Frequently Asked Questions

Sole Traders

WHY USE A REGISTERED TAX AGENT?

Registered Tax Agent's are regulated by the Tax Practitioner's Board and are required to have a certain level of qualifications and experience in preparing a variety of tax returns to gain their registration. Tax Agents are required to have professional indemnity insurance and must adhere to a code of professional conduct. By using a registered Tax Agent, you are ensuring that your return is being prepared by a suitably qualified person. You can see whether a Tax Agent is registered by searching on www.tpb.gov.au.

WHAT'S THE DUE DATE TO LODGE A TAX RETURN?

If you prepare your tax return yourself, the due date is 31 October. By using a Tax Agent, you may be eligible for extensions up to 15 May, but this depends on your level of income and lodgement history. If you have not used a Tax Agent in the past, you will need to contact Braden MDT before 31 October.

HOW MUCH WILL MY TAX RETURN COST?

The cost to prepare a tax return will vary based on the complexity of the return. Our prices start from $330.00 including GST for a basic sole trader tax return. For more complex businesses, it is difficult to provide an estimate of the cost without knowledge of your whole situation, so we suggest contacting us for an obligation free discussion or consultation, after which we can give you a quote of our fees. All Tax Agent fees paid will be tax deductible.

HOW HARD IS IT TO CHANGE ACCOUNTANTS?

Most people compare changing accountants to changing banks. This is not so, most of the time it is quite simple. An engagement letter is signed and we send out an ethical letter to your previous accountant which will allow us to then communicate t to gather the required information.

I HAVE MULTIPLE YEARS OUTSTANDING, CAN YOU HELP?

Yes, we can help get you up to date and all returns can be done at the same time.

HOW LONG WILL IT TAKE TO RECEIVE MY REFUND?

Once a tax return is lodged, it takes approximately 10 working days to receive your refund, but it is dependent on Tax Office processing times. 

CAN I JUST SEND MY PAPERWORK AND NOT COME IN?

Of course you can! We will let you know once we have received your paperwork and keep you informed of the status of the returns.

CAN YOU DEDUCT YOUR FEES FROM MY REFUND?

No, we do not offer this service due to the onerous requirements and cost involved in doing so, which would have to be passed on to clients. You are able to pay our fees by Credit Card (Visa / Mastercard only), bank deposit, cash or cheque

THERE IS AN ERROR IN MY PREVIOUS TAX RETURN, WHAT DO I DO?

You can notify the Tax Office in writing of the error, or you can get us to contact the Tax Office on your behalf.

MY BUSINESS IS GROWING AND I NEED TO SETUP A COMPANY OR A TRUST. CAN YOU HELP ME?

Yes, we can assist you with the establishment of all types of entities, as well as applying for ABNs, Tax File Numbers and PAYG Withholding. We can also advise you of what type of entity will best suit your circumstances. The cost involved will be explained up front, and generally we pass on the cost of our service provider without any mark up to save you money.

 

New Business Setup

WHAT INFORMATION DO I NEED TO PROVIDE?

This will be established once we meet with you, our aim is to gain information on you as an individual and your businesses motives and goals. Then recommend and establish a suitable business structure based on your requirements and establish a suitable method for accounting for the business.

WHAT ARE THE BUSINESS REPORTING OBLIGATIONS?

We will advise you of all obligations with the ATO, and set up all necessary registrations with the ATO including obligations related to running a business.

CAN I USE CLOUD BASED ACCOUNTING?

Our Practice deals with and is experienced in the setup/maintenance and on-going accounting requirements for most cloud accounting systems, including XERO, MYOB, RECKON, QUICKBOOKS ONLINE and more.

HOW MUCH PAPERWORK WILL I NEED TO PREPARE?

We want you to focus on operating your business, we will advise on the best way to prepare your business documents for us.

WILL I HAVE TO LODGE ANY PAPERWORK WITH THE ATO?

We will attend to all ATO lodgements and prepare accounts on a regular basis in order to provide meaningful reports that can be used in making your business operate more efficiently. 

