollar of taxable income

  • To discuss your personal tax position, please contact one of our friendly staff to make an appointment.

 

What records do I need to keep?

  • During the financial year, you'll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts - you should keep them, usually for 5 years.

  • The Australian tax system works by self assessment – the ATO accept the details you put on your tax return and process it. However, the ATO can later ask you to provide the records and information you used to complete your tax return. If you can't substantiate your claims the ATO can:

    • disallow your claims

    • issue amended assessments increasing the tax you have to pay

    • charge you interest and penalties.

 

How much does it cost?

For a basic wages and deductions tax return, the fees are $160 for a single and $290 for a couple.

If you require a more complex tax return, the fee will be adjusted accordingly. Please call to talk to an accountant.