Frequently Asked Questions (FAQ)

We have provided answers to the most common taxation and accounting questions below to help solve your problems:

How much superannuation do I have to pay for my employees?

The superannuation guarantee scheme rate is 9% of the “earnings base”. The “earnings base” is generally the gross salary, but there may be additional amounts that are added to it. As well, industrial awards or workplace agreements may also prescribe a rate and earnings base, but this must comply with superannuation guarantee legislation. You should discuss your exact details with us before you act on generalised information.
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When do I have to pay my superannuation guarantee staff superannuation?

From 1 July 2003, you have to meet your superannuation obligations at least once per quarter on 28 October, 28 January, 28 April and 28 July each year. At these times you also need to report to your employees the details of the contributions you have made in a payslip, letter or email giving the amount of the contribution, the name of the fund, and if known, the employee's account number.
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What happens if I am late in paying my superannuation guarantee obligations?

If you don't pay the employee superannuation by the cut-off dates or do not report the details to the employees you may face penalties.
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When does my tax return have to be lodged?

If you are not lodging through a Tax Agent, you need to lodge your Tax Return by 31 October each year. Tax Agents have special programs where the last date for lodgement of various returns is dependant on size and type of tax return. These extended dates range to May of the year following the preceding tax year.
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Can I claim entertainment as a deduction for tax purposes?

Entertainment expenses are not deductible except for very limited circumstances. This applies to entertainment in the form of food, drink or recreation (any amusement, sport or leisure-time pursuits). This prohibition applies to entertaining clients, employees and owners.
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If I pay Stamp Duty and other costs when I buy an investment property, can I claim these against rental income?

Stamp Duty, settlement fees and search fees are generally considered to be capital costs. Capital costs cannot be deducted against rental income – they are accumulated and used to calculate the capital gain when you sell the property.
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Can I claim deductions for my car expenses?

The general rule is that you can claim your vehicle expenses against income if you use your vehicle to earn that income. You can make a claim using one of four methods which may involve the completion of a log book. Contact us to see what method is best for you.
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Can I claim my children's school fees against my income?

No. Generally, you can claim expenses that are incurred in the course of deriving assessable income. The Tax Office does not consider school fees, childcare fees etc., incurred in the course of deriving your income.
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I have opened a joint savings account with my 10 year old child – is the interest taxable?

Yes – who declares the interest is an issue that depends on the circumstances. Contact us to discuss the details and if there is a better way to provide savings for your children.

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