1on1 Tax – Frequently Asked Questions

Taxation can be a difficult concept to understand; let us see if we can help you!

When can I do my tax return?

Our financial year ends on the 30th of June. Taxpayers have from the 1st of July to the 31st of October, to lodge their tax returns for the previous financial year. However, if you use a registered tax agent to complete and lodge your income tax return, you may be eligible to lodge later than the due date.

What do I need to take to my appointment?

  • Your group certificate/payment summary – this is a document given to you by your employer, which outlines your income, tax withheld and allowances.
  • Your tax file number (if no group certificate can be retrieved)
  • Employee Termination Payments (if applicable)
  • Government Pension and Allowance Payment Summary (if applicable)
  • Interest amount that you have earned in your bank accounts
  • Superannuation Income Streams or Annuities and Super Lump Sum Payments (if applicable)
  • Health Fund statement (if applicable)
  • Expense Receipts – when claiming work related expenses and deductions having receipts for your expenses is imperative as this will allow you to appropriately claim the right amount.
  • End of Year Rental Schedule/Summary – this is only for those individuals who have rental properties, and it is extremely important. It is a document given to you by your real estate, which outlines your rental income and expenses for that year.
  • Sole Traders and Partnerships also need to make sure that they have all their invoices and receipts, to ensure that the right figures are reported to the Australian Taxation Office.

What happens if I don't lodge my tax return on time?

Failure to lodge your tax return on time can result in a fine of up to $900 / per outstanding tax return.

What can I claim?

All occupations are unique, and therefore what you can claim will depend on your specific occupation.
You can claim any work related expenses that you were required to purchase using your own money; receipts for these expenses are important to ensure you can claim the maximum amounts.

Follow the link below to see what you might be able to claim:

Have a question? Get in touch today!

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