Blog
Registered Tax Agent Brisbane
Insights, Updates, and Tips to Help You Stay Ahead.
Small Business Tax Incentives
Australia offers several tax incentives to support small businesses. These incentives are designed to reduce the financial burden on small businesses, encourage investment, and foster innovation. Here’s a look at some of the key small business tax incentives available...
Novated Leases
A novated lease is a popular vehicle financing option in Australia, involving an agreement between an employee, their employer, and a finance company. In this arrangement, the employer makes the lease payments on behalf of the employee, with the payments being...
Cryptocurrency and Tax in Australia: Key Points You Should Know
In Australia, cryptocurrency and crypto assets such as Bitcoin, Ethereum, and non-fungible tokens (NFTs) are treated as property for tax purposes. This means they are subject to Capital Gains Tax (CGT) when sold or exchanged, and the tax treatment depends on how they...
ATO Tax Audits: Triggers and How to Prepare For Them
An ATO tax audit can be unnerving however, understanding what triggers an audit and understanding how to respond can help simplify the process. Whether you're an individual or a business, knowing what to expect can reduce stress and ensure compliance. What is a Tax...
Common Tax Return Mistakes in Australia and How to Avoid Them
Filing a tax return in Australia may seem straightforward, but many taxpayers make mistakes that can lead to delays, penalties, or missed refunds. To help you avoid this fate here are some common tax return mistakes to watch out for—and how to prevent them. 1. Failing...
FAQs
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What documents do I need to bring for my tax appointment?
You should bring the following:
- Tax File Number
- PAYG summaries
- Any income statements
- Receipts for deductions,
- Details of any investments,
- Your previous year’s tax return (if you are a new client)
- Documentation for any rental properties or other income sources.
Do I need to file a tax return?
You are required to lodge a tax return in the following situations:
- If you earn above the tax-free threshold (currently $18,200 for an Australian Resident Adult), you typically need to file a tax return.
- Had $1 or more of foreign income
- Part-Year Residents: If you were an Australian resident for part of the year and had income during that time.
- Self-Employment: If you earn any income from self-employment or a business, regardless of the amount.
- Capital Gains: If you’ve sold assets and made a capital gain, you need to report it.
- Pay or receive child support.
- Are leaving Australia
- Have a study or training support loan.
There are other situations which may mandate a tax return. Contact us if you are unsure.
Do I need to file a tax return?
You are required to lodge a tax return in the following situations:
- If you earn above the tax-free threshold (currently $18,200 for an Australian Resident Adult), you typically need to file a tax return.
- Had $1 or more of foreign income
- Part-Year Residents: If you were an Australian resident for part of the year and had income during that time.
- Self-Employment: If you earn any income from self-employment or a business, regardless of the amount.
- Capital Gains: If you’ve sold assets and made a capital gain, you need to report it.
- pay or receive child support.
- are leaving Australia
- have a study or training support loan.
There are other situations which may mandate a tax return. Contact us if you are unsure.
What deductions and offsets can I claim?
Common deductions include work-related expenses, self-education costs, and charitable donations.
Examples of offset could include Zone Rebates, Senior and Pensioner Offset and Low Income Tax Offset. We can help identify which apply to you.
What’s the difference between a deduction and an offset?
A deduction reduces your taxable income, while an offset directly reduces the tax you owe. Offsets can significantly impact your final tax bill.
What if I can’t pay my tax bill in full?
How long does it take to process my tax return?
Generally, the ATO processes electronic tax returns within 2 weeks, while paper returns can take longer.
What happens if I get audited?
If you receive an audit notice from the ATO, stay calm. We can assist you in gathering the necessary documentation and representing you throughout the audit process to ensure your rights are protected.
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Can I amend my tax return if I made a mistake?
Yes, you can amend your tax return using the ATO’s online services or by submitting a paper form. However, there are time periods for lodging amendments so it is important to do this promptly to correct any errors and avoid potential penalties. Amendment can still be lodged outside of the timeframes set by the ATO. Contact us to discuss.
How can I prepare for next year’s taxes?
Keep organised records throughout the year, including income, expenses, and any significant financial changes. We recommend scheduling a tax planning session to discuss strategies for the upcoming tax year.
How long do appointments take?
Generally standard appointments run for 30 mins, however longer appointment times can be scheduled for complex matters or mulitple year returns.
Do you do appointments outside standard business hours?
Yes we do. We can schedule appointments for after business hours and on weekends. There is a small surcharge for this service.
How can I pay?
Do you do Date of Death and After Death Tax Returns?
Yes absolutely. This is a specialty of Sixth Sense Tax. We have years of experience in dealing with varying degrees of complexity in Deceased Estates. Let us take on the burden of tax obligations while you grieve.
What qualifications do you have?
As the owner of Sixth Sense Tax, Candice is registered with Tax Practicitioners Board (Registration Number 26163817) and is a current member of the Tax Institute and Institute of Public Accountants.
Contact Us
0427 945 441
Springwood, QLD
Please call to make an appointment that suits your schedule.
Out of hours appointments available.