Frequently Asked Questions
Do I need to lodge a tax return ?
You must lodge a tax return if any of the following apply:
- Tax was deducted from any payments (such as wages) made to you during the financial year.
- You are an Australian resident and your taxable income was more than the tax-free threshold.
- You are a foreign resident and you earned more than $1 in Australia during the financial year.
- You are leaving Australia permanently or for more than one financial year.
- You are an ABN holder.
I have more than one year to lodge, can you help ?
Absolutely, not only can we help we consider ourselves the specialist of completing multiple year tax returns, we understand sometimes the burden of these multiple years tax returns weigh on clients, let us assist you in bringing everything up to date with ease – you may even be sitting on a compounding sizable refund!
Do I need to make an appointment ?
No – we have clients based in all states of Australia and in fact the world, with technologies these days we can prepare your return without the need for you to come and see us, Our offsite option allows you to send your documents to us securely and we will do the rest.
We also offer Skype video business consultations for the time conscious.
Do I get an extension of time to lodge with Siragusa Accounting Group ?
Yes as registered tax agents we are granted an extended lodgement program past the 31st October deadline, extensions are dependent on your personal situation, contact us to find out more.
How quickly will I receive my tax refund ?
Generally, your Notice of assessment and tax refund will be issued between 7 – 14 Days after your return has been lodged with the tax office, The ATO may, however, delay the issue of your Notice of assessment if there are processing issues that have been identified.
Is it hard to change accountants ?
Contrary to popular belief changing accountants doesn’t have to be difficult, a fresh set of eyes on your business performance would benefit most, all we need from you is your previous accountant’s details – leave the rest to us.
Does Siragusa Accounting Group charge for phone calls ?
No, we enjoy the interaction we have with our valued clients – you don’t have to worry each time you call us you will receive a bill in the mail.
How much do you charge ?
We understand that each file differs from the one prior, as such we don’t force you into price categories like other accounting firms do, we discuss with you what services you need and want, we then will provide you with a tailored quote – we can even structure our fees to be paid intermediately to assist with your cash flow.
What software do you suggest ?
For many of our valued clients, we recommend Xero. That said, it’s not for everyone for some people MYOB is best, for others – a simple templated spreadsheet might be the best option, Once we understand your business needs we can suggest the best option for you.
Do I need cloud based accounting technology?
Times have changed in the accounting space for the better. Gone are the days where you have until year-end to see what’s happening in your business.
With cloud-based systems like Xero, We all have real-time access to information that will better support your key business decisions.
Should I do my own bookkeeping?
Sure we can give you pointers on what you will need to do, however business owners must realise that the paperwork side of your business is as much a part of your business as a hammer is to a carpenter. When you own a business it’s vital to know your financial standings are accurate, correct record keeping makes this so much easier.
We believe a bookkeeper is worth looking into if keeping your books in order is draining your time and energy and if you find paperwork mounting up impacting you on making the correct business decisions.
Do you offer bookkeeping services ?
Absolutely we do, we can do this in-house or have one of our team come out to your premise to assist with whatever needs you require – its all tailored around what you want and importantly need.
How do we get to that next stage in our business?
Getting a business up and running is a huge feat, and anyone who has developed a profitable business – well done.
We find business owners are often left with questions like: “where to now?” and “how do I get to the next level?”.
Our business coaching and development packages are tailored to you, We ask the question of what you’re in business for and what now drives you in business, it’s vital to understand the fundamentals of your business at each stage and know the answers to your key decisions before they are made.
Where has all the profit gone ?
We see countless businesses that run into issues because of a lack of cash flow planning or analysis.
We look closely at your cash flow mechanisms to ensure they are suited to your business and show you the positive effect on your cash flow by implementing a few slight favourable changes.
In every business, it is vital to make cash flow an area you’re in control of, without this the wheels can fall off quickly when cashflow management is lacking.
How important is it to get our business and personal finances structured right ?
When your affairs are set up effectively for your situation, you are better positioned to protect yourselves, your families and finances.
By structures we mean – what business type suits your situation – do you trade as a Company or as a Sole Trader? Do you have personal assets that need protection and to be kept independent of any business undertakings?
By personal financing we mean – Which loan should we first pay off, should we pay back principal and interest or interest only.
The answers to these are vital to ensure your protecting and maximising your financial future.