PMA Accountants offers a wide range of services in accounting, taxation and business services. We have compiled some Frequently Asked Questions to guide you in your enquiries and to explain a little more about some of our services.
If you have any further questions, just call us on (03) 9217 6436.
What should I bring with me?
You will need to bring at least your Tax File Number with you, as well as your current bank account details (the ATO now requires that all refunds be paid electronically directly into your bank account. We have also prepared a quick and simple checklist of other items that you can bring along to make the process quicker, and to help us get the best outcome for you. Also read our tax return checklist
Can I see you after business hours?
We are usually available after hours by appointment during the peak season of July to October, so please contact us to request a time to see us. Please call us on 03 9217 6436 to make an after hours booking.
How long will it take to do my tax return?
For most people, it takes about an hour for our interview and for us to get all the information that we need to finalise your tax return. We would usually be able to give you a very close estimate of your tax refund or amount payable by that stage. In some cases, we might even have it all prepared and ready to sign by the end of the hour.
If not, we will typically finish off your return and have it to you to review and sign within 24 hours.
Once the return is lodged, the ATO advise that individual tax returns are usually processed within 14 days. That means it will generally be less than three weeks between our interview and you having your refund in your bank account.
If you have not received your refund within 28 days of your return being lodged, we will typically contact the ATO to enquire about the progress of your return.
When is my tax return due?
Individual tax returns for the 2014 financial year were generally due for lodgement by 31 October 2014, unless an extension was applied for.However, if you get an accountant (who is a Registered Tax Agent) to prepare your tax return, they will generally have until mid May the following calendar year.
If you have not lodged your tax return yet and are not sure if you have an extension, it is best to get in touch with us as soon as possible so we can minimise any penalties that may apply.
I have not lodged a tax return in years. Can you help?
Yes we can. We have helped a number of clients get their tax affairs up to date, some after many years of not lodging tax returns. Being so far behind in your taxes can be a very stressful situation and in our experience it is always better to talk to the experts about your situation and get the matter sorted. Many clients report that getting up to date is a massive relief and a weight off their shoulders.
A common reason why clients have been reluctant to get their taxes done is because they are concerned that they will have a very substantial tax debt. While we can not know what the outcome will be in your situation, many clients actually end up receiving refunds after getting their affairs up to date.If you do end up owing money, this is where choosing the right accountant can make a big difference.
At PMA we make a concerted effort to limit the pain as much as possible. If we think there is a good reason for it, we will ask the ATO to waive any fines or interest that applies for lodging tax returns late. We will also negotiate with the ATO for a payment plan for the debt if you can not pay it all at once. We can often arrange to spread the payment of your tax debts over a number of months as well.
The most important thing is that you discuss your situation with us as soon as possible, so that we know where you stand and can start the process of getting everything sorted out.