If your income was less than tax free threshold and there was no tax withheld and you were not carrying on a business, it is unlikely you will need to lodge a full tax return.

However you will need to submit what's called a non-lodgement advice or "Return Not Required" to the ATO which you can do through us or by directly contacting ATO or through mygov account.

Yes - we can lodge multiple years of taxes at the same time.  Once all your tax returns are up-to-date, we can also help you to liase with ATO with regards to any debts , negotiations or penalty or remission of penalties or interest applied should there be reasonable reasons for delay of lodgements.

Whilst we prefer to do our meetings face-to-face, often times circumstances conspire against us, and you are not able to be around for this.

In these situations, we can conduct the meeting over the phone, zoom/facetime/skype/teams, or your return can be processed on email.

If you plan on lodging your own tax return you will need to lodge you tax return on or before October 31^st.

However, if you are registered with Twenty Acres Accounting you will receive an extension to May 15^th the following year (provided all your prior years are up to date with the tax office).

That said, it is generally better to get your tax return in as early as it can be done if you think you're getting a refund.  If you think you might be having to owe tax, you are always better off lodging it as late as possible.

On that note, it is far preferable to prepare the return early so you know how much you're up for, but still lodge as late as possible.  that way, you have time to arrange your finances to pay for it.

Or you just keep the money in your account longer earning interest for you not the ATO.

You certainly can! The fee is deducted from your ATO refund once it comes through and before it hits your bank account . Naturally, there is a small administration charge us to process this.

However, this feature is only available to existing (prior) clients of Twenty Acres Accounting.

Also - and unfortunately - if you have any ATO debts or unpaid child support and other overpaid DOCS charges, or unpaid HECS charges in these circumstances we can’t offer to deduct our fee from your refund.

We find most of our Clients receive their tax refund within 14 days of lodging. Rest assured when you lodge with Twenty Acres Accounting we will keep you updated throughout the entire process which means you will receive email confirmations once the ATO have started transferring your tax refund.

Please note the ATO do however reserve the right to take 30 days to check your tax return. If your tax return is taking longer to process Twenty Acres Accounting will continue to monitor your account daily and will email you when the ATO provide further updates.

As a rule of thumb, you can only claim expenses that directly relate to your job role. When Twenty Acres Accounting prepare your tax return we will go through absolutely everything (and then some) to ensure you are not paying one cent of unnecessary tax.

If you are having trouble collating your paperwork when you book your tax appointment ask one of our friendly staff to send through our tax preparation checklist.

The maximum super contribution for 2024 is $27,500.00.

However, you may be eligible to contribute more if you haven't used your maximum in prior years.

Just ask us for more information when you have your appointment.

When your business and investment income reach a certain amount, you'll pay your income tax in instalments. These payments are usually quarterly. PAYG instalments help you to avoid a large tax bill after you lodge your income tax return.

Be aware that one-off situations can trigger PAYGI (such as capital gains from selling a rental property); its important to be in front of these so that you're not paying tax unnecessarily.

You don’t pay extra tax if you have more than one job. You pay the same amount of tax regardless of whether you earn your income from one job or many jobs. When you do your tax return, all your income is added together and the tax is calculated based on your combined income.

It's important to remember to NOT claim the tax free threshold with the second job (by ticking NO to this question).  If you do claim it, there won't be enough tax taken out across your employment.

This means you'll be up for paying tax at the end of the year, not getting a refund.

You can claim deductions for some expenses that you incur to earn your income. The three golden rules for claiming work-related expenses as a deduction are:

1. you spent the money yourself (you weren’t reimbursed)
2. the expense must directly relate to earning your income
3. you must have records to prove it (usually a receipt).

There is a fourth rule that the ATO likes to keep to themselves and not promote, and that is:

• the expense must (in most cases) be either sanctioned, approved and/or required by your employer to be incurred by you.

We've seen many people get blind-sided by this one, and in most cases, you won't even know about it, because the ATO have gone straight to your employer and asked them directly.

Having been involved in many business ventures in the past, we can guide you through making the important decisions whilst starting up a business.

For instance, the type of structure that suits your needs and your goals - both family and financially, required registrations and lodgement obligations.

Once you have decided on your path, we also assist you to set up business, apply for ABN , TFN and any other registrations required by the law.

As we specialize in structure setups, we can deliver a new company usually within 1 business day (if this turns out to be the most appropriate vehicle to use).

However, you should know that there are other components to a fully functioning company, and often these take time.

For instance -

• Director ID (required before you can start a company)
• Tax file number often takes up to 14 days to receive
• Bank account - anywhere between 1 day and 3 months, depending on complexity, availability of information, and (most importantly), the bank itself.