Frequently Asked Questions

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Most people will need to lodge a tax return each year. If you've had income tax taken from your wage or salary during the financial year, you'll need to lodge an income tax return. There are claims to be made which are based on your occupation, age and any available concessions. Have a chat with us, and we'll see how we can claim back some of your hard-earned cash. 

For salary and wage earners our tax returns start from just $155, and business returns start from $385. For a more accurate price, please ask your consultant at your next appointment. 

 The ATO processing time is usually around 2-3 weeks, however, they can take up to 28 days. If you feel it's been longer than this, please contact the office your return was done by. 

Yes! Please ensure you retain your invoice for your records for tax purposes. Your fee is fully tax deductible in the year in which the fee was paid. 

 The ATO may issue late tax penalties to late or missed tax returns.  It is important to get up to date as soon as possible to avoid penalties and defaults whether you are an individual or business.

The ATO is more likely to apply a penalty if:
a) you have more than one tax return outstanding
b) you have a poor lodgement history, or
c) you have not complied with a request to lodge your tax return.

 Yes you can walk in, however you may find it more convenient by contacting us first and providing documentation in advance. Phone and video conferencing can then be used for any outstanding questions. 

We have a checklist and specific profession checklists you may like to review. Please refer to our Tools and Support section. 

ITP tax specialists are still able to assist you if you are having trouble recovering information and receipts for your tax return. Our relationship with the ATO allows us to ascertain relevant information about previous years assessments and submission made against your Tax File Number. In addition, we can give you advice on how to recover your lost information with the assistance of the ATO and their requirements to complete your return. 

 Yes, however you will need written authorisation from them to prepare the return. They will also need to sign the relevant sections of the tax return before lodgement. This can also be done through email. 

If your taxable income claimed on your ABN is under $75,000 then no you do not have to register for GST but you may do so if you believe you will grow beyond that in the current financial year. If you are earning income as an Uber driver, you MUST be registered for GST. 

Unfortunately, moving overseas doesn’t mean you can just forget about tax in Australia. If you work overseas and you are an Australian tax resident – you would include all income earned overseas in your Australian tax return (and claim a foreign tax credit for any foreign tax paid). However, if you have paid tax in a foreign country, you will not be taxed again in Australia. If you have not paid tax overseas as a resident you will be required to pay tax on that income, unless it is an approved exempt foreign aide program.