What types of deductions can a Mornington accountant claim on my tax return?
A Mornington accountant can claim deductions for a variety of expenses, including work-related expenses, self-education expenses, charitable donations, and investment expenses. It is important to keep receipts and records to support your claims.
What is the deadline for lodging a tax return if I live in Mornington, Australia?
Your tax return must be lodged by October 31st if you reside in Mornington, Australia. If you engage a registered tax agent you may qualify for an extension.
What should I do if I receive a tax audit or review notice from the ATO?
If you or your Mornington business receive a notice of tax audit or review, it is important to seek professional advice from a tax accountant or registered tax agent. We can assist you in preparing for the audit or review, ensuring compliance with all relevant tax laws and regulations.
Can a Mornington accountant claim a tax deduction for my car?
If your car is used for work-related purposes, you might be eligible to deduct certain expenses, including fuel, insurance, and repairs. However, specific regulations and limitations apply.
What is the Medicare Levy?
The Medicare Levy is a tax imposed to support Australia's public health system. It is calculated as a percentage of your taxable income, and the applicable rate depends on your income level.
Can a Mornington accountant claim a tax deduction for my super contributions?
Yes, you may be eligible to claim a tax deduction for your super contributions. Specific rules and restrictions including age limitations and contribution caps apply.
How do I know if I need to register for GST?
If your business in Mornington generates a turnover of $75,000 or more annually, you are required to register for GST. Exceptions and special regulations apply to certain types of businesses.
