Frequently Asked Questions

You can find answers to most of your questions below. Simply toggle between the questions.

General Question

Q. What kind of documents do I need to begin?

In order to lodge your tax return, you will need all financial documents and records related to your income. This includes:

  • payment summaries from each of your employers, including Centrelink
  • statements from financial institutions regarding interest you have received
  • dividend statements from companies that paid you dividends
  • a statement of earnings from a unit trust or managed investment fund
  • buy and sell advices from your investment advisor or stockbroker

If you plan on claiming deductions, you must also have receipts documenting your expenses.

Q. What kind of work related expenses can I claim?

The general rule is if you incurred an expense for the purpose of earning your income, then you will most likely be allowed to claim that expense in your tax return and get a higher tax refund. However, in some cases your expense may not be allowed in full where part of that expense is connected to a private use component. Example; you buy a computer you use for work purposes at home by logging onto your work email, or other work related internet searches and you only use your computer about 50% of the time for work purposes. In this case, you can only claim 50% of your internet costs and only 50% depreciation on your computer. The private use component you cannot claim in your tax return.

Q. How long do I need to retain my expense receipts which I have claimed as deductions against my taxable income?

You are required by law to keep your receipts for a period up to 5 years from the date you lodge your tax return.

Q. When is the last date I can submit my tax return?

You must lodge your tax return with by October 31st each year. Alternatively if you have enlisted Dalal Accountants as your tax agent before October 31st, the Dalal Accountants team can request an ATO extension for you.

Q. If I lost my PAYG Payment Summary, how can I do to complete my tax return?

Your return can be completed using the details from a copy of the PAYG Payment Summary (your employer can provide this), a letter from your employer detailing the information on the PAYG Payment Summary or by reviewing your Final Pay Slips for that period. If you are unable to obtain the payment summary details from an employer a Statutory Declaration would also be sufficient.

Q. Is it true I will receive a refund equivalent to 100% of the deductions taken from my gross payments in case this is my first tax return lodgement?

No! The amount to be refunded to you will always be conditional to your total gross income, the amount of PAYG tax deducted from your payments, your work related expenses and other individual circumstances.

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