Tax & Compliance

You might be reading this because

• I have always done my own return in myGov, but this year I bought a rental property and I am not sure what I can claim.
• I started contracting and nobody told me whether I need to register for GST.
• The company return is late, the ATO letters have started, and I do not know which year to deal with first.
• We run our own super fund and the auditor keeps asking for papers we cannot find.
• We gave a staff member a work car to take home, and someone mentioned FBT.

What the work involves

Individual and investor returns

We start from what the ATO already holds: employer income statements, bank interest, dividends reported by share registries. We check that pre-fill against your records, because it can miss an account, and joint accounts are split by the number of owners the bank reports, which may not match who owns the money.

For investors the work is in the schedules: each rental property's income and expenses, the line between a repair and an improvement, and interest on the part of the loan that bought the property. More on our property investors page.

Business returns

A sole trader reports business income in their own return, with a business schedule. A partnership lodges a return showing its net income, and each partner then reports their share. A company lodges its own return, and where the company has lent money to a shareholder we check Division 7A first.

If the bank feeds in Xero, MYOB or QuickBooks are not reconciled, we do that first. A return built on unreconciled figures is an estimate with a signature on it.

Trusts and deceased estates

A trust return is only as sound as the trustee resolution behind it. Beneficiaries must be made presently entitled to the trust's income by 30 June. If nobody is, the trustee can be assessed on the net income instead.

When someone dies, a date-of-death return covers 1 July to the date of death. After that, if the estate has to lodge, it is treated as a trust, and a trust return may be needed each year until the estate is finalised. We prepare both and tell the executor what is due when.

SMSF annual returns

A self-managed super fund lodges one annual return, which includes the supervisory levy. Before it can go in, the trustees must appoint an approved SMSF auditor no later than 45 days before the return is due, and the audit must be finished. We prepare the financial and member statements, work with the auditor and lodge once the audit report is signed.

GST and BAS

You must register for GST within 21 days of your GST turnover, current or projected over 12 months, reaching $75,000. Some businesses must register whatever their turnover, including taxi and ride-sourcing drivers. Outside those cases registering is optional, but once registered you lodge a BAS and generally stay registered for at least 12 months.

The BAS also carries PAYG withholding for staff and PAYG instalments on your own income. We check whether the instalment still fits the year you are having. You can vary it, but vary below 85% of the ATO's figure and come up short, and interest can be charged on the shortfall.

Fringe benefits tax

FBT runs on its own year, 1 April to 31 March, and the rate is 47% for FBT years up to 31 March 2027. It applies to benefits an employer gives employees, or their families, on top of pay. The common case is a work car the employee can use privately. We identify what counts, work out the taxable value and lodge. Where an employee's benefits for the FBT year have a taxable value over $2,000, the employer reports the grossed-up amount and it shows on that employee's income statement.

What lodging through a registered agent changes

Generally, only a registered tax agent can charge you to prepare and lodge a return. Tax Doctorz is registered with the Tax Practitioners Board, number 26343636. When you engage us we add you to our client list, which tells the ATO we act for you.

For income tax that has to happen by 31 October to bring you inside our lodgement program for the year, and unlike most ATO dates it does not roll to the next business day. For FBT the cut-off is 21 May.

Inside the program, most individuals and trusts have until 15 May. The date comes forward to 31 October if a prior-year return was outstanding at 30 June, and to 31 March if your last return had tax payable of $20,000 or more.

A later lodgement date does not always mean paying later. On an individual or trust return due 15 May, tax is payable by 21 March if the return is lodged by 12 February, 21 April if lodged between 13 February and 12 March, and 5 June if lodged later. If you expect a bill, we talk timing before we lodge. The year's dates are on our key dates page.

How it works

How fees work for this service

Compliance work is quoted as a fixed fee, agreed before we start. The quote depends on how many returns and entities there are, whether the books are reconciled, how many properties or schedules, and whether earlier years are outstanding. Regular work such as quarterly BAS is agreed up front the same way.

If the job changes, say a property is sold or the ATO opens a review, we agree the extra work with you before doing it. The fees page explains how we quote.