FAQs

Q?How long do I have to keep my receipts for?
A.

Generally, you must keep your written evidence for five years from the date you lodge your tax return.

Q?I need to set up a new Company or Trust. Can you help me?
A.

Yes, we can assist you with the establishment of all types of entities, as well as applying for ABNs, Tax File Numbers, GST Registrations and PAYG Withholding. We can also advise you of what type of entity will best suit your circumstances. The cost involved will be explained up front, and generally we pass on the cost of our service provider without any mark up to save you money.

Q?I found an error in my tax return and it is already lodged. What do I need to do?
A.

You may contact our office to discuss the error and we can assist you in amending your tax return, if required. We will lodge the amended return with the ATO. The ATO can take up to its standard 28 days to process your return. Alternatively, you can contact the ATO directly and they will advise you of the necessary steps to resolve the error. This may include writing a formal letter to the ATO explaining your reasons for the amendment request.

Q?Why use a Registered Tax Agent?
A.

Registered Tax Agents are regulated by the Tax Practitioners Board and are required to have a certain level of qualifications and experience in preparing a variety of tax returns to gain their registration. Tax Agents are required to have professional indemnity insurance and must adhere to a code of professional conduct. By using a Registered Tax Agent, you are ensuring that your return is being prepared by a suitably qualified person. Furthermore, please note that there is no protection for taxpayers who use unregistered tax or BAS agents. You can see whether a Tax Agent is registered by searching on www.tpb.gov.au.

Q?When is the due date to lodge my personal tax return?
A.

If you prepare your own tax return without a Registered Tax Agent, the due date is 31 October. By using a Registered Tax Agent, you may be eligible for extensions up to 15 May of the following year. However, this depends on your level of income and lodgement history. If you have not used a Registered Tax Agent in the past, you will need to contact us at info@taxboost.com.au prior to 31 October.

Q?Is it difficult to change from my accountant if I decide to use your services?
A.

No. In most cases it is a fairly simple transition. For individuals, we can access your data via the ATO tax portal online. For businesses, we only need a copy of your last year’s tax return lodged and financial statements to allow us to complete the current financial year. Other records are not required. As such, it is not difficult to change accountants like it would be for banks. Also, the advantage of changing accountants will give the new accountant an opportunity to highlight issues and opportunities not dealt by your old accounant. Therefore, a fresh set of eyes looking over your tax affairs will give you comfort and peace of  mind.

Q?I have a number of years outstanding, can you help me?
A.

Yes, we can definitely help you. Our mission is to help our clients bring themselves up to the date with the ATO. We not only help you prepare and lodge your tax returns, we also take one further step to communicate with the ATO to remove any late lodgement penalties which is likely to be applied to your income tax account with the Tax Office. Please contact us at info@taxboost.com.au for further information and assistance.

Q?If I am due a tax refund from the ATO, how long will it take to receive it?
A.

Generally, once your tax return is lodged, it takes approximately 10 business days to receive your refund, but it is dependent on Tax Office processing times. The ATO has a standard policy of 28 days before we can follow up on the progress of your refund.

Q?Are you able to see me after business hours as I work full-time?
A.

Yes, we do offer a mobile service depending on location. Alternativly, you may wish contact us at info@taxboost.com.au to make an appointment to meet at my office.

Q?How long will it take to prepare my tax returns?
A.

It can take between 30mins to 1 hour depending on the information you provide. We have a checklist for you to ensure that you have all the relevant documents ready for us to complete your return efficiently.

Q?Can I send you my records rather than come into your office?
A.

Yes, you can email, fax or mail your information using our details on our Contact Us page. This is referred to our ‘Online’ Service, conveniently offered to clients that simply do not have the time to visit an accountant or prefer to manage their tax affairs online. As soon as we receive your records, we will notify you by either telephone or email. We will then proceed with preparing your tax return and send you a copy for approval and sign off prior to lodgement with the Tax Office.