Read on below to see the answers to some frequently asked questions about Wealth Creation Accountants and other finance related queries. Questions answered are listed below, with more details down the page.

How much do you charge?

Our fee for tax return preparation depends upon the complexity of income and deductions involved. We accept all forms of payment at the time of preparation or we can deduct the fee from your refund. See our fee schedule for an estimate of what it will cost. The fee is tax deductible in the year paid.

Can I have your fee taken from my refund?

We can deduct the Wealth Creation Accountants fee from the ATO refund and have the net funds deposited directly into your bank account or sent by cheque. With dealing with the ATO cheque, the possibility of reduced refund by the ATO for unpaid child support, overpaid Centrelink charges, unpaid HECS fees together with the costs spent in processing, an additional fee will be charged of $55.

What hours are your offices open during the year?

1 July to 31 December – Our Merriwa office is open from Monday to Friday from 9am to 8pm and Saturdays from 9am to 3pm. Our West Perth office is open from Monday to Friday from 9am to 8pm and closed Thursday and Saturday. Although no appointment is necessary to lessen any waiting time the making of an appointment is recommended.

1 January to 30 June – Merriwa Office will be open from 9am to 5pm from Monday to Thursday and closed Fridays. West Perth will be open on Monday, Tuesday and Friday from 9am to 5pm.

Can you prepare multiple years returns at the same time?

We specialise in doing multiple years and can prepare and lodge all past year’s returns together at the same time. If you are feeling bad about not having lodged a tax return for a while then bear in mind the best we have seen is more than 20 years. The current year’s refunds will be returned in the normal period but there will be delays with refunds coming from the ATO for previous years returns.

Do I have to lodge a tax return?

Some individuals do not need to lodge a tax return. Each person’s situation will differ due to age, income and expenses. Ring one our staff at Wealth Creation Accountants and we can help you determine whether or not you need to lodge a tax return.

Can I claim any deductions if I have no receipts?

Under some circumstances receipts are not required, but in order to maximise your tax deductions, we recommend you retain all your work and business related receipts and bring them with you at the time of your return preparation.

How long will my refund take?

Last year the Australian Tax Office (ATO) was able to process almost 90% of returns within 10 working days. We are expecting this year however, that some delays may be encountered due to data matching between the ATO and Centrelink and other things. If your refund has been with the ATO for more than 21 days then contact our office for further assistance.

What if I don’t have a Payment Summary from a job?

If you are still missing one or more of your Payment Summaries then you need to contact that employer. If you can’t get one from that employer then contact the Tax Office on 13 28 61. Don’t forget to include all your payment summaries, even if you’ve only worked in a job for a couple of weeks.

I am presently living overseas. How can I prepare my Australian tax return?

We have experts in the preparation of Australian tax returns where the client is living overseas or has income or assets in other countries.

I am leaving to go overseas before I receive my Payment Summary. How can I prepare my Australian tax return?

All we need is your information that you normally provide when preparing your tax and when the Payment Summary arrives we can complete the return via correspondence.

I have a ‘Working Visa’. What do I need in order to work in Australia?

A Tax File Number (TFN) is required in order to work and be properly recognised for tax purposes in Australia. An Application Form may be picked up from any branch of the ATO, or by calling the ATO on 1300 720 092. The application cannot be completed online.

Can I claim travel for my work?

Home to work and return travel is generally not claimable except in certain circumstances. Travel between jobs on the same day and travel for work (ie. visiting clients, doing pick-ups or deliveries) would be claimable. If you use public transport then keep all receipts and/or diary records. If you use your own car then you need to keep a log book of all business mileage traveled and all expenses of the car including petrol, repairs, registration, insurance and interest on a car loan.

I have received a dividend statement, do I need to declare this as income?

You need to include dividends and any other interest earned on bank accounts. Don’t forget to include all interest, even if you’ve already closed the bank account. Also if you’ve quoted your tax file number when opening a bank account then you need to declare that interest in your individual tax return, not in a partnership or trust tax return.

