Frequently Asked Questions

  1. What do I do if the tax office calls?
    Stay calm. We recommend that you advise the ATO that you use an Accountant and that they ought to call us first. We can then ascertain what the issue is and respond accordingly, usually saving you time and heartache.
  2. What do I do if faced with an Audit?
    Stay Calm. Contact us immediately and we will guide you through the routine. In most cases the ATO will be asking for supporting documents like bank statements, tax invoices, receipts, diaries, log books and other supporting information. The Tax Office will often use their special questionnaires which may comprise many pages of leading questions. We need to meet and assemble the information and confirm your position. WE RECOMMEND YOU TAKE OUT AUDIT INSURANCE TO COVER THE COST OF OUR AUDIT CONSULTING TIME.
  3. How long should I keep my records?
    We recommend that you maintain your records indefinitely as the ATO and other Government departments can audit back as long as they wish without adhering to the statute of limitations [6 years]. The usual term the ATO advises is 5 years for a business and 2 years for an individual unless you have depreciation or deductible loans, in which case it is 5 years or 2 years from the date of the last claim for these expenses. Please refer to us if you are unsure.
  4. Why do I need an Accountant?
    Accountants are best placed to provide you with the guidance necessary where your affairs and not straightforward or where you do not know what you are entitled to.We can cut through the red tape to simplify the process and usually obtain a result which is both fully compliant with the law and a better outcome that you would have obtained by yourself. We always work to the full extent of the law to avoid confrontation or embarrassment.
  5. Why lodge through an Accountant?
    Using an Accountant provides you with the guidance you need to make the right financial decisions with your affairs including advice on record keeping and investment. It also allows you an extension of time in which to lodge your income tax return to as late as 15th May in any year. We can cut through the red tape to simplify the process and usually obtain a result which is both fully compliant with the law and a better outcome that you would have obtained by yourself. We always work to the full extent of the law to obtain every benefit you are entitled to in order to provide you with the best possible lawful outcome. The government and the ATO would have you believe that Accountants may not be necessary but this is fantasy. They have something to gain by you not making the correct claims. Do not be fooled by government, we are on your side.
  6. When do I need to lodge my return?
    Most clients need to lodge their return by 15th May in the year following the 30th June if lodging through our office. This is because we at Edwards Irvine & Facius Pty Ltd have an extension of time in which to lodge your return. Obviously if you are expecting an income tax refund you’ll want it lodged sooner than later. There are different rules for larger taxpayers, super funds, Companies and Trusts.
  7. What do I bring to my appointment?
    Please refer to our checklist under forms – there is a non-exhaustive list for individuals and another for business clients.  Please call if you are concerned you may be missing something, as coming to your appointment without all your information delays processing and pushes up cost.
  8. Where are you?
    Please refer to the Find Us section. Our office hours and contact numbers are in the contact us section.
  9. What can I claim?
    You can claim any expense which has a direct relationship to the income that you are earning whether you are a business or individual, in most cases. There are exceptions and so we recommend that you bring the supporting evidence to your appointment  so that we can review it for you. Please refer to our checklist.
  10. What does it cost?
    The cost of using our services depends on the type & size of tax return or assignment and length of time it takes to complete the assignment. Most clients are usually paying a fee that incorporates annual support. This may mean the odd piece of advice for an individual or business. Please refer to our schedule of fees for an indication. We are always happy to discuss fees applicable to your particular situation. 
  11. Who do I talk to?
    EDWARDS IRVINE & FACIUS PTY LTD is a small highly trained team which is well resourced. Our consultants are well placed to provide advice as required.  Whether you are dealing with our junior consultant or senior consultant our aim is to provide consistent, up to date and timely advice.  Our customer service staff will be able to ascertain the appropriate consultant when you telephone and refer you that person.
  12. How do I pay my tax?
    Your tax can be paid at the post office, direct to the ATO using EFT, BPay or by mailing a cheque. The amount you need to pay is shown on your assessment notice, BAS form or IAS form as is the due date for payment. Contact us if you are having problems
  13. What if I cannot afford to pay?
    We can arrange terms if you cannot afford to pay the entire amount at one time. Interest charges will often apply – levied by the ATO at their prevailing interest rate which changes from time to time.  Where terms have been agreed to you must adhere to them strictly or the ATO will disregard your arrangement.
  14. Should I lodge my BAS if I cannot afford to pay?
    In short, yes. The ATO may levy penalties for late lodgment of BAS’s and IAS’s where the physical document has not been lodged. We can assist in some cases by lodging electronically for you or by using the ATO portal. Indeed we often have an extension of time to lodge the documents for you, saving you heartache. However the penalties are high for failure to meet your obligation and so you ought to contact us early if you think you’ll have a problem.
  15. When is my BAS due?
    Your BAS or IAS is due to be lodged no later than four weeks after the end of the quarter [or month if monthly lodger] unless the date shown dictates otherwise. We can assist you if you require additional time to lodge as we at EDWARDS IRVINE & FACIUS PTY LTD have extensions available to us that the general public or self lodgers do not have access to. 
  16. Why do I need a Financial Adviser?
    Our Financial Advisers are licensed by ASIC and through their dealer group [Count] to enable them to provide you with the guidance necessary to achieve your desired financial goals or outcomes, or just provide you with realistic options. A financial Adviser can also help simplify the investment process and obtain results which are fully compliant with the prevailing laws. At EDWARDS IRVINE & FACIUS PTY LTD our advisers are highly trained, up to date and reliable consultants that can provide you with the timely options that you need to meet your financial goals.
  17. When do I pay my S.G.C. Superannuation?
    Your employee SGC Superannuation is due to be paid no later than the 28th day following the end of the quarter [similar to your BAS if you are a quarterly lodger]. Failure to pay your SGC in the appropriate period may mean late fees and interest will be levied, and if after the 30th June in any year an income tax deduction quarantined into the following financial year.