Frequently asked questions about tax and accounting

To assist our clients, we’ve provided answers for many of the questions our Emerald accountants are asked regularly regarding tax and accounting. We are happy to answer any other queries you may have by phone or email. Our team can also arrange a consultation if you’d like individually tailored accounting, business or financial advice.

(A) Up to June the following year. Tax returns for clients are generally due by 31st October, however if you lodge through your tax agent this can be delayed until May the following year. Contact us for further information.

(A) July-September’s Quarter is due before the 28th October. October-December’s quarter is due before the 28th February. January-March’s quarter is due before the 28th April. April-June’s quarter is due before the 28th July. Your tax agent may be entitled to an extension if lodged with us.

(A) Yes, so long as the asset is under $20,000 including GST and is purchased by a small business entity with an aggregate turnover of less than $10 million and the temporary full extension has replaced the instant asset write off until 30th June 2023. To discuss this in detail contact us.

(A) You can contribute the max of $27,500 (regardless of age) that can be deposited into your superannuation fund and you may be able to do this after reducing your amount the employer pays on your employment. This includes both employer and personal concessional contributions.

(A) You can no longer claim deductions for travel expenses relating to your residential rental property unless you are an excluded entity or entity carrying on a business of letting rental properties.

(A) How long to keep your records

Generally, you must keep your written evidence for five years from the date you lodge your tax return. 

There are some more specific situations. If you:

  • Have claimed a deduction for decline in value (formerly known as depreciation) – keep records for the five years from the date of your last claim for decline in value acquire or dispose of an asset – keep records for the five years after it is certain that no capital gains tax (CGT) event can happen in dispute with us – keep records for the later of either
  • five years from the date you lodge your tax return
  • five years from the date the dispute is resolved.
  • It is important that you keep all your records in relation to all capital improvements on properties that you own (including payments to Councils for fees and charges)until 5 years you lodge the tax return when the capital gain occurred.-(If in doubt keep it)

Format of your records

You can keep your records in paper or digital format. If you make paper or digital copies, they must be a true and clear copy of the original.

We recommend you keep a back-up of all your digital records. Your documents must be in English unless you incurred the expense outside Australia.