“5 Proven Steps to Maximize Your Australian Tax Refund”
Navigating the maze of tax returns in Australia can feel daunting, especially when you’re aiming to maximize your refund. But what if I told you
March 13, 2024
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Frequently Asked Questions
We believe these FAQs give you a clear and thorough understanding of Golden Accountants and our tax agent services.
If you have questions that were not seen, do not hesitate to contact one of our agents, who would speedily attend to your needs in real-time. With that said, let’s proceed with the questions;
We apply XERO, which is cloud-based accounting software. It maintains bookkeeping and accounting of companies and trusts. This helps us to prepare and finalize the financial accounts like balance sheets, profit and loss, and many more.
Yes, we can. We majorly deal in business growth, and all other financial basics and procedures come after this. GOLDEN ACCOUNTANTS is keen on making that small business grow. We are known to help form new companies and family/discretionary trusts in Australia.
We offer;
- We help your business grow by giving you top-notch advice.
- The best service in the country. And there are no appointments of any kind.
- We make sure we support our clients every step of the way.
- We are online 24/7, ready to receive your queries or issues if any. **
- We give amazing offers and discounts when working with us.
- We have a fantastic tax website with live help and new pop-in features, all based on customer suggestions. This is to say; we make sure we improve every day.
- There are more precise refund estimates when working with us. All you need to do is enter your details and follow the necessary protocols for easy execution.
- You are guaranteed. If you wish the peace of mind when dealing with your taxes, GOLDEN ACCOUNTANTS got you covered.
- We make provisions for a refund. A qualified GOLDEN ACCOUNTANT examines all returns for extra deductions when necessary. And this can increase your tax refund before it is submitted to the ATO.
It is advisable to do that now. Yes, you can begin your 2022 tax return anytime on GOLDEN ACCOUNTANTS.
Now, why is this necessary? You might want to ask. Your 2022 tax return is for all your income earned between July 1st, 2021, and June 30th 2022. Do not worry if you are still waiting on documents like the private health and income statement. All you need to do this at this time is connect with us via any of our channels and let us speedily begin the process for you.
Well, your tax refund would only take an average of seven to fourteen days from the lodgment till it is right in your bank account. And believe us, it is pretty fast.
If it is impossible to wait that long on your side, there is no need to worry; there are better ways to get quick cash. But it would help if you were very careful of any agent who might promise an instant refund. This is because all of these promotions tend to have hidden fees at the side, in addition to interest charges and monetary shocks, which might cost you a lot. We try as much as possible to avoid such deceits regarding GOLDEN ACCOUNTANTS.
In essence, if you need your tax refund now, we strongly suggest you should read our guidelines.
Here is the thing, your HELP debt repayment is not visible till you deposit or lodge your end-of-year income tax return. This is because it is measured from your annual taxable income.
You are liable for a HELP debt repayment if your adjusted taxable income far exceeds the minimum repayment threshold. And your tax refund estimate will only account for your HELP debt if you added your HELP details perfectly.
If you have made payments or salary deductions throughout the year, the ATO will view this as some down payment on your taxes. Later, they will compare those payments with your tax return and decide whether you need to get a refund or pay more.
You must lodge your ATO tax return with GOLDEN ACCOUNTANTS by October 31st.
In alternative terms, if peradventure, you have employed GOLDEN ACCOUNTANTS as your tax agent in any way. Then the GOLDEN ACCOUNTANTS agents can ask for an ATO deadline extension for you when necessary.
No, it isn’t. You don’t have to send a hard copy to GOLDEN ACCOUNTANTS or the Australian Taxation Office. There is no need whatsoever for you to send a copy to either of the institutions as stated above. As your tax agent, we would be the one to send the return to ATO.
Well, after you type in your basic details. You will need to go ahead and register your TFN and income details. Check the top of the tax return screen for an up-to-date refund estimate.
And each time you type in a new amount anywhere in the tax return, for instance, a new deduction or some extra income received, the tax calculator will automatically get updated to take your latest change into account.
Yes, and according to federal tax law, you must keep records for five years from October 31st, or if peradventure you lodged late, five years from the date you made the lodge if you are still in dispute with ATO at the end of this period. Then it is necessary you keep the records till all conflicts are resolved.
Nonetheless, if you keep your tax records with us, either by using the attached buttons or by giving us an image, you do not need to worry about maintaining copies or records of your tax. We assure you that we will safely keep it for you or as long as ATO needs it.
In addition, it is not a must to print or store your documents on the website or keep them with us. But if you wish to do that, you are free, and we assure you that you can easily access them in the future if you so desire.
Yes, it is way too easy to lodge your first tax return with us. Please do not hesitate to ask us any questions when necessary through our communication channels.
We also encourage our clients to ask as many questions as possible so they can understand how the Australian tax system works and how we can help them achieve their goals.
For many of our clients, it takes less than minutes. And if you have any questions, you get live help from any of our accounting agents on video calls, chats, or phone calls—you don’t need to book in any way.
When you add your basic Information, our qualified accounting agents will review your return and suggest extra deductions and offsets that might be available to you when applicable.
