Frequently asked questions (FAQ)

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General

Why choose ELTAX Accountants?

At ELTAX Accountants, we are more than more than just Chartered Accountants. Every accountant can help you with your tax, GST and ATO compliance. What we offer is great relationships , outstanding personal service, affordable rates and leading edge technology to simplify the process.

Top reasons why you should consider ELTAX Accountants:

  • All our staff truly care about getting the best result for our clients. We put client service before a rush job and take the time to analyse your circumstances to provide realistic and implementable advice.
  • We are honest, fun and down to earth. Relationships with our clients is what is important to us and our team is always available to answer your questions.
  • We take the time to listen and understand your circumstances and give you practical solutions for your concerns or enquiries.
  • We will serve you coffee (or tea) during your appointment.
  • Our staff actively develop their professional knowledge and stay up-to-date with all the latest changes that can affect you. You won’t be given out of date knowledge.
  • As a firm, we provide a diverse range of services and have experience in all areas that we can accommodate all business types.
  • We are excellent at tax minimisation.
  • We are adaptable and offer convenient methods to communicate with us such as:
    • Implementing mobile applications for Android and iOS.
    • Direct access to all staff via email or phone or messaging Apps such as LINE, Wechat, Whatsapp.
    • Ability to upload documents (& data files) as well as make payments securely on our website.
    • Managing a Facebook page just to provide you all the latest taxation news.
    • If you are overseas, we provide video conferencing solutions to keep you up to date.
  • We care about our staff and want them to enjoy their job. We provide mentoring and learning opportunities so they grow in their career and deliver excellent service to you.
  • You won’t speak to voicemail. When you call us, you speak to a person.
  • We deliver on our promise. If we say we will find out for you, we will get back to you.

Before you start your working holiday in Australia

If you plan to work in Australia you need a tax file number (TFN). Your TFN is your personal reference number in ATO tax system. You can apply for your TFN online at www.ato.gov.au .

Alternatively once you have your working holiday visa, ELTAX Accountants can assist in applying for a TFN to prepare for your working holiday adventures.

Tax Compliance

How long does it take to process Tax Returns?

It usually takes 2-3 weeks to get your tax return back if there are no issues, but, but it can take up to 30 days depending on Australian Tax Office (ATO) processing times.

Where is my Tax Refund?

Your tax refund will deposit to your nominated bank account from the ATO directly. If you have elected to receive a cheque, this will be posted to your nominated postal address as stated in your tax return form.

What documents do I need to provide for Tax Returns?

Here at Eltax Tax Accountants, we have compiled a tax return checklist of some pre-return information you might need to get together:

Basics Information

  • Tax File Number (TFN)
  • Personal details: Name, Address, Date of Birth
  • Visa Type: Local Resident? Student? Working Holiday?
  • Bank details: BSB, account number, account holder name, bank name
  • For medical expenses you will also need your medicare number
  • Details of children
  • Last year’s Income Tax Assessment (optional)

Earnings

  • Payment summaries (PAYG) from any places where you have received an income
  • Information on any lump-sum payments you may have received, potentially through termination payments, Centrelink. Personal injury payouts do not need to be reported if they occurred outside and unrelated to your workplace
  • Details on foreign earnings
  • Any interest received from banks or building societies
  • Statements of dividends received or invested
  • Statements on earnings from managed funds
  • Any other income gained, i.e. from properties or investments
  • If you have a spouse you will need details on their earnings and expenses

Deductions

  • Receipts for gifts and donations
  • Receipts for work-related expenses including transport (mileage), uniforms, technology necessary for your work
  • If self-employed, contributions to superannuation
  • Details about your income protection insurance
  • Costs for managing tax calculations, i.e. tax agents
  • Medical receipts, totalling >$2,120

What are the Australian Financial Year Dates?

Australia financial year

Australia financial year begins on 1 July and ends on 30 June of the following year. This is easily be confused with the Australian tax season dates.

At the moment, we are in the 2019-2020 financial year. In other words, the income you’re currently earning will be reported on your 2019 tax return.

Tax Season

Tax season begins on 1 July and ends on 31 October. During that tax season, you’ll report income earned during the financial year date.

