Tax Return Services
How Can LLB Help With Your Tax?
LLB Accountants has the knowledge and experience to handle all your tax matters from preparing, lodging to dealing with tax officers on your behalf. Although tax preparation is a process you can go through on your own, hiring a professional to take this load off your back can have numerous benefits. In fact, by having a good tax preparation consultant in your corner, you may be looking at a significant increase in savings, and a decrease in stress and energy you would otherwise spend attempting to calculate tax return.
What Tax Returns Can Your Tax Agents Prepare and Lodge?
Some of the tax return services our tax agents provide include the following:
- Sole Trader
- Self-Managed Superannuation Funds (SMSF)
- Fringe Benefits
We are also at your disposal to provide advice regarding the next tax year and prepare you in advance for any costs you may have planned for the future.
Our Tax Return Fees
We operate under a fixed quote system. Here at Lin, Leo and Beak, each client who turns to us for business tax preparation services goes through the same process. First, we ask you to arrive at our office for a free, no-obligation consultation. The meeting is organised so that our tax preparation professional has a chance to meet you and learn more about you or your business. Once we collect relevant information, we provide an upfront quote depending on the complexity of your tax return.
Count on us to provide competitive price for our services.
What our clients highlight about our services are our honesty and transparency – we are upfront about the costs and fees involved from the very first meeting. If during the process of tax preparation we are required to change the approach and need to amend our fee, we inform our clients beforehand.
Why Should I Do My Tax Returns With LLB?
If you choose LLB Accountants as your right-hand men for everything that has to be handled during the tax preparation process, you can rely on us to simplify otherwise stressful tax time. We provide all our clients with a detailed explanation of the process, answer questions regarding any specifics of our work that might be ambiguous and thus guide you through the entire process step by step.
We understand that, to a non-professional, this is uncharted territory and, if lost, you may be facing significant financial difficulties and complications. Our personal and business tax preparation services are widely praised due to our devotion and commitment to every client as we always take all the time it takes to guide you through the process and ensure you are fully aware of your financial situation.
Get in Touch
Call us today on 1300 000 552 to discuss the details of the tax preparation process and come up with the best way to assist you with your or your business tax return.
Tax Return FAQ’s
Do I need to do a tax return?
If you are Australian resident for tax purposes and earned income in Australia, it is compulsory that you lodge your tax return every financial year. In some circumstances, our tax agents can help you determine whether or not you need to lodge a tax return.
When is my tax return due?
Tax returns are due on the 31st of October 2020 for the previous financial year (July 1 2019 – June 30 2020). If you complete your tax return with a registered tax agent or accountant then you may be eligible for an extended tax return deadline which could be as late as May 17 2021 (dependant on your situation). This is only applicable if you have lodged your previous tax returns on time. If you would like to take advantage of this extension make sure you contact LLB Accountants.
Can I lodge my old tax returns with LLB Accountants?
You can lodge both the current year as well as all previous outstanding years tax returns with us. As a tax agent we can access to your tax portal to get information from previous years.
How much does a tax return cost at LLB?
Individual tax returns start from $109 at LLB Accountants however they are tax deductible for next years tax return.
What can I claim working from home due to COVID-19?
If you are working from home due to COVID-19 you may be able to claim a deduction on running expenses.
Expenses you can claim include:
- heating, cooling, lighting and cleaning of the home office area
- work related phone calls and internet bills
- home equipment/furniture including: desk, chair, printer stationery, paper, computer, etc.
How much can I claim for running expenses working from home due to COVID-19?
There are two methods that can be used to calculate your running expenses incurred due to COVID-19.
The first method is a simplified method (shortcut method) which allows you to claim 80 cents for every hour worked at home, covering all the deductible running expenses. Even if you are living with other people you are still allowed to claim this 80 cents per hour rate.
Note: this method can be used to calculate expenses from the 1st of March to the 30th of June 2020 for 2019-20 tax returns and 1st of July to 30th of June 2021 for 2020-21 tax returns (subject to change).
The second method is the fixed rate method which allows you to claim 52 cents for every hour worked at home. You are also able to claim the work related portion of additional expenses for phone bills, internet bills, computer consumables and decline in value of work equipment.
What happens if I don’t lodge a tax return Australia?
If you’re required to lodge a tax return by a certain date and you don’t lodge it, you may receive a failure to lodge (FTL) on time penalty. The ATO will get in touch with you via SMS, MyGov message, phone or letter before giving any penalties. Penalties are calculated one penalty unit for every 28 days your tax return is due with each penalty unit for small businesses being $222 and can go up to a maximum of $1,110. For medium and large businesses this penalty will be much larger.
Do I need an accountant to do my taxes?
You can lodge your tax return yourself or you can go to an accountant who’s also registered as a tax agent. Our accountants are all registered with the Tax Practitioners Board and can lodge your tax returns on your behalf. Although it’s not compulsory to lodge with a tax agent, it is recommended as your tax refund increases significantly. If you own a business, lodging with LLB Accountants will be advantageous as we are knowledgeable about industry specific tax deductions and will let you know what you can and can’t claim while being compliant with the law. We triple check all tax return lodgements to avoid any mistakes so you can get your return with no delays.
How long until I get my tax refund?
The Australian Taxation Office (ATO) aims to process electronically lodged tax returns within two weeks with paper returns taking up to 10 weeks. LLB clients often get their tax refund within only 5 business days we make sure to triple check all the information prior to lodging to avoid delays.
Why am I owing money on my taxes?
You may owe money to the ATO if you:
- are an employee and you haven’t had enough tax withheld from your pay by your employer or had more than 1 job during the financial year
- are a sole trader and haven’t paid tax in advance to the ATO during the financial year
- received other streams of income where tax was not withheld such as sharing economy jobs/investments (Capital gain, Oversea income, Investment income or income from Uber, Ola, Deliveroo, Uber Eats, Door Dash, Di Di etc)
What do I need to bring to LLB for my tax return?
Prior to coming into LLB please ensure that you have your PAYG payment summaries and if applicable taxable government allowances such as JobSeeker, Youth Allowance and Disability Pension, lump sum and termination payment summaries, interest from bank accounts and dividend statements. It will also be helpful if you have your work related expenses that you paid/related to work ready including expenses for protective clothing, self education, travel and running expenses from working at home. Check out our tax return checklist here for more information.
How can I estimate my tax refund?
You can receive an estimate on your tax refund using the ATO’s calculator. Check if you are eligible to use the calculator prior to using it.
How much is the average tax refund in Australia?
The average tax refund in Australia is $2381.