tax time
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TAX TIPS or FREQUENTLY ASKED QUESTIONS

1. How much is this service going to cost me?
2. When do I have to lodge my tax return?
3. What do I need for my appointment?
4. What can I claim as deductions?
5. What about family payments and child care costs?
6. I am Senior Australian, what about me?
7. Our Guarantee

1. How much is this service going to cost me?

The fee for tax return preparation depends upon the complexity of income and deductions involved. The fee for most "I" returns is between $110 to $150 where the fee is paid by cash, cheque or credit card at the time of preparation. That fee is tax deductible in the year paid.

Can I have your fee taken from my refund?

We can deduct the Oz Refunds fee from the ATO refund and have the net funds deposited directly into your own bank account.. An additional fee of $33 is charged for this service. Sometimes the ATO will reduce your refund because of unpaid child support, unpaid HECS charges, family payment overpayments and other charges. This can result in extra charges being raised by Oz Refunds. If this is a concern you should let us know at the time of your interview.

What hours are your offices open during the year?

The Oz Refunds offices are open during the peak tax period 5 days each week from 10am to 8pm. On Saturdays by appointment until 5pm. The making of an appointment is recommended to lessen any waiting time. Call us on 1300 136 344 to arrange a convenient time.

top2. When do I have to lodge my tax return?

You should lodge your tax return by 31 October 2006. If you think you might have a tax debt ring Oz Refunds on 1300 136 344 to arrange an appointment as soon as possible.

Do I have to lodge a tax return?

Some individuals do not have to lodge a tax return. Each person's situation will differ due to age, income and expenses. Seek expert advice from the Oz Refunds office on 1300 136 344.

Can you prepare more than 1 year's returns at the same time?

We can prepare and lodge all past year's returns together at the same time. The current year's refunds will be returned in the normal period but there may be slight delays with refunds coming from the ATO for previous year’s returns and possibly not arriving together.

I’m living overseas. What can I do about my tax return?

You’re still obliged to lodge a tax return for the period you worked in Australia or earned income here. Contact Oz Refunds on 1300 136 344 to find out more.

I’m on a working holiday. Do I need to get a Tax File Number?

A Tax File Number (TFN) is required in order to work and be properly recognised for tax purposes in Australia. An Application Form may be picked up from any branch of the ATO or contact the Oz Refunds office on 1300 136 344.

Can I be penalised for lodging my return late?

You may receive a fine or interest penalty charge from the ATO if you lodge your return late. Generally if you are entitled to a refund those penalties are minimal. Oz Refunds has lodgement extension facilities that will minimise such charges. Contact the Oz Refunds office on 1300 136 344 as soon as possible.

How long will my refund take?

Last year the Australian Tax Office (ATO) was able to process almost 90% of returns within 14 working days. Delays may be encountered due to data matching between the ATO and Centrelink. If your refund has been with the ATO for more than 21 days then contact the Oz Refunds office for further assistance.

Top3. What do I need for my appointment?

You should bring with you any PAYG Payment Summaries you have received from employers, dividend statements, bank interest records, income distribution statements, etc. Any receipts, diary records, to substantiate your claims for deductions.

What if I don't have a Payment Summary from a job?

If you are still missing one of your payment summaries then you need to contact that employer as soon as possible to obtain it. If you can't get one from that employer then contact the Tax Office on 13 28 61. Don't forget to include all your payment summaries, even if you've only worked in a job for a couple of weeks.

I received money from the government during the year; do I need to include it in my tax return?

Some government payments and allowances are included as taxable income, others are not. It's important that you declare any taxable payments such as age pensions, Newstart allowance, youth allowance or Austudy in your tax return. A complete list of payments which do not need to be included on your tax return can be determined at your interview.

I received a dividend statement, what do I need to do with this?

You need to include all dividends and any other interest earned on bank accounts as income. If you've already closed any bank accounts, don't forget to include any interest from these accounts in your tax return.

Do I get all my tax back if I only work a few months of the financial year?

No. The tax you are required to pay is calculated on your total income earned during the whole year. Whether all your income is earned in 1 day or 12 months makes no difference.

top4. What can I claim as deductions?

Can I claim any deductions if I have no receipts? Under some circumstances receipts are not required, but in order to maximise your tax deductions, we recommend you keep all your work and business related receipts and have them with you at the time of your return interview.

Can I claim travel for my work?

Home to work and return travel is generally not claimable except in certain circumstances. Travel between jobs on the same day and travel for work (i.e. visiting clients, doing pick-ups or deliveries) would be claimable. If you use public transport then keep all receipts and/or diary records. If you use your own car then you need to keep a record all business mileage travelled. You should also record expenses of the car including petrol, repairs, registration, insurance and interest on a car loan.

How much can I claim on my motor vehicle?

There are different methods for claiming expenses in relation to the business use of your motor vehicle. These can be complex so to maximise your potential claim you should maintain a daily mileage log book for at least three months of the year and a record of any expenses for the full year. Call in to your nearest Oz Refunds office for a brief explanation of how to record and maintain the logbook.

How much can I claim if I buy a computer?

If you purchase a computer for use in your work or business, you can generally claim a percentage of the depreciation based on your work or business use. The depreciation allowed will depend on the expected life of the computer or how long it is expected to be current

Can I claim my work uniform as a tax deduction?

Deductions for uniforms can only be claimed if the work uniform is specific and identifiable to your organisation (such as chef's checked pants) or protects you from injury whilst you are at work. You can't claim the cost of a plain uniform or conventional clothing, such as white shirt and black pants or skirt which is commonly worn by waiters and waitresses, even if your employer tells you to wear them.

What deductions can I claim if I'm studying?

Only study directly related to your current job may be claimed as a self-education expense. For example if you were a waiter and you were studying book-keeping then you wouldn't be able to claim the cost of the course as a work related expense - even if you were looking for work as an accountant.

Can I claim your fee as a deduction?

Our fees are fully tax deductible in the year paid This one time fee gives you:
* Personal attention from specialist consultants.
* Final checking, recording and lodgement of your return.
* All year advice about your return.

top5. What about family payments and child care costs?

How much can I claim for my wife and my children?

The amount you can claim will depend on the income levels of you and your individual family members, the age of your children and any amount already received through Centrelink or Family Assistance Office payments. It is important that you bring all these details with you when you attend an Oz Refunds office to have your return prepared.

We had a baby last year, who should claim the “baby bonus”?

This is only applicable for children born between 1 July 2001 and 30 June 2004. The baby bonus is intended to compensate for the loss of income following the birth and will normally be claimed by the mother. It is not necessarily best for the person with the highest income to claim the baby bonus. If you have an ongoing claim you should have those details available for your interview. If you don't need to lodge a tax return then you can lodge the claim separately

Can I claim the 30% child care tax rebate?

You may be able to claim a rebate of up to $4000 per child per year for your out-of-pocket child care expenses for the period 1 July 2004 to 30 June 2006. Bring your receipts or similar records of your child care costs. If you are not required to lodge a tax return, you may transfer the rebate to your spouse.

top6. I’m a Senior Australian, what about me?

You could claim the Senior Australian tax offset This tax offset means many seniors can reduce the amount of tax and Medicare levy they pay. In some cases people may not have to lodge a tax return.

top7. Our guarantee.

Every aspect of a client's tax return will be held in strict confidence. Every return will be prepared by an Oz Refunds consultant and double checked prior to lodgement. Every legitimate deduction or rebate will be claimed. If we make an error that results in additional tax or penalties imposed by the ATO over and above your correct position we will pay that penalty or interest.

 

 

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