HOW LONG WILL IT TAKE TO RECEIVE MY REFUND?

Once a tax return is lodged, it takes approximately 10 working days to receive your refund, but it is dependent on Tax Office processing times. 

DO I NEED TO COME INTO YOUR OFFICE?

We are always available to answer client queries and more than happy to attend on site for clients who find it hard to get away. In addition we can arrange for video or tele conferencing via platforms such as Zoom.

 

Changing Accountants

HOW EASY IS IT TO CHANGE ACCOUNTANTS?

It's a very simple process to change Accountants. You can get us to write to the outgoing Accountant seeking standard professional clearance or alternatively you should advise your previous Accountant by letter or telephone call that you are changing to us. The outgoing Accountant is obliged to pass on the information we require provided professional clearance is given. It is as simple and as easy as that! 

WHAT RECORDS DO I NEED TO PROVIDE?

It often helps to see your business and accounting records, we are always happy to visit without charge to discuss what we can do for you. If you prefer to visit us, for confidential reasons, that suits us as well.

HOW MUCH WILL IT COST?

We believe in transparency and quality service. We offer fixed fees linked to the value of what we provide. Whilst you may be able to find cheaper quotes online, we can guarantee that our fees are competitive for the comprehensive service that we provide. We agree on fixed fees in advance so you always know where you stand.

HOW CAN I PAY?

We offer a direct debit monthly payment plan, so there won't be any big surprises at the end of financial year!

HOW TIMELY IS COMMUNICATION?

We can provide service level guarantees, matched to the complexity of your business. All phone calls and emails are responded to within the same day.

Income Tax

HOW DO I KNOW IF MY ACCOUNTANT IS LEGITIMATE?

Members of Professional Accounting Bodies-must comply to Australian Government Standards and hold registration with the Tax Practioners Board (TPD), check if your current account holds this registration by following this link https://www.tpb.gov.au/registrations_search

IS IT FASTER TO COMPLETE MY TAX RETURN ONLINE?

Time saving- On the surface, you may think lodging online is quicker, through either MyGov or the multitude of “DIY Online” websites, but for most people, this isn’t the case. Once you add in the time to collate your information, look up your deductions and check to make sure you haven't made any mistakes, the process takes much longer than an hour. Our individual appointments generally take less than one hour to complete your returns.To make the process as convenient and hassle-free as possible, it's important to come prepared to your appointment. This tax return checklist has a list of all the documents you need to get your taxes done quickly and accurately. (see tools on our website)

HOW MUCH WILL IT COST?

We believe in transparency and quality service. We offer fixed fees linked to the value of what we provide. Whilst you may be able to find cheaper quotes online, we can guarantee that our fees are competitive for the comprehensive service that we provide. We agree on fixed fees in advance so you always know where you stand.

HOW LONG WILL I HAVE TO LODGE MY TAX RETURN?

Registered tax agents generally work with extended lodgement times, for example individual returns are due by the 31st of October each year, but in most cases Registered Tax Agents can lodge as late as mid May the following year.

WILL IT BE A SIMPLE PROCESS?

Whilst we are encouraged to lodge our taxes under the “simplified tax system”, the reality is, it can be quite complex. all tax returns are unique. If you’ve got a complicated financial situation, getting the right advice can save you time, stress and unnecessary payments to the ATO. Using a registered tax agent is an extremely beneficial exercise; crucial to working out the intricacies of your finances and what you’re entitled to claim.

HOW LONG WILL IT TAKE TO RECEIVE MY TAX RETURN?

Once your tax return has been lodged the Australian Tax Office stipulates a time of up to 10 weeks to provide your refund. You can track the progress of your tax return by logging into your MyGov account and linking it to the ATO. 

WHY HAS MY RETURN BEEN DELAYED?

The Australian Tax Office may delay your tax return for a number of reasons, some of which include:

  • A tax debt or unresolved tax debt

  • Incorrect bank details

  • The ATO needs to check information with other government agencies, such as Centrelink, Child Support or Services Australia

  • The ATO needs to check information in your tax return, they may need to confirm details with your employer, financial institution or private health insurer