Tax time is upon us and it can be a daunting process, our goal is to make it as simple and straightforward for you as we can.
You’ve met with us and submitted your New Client Form. Now what?
We do most of the dirty work for filing your return but we need a few things from you before we can begin.
BANK STATEMENTS & RECEIPTS
A COMPLETED TAX QUESTIONNAIRE
YOUR SIGNATURE ON THE PREPARED RETURN
Here’s what’s happening behind the scenes:
- We will let you know how many returns you have outstanding and the cost to bring you up to date.
- A Quote/Invoice will be sent to you, we require payment prior to beginning your work. A payment plan for larger work can be organised if required.
- We being with a download of your bank transactions in Excel. These can be exported by yourself or over the phone with us. PDF statements attract an additional fee.
- A tax questionnaire will be sent to you to find out more information about your work in the relevant financial year. We need this filled out before we can begin your return to ensure accurate information.
- After reviewing your responses, we work through your bank statements and look for income and deductions. You may receive an email to confirm transactions – please look out for these as we can’t continue until we have a response.
- Once we have prepared your tax return we will send for review and electronic signing through Xero. You will need to create a password if this is your first return with us.
- Once you have signed and submitted back to us we lodge your return with the ATO.
- Your tax return takes 7-10 days to be officially processed and a Notice of Assessment created.
- Any tax debt you have is your responsibility to keep track of and manage. We are more than happy to help setup a payment plan for you should you require. We recommend linking the ATO to your MyGov so you can make payments and get reminders of lodgements.
We hope you find this helpful in gearing up for tax time and look forward to working with you!