Frequently Asked Questions
Can you help me avoid getting audited?
Unfortunately, no. No matter what steps your accountant or financial advisor takes, there is never a guarantee that you won’t be audited. Once your return is submitted that decision is out of our hands and up to the ATO. What we can do however, is ensure that all your financials are above board so that if you do happen to be audited you’ll sail through with no problems.
What’s more, we offer tax audit insurance to all of our clients, which covers the cost of our involvement, should you need our support as you undergo the audit process – be that for income tax, payroll tax, land tax or superannuation queries.
How long should I keep my records?
Our advice here is simple. If you can help it, you should never throw away any income tax return, because you never know when you might need to refer to it in the future. If you’re short on space, however, it is probably safe enough to responsibly dispose of your supporting tax documents after two years (if you have simple tax affairs), and your supporting documentation after about four years (for more complex affairs).
Different scenarios would prompt different advice so, for instance, we recommend you never throw away or destroy payroll-related documents, while information relating to capital gains should be retained for at least five years after the sale of the asset. Essentially, the team will be happy to provide advice on this matter, specific to the scenario in question.
What’s your average service cost?
This really depends on the nature of the task, its complexity and the time taken to complete it. Our fees are based on an hourly rate, which itself is dictated by the experience of the team member overseeing your job.
You can rest assured, we’ll always appoint the team member with the most appropriate skill set to achieve the most effective results, and at that stage we will be able to give an indication of the fee and number of hours the job is likely to require.
What happens if I have a MyGov account?
For those with such an account, MyGov has become the portal through which all ATO notices of assessment, requests for payment, reminders etc are distributed. Therefore, our clients no longer receive this correspondence direct from us.
Essentially, what this means is that if you owe money to the ATO it is now your responsibility to monitor your MyGov account for confirmation and details of how to pay.
What are the mistakes I should avoid when working with you?
The team here at MayCA Accountants works most efficiently and effectively when clients take a proactive approach to their financial and taxation affairs. For instance, if there’s an unusual transaction being made in one year, like selling an asset which leaves you with a capital gain, it’s best to let us know as soon as possible.
That way we can ensure that by the time you come to lodge your tax return we already have all the necessary information and can have taken steps to ensure compliance. We rely on our clients to be honest with us about their income and transactions, as well as the documentation and supporting information provided. This not only makes our job quicker, it also means you are much less likely to run into any problems down the line.
When do I need to contact you?
This really depends on the scenario and what you need to talk to us about. Contacting us as early as possible will ensure we are in a position to provide the best advice and support at the most appropriate points in the process. While you can contact us relatively close to the date of your individual tax return, it would be advisable to reach out about more complex returns slightly earlier.
If you’re selling an asset, it’s best to let us know sooner rather than later so that we can advise on how this might impact your tax situation and start planning for that, while property developers are advised to let us know before they even purchase their latest property.