FAQs Archive - Page 2 of 5 - Perfect Accounting and Tax Services

Q: What if I don’t have receipts for my Tax Deductions?

If you don’t have receipts it is always advisable to talk to an accountant. Sometimes there are thresholds of money you can claim without having to show receipts. It is important not to be dishonest when doing your tax return. The Australian Taxation office does numerous audits every year on random and suspicious tax returns. You could risk big fines if you are found out to be falsely claiming tax deductions.

Q: What is a Tax deduction?

Tax deduction is a reduction of the income subject to tax, for various items, especially expenses incurred to produce income. Often these deductions are subject to limitations or conditions. Basically, what this means is if you have spent money to pay for things to do with your job. E.g. uniforms, union fees, RSA/RCG, work related courses, safety equipment (safety boots, high visibility vest, etc), stationary, tools, travel between jobs and work sites, uniform and laundry receipt. Items & services like this are all tax deductible. You could get a large percentage of this money back in your tax refund.

Q: What is Tax File Number (TFN)?

A tax file number (TFN) is your personal reference number in the tax and superannuation systems in Australia. To avoid being emergency taxed when you start working you need to provide your tax file number (TFN) to your employer within the first 30 days. You can apply for TFN for free directly with the Australian Tax Office here

Q: What dates is the tax year in Australia?

The financial year in Australia runs from the 1st of July, until the 30th of June. However, if you leave Australia before the end of the financial year, then you can complete a tax return for the year in advance and lodge it with the ATO.

Q: How long does it take to get the refund?

If you file your tax return online, your refund will typically be processed in 2-4 weeks. Early tax submissions (paper returns) take 6-8 weeks.

Q: How often will I receive my financial statements?

We can provide you with your financial statements on a monthly, quarterly, or annual basis, depending on your preference.