Frequently Asked Questions

For individuals lodging their own return, the deadline is 31 October each year. If you use a registered tax agent like PROFICIENT, you may qualify for an extended deadline — often as late as May the following year. Contact us early to benefit from this extension.

Keep records of all income (payment summaries, bank statements, rental income) and expenses you wish to claim (receipts, invoices, vehicle logbooks). The ATO requires most records to be kept for 5 years from the date of lodgement. Records can be kept digitally or in hard copy.

Common deductions include: work-related clothing and laundry, home office expenses, professional memberships and subscriptions, self-education related to your current role, tools and equipment, and union fees. You generally need a receipt for claims over $300, and expenses must not have been reimbursed.

Yes. The ATO currently allows a fixed rate of 70 cents per hour worked from home, covering electricity, internet, phone, and stationery. Alternatively, you can use the actual cost method. You must keep records of hours worked from home.

Negative gearing occurs when your investment property costs (interest, maintenance, depreciation) exceed the rental income it earns. The resulting net loss can be offset against your other income, reducing your overall taxable income. Contact us to discuss whether this strategy suits your situation.

You may be liable for CGT when selling an investment property (not your main residence). If held for more than 12 months, you qualify for a 50% CGT discount. Your main residence is generally exempt. We can help you calculate and plan for any CGT liability.

You must register for GST if your annual turnover is $75,000 or more ($150,000 for non-profits). Taxi and ride-share drivers must register regardless of turnover. Once registered, you must charge 10% GST and lodge regular Business Activity Statements (BAS).

A Business Activity Statement (BAS) is submitted to the ATO to report GST, PAYG withholding, and PAYG instalments. Most small businesses lodge quarterly. The quarterly BAS is due 28 days after the end of each quarter. We handle BAS preparation and lodgement for our clients.

You need an ABN if you're carrying on a business enterprise in Australia. Even below the GST threshold, having an ABN allows clients to pay you without withholding tax and makes future GST registration straightforward.

The Medicare Levy is 2% of your taxable income, funding Australia's public health system. Low-income earners may receive a reduction or exemption. If you don't hold private hospital cover and earn above the threshold, the Medicare Levy Surcharge (1%–1.5%) may also apply.

Keep tax records for 5 years from lodgement. For CGT assets (shares, investment property), keep records for 5 years after disposal. Business records including invoices should also be kept for 5 years. The ATO app allows digital record storage.