Frequently Asked Questions
For any further questions, do get in touch with us!
Our diverse services comprise tax returns for both individuals and businesses from small to large including companies. We also work with trust accounting, help Self-Managed Super Fund (SMSF) pensioners with key accounting and taxation services, provide assistance with tax planning and provide tax advice.
We offer the lowest rates in the market and we have detailed information on our pricing structure on our website, working to provide the flexibility and accessibility to all people. Reaching out to our TAX 24/7 team, you will find that our services are not only comprehensive but they are economical. We make accounting cost-effective for both individuals and businesses – think fast, affordable and online from the comfort of your own home or office.
Security is absolutely top-notch like our accounting services. We offer a secure platform and gateway for uploading financial documents and other sensitive information. Taking security seriously like number-crunching, we value your privacy and protect your information with the relevant, stringent I.T. requirements necessary to make our platform secure. This includes data encryption and storage procedures while we also adhere to privacy and confidentiality laws and ethical conduct.
Just like our name, TAX 24/7 is available for upload of sensitive information such as financial documents 24/7 – and we offer a 24-hour turn-around time. Time is a commodity, let’s save it. As for when you will actually receive your refund, this depends on how quickly you submit your return and how fast the Australian Taxation Office (ATO) processes it; this is usually within four weeks from submission.
A tax refund can never quite be guaranteed as it depends on several different factors including income and expenses, however we work hard to optimise tax solutions, offering you the best practices and innovation in our approach. Better a refund of any amount than a debt.
Upon receipt of your information, one of our qualified Accountants will pour over the documents and data, prepare a tax return or BAS lodgement and advise you of our calculations including the potential refund figure. The estimated tax return outcome amount will be noted on your form that you submit.
Once you have uploaded your financial documents, our system issues a confirmation notification with a reference number. This is for you to keep handy and it also confirms that we have received your information.
Once you have lodged your tax return with the Australian Taxation Office (ATO) successfully, you will receive a confirmation email from the ATO.
Although we operate online to offer ease and convenience of our services, and making it affordable for everyone, if you need an appointment or consultation, please do reach out and we will gladly assist you to the best of our capacity.
It is best to bring your important information like Tax File Number (TFN) and your ID as well as your financial documents, of course. If you have any reports from a cloud-based accounting system or from our computer or PAYG statements, the please do bring them.
Absolutely. Tax planning is important, particularly if you aim for a refund or wish to minimise any risks and losses plus we help you know what you can claim for. With complex tax matters, we are qualified and have the expertise and knowledge base to provide strategic advice as well as insight into tax matters.
Elevate Your Finances with Our Expert Help
Everyone who earns an income needs to report their earnings to the Australian Taxation Office (ATO). It is an offence not to do so, and this includes if you earn under the tax-free threshold.
Even though the Financial Year (FY) comes to a close at the 30/06 or 30th of June, you have four months to organise your tax return lodgement or engage with an agent. The deadline is the 31/10 or 31st of October each year.
If you miss a deadline, the Australian Taxation Office (ATO) can decide to issue a fine. If you are an individual who missed a deadline or one is looming, reaching out to TAX 24/7 will ensure that you have a tax return prepared within a 24-hour period. If you have a business and require a BAS lodgement, these can be undertaken and reported on a quarterly or annual basis. Sometimes, you can make upfront payments on a quarterly basis in order to keep up with the tax obligations and based on your previous FY income.
Work-related expenses are one of the main claimable expenses that an individual can make such as petrol, accommodation, uniform purchase and laundry or for additional costs. For a business owner, claimable expenses vary depending on the type and set-up of the business. There are sundries, travel and accommodation, supplies and tools and equipment as well as other utility and expenses that cost the business in its operations. The best way to find out exactly what you are entitled to claim is to speak with one of our team and have a qualified expert give you tax advice and/or prepare a tax return or BAS.
The Medicare Levy Surcharge (MLS) applies to those who do not possess an appropriate level of private health insurance or if a person earns above a certain income threshold. The rate depends on a variety of factors, which our team can explain to you.