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FREQUENTLY ASKED QUESTIONS

What is the quickest way to start my tax return with Tax Monster?

In your profile page, enter your Date of Birth, Full Name and Tax File Number and we will be able to access your pre-filling report from the ATO The pre-filling report will provide us some basic information to get started and you will receive directions from us to help you complete your tax return online.

What do I need to prepare for my tax return?

Income

  • Group Certificates/PAYG Payment Summaries
  • Bank Interest Details
  • Government Payment Summaries (Pension, Austudy Allowance, Newstart Allowance etc.)
  • Payment Summaries from Centrelink
  • Superannuation Lump Sum/Income Stream Statement
  • Dividend Received Statements
  • Partnership & Trust Distribution Statement
  • Managed Fund Statements
  • Capital Gains Details – Investment Property or Shares Sold (Purchase Price & Sale Price)
  • Foreign Sourced Income and Pensions

Deductable Expenses

  • Motor Vehicle Expenses/km travelled
  • Travel Expenses
  • Compulsory Uniform, Protective Clothing, Occupation Specific Clothing, Dry Cleaning
  • Self-Education Expenses
  • Other Work Related Expenses
  • Asset Purchase Details – Computer, Tools, Equipment, etc
  • Investment Related Expenses
  • Donations to Charity Organisations
  • Cost of Tax Affairs (Accountants Fee, etc.)
  • Income Protection Insurance Premiums
  • Superannuation Contribution If Self Employed

Sole Trader/ABN Holders

  • Business Income & Expenses

Investment Property

  • Investment Property Statements (Provided by your property agent)

Other

  • Medical Expenses
  • Private Health Insurance Statement

Can I lodge a tax return without having all my group certificates/PAYG payment summaries?

No. All employment income need to be declared when lodging a tax return. In the meantime, you can however start using Tax Monster to enter all your other income and deduction.

Why is my tax refund not equivalent to my total deductions?

Deductions only reduce your taxable income. Your tax amount equals taxable income times tax rate. Thus, a tax refund increases (or tax payable reduces) by the amount equivalent to an amount of deductions times tax rate.

How long do I have to keep my tax records?

The Australian taxation law requires that you must retain your records for at least 5 years from 31st October or lodgement date, whichever earlier.

When is the due date of a tax return?

You must lodge your tax return by 31st October each year. However, in case you are our existing client, an extension can be requested to ATO. You are never too late to lodge overdue or late tax returns. It is recommended that you lodge outstanding tax returns asap to avoid ATO fines.

I am Leaving Australia prior to 30th June. Can I lodge a tax return before 1st July?

Yes. In case you have left or are leaving Australia permanently (not coming back and working within at least 2 years), you can lodge your tax return early. For example, your visa expired and you went back to your country. However you need all of PAYG payment summaries (group certificates) or equivalents as well as bank interest details.

Do I have to pay Medicare Levy if I am a Non-Australian?

If you live in Australia, but are not eligible for Medicare during all, or part of, any financial year, you can claim an exemption from paying the levy. To claim the exemption on your tax return, you must apply for a Medicare levy exemption certificate.

You may not be eligible for the exemption if you:

  1. hold a permanent resident visa or have applied for a permanent resident visa.
  2. were a resident of the United Kingdom, the Republic of Ireland, Italy, Malta, Sweden, the Netherlands, Finland, Belgium, New Zealand,   Norway or Slovenia before entering Australia maintain a dependant or another person who was eligible for Medicare.
  3. are an Australian citizen living overseas for less than 5 years.

How long does it take to receive my refund?

The normal processing time is 10 -14 working days but it is subject to the ATO.

Can you deduct the fee from my refund?

Yes. We can deduct the fee from your refund and have the net funds deposited into your nominated bank account. This means that you do not need to pay us upfront.

I have not lodged prior year tax returns. Can Tax Monster also lodge them?

Yes. We can prepare and lodge your prior year tax returns. Any year is accepted. It is recommended that you lodge your outstanding tax returns as soon as possible. ATO may impose fines for non-lodgement of a tax return.

What happens if I find mistakes after my submission?

You can simply leave us a comment of the changes you would like to make. We have a dedicated system to monitor all comments.

What happens if I owe the ATO money?

If your estimated tax assessment indicates that you owe the Australian Taxation Office (ATO) money, you will receive a tax payment advice from the ATO to your postal address in around 10 working days after the lodgement.

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