FAQ

Qualified and experienced accounts do help with tax returns. A good accountant should raise questions while preparing your tax return, and they should identify any potential deductions. For instance, if you have a rental property with no depreciation claim, a good accountant will raise the necessary questions to determine whether a depreciation report is worthwhile and assist you in organising a report to maximise your tax refund.

It all depends on the practice of each firm. Some firms are charged based on the time spent on the work, while others can provide you with a fee estimate. At IJ & EA Accounting, we will initially understand your circumstances and the complexity of the work. After that, we will provide a fee estimate and obtain your approval before starting the work. It helps you to have peace of mind about the fees.

You can lodge the tax returns if you know what you are doing. For individual taxpayers, it should be easy enough; however, if you need more clarification and make mistakes and later get help from an accountant to fix the errors. It costs you more than engaging a professional to do the work initially.

It is more complicated for business tax returns (e.g. company or trust). Unless you have done that education, it is better to get professionals to do the returns as it’s very easy to make errors, and you need to complete paper forms.

It depends; if you have incurred expenditures relating to your work, it is better to get a professional to do your return so they can review your documents and ensure those receipts can be claimed as deductions. A good accountant will also tell you any potential deductions.

It’s not only based on the amount earned. You need to review your circumstance and source of income (e.g. sole trading ABN). There is a decision tool on the ATO’s website, and you can go through it, and it will tell you the answer. It is also recommended to save a copy of the result for your records.

The ATO has clear “anti-avoidance rules” and unwinds any tax avoidance. A good accountant should teach and guide you correctly, so you are paying your fair share of tax and not over-paying. The ATO generally allows deductions directly related to your assessable income. You should seek professional advice to help identify any potential deductions.

It would be best if you kept all receipts or invoices relating to your income. It is also an excellent idea to prepare a summary spreadsheet and refer back to the receipts. Bare in mind that good record keeping can help to streamline your tax return, and it will also reduce the accounting fees you pay.

It is worth getting a professional to do your tax returns. Sometimes you will find that the potential deductions the accountant identified and the eventual tax refund you received is more than the fee you paid to your accountant. Also, the accounting fee is generally 100% tax deductible.

Yes, a qualified accountant with an appropriate licence can do your tax. However, you need to confirm the engagement before they can do it for you.

Generally, it takes one to two weeks; some may take longer. Therefore, it is better to respond promptly to the accountant’s queries so they can complete your tax returns early.

A good quality assurance accounting firm should have copies of your returns on file.

A good quality assurance accounting firm should have copies of your returns on file.

Yes, we provide tax services for UBER income earners.

Suppose you had no income and checked to ensure no tax return lodgement was required. It is better to lodge a return not necessary form with the ATO. This will help if you are also receiving any government support payments.

Yes, IJ & EA Accounting is proud to provide quality client services.

Yes, we do provide tax return services for international students.

Yes, we provide tax services for ABN holders

A good tax agent should take time to understand your circumstances, raise any questions when reviewing your documents, and identify any potential deductions related to your earning activities.

The best way to do bookkeeping without relying on paper documents is to utilise digital bookkeeping methods. By transitioning to digital platforms and accounting software, you can efficiently record, store, and manage financial data, ensuring easy access and reduced risk of document loss. This approach not only enhances accuracy and organization but also enables seamless collaboration with your team and financial professionals.

Outsourcing your bookkeeping can be a great option if you want to enjoy and relax after work. By entrusting your financial tasks to experienced professionals, you can free up valuable time and mental energy that would otherwise be spent on complex bookkeeping processes. This allows you to focus on rejuvenating activities, personal pursuits, and spending quality time with loved ones, creating a healthier work-life balance.

To avoid a big lump sum amount payable at once for your taxes, you can follow tax management strategies. Consider setting aside a portion of your income regularly for tax payments, explore quarterly estimated tax payments, and work closely with a tax professional to forecast your tax liability accurately. These proactive approaches can help you distribute your tax obligations throughout the year, minimising the financial burden of a large single payment.

Single Touch Payroll (STP) is an Australian government initiative that requires employers to report payroll information, including wages, taxes, and superannuation, to the Australian Taxation Office (ATO) directly from their payroll software each time they pay their employees. While STP primarily targets businesses, medical professionals who employ staff in Australia would likely need to comply with this requirement if they have employees. However, it's recommended to consult with the ATO or a tax professional for the most up-to-date information and guidance regarding STP compliance for medical professionals.

SuperStream applies to all employers in Australia, regardless of their industry or profession, including medical professionals. If you are a medical professional operating your own business and have employees, you are required to comply with SuperStream rules when making superannuation contributions for your employees. This involves sending contributions and associated data electronically in a standardised format to ensure efficient and accurate processing of super payments, contributing to a more streamlined and transparent superannuation system.

In the context of Australian taxation, Personal Services Income (PSI) refers to income generated by an individual's personal efforts or skills. For medical professionals in Australia, PSI may include income earned by providing medical services, such as consultations, surgeries, or other medical treatments, where the income is mainly a result of their personal expertise and skills. It's important for medical professionals to understand PSI rules, as they impact the way income is reported, deductions are claimed, and potential limitations on certain tax benefits associated with PSI are applied. Consulting with a tax advisor is advisable to ensure compliance with PSI regulations and to optimize tax planning strategies.

As a medical professional considering buying a car, the decision to do so under a business structure depends on various factors. These include the extent to which you use the car for business purposes, potential tax benefits, and your overall financial situation. If the car will be used primarily for business activities, purchasing it under a business entity might offer tax deductions and potential benefits; however, consulting with a tax advisor is recommended to evaluate the specific advantages and implications based on your unique circumstances.

Setting up a family trust for asset protection and potential tax benefits can be a complex decision that depends on your specific circumstances as a medical professional. While family trusts can offer asset protection by separating your personal assets from your business activities, and potentially provide tax advantages through income distribution, it's crucial to thoroughly assess your personal circumstance. Consulting with professionals with knowledge of medical professionals' unique needs can help you make an informed choice aligned with your long-term financial goals.