FAQs

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Can I claim my Self Education costs?

There needs to be the necessary nexus (connection) to your current income for these expenses to be claimable. This means that the self education needs to help you in your current job and not be undertaken to open up new job opportunities.

By | 2016-07-13T17:41:04+11:00 July 14th, 2016|Comments Off on Can I claim my Self Education costs?

I am self employed and have paid personal superannuation contributions all year. What can I claim?

Provided that you satisfy the eligibility criteria, you will be able to claim a deduction for the contributions you have made to a complying superannuation fund or retirement savings account. To do so you must be fully self employed or no more than 10% of your assessable income (including Reportable Fringe Benefits and Reportable Superannuation Contributions) is from an employer. You must also have first notified your superannuation fund of your intention to make the claim and received a confirmation.

By | 2016-07-13T17:43:25+11:00 July 13th, 2016|Comments Off on I am self employed and have paid personal superannuation contributions all year. What can I claim?

I have started my own business and wonder if I need to register for GST.

Businesses with an annual turnover of $75,000 or more are required to register for GST. If your business has a lower turnover you are not required to register but you may do so if you wish. You will only be required to charge your customers GST if you are registered. Karis Tax office can assist you with your application to register for GST.

By | 2016-07-13T17:44:03+11:00 July 13th, 2016|Comments Off on I have started my own business and wonder if I need to register for GST.

I am four years behind in lodging my tax returns. Will I get into trouble?

You should lodge your outstanding tax returns as soon as possible and before the Australian Taxation Office takes any action to have you lodge these tax returns. Once they have begun any action, it could result in a court conviction. The ATO may charge a penalty of $170 for every 28 days that the return is outstanding. The maximum penalty is $850 even if you are due a refund. In addition, the ATO will charge interest. This is called the general interest charge and is levied on any outstanding monies. The rate for the July to September, 2013 quarter is 9.82%. Karis Tax office can assist you to lodge your outstanding prior year returns.

By | 2016-07-13T17:44:46+11:00 July 13th, 2016|Comments Off on I am four years behind in lodging my tax returns. Will I get into trouble?
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