Frequently Asked Questions

Most people will need to lodge a tax return each year. If you’ve had income tax taken from your wage or salary during the financial year, you’ll need to lodge an income tax return. There are claims to be made which are based on your occupation, age and any available concessions. Have a chat with us, and we’ll see how we can claim back some of your hard-earned cash

Your income tax return should be lodged by 31 October each financial year. Fines or penalty charges may apply if you are late. A benefit of being a KSH Tax client means that we may be able to help you minimize charges with our lodgment extension.

Taxes are calculated based on the whole financial year. If you earnt less than the tax-free threshold (currently at $18,200) you may get your tax back, depending on your circumstances. You will still need to lodge a tax return because you may be entitled to other government. concessions you might not otherwise receive.

Our mission is to simplify your financial journey so you can focus on what matters most—growing your business. We are dedicated to providing personalized, forward-thinking financial services that empower small and medium enterprises to thrive. Every return is prepared by our highly-trained specialist consultants and double-checked prior to lodgment. Every legitimate deduction or rebate will be claimed; we will leave no stone unturned. As a KSH Tax client, you’ll be able to seek tax advice throughout the year. We guarantee every aspect of your finances will be held in strict confidence.

We are full-service accountancy firm that is client oriented. Our price structure is based on how complex the tax return is. Our offices can provide a free, obligation-free quote upon request. For online assisted tax return preparation, we will contact you with a quote by email, phone, or fax after you fill out the online form. Our fees are fully tax deductible in the year paid.

Once you’ve lodged your tax return, we’ll let you know if you’re entitled to a refund or if you have a tax debt to pay. Most refunds will be issued within 12 business days if you lodged online, or up to 50 business days if you lodged a paper return. If you provided us with valid Australian bank account details in your return, your refund will be paid directly to your account. If you haven’t received your refund after more than 21 days, get in touch with your KSH Tax consultant and we’ll chase it up for you.

Your KSH Tax consultant can help you prepare and lodge all past year’s tax returns in one appointment. While you will receive your tax refund for the current year within the normal period, you might have to wait a little longer to receive refunds for previous years.

Starting a business involves a number of tax obligations and registrations. KSH Tax can help you sort out your Tax File Number (TFN), Australian Business Number (ABN) and Australian Company Number (ACN) and register your business name. They’ll also help register your company for the GST, PAYGW, PAYGI and FBT to new a few.

Some government payments and allowances are included as taxable income while others are not. To be sure you’re not leaving anything out, simply bring it all to KSH Tax when you are getting your tax return processed and we will figure out what does and doesn’t need to be included. Please note that any taxable payments such as age pensions, Newstart allowance, youth allowance or Austudy will need to be included in your tax return.

If you already have a working visa, you will also need to obtain a Tax File Number (TFN) to be properly recognized for tax purposes in Australia. A KSH Tax Accountant can help you every step of the way if you’re unsure.

KSH Tax has overseas client tax experts that can handle your tax return, or any tax issues you may have while overseas. We can also help if you have income or assets in countries that have Double-Tax arrangements with Australia.

Understanding when you need a receipt to claim a tax deduction is important to ensure you don’t pay more tax than necessary. There are deductions that you must have written evidence to claim a tax deduction based on expenses incurred. For example, if your total claim for work-related expenses is $300 or more, you must have written evidence to prove your claims. But, if you don’t have receipts, all is not lost!

As long as you have documentation that includes: the name of the supplier, amount of the expense, what the goods or services are, date the expense was incurred, the following documents are also acceptable as written evidence:

• Bank statements
• Credit card statements
• BPAY reference numbers
• Email receipts
• PAYG payment summary
• Paper or electronic copies of original documents

If you’ve lost your payment summary you can get the information you need by:

• requesting a copy from your employer or payer
• requesting a letter from your employer or payer stating details of your income and the amount of tax withheld

• reviewing your payslips, time-sheets and bank statements.

All employers are now obligated to report your PAYG and super payments straight to the ATO. Your KSH Tax Accountant can access tax and super paid when you give them your Tax File Number (TFN).

There are various rules that apply when claiming tax deductions on travel for work, such as vehicle costs, parking, road tolls, accommodation and meals. You’ll need to make sure you’ve kept your receipts and in some circumstances a travel diary will be required. If you claim tax deductions for vehicles, your claims must be accompanied by a log book for each car. Your KSH Tax Accountant will work out the best method to use to maximize your tax deductions.

To claim tax deductions for your vehicle, you’ll need to keep your receipts and a log book for each vehicle. Your KSH Tax Accountant will then work out the best method to use to claim maximum deductions. They’ll also help you claim any upfront costs that you might be eligible for, and work out the best method for depreciating your vehicle.

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 income already received through Centrelink payments. So, bring all these details with you when you come to lodge your tax return.

If you buy a computer that will be used for both work and for personal use, you will need to apportion the amount you claim. For example, if you use your computer for work use half the time, you can deduct a 50% portion of depreciation cost. You’ll also need to take into consideration the expected life of the computer

The ATO has individual tax rates for Australian residents. There are different tax rates, depending on how much you earned during the year. You might also be applicable for a Medicare surcharge. There are different tax rates for Australian residents, foreign residents, children under the age of 18 and working holiday makers.

Organizations entitled to receive tax deductible gifts are called ‘deductible gift recipients’ (DGRs). You can only claim a tax deduction for gifts or donations to organizations that have a DGR status. Tax deductions of $2 or more can be claimed, however there are rules governing approval of claim regarding certain type of gifts

A MyGov account will enable you to download your income statement, which you will need to provide to your tax agent for your return. You will also be able to see your PAYG and superannuation payments as they are paid into your accounts from your employer.

You can boost your super by adding your own contributions to your super fund. Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your take-home pay). Personal contributions are non-concessional (after-tax) contributions and will count towards your non-concessional contributions cap unless you have claimed a tax deduction for them.