Frequently Asked Questions

In this section you will find information about the Annual Tax Declaration to be lodged in Australia (Tax Return). This information will be extremely useful for you , and mostly if this is the first time you are doing a tax return.

What is a Tax Return?

The Tax Return is the annual tax declaration that every person living in Australia has to prepare and lodge when receiving any type of income during the financial year. Income such as wages and salaries, business income through an ABN or gain from investments including cryptocurrencies. Some people might not be required to lodge a tax return in a specific year due to some particular circumstances.

When do I have to lodge a Tax Return?

The tax return must be prepared and lodged with the Australian Taxation Office (ATO between the 1st of July and the 31st of October of each year. The period to be lodged corresponds to the immediate 12 months prior to the 1st of July. In other words the tax year (also called financial year) runs from July 1st to the 30th of June of the following year. As an example, the preparation and lodgement of the period that goes from 1/07/2022 to 30/06/2023 (known as the 2023 tax year) must happen between 1/07/2023 and 31/10/2023. If you use the services of a Registered Tax Agent the deadline extends to the 15/05 of the following year. Using previous example the deadline to lodge would be 15/05/2024 instead of 31/10/2023.

If you arrived in Australia after the 1st of July then the period of your tax return would be from the arrival date and to the next 30th of June.

Why is it called a tax return?

Because in most cases a tax return derives in a tax refund, then the name. However there are cases where tax returns result in a tax bill, or tax to pay. This tax is additional to the tax that has been already paid or withheld by employers to their employees during the year.

How is a tax return prepared and lodged?

There are two options: first one is to do it yourself through the official government software / system. This option is free. Second choice is using the services of a Registered Tax Agent. Important to say is that it is ilegal in Australia that any person without the corresponding registration and license to be preparing or lodging tax returns on behalf of other people, or to provide tax advise. If you use someone else's services make sure that they are registered and licensed before the Tax Practitioners Board.

GRM Tax is fully registered and insured; our services are provided remotely through email and a phone interview.

Is there any advantage in using the services of a Registered Tax Agent?

Short answer is YES if you use the services of an Accountant with experience in this field, who is responsible, honest and empathetic. If you choose the right Accountant , the outcome of a tax return will be better for you compared to a tax return prepared by yourself. This is because the accountant/ tax agent is the expert in tax legislation and has the experience which he /she will apply to your personal circumstances in order to maximise your tax refund or to minimise your tax bill / payable. This should be always the real job of an accountant / agent and not just fill out a form to be sent to the ATO.

Another benefit of using a registered tax agent is that the risk of making a mistake in a tax return is substantially reduced. Mistakes potentially turn into being audited, penalised, or even paying back money to the ATO.

At GRM Tax we are registered and insured tax agents. I have more than 12 years of experience in the tax arena in Australia , and 18 years of experience overseas. Since my beginnings I have prepared and lodged around 6,000 tax returns.

Our clients can be sure that they are getting the best outcome legally possible and that we have applied the tax legislation in a responsible way according to their specific circumstances. We guarantee that you will have a pleasant and hassle free experience.

Our fees are deductible in your next year's tax return meaning that you get a financial benefit as well.

How much does it cost the services of an accountant regarding tax return preparation?

Cost of this service in Australia varies a lot since there are many providers in the market. In some cases people are paying $50 to get a mediocre and high risk service and in other cases clients pay as much as $300 to get a tax return prepared and lodged for a professional and integral service provided in a fancy office. However high cost not always get the client the best service possible.

In our case the cost to prepare and lodge one tax return for students is $120. A discount may aply if three or more tax returns are prepared at the same interview, i.e. spouses, partners, siblings.

Our fee is the same regardless if your income derives from wages, ABN, or both. Some accountants charge additional when clients have income through their ABN.

Which factors affect the outcome of a tax return?

Several things determine the result of a tax return, among others if someone had one or two jobs during the year, if someone had income through an ABN, the type of Visa that someone holds, the time that you have been living in Australia.

Be mindful that hiring a tax agent to prepare your tax return does not guarantee a tax refund. At GRM Tax what do guarantee is that you will get the best outcome possible according to your circumstances.

I have decided to use your services, what is the process?

At GRM Tax we take care of all the process , from extracting your income information from the ATO systems up to lodging your tax return before the ATO.

If you decide to go ahead these are the steps involved:

1. Send me an email to mario@grmtax.com requesting a phone appointment to prepare your tax return (s). Please include in this email your Tax File Number, date of birth , and mobile phone number. Say if you want to do one or more tax returns as well. If more than one person we need the TFN and date of birth of every person to be serviced.

2. You will receive a reply where I will propose a date and time to conduct the phone interview. You can confirm this date and time or request another that works for you. Be aware that 90% of our phone appointments happen on weekday nights or weekends. The demand of our services is extremely high during the tax season, mostly during July and August, therefore we ask you please to be patient because sometimes the waiting times for appointments is for a few days or even weeks. From September onwards the wating times improve greatly. Remember that if you use our services the deadline to lodge your tax return is 15/05/2024 so there is plenty of time.

3. I will call you at the appointment date and time to ask you a few questions regarding your job, your business and how do you perform these activities. The purpose is to detect and include potential deductions (expesnses) related to your activities in your tax return which will maximise your tax refund or to minimise a tax bill. Every deduction has its own rules and these are different from person to person.

During the interview you will be able to ask all sort of questions related to the tax return or related matters. If applicable I will provide advise to improve your tax position in the future.

4. After finalising the interview I will make the corresponding calculations, will provide you the result, and we will discuss the outcome of your tax return.

5. Before concluding the phone interview I will ask you to pay my fee using your debit/credit card. Please have your card handy at the time of appointment.

6. After concluding the phone call I will email you a copy of the tax return for your files and some documents to be signed. Also a copy of my paid invoice will be sent for your records.

7. After you have signed and sent back to me the documents in the PDF file I will then lodge your tax return with the ATO. If the outcome of your tax retun is a refund the ATO will send your money via bank transfer within two weeks approximately.

If the outcome was a tax bill I will explain to you what to do. The process ends for us once we have lodged your tax return with the ATO.

IMPORTANT:

- We don't prepare tax returns for Working Holiday Visa Makers.

- Payment of our fee is independent to the outcome of the tax return. Once the tax return has been prepared and the phone interview has ended, payment of our fee is due immediately regardless of the outcome of the tax return.

- Our service includes the preparation and lodgement of tax returns. It does not include advise or consultations requests in the future, income certificates / letters, or recommendation letters. These have a cost themselves.

At GRM Tax we will be more than happy to assist you.

My contact details:

Email: mario@grmtax.com

Mobile: 047 800 4979