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Tax Returns

ASAP Accounting & Taxation have been looking after taxpayers for over 20 years.

ASAP Accounting & Taxation have been looking after taxpayers for over 20 years.

We know that completing your tax return and getting your tax refund can be a stressful and time consuming process. We're here to take as much of the burden away as possible.

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Josie Taylor

Practice Principal, Josie Taylor is CPA qualified and has a Bachelor Degree in Accounting. She is also a Registered Tax Agent and has been in the taxation industry since 1997.

Amanda Foster

Amanda Foster holds a Diploma in Finance and Mortgage Broking Management. With extensive experience in the finance industry, Amanda has been dedicated to helping clients navigate their mortgage and finance needs. She is also a Registered Tax Agent and has been in the industry since 2009. She stays current with industry standards and practices through continuous professional development.
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Why Use a Tax Agent vs the Free ATO Service

Tax time presents us with a dilemma – hire an expert to take care of our return or use the ATO’s free service. The new myTAX platform that the ATO has launched is undeniably an easy option to process a DIY tax return, but how effective is it?

One in three Australians took the non-tax agent supported DIY route last year. However, by taking the free option were they better off? Did they actually cheat themselves out of a bigger return? Did they make a mistake which they could not fix? Are they still trying to sort out issues with the ATO?

Just because a return was processed by the ATO it does not mean it has been given the all clear. The ATO operate on a self-assessment basis so they will process the return, but if over the following months information in your return flags an issue, be prepared to receive a ‘please explain’ along with a possible amended assessment and penalties. While the ATO’s service may be free, the cost of mistakes can be costly.

Tax law is complex and it changes on a yearly basis; word-of-mouth and a bit of Internet research simply won’t allow you to understand all the intricacies that will maximise your return. That’s why you need to consider turning to a tax agent.

Why Should I Engage the Services of a Tax Agent?

There are a number of benefits associated with using a qualified tax agent to conduct your tax return, just some of these include:

Pays for Itself

Using a tax agent does not have to be expensive; and the fees are tax deductible.

The cost benefit of hiring a tax agent works in three ways:

  • Firstly, the service helps you receive your full refund entitlement.
  • Secondly, it helps free up your valuable time.
  • Thirdly, you can claim the cost of using a tax agent on your return.

So, if you’ve avoided hiring a tax agent because it’s too expensive, it’s time to think again.

Knowledge and Experience

It is important to have comfort and peace of mind when you do your tax return or have other dealings with the ATO. Using the service of a tax agent provides this comfort. Tax law is difficult. Tax agents spend enormous amounts of time learning and staying abreast of the tax legislation and any changes, including Government changes announced in the recent May budget.

You may think you have enough of an understanding to take care of things yourself, but we can almost guarantee that you’ll miss some details that will either slow down your return or decrease the amount of money you receive.

Avoid Trouble

Getting a fat tax return is fantastic. What’s even better is knowing that your taxation activities are compliant and legal. You don’t want to end up in trouble with the ATO. Trying to find loopholes and avoid paying tax is a sure-fire way to get yourself and your finances in trouble. Engaging a tax agent will help ensure you receive you full refund entitlement while staying within the legal boundaries.

Time Saver and Convenience

The ability to process tax returns online have opened the door for individuals to engage the services of a tax agent without leaving the comfort of their home. A DIY-taxer with a rental property, not using the tax agent supported service, may spend over 50 hours doing their tax. Everyone’s time is precious and we can all find better things to do with our time than spend hours combing through a tax return when a supported service is only a click away.

Also DIY-taxers are also notoriously mistake prone. Tiny mistakes can cost you a lot of time, delay the entire tax process and result in drawn out dealings with the ATO.

Organise

A tax agent can provide you with advice and tips on what you need to retain for your tax and the best ways of maintaining your records. This will save you and your tax agent time and streamline your entire return process. No more hunting around for those receipts in your glove box.

Long-term Benefits

A solid relationship with a tax agent is a great thing to have on your side. When it comes to selling your house, buying a rental property, starting a business or dealing with a will a tax agent with a solid understanding of your affairs will be able to provide you with advice and support.

Tax agents are also good allies to have on hand when the auditor comes knocking. Trust us, you don’t want to be alone when they come knocking.

Don’t Stress About Deadlines

If you have a tax agent, the October 31st submission deadline doesn’t apply to you. Clients of tax agents are eligible to receive an extension with regards the due date for lodging their tax return. You no longer have to fear the end of October.

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Tax Refund Process

ASAP Accounting & Taxation have been looking after taxpayers for over 20 years. We know that completing your tax return and getting your tax refund can be a stressful and time consuming process. We're here to take as much of the burden away as possible.

We can guide you through the experience step by step to make sure you get the maximum tax refund possible.

Typically, our clients progress through the following steps:

01

Call our office and make an appointment

Call (02) 4578 6088 or call into 30 Paget Street, Richmond NSW 2753.

Get Directions

02

Meet with a Tax Consultant to calculate your income, tax deductions and rebates
Use our checklist to determine which documents to bring to your 30 minute appointment
Income Tax Return Checklist

03

Tax Return completed and lodged with the ATO
Your tax return is double checked by a Registered Tax Agent for tax law compliance and 100% accuracy and then submitted to the ATO.

