annqldau

Hi

Only been in Aus since Sept and haven't got my head around this Tax Business.

What do you need to keep for yearly taxes and what do you not?

Is it best to get accountant to work it out for you and how much do they cost Brisbane way?

Any advice on do's and don'ts to avoid getting stung later.

MrsDagboy

If you are a PAYE taxpayer you will get a group certificate which you will need when filling out your tax return. There may be tax deductible expenses. If you own a business then its a minefield & you will need to keep a whole stack of stuff, either way I would suggest that you use an accountant for the first year at least so you can get the gist of whats going on. Do make sure you keep ALL of the things you use to fill in your return as the ATO can ask for proof (eg receipts if tax deductible etc).

Our accountant charges us just over $100 for tax return preparation & we are both PAYE & have a business. If you have only been here since Sept you wont need to lodge a tax return until after 30th June next year.

annqldau

Figured it was June but wasn't sure if I needed to keep every single reciept when shopping etc. or just bank and credit card statments.

Thanks for the advice.

MrsDagboy

If it's a tax deductible expense (ie a uniform for work, or something bought for a business) then yes, you need to keep every receipt. But most people who are earning a wage will have only a very few expenses that are deductible anyway .

The ATO website should give a bit more info about what is an allowable deduction & what isnt. www.ato.gov.au

NIGENABBY

Hi

I am an accountant. I would suggest that for your first year you enlist the help of a tax agent - these are different to straight accountants and only deal in tax related issues - they also tend for a standard return to be cheaper than an accountant.

You can do your own, but perhaps to get a feel for how it is all done and what is really deductible, what you can claim without receipts etc it may be a good idea. Remember their fee is also a tax deductible expense.

annqldau

I like the tax deductable tax man that's good.

I have the chance of salary packaging as well which I think makes the tax thing even more complicated.

Will follow advice given I think... .