Common Questions
Answered

For individuals lodging on their own, the deadline is 31 October each year. If you lodge through a registered tax agent like ABC Money Solutions, you may be eligible for an extended deadline. Contact us early to avoid penalties.

You can claim deductions for expenses directly related to earning your income — such as work-related travel, uniforms, tools and equipment, home office costs, professional development and union fees. You must have spent the money yourself and not been reimbursed.

Yes, if you earned any income above the tax-free threshold ($18,200) you generally need to lodge. Even if you earned less, lodging may get you a refund of any tax withheld by your employer.

Most electronic lodgments are processed by the ATO within 2 weeks. If there are any issues or your return is selected for review it may take longer. We track your return and follow up on your behalf.

For quarterly lodgers, BAS is due 28 days after the end of each quarter (28 October, 28 February, 28 April, 28 July). Monthly lodgers have 21 days. As your registered tax agent we can access extended deadlines on your behalf.

You must register for GST if your annual turnover is $75,000 or more (or $150,000 for non-profit organisations). Taxi, ride-sharing and Uber drivers must register regardless of turnover. You can register voluntarily if your turnover is below the threshold.

The ATO charges failure-to-lodge penalties — currently $275 for every 28-day period overdue, up to a maximum of $1,375. Interest also accrues on any unpaid amounts. We strongly recommend lodging on time, and we can help you catch up on overdue BAS.

It depends on your income, risk profile and growth plans. A sole trader is simpler and cheaper but offers no asset protection and tax above ~$45k is higher. A company has a flat 25% tax rate (base rate entity) and limits personal liability but has more compliance costs. We assess your specific situation and recommend the best structure.

We handle the full process — ASIC company registration, ABN, TFN, GST and business name registration. We also advise on the right structure (Pty Ltd, trust, etc.) before you start. Contact us to get set up correctly from day one.

You must keep records for 5 years. This includes income records, expense receipts, bank statements, employee records and asset registers. We can set you up with cloud accounting software (Xero, MYOB, QuickBooks) to make record keeping effortless.

You can claim interest on your loan, property management fees, repairs and maintenance, council rates, water rates, insurance, depreciation on fixtures and the building itself (if built after 1987), advertising costs and travel to inspect the property (subject to ATO rules).

Negative gearing is when your rental property expenses (including loan interest) exceed your rental income. The resulting loss can be offset against your other income — reducing your tax. We can help you understand whether negative gearing is beneficial in your situation.

If you own an investment property and are not claiming depreciation, you are almost certainly missing out on significant deductions. A depreciation schedule is a one-off cost, is itself tax deductible, and can generate thousands in deductions annually. We can arrange one for you.

A Self-Managed Super Fund (SMSF) gives you direct control over how your retirement savings are invested. They suit people with balances typically above $200,000 who want flexibility to invest in property, shares or other assets. We handle annual SMSF returns, accounts, and audit coordination.