The ATO processes all returns typically within 10-14 days of lodgment. And please do remember by lodgment, we are referring to the part where GOLDEN ACCOUNTANTS sends your return to ATO, not the other way around.
And you can prevent all types of delays by quickly responding to emails and messages from GOLDEN ACCOUNTANTS. This is done because sometimes our accounting agents may need to clarify some details, which helps your tax refund.
Yes, we are IPA certified. And our qualified accountants are always keen on checking your tax return before it is ever lodged with ATO. If any information is further needed, we tend to contact you through email or phone before lodgment.
And please remember that any required information would need to be written. You must often check your email during the tax return process for any communication that would need to be passed across on our side.
We also apply XERO, cloud-based accounting software, to maintain all forms of bookkeeping or accounting.
We are registered with the Tax Practitioners Board, the institute of public accountants, ASIC [Australian Securities and Investments Commission] and XERO, accounting software that executes tasks efficiently. So, be rest assured that by working with us, you are going to have much value for your money.
It isn’t necessary, and this is because, as your tax agent, we tend to access and examine your ATO file on your behalf and get a copy of your income statement, in addition to other important Information which suits the process.
The point is, if GOLDEN ACCOUNTANTS is your tax agent plug, then there is no need to go to the public head offices for anything tax related because we’ve got you covered. It is our job to look after all your tax affairs so that you can ask us anytime you need something done, and we would be most glad to assist.
When completing your tax return, you can as well digitally sign your return at the significant step in the online tax return. This means there is no need to sign a piece of paper or send a hard copy of your return to GOLDEN ACCOUNTANTS.
To complete your tax return, you will need the following;
- A tax file number.
- You will need group certificates for all jobs.
- You will need Interest Statements.
- You will need Information about any dividends.
- Details of any other income.
- Details of deductions include charitable donations or work-related expenses.
- Summary from any private health policy/policies.
- Some information about the partner’s taxable income and taxes.
Suppose you are uncertain about any of these requirements or the things that need to be included. All you need to do is reach us in any of our communication channels or fill a query on the contact us page.
Yes, it is. The GOLDEN ACCOUNTANTS are updated annually. This is done to take into account changes to the taxation system. All Information entered is maintained in a secure database for the following year. This means that your return will be quicker and simpler by next year.
Making payments to GOLDEN ACCOUNTANTS for your tax return includes;
- Holistic and compliance review of your return: This is performed by a registered tax agent, which minimizes the chance of being audited by ATO.
- A holistic review of return by IPA certified accountant: Yes, our accountants check the return before lodging; in such cases, they often find additional deductions and rebates, which may even cover the cost of return. We also advise small businesses at this point; for example, we advise on cases on business structure advice, tax planning, PAYROLL, accounting software and many more.
- Extending time when necessary: Yes, our service also includes liaising with the Australian Tax Office for all extensions of lodgment beyond October 31st if this is what is needed.
- Providing a Free tax refund calculator: Yes, at any stage of the given process, you can watch our live tax calculator on your screen for all updated tax refund estimates or payable.
- Fast refunds: You get an error-free tax return which helps a fast refund. Most of our clients receive their refund in as little as ten days after lodging to the ATO, depending on the ATOs processing time.
- Free answer sessions: All our professionals and highly qualified accountant offer answers to questions 24/7.
- We also do business advisory for small business owners, for instance, tax planning, business structure advice, right accounting software, PAYROLL and many more.
All you need to do at this point is to check the date and time of lodgment by logging into your return and choosing ‘my status’ at any time. Our online tax system works in the same way as an online bank account. You can log on anytime you wish and view actions on return, the status of your return, fees due, and all other important information.
When entering your return at GOLDEN ACCOUNTANTS, it would show you a precise tax refund estimate on the screen. As you enter more details, the forecast becomes much more accurate.
Prefilling simply means we automatically add details to return based on data already sent to ATO by your boss or employer, health fund, bank and many more. This tends to save effort and ensure your return is done better.
ATO knows more about tax returns than you can ever imagine. And by tapping into this Information, GOLDEN ACCOUNTANTS can save you the time you hunt for details. It also helps prevent audits and all other issues later on by simply allowing you to lodge a return that meets the ATOs stringent new requirements.
GOLDEN ACCOUNTANT is the easiest way to resolve all accounting issues. Here are some of the things offered;
- We ensure we show you your last year’s deduction items, saving you time and helping avoid any missed deductions.
- We make provision for more helpful content shown right in your return. You can click any of the links offered to get more information.
- You execute tax issues on any gadget.
- GOLDEN ACCOUNTANTS returns tend to show popular tax deduction items applied by persons with the same job as you. This reminds you to claim deductions which can boost refunds.
- We offer friendly support at all times through our accounting agents, who are always keen to help you with any issue.
- GOLDEN ACCOUNTANTS can add ATO data directly into your return, saving you significant time. There is no need to look for papers except for deduction receipts.
We believe in excellence at all rounds. This is to say, we are keen on providing you with the best always. And the reason for this mantra of ours is that we believe in keeping good relationships with our clientele.
We all know that in business, when a client is happy, the business thrives. This is the reason why we do our best to serve you.
