Our Frequently Asked Questions page is where we answer some of the most commonly asked questions and our Useful links page has plenty of information from reliable sources from obtaining an ABN to occupation deduction information.
Q. After completing my tax return my accountant advised I will have a tax bill not a refund, what happens next?
This is a two part answer depending on scenarios. The first part stays the same for all clients irrelevant to their position. After your tax return is lodged the ATO will provide you with a Notice of Assessment (NOA) just as they would if you were receiving a refund but the difference is you will receive payment details on the bottom, detailing how you can pay your tax liability. If you can’t pay your tax liability in one instalment you may be able to arrange a payment arrangement altering the payment due date or to pay in instalments until the debt is cleared.
The second part is dependant on the individual scenario and the reason why they obtained the debt. The ATO may impose a mandatory PAYG instalment (Pay As You Go) which is tax in advance calculated by the ATO depending on the tax liability from the year before. Certain types of one off events like Capital Gains events may not warrant a PAYG instalment although the ATO may still apply it. You may be able to vary or change your instalment, please contact us to discuss these options.
Q. I am significantly behind in my bookkeeping and haven’t lodged or paid my BAS with the ATO in some time, I am worried about my situation, what should I do?
A. Firstly, obtain professional advice as soon as possible. A professional will be able to run through all of your options and discuss your personal situation in detail. In many circumstances we will be able to liase with the ATO on your behalf to obtain extensions and/or alternative solutions to your situation.
Clearing the backlog of bookkeeping and BAS whilst building a plan for the future so you don’t get behind again is critical in any bookkeeping plan. We are experienced in clearing the backlog and helping clients move forward with a plan they can afford. If you are behind in your books chat with us today.
Q. I want to start a business but I don’t know where to start looking, what should I do and what can I expect?
A. Starting a business is one of the most exciting and stressful times in anyone’s life. Our first recommendation is booking a consultation with your accountant, it’s important to discuss your plans and goals whilst receiving tailored advice to your situation.
During the consultation you can expect to discuss the following items:
- structuring of your business
- employment status
- insurance requirements
- taxation obligations
- gst obligations
- business plans and strategic management plans
- budget development
- break even point
- legal and ethical requirements
Book an appointment with us today.