Working On ABN, Want To Pay Some Tax.

STIG83

As title says, I'm here in Perth since Sept, been working on ABN, haven't paid any taxes yet and want to pay some soon before it mounts up. Want to get an accountant to do it.
Anyone know any reasonable priced accountant places?
I priced one place and that was $260.


Thanks.

STIG83

Anyone?

STIG83

Bump this

Zambia

have you asked the ATO?

STIG83

I have been, i know I can do online but want to make sure it done properly, that's why I rather get it done through an accountant.

Doc

STIG83 wrote: »

I have been, i know I can do online but want to make sure it done properly, that's why I rather get it done through an accountant.

You pay it at the end of the tax year if you’re smart and keep lots of recites or have a good accountant (and keep recites) you may not have to pay that much at all. But if you want to put some away every month for it why not set up a savings account and set it up so some is taken from your current account and put into it every month?

STIG83

Doc wrote: »

STIG83 wrote: »

I have been, i know I can do online but want to make sure it done properly, that's why I rather get it done through an accountant.

You pay it at the end of the tax year if you’re smart and keep lots of recites or have a good accountant (and keep recites) you may not have to