Taxwise can lodge your 2023 income tax return on 1 July 2023.

If you are leaving Australia and do not plan on returning any time soon, please call Taxwise on 08 9248 8124 and we can see if you are eligible for submitting an early tax return.

If you plan on lodging your own tax return you will need to lodge you tax return on or before October 31^st.

If you are registered with Taxwise Australia and all prior years are up to date with the tax office, you will receive an extension to May 15^th the following year.

At Taxwise Australia we work off a schedule of fees which means you will never have to pay for unnecessary work. Call Taxwise Australia on 08 9248 8124 for a personalised quote.

Absolutely! Taxwise Australia are a mobile service and can come to you 7 days a week, at a time that will suit you best. If you work full time, evenings and weekends are no trouble for us. Best of all we will not charge you for the afterhours callout.

We find most of our Clients receive their tax refund within 14 days of lodging. Rest assured when you lodge with Taxwise Australia we will keep you updated throughout the entire process which means you will receive email confirmations once the ATO have started transferring your tax refund.

Please note the ATO do however reserve the right to take 30 days to check your tax return. If your tax return is taking longer to process Taxwise Australia will continue to monitor your account daily and will email you when the ATO provide further updates.

As a rule of thumb, you can only claim expenses that directly relate to your job role. When Taxwise Australia prepare your tax return we will run through absolutely everything to ensure you are not paying one cent of unnecessary tax.

If you are having trouble collating your paperwork when you book your tax appointment ask one of our friendly staff to send through our tax preparation checklist.

If your business is registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

• goods and services tax (GST)
• pay as you go (PAYG) instalments
• PAYG withholding tax
• other taxes.

When you register for an Australian business number (ABN) and GST the ATO will automatically send you a BAS when it is time to lodge.

When you use a BAS Agent, like Taxwise, you will receive an extension to lodge your Business Activity Statement. Below are the due date if you were to lodge your BAS yourself and the due dates if you were to lodge through Taxwise.

You must keep a copy of your BAS along with the records you used to prepare ATO documents, until the latest of:

• five years after the transaction was completed
• four years after you lodged your BAS
• if your assessment has been amended, four years after the date you received the notice of amended assessment.

All records should be in writing and in English. Information stored electronically must be in a form that is readily accessible.

Goods and services tax (GST) is a tax of 10% on most goods, services and other items sold or consumed in Australia.

You will file your Business Activity Statement (BAS) to report and pay GST your business has collected and to claim on GST credits.

You will need to register for GST when you have a business turnover of $75,000 or more.

Pay as you go (PAYG) instalments are regular prepayments of the tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

When your business and investment income reach a certain amount, you'll pay your income tax in instalments. These payments are usually quarterly. PAYG instalments help you to avoid a large tax bill after you lodge your income tax return.

The excess concessional contributions (ECC) charge is applied to the additional income tax liability that comes from including excess concessional contributions in your income tax return as taxable income. The intent of the ECC charge is to acknowledge that the tax is collected later than normal income tax.

Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold.

Maximum super contribution for 2023 is $27,500.00.