Will I be penalised for lodging my return late?

You may receive a fine or interest penalty charge from the ATO if you lodge your return late. Generally if you are entitled to a refund those penalties are minimal. Wealth Creation Accountants has lodgement extension facilities that will minimise such charges. Contact our office so that we can notify the ATO that you are now a Wealth Creation Accountants client.

Do I get all my tax back if I only work a few months of the financial year?

No. The tax you are required to pay is calculated on your total income earned during the whole year. Whether all your income is earned in 1 day or 12 months makes no difference.

How much can I claim if I buy a computer?

If you purchase a computer for use in your work or business, you can generally claim a percentage of the depreciation that pertains to your work or business use. The depreciation allowed will depend on the expected life of the computer.

How much can I claim on my motor vehicle?

There are different methods for claiming expenses in relation to the business use of your motor vehicle. These can be complex so to maximise your potential claim you should maintain a daily mileage log book for at least three months of the year and a record of any expenses for the full year. Free log Books are available from our office or at the Tools and Resources section of the website.

How much can I claim for my wife and my children?

The amount you can claim will depend on the income levels of you and your individual family members, the age of your children and any amount already received through Centrelink payments. It is important that you bring all these details with you when you come to have your return prepared.

Can I claim my work uniform as a tax deduction?

Deductions for uniforms can only be claimed if the work uniform is specific and identifiable to your organisation (such as chef’s checked pants) or protects you from injury whilst you are at work. You can’t claim the cost of a plain uniform or conventional clothing, such as white shirt and black pants or skirt which is commonly worn by waiters and waitresses, even if your employer tells you to wear them.

What deductions can I claim if I’m studying?

To claim a deduction for work-related self-education expenses, you need to satisfy one of the following criteria. The Study needs to have maintained or improved a skill or specific knowledge required in your current employment. Alternatively if you can show that the course was leading to, or was likely to lead to, increased income from your current job. Or there is a direct connection between the course of study and your current job.

I received money from the Government during the year, do I include it in my tax return?

Some government payments and allowances are included as taxable income, others are not. It’s important that you declare any taxable payments such as age pensions, Newstart allowance, youth allowance or Austudy in your tax return. If you are unsure our accountants can help you with the correct advise.

What forms do I need to fill in for an employer?

You are required to complete a TFN Declaration Form. This will be given to you by your employer.

What is your fee policy?

We require payment on the day of your appointment and in return we provide the best possible stress free service.
Personal attention from our Qualified Accountants.
Final checking, recording and lodgement of your return.
All year advice about your return.
Our fees are fully tax deductible in the year paid.

Do you have an in house financial planner?

Yes, to service of all of your financial planning needs.

I’m not planning on retiring any time soon – why do I need a financial planner?

Financial advice can make a big difference at every stage of life. No matter where you are in life, you want to make sure you’re making the most of your finances and making the right decisions for your circumstances.

The advice of a professional financial planner can be critical in helping you achieve your financial goals by developing a strategy that will work for you.

What can a financial planner help me with?

They can help you with budgeting, saving versus investing, minimising tax, superannuation, retirement planning and a range of financial planning tools.

A financial planner can help you with different investment strategies for different circumstances, such as:

  • Managing your investments tax effectively.
  • Saving for a home .
  • Financing a Home.
  • Planning for the costs of marriage and the benefits of combined income and savings .
  • Making your income go further by investing wisely .
  • Structuring your assets in the most effective way.
  • Planning for the birth of children and the loss of a regular salary whilst on maternity leave .
  • Making the most of your superannuation .
  • Planning your finances following a redundancy or when changing jobs .
  • Making the most of a financial windfall, such as an inheritance or a maturing term deposit .
  • Maximising your eligibility for government benefits .
  • Planning the retirement lifestyle you want.

Can my financial planning strategy be reviewed?

Yes. Financial planning is not a set and forget process. You need to keep your financial plan under review to ensure that it remains appropriate to the investment and regulatory environment as well as continuing to meet your changing circumstances and needs.