Here are some Frequently Asked Questions. Click on a question to see the answer.
Why use A&A Financial?
A&A Financial is a CPA Tax Accountant firm commited to high-quality and great service. We are open all year round and offer free tax advice relating to your Tax Return lodged through us to help make your life easier. We never have a Trainee Accountant or a Trainee Tax Preparer do your Tax Return. Maximise your tax refund and deductions – An experienced and qualified CPA will do your tax return and re-check again before lodgment to the Australian Tax Office (ATO). We guarantee a 24 hour turnaround time on phone calls and emails. We also guarantee a finish date for your assignment.
How much do you charge?
The fee for tax return preparation depends upon the complexity of income and deductions involved. Give us a call on 1300 889 848 for a free quote as our prices can start from a low $90+GST. What more this fee is tax deductible in the year paid.
I don’t live in your area, are you still able to help me?
Yes, we service clients from all over Sydney as well as Australia and even overseas. We operate through email, video-conference, post and via phone. With today’s technology you don’t have to physically attend our office.
Can you lodge my tax return if I am missing a PAYG Payment Summary (group certificate)?
We can lodge your tax return using the details from a copy of the PAYG Payment Summary (your employer should be able to provide this), a letter from your employer detailing the information on the PAYG Payment Summary or by reviewing your pay slips for that period. If you are unable to obtain the payment summary details from an employer, you will need to make a Statutory Declaration.
I received an additional PAYG Payment Summary (group certificate) after I completed last year's tax return. Can I include it in this year's return?
A PAYG Payment Summary from a past year cannot be included with the current year tax return. It can only be included in the return for the year to which it relates. We will need to submit an amendment to last year’s tax return.
I will be leaving before I receive my PAYG Payment Summary (group Certificate) or I am currently overseas but have worked in Australia during the financial year. How can I prepare my Australian tax return?
A&A Financial services have expertise in preparing Australian tax returns where the client is living overseas or has income or assets in countries with Double-Tax arrangements with Australia. You can contact us by email or call us on 1300 889 848 (from within Australia) or +61 2 8798 9860 (from outside Australia) and get the ball rolling.
I have received a dividend statement, do I need to declare this as income?
As an Australian tax resident, you have to include dividends and any other interest earned on bank accounts. Don’t forget to include all interest, even if you’ve already closed the bank account. Also if you’ve quoted your tax file number when opening a bank account then you need to declare that interest in your individual tax return, not in a partnership or trust tax return.
My wife does only part-time work. How much can I claim for my wife and my children?
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 amount already received through Centrelink payments. It is therefore important that you bring all these details with you when you see us for us.
I usually lodge my Tax Return before 31 October, but this time I may be late. Will I be penalised for lodging my return late?
You may receive a fine or interest penalty charge from the ATO if you lodge your return late. Generally if you are entitled to a refund those penalties are minimal. If you owe tax and lodge your return late, any amount owing will be payable on the 21 November this year and a general interest charge will be calculated from then until payment is made. The ATO may charge a penalty of $110 for every 28 days that the return is outstanding. Unless you use a registered tax agent, you have from 1 July until 31 October to lodge your return. If you need an extension of time either contact the ATO or a Registered Tax Agent like A&A Financial before 31 October.