Here are some of our common questions
Payment and payment options
Our prices are very reasonable and your tax return is prepared by an experienced accountant. TAX FIG clients find the prices reasonable and we have over 90% of our clients coming back each year. The more complex the tax return, the more it may cost. Call us for a Quote.
We can deduct the fee from your refund once it comes through. Your refund is deposited into your account. There is an additional fee and T&C’s apply.
Tax Agent fees are tax-deductible for the preparation and handling of your tax return. Registered tax agents are only allowed to charge a fee for preparing and lodging your return. You can also claim travel for each time you visited your tax agent.
Tax related questions
We can prepare and lodge all past years tax returns in one go. We advise that you bring along all your information as we can prepare all the past returns in one appointment. When making an appointment please tell the staff you have multiple years to prepare and lodge so we can book out the appropriate time to complete the work.
The Australian Tax Office tries to process the returns within 10 working days. During peak periods it may take a little more time we advise clients if they have not received their refund in 3 weeks to call the office so that we can chase it up for you.
You need to keep all documentary evidence for 5 years from the date of lodgement. Assets that you are depreciating the receipt should be kept until the item is fully depreciated.
What can I claim?
Childcare expenses are not claimable on your tax return. If you are eligible for the childcare tax rebate, this is claimed through Centrelink.
You must actually incur the expense before it is claimable. However, the ATO will not require receipts if the deductions are $300 or less.
You must declare all interest from all sources no matter how small the amount is.
Maintenance payments are not tax-deductible; however, they are recorded on your tax return so that additional payments are not taken out of your tax refund.
Tax Agent fees are tax deductible for the preparation and handling of your tax return. Registered tax agents are only allowed to charge a fee for preparing and lodging your return. You can also claim travel for each time you visited your tax agent.
What will be taxed?
The inheritance is not taxable unless it is advised by the executor of the estate that certain parts are taxable.
It is important that when you have a second Job that you don't claim the tax-free threshold twice, otherwise you will have a significant tax bill at the end of the year.
Quantity surveyors do an excellent job recording and identifying assets in your rental property. The depreciation schedule usually makes up for a large portion of tax deductions for the property. The one-off fee paid for the report is tax-deductible.
If you win lotto or a prize it is not taxable, by the way, we wish you all the best.
Payments paid under salary sacrifice arrangements are known as concessional cap payments or contributions. The concessional cap contributions have been capped at $25,000.