Each tax season ends on 31 October. That means you have until 31 October of each tax year to lodge a tax return on time. For example, when the 2019 tax season approaches, you have until 31 October, 2019 to lodge your tax return on time.

Failure to lodge on time may incurred an ATO penalty of up to $1050.

The ATO advises that you should lodge during the normal lodgement period of 1 July to 31 October unless the following applies to you:

  • are leaving Australia permanently
  • will not receive Australian-sourced income (other than interest, dividends, and royalties) after leaving Australia
  • do not have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) debt.

Now that you know the tax season and Australian financial year dates, you can add them to your calendar.

Did you notice a tax deadline that you missed?

With Eltax Accountants you can complete your return in as little as 10 minutes! You can lodge a previous year tax return for financial years 2006-2018!

Requirements for Uber drivers

The Australian Tax Office (ATO) has ruled that Uber drivers must collect and pay GST on all rides. This means you are required by law to apply for an ABN and be registered for GST and also lodge a BAS on a regular basis, generally quarterly.

Lodging your tax return early

If you are leaving Australia before the end of the income year (30 June), you may be able to lodge your tax return early. If you are:

  • a foreign resident for tax purposes and you
  • are leaving Australia permanently
  • will no longer derive Australian-sourced income (other than interest, dividend and royalty income)

or

  • an Australian resident for tax purposes and you
  • are leaving Australia
  • are ceasing to be an Australian resident for tax purposes
  • will no longer derive Australian-sourced income (other than interest, dividend and royalty income).

Tax Residency

You are an Australian resident if you are working in Australia for more than six months in the same place for most of that time.

You are not an Australian resident if you are:

  • visiting Australia for more than six months and for most of that time you are travelling and working in various locations around Australia
  • holidaying in Australia, or
  • visiting for less than six months

Medicare Levy Exemption

Medicare gives Australian residents access to health care and is partly funded by taxpayers who pay a Medicare levy of 2.0% of their taxable income.

You have to pay the Medicare levy if your taxable income is more than $22,398 (FY2019)

You may qualify for an exemption from paying the Medicare levy if you were not entitled to Medicare benefit.

  • You were a temporary resident and you did not have any dependents or they were all in an exemption category for that period
  • You were not an Australian citizen

How much does it cost?

Please see “Our Services > Individual Accounting” section for more information.

Superannuation Refund

Leaving Australia

If you are leaving Australia, please ensure that you:

  1. Lodge you FINAL Tax Return with ATO to close account
  2. Apply Superannuation Refund

Temporary residents who accumulate super while working in Australia on eligible temporary resident visas can claim their super from their superannuation fund if:

  • they have departed Australia permanently
  • their visa has ceased to be in effect
  • they are not an Australian or New Zealand citizen or permanent resident.

The two applications can be done from our website or alternatively please do not hesitate to contact our team to assist and guide you through the process.

How much will I get back?

We will need your current super account balance, reduce government tax, this is the super refund you will get back.

*From 1 July 2017, Super Refund tax rate change:

  • Student visa and other visa – 35%
  • Working Holiday visa – 65%

How long does it take?

Super Refunds can take up to 1-2 months to process depending how many superannuation accounts and visa status.

How do I get paid?

Super refund will deposit to your Australia Bank account or Bank cheque post to your oversea address.

What documents I need to provide?

To claim back your superannuation fund, you need to provide:

  • Personal Information
  • Superfund Account Details
  • Certified true copy of Passport – we can provide Certified document services with no charge!

Certified True Copy document

A document that certified same as true copy of the primary document. We can provide Certified True Copy document service with no charge.

Fees and Charges

Departing Australian Super Payments from AUD$99, Guaranteed Refund Services, No Refund No fee !

 

No additional charge if:

  • you have more SuperFund accounts
  • Certified true copy document
  • Cancel visa

When can I apply?

You can claim your Super Refund when you left Australia and visa expired (or we can cancel you visa).

There is no time limit for claiming super refund, however the sooner you apply, the higher refund. SuperFund company applied fees to your super account annually (or monthly).