FAQs

Taxation - BAS/GST - Financial statements - Audits

Below are answers to some of the frequently asked questions (FAQs) that we receive from our clients. We hope you find them helpful.
Please call us on 9250 1133 if you need further information regarding your taxation, auditing or other accounting needs. We’re always here to help.

Taxation

Individuals:
• Do I need to lodge a tax return?
• When do I need to lodge my tax return by?
• What do I do if I have not lodged a tax return on time?
• What documents do I need to give you as my tax agent to get the best refund?
• If I am to receive a refund how long does it take for the ATO to assess my tax return and send my refund?
• Can I pay your account from my refund?
• Why did I get a smaller refund this year?
• Why do I have to pay tax and not receive a refund?
• Can you help me in making a payment arrangement with the ATO?

Do I need to lodge a tax return?
If the income that you have earned during the year (1 July to 30 June) is over the taxable income threshold you need to lodge a tax return.

If you have paid pay as you go (PAYG) tax instalments or tax withheld during the year you must lodge a tax return, even if you have earned under the taxable income tax threshold.

If you’re not sure give us a call. (9250 1133)

When do I need to lodge my tax return by?
Tax returns lodged by individuals are due by the 31 October after the tax year end. As a tax agent D B Yagmich & Co has an extension for lodgement of tax returns for eligible clients until 15 May after the tax year end.

What do I do if I have not lodged a tax return on time?
If you have previously lodged tax returns on time and do not have an outstanding tax debt, as a tax agent, D B Yagmich & Co is able to lodge a tax return on your behalf up until the 15 May after the tax year end.

What documents do I need to give you as my tax agent?
To prepare your tax return we need information regarding income from all sources, work and non-work related information and claimable expenses.

Please contact us for a full list of income sources and expense items that may be claimed.

If I am to receive a refund how long does it take for the ATO to assess my tax return and send my refund? Most tax returns are assessed by the ATO within 14 days. If a tax return is complex it may take longer. If we have prepared your tax return we can track the progress of your tax return on your behalf.

Can I pay your account from my refund?
Yes! If you are receiving a refund you can arrange for our account to be paid from your refund and the balance paid to you.

Why did I get a smaller refund this year?
Everyone’s situation is different. Two people, on exactly the same salary may receive very different tax refunds or tax amounts payable.

If you have earned more this year you may now be in a higher tax bracket and have to pay tax at a higher rate on that increase.

If you have fewer deductions than last year this will decrease your refund.

If you are over the threshold and did not pay private insurance this year and incurred a levy.

Why do I have to pay tax and not receive a refund?
If the amount of tax that you have paid during the year is not enough to pay your tax liability when your income from all sources and expenses has been assessed a payment will be required.

Can you help me in making a payment arrangement with the ATO?
Yes! If you contact us we can assist you in applying for a payment arrangement with the ATO.

Companies, Trusts & Partnerships:
• Does a company, trust or partnership need to lodge a tax return?
• When does the company, trust or partnership need to lodge a tax return by?
• What documents are needed to prepare financial statements and a tax return?
• When does a company, trust or partnership need to lodge a tax return by?
• Is my business eligible for small business tax concessions?

Does company, trust or partnership need to lodge a tax return?
Yes. All companies, trusts and partnership must lodge an annual tax return. This is true even if the result is $0.

When does the company, trust or partnership need to lodge a tax return by?
Tax returns need to be lodged by 31 October unless lodging through a tax agent like D B Yagmich & Co.

Circumstances vary depending upon lodgement history. Please contact us for advice regarding your lodgement dates.

What documents are needed to prepare financial statements and a tax return?
All taxation papers, financial institution statements and documents, contracts, company vehicle information and plant and equipment purchase and sales details.

When we are preparing your tax return for the first time we need the financial statements and tax return for the previous year.

Is my business eligible for small business tax concessions?
We will assess your business’s eligibility for small business tax concessions when preparing the company’s, trust’s or partnership’s return.

Self-Managed Superannuation Funds (SMSF):
• Do SMSF need to lodge tax returns?
• When does the SMSF need to lodge a tax return by?
• What documents are needed to prepare financial statements and a tax return?
• What is a supervisory levy?

Do SMSF need to lodge tax returns?
Yes, all SMSF are required to lodge a tax return

When does the SMSF need to lodge a tax return by?
Depending upon lodgement history, in terms of timeliness and payments, tax returns need to be lodged by 31 October. Tax agent’s like D B Yagmich & Co have an extension for lodgement. Please contact us for advice regarding tax return lodgement for you fund.

What documents are needed to prepare financial statements and a tax return?
Taxation papers lodged and tax payments made during the year, financial institution statements and documents, investment income, sales and purchases and dividends.

When we are preparing your fund’s tax return for the first time we need the financial statements and tax return for the previous year.

What is the supervisory levy?
The supervisory levy is a fee charged by the ATO on each SMSF and is added to the tax return and paid to the ATO.

 

Business activity statements (BAS) & GS

• Do I need to register for GST?
• Do I need to lodge a BAS?
• How often do I need to lodge BAS?
• Does D B Yagmich & Co prepare and lodge BAS?

Do I need to register for GST?
If your business earns over $75,000 per year you must register for GST and lodge a quarterly BAS. The ATO will advise you if you need to lodge a monthly or annual BAS.

If your business earns under $75,000 you may still register for GST and you may choose to report annually. If you mainly deal with businesses they can benefit from your registration by claiming the GST that they pay to you.

Contact us to discuss whether or not GST registration is right for you.

Do I need to lodge a BAS?
If you are registered for GST you must report your activity by lodging a BAS form.

How often do I need to lodge BAS?
If you are self-reporting on a quarterly basis lodgement of your form is due and any amounts due paid by the 28 of the month following the quarters end, 28 October, 28 April and 28 July. The lodgement and payment date for the December quarter is 28 February.

If we at D B Yagmich & Co are preparing and lodging your quarterly BAS we have an extension of a month to these dates for the September, March and June quarters but not for the December quarter.

Monthly BAS is due to be lodged on the 21st day of the next month, for example, a September monthly BAS is due to be lodged and any amount due paid by 21 October.

Does D B Yagmich & Co prepare and lodge BAS?
Yes! We can register you for GST and prepare monthly, quarterly and annual reports for your business.

 

Financial statements

• What are financial statements?
• What information do financial statements provide?
• How does an entity make use of its financial statements?
What are financial statements?
Financial statements, or reports, are a formal record of financial activities for the year and the position of an entity at year’s end.

What information do financial statements provide?
Financial statements provide a report on an entity’s position and include a balance sheet, profit and loss statement, cash flow and equity during the period.

How does an entity make use of its financial statements?
Financial statements provide information regarding an entity’s financial position, performance and changes in financial position to enable users to make business decisions.

At D B Yagmich & Co we want your financial statements to be understandable, relevant, reliable and comparable to facilitate the running of your business.

Audits

• When is an audit required?
• Are all accountants auditors?

When is an audit required?
At D B Yagmich & Co we audit self managed superannuation funds, not for profit organisations, trust accounts and audits of a general nature.

Please contact us if you are unsure regarding the audit of your entity

Are all accountants auditors?
No. D B Yagmich & Co is a registered auditor.