04

Payment options discussed
Once you're happy, you can pay for your tax preparation straight away or, choose to have the fee deducted from your tax refund and the remainder deposited directly into your bank account. Remember that our competitive fee is fully tax deductible.

05

ATO sends you a Notice of Assessment and pays your tax refund

Typically within 10 to 14 days if there are no issues identified with the return, depending on ATO processing times. You will receive your refund via direct deposit

At every stage of the process, you'll have access to Josie or Amanda at the office or via phone and email to answer questions and keep you updated on your tax return's status.

Resident Tax Rates 2024-2025

Australian resident tax rates for 2024-2025

Taxable IncomeTax on this income
0 – $18,200

Nil

$18,201 – $45,000

16c for each $1 over $18,200

$45,001 – $135,000
$4,288 plus 30c for each $1 over $45,000
$135,001 – $190,000

$31,288 plus 37c for each $1 over $135,000

$190,001 and over
$51,638 plus 45c for each $1 over $190,000

The above rates do not include the Medicare levy of 2%.

HECS/HELP Thresholds 2023-2024

2023-2024 repayment income thresholds and rates

Repayment income (RI)Repayment Rate
Below $51,550

Nil

$51,550 - $59,518

1.0%

$59,519 - $63,089

2.0%

$63,090 - $66,875

2.5%

$66,876 - $70,888

3.0%

$70,889 - $75,140

3.5%

$75,141 - $79,649

4.0%

$79,650 - $84,429

4.5%

$84,430 - $89,494

5.0%

$89,495 - $94,865

5.5%

$94,866 - $100,557

6.0%

$100,558 - $106,590

6.5%

$106,591 - $112,985

7.0%

$112,986 - $119,764

7.5%

$119,765 - $126,950

8.0%

$126,951 - $134,568

8.5%

$134,569 - $142,642

9.0%

$142,643 - $151,200

9.5%

$151,201 and above

10%
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Late or Prior Year Tax Returns - Multiple Tax Returns

How do I lodge a late tax return?

It's not too late! Most people generally need to lodge an income tax return every year. However, some may have been too busy, or found that it was just too complicated to lodge their tax return.

If you have not lodged a tax return for a few years or you have a tax return outstanding or overdue, no matter the reason, getting up to date now will give you peace of mind.

ASAP Accounting & Taxation can help you with your outstanding tax returns.
Just call us on (02) 4578 6088

Are there penalties for late or prior year tax returns?

The Australian Taxation Office (ATO) may apply a "failure to lodge on time penalty". The penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the document is overdue, up to a maximum of five penalty units. Size tests also apply, so that the penalty for larger entities is multiplied by either two or five.

The ATO is more likely to apply a penalty if:

  • you have more than one tax return outstanding
  • you have a poor lodgement history,
  • or you have not complied with a request to lodge your tax return.

Penalty units | Australian Taxation Office (ato.gov.au)

Can I still submit a late tax return if I don't have all my documents and receipts?

The ATO collects information about your income from banks, employers, government agencies and other parties. This information is matched to your Tax File Number. ASAP Accounting & Taxation can help you with the ATO by checking your lodgement status and ascertaining which years are outstanding and access detail that have been reported to the ATO.

At ASAP Accounting & Taxation, we'll work with you to ascertain what deductions may be relevant and assist you to work out how to locate this information. The more receipts, statements and information you can find the easier it will be, but don't stress about it, there are some deductions you can claim without receipts.

How else can ASAP Accounting & Taxation assist me?

Completing your outstanding tax returns may also result in matching past entitlements for benefits, such as superannuation co-contribution, family payment, baby bonus or education tax refund. If for some of the outstanding years, you were not required to lodge a tax return, ASAP Accounting & Taxation can submit a non-lodgement advice and make sure you're up-to-date.

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Tax Return Amendments

Forget to include something in your tax return?

Did you forget to include something in your tax return, or did you not get the refund you were expecting? Don't worry. You typically have two years from the date of assessment to lodge an amendment. 

Whether or not we prepared your tax return, we can assist you with an amendment. Call (02) 4578 6088 today

Why is it important that I advise the ATO?

There are many reasons why you may need to fix a mistake in an income tax return you have already lodged. This is called lodging an amendment. The ATO know there will be times you will need to make a change because your circumstances have changed, and some people who did not reveal all their income or incorrectly claimed deductions will want to get their tax affairs in order. Telling the tax office allows you to bring your tax affairs into order and making a voluntary disclosure will limit any penalties that they may apply. The important thing is that as soon as you realise the information you have reported to them, is no longer accurate, you act to correct it.

What do I do if I made a mistake?

The Australian Taxation Office recognises that there are times when you make mistakes. It's easy to make a simple mistake in your tax return.

There are a number of common mistakes people make when filling out an income tax return, such as forgetting to include:

  • income such as interest from a bank account, or income from a previous job
  • tax offsets such as medical expenses
  • deductions such as motor vehicle, or rental property expenses
  • income from sources such as trusts, investments, and capital gains
  • additional information relating to the Medicare levy or Medicare levy surcharge

Call ASAP Accounting and Taxation for assistance today on (02) 4578 6088

What do I do if I disagree with a tax assessment?

There may also be times when you disagree with a tax assessment, a penalty, an interest charge on an unpaid debt or some other decision the tax office have made about your tax affairs, including a private ruling.

ASAP Accounting can offer assistance in all tax related matters.
Call us on (02) 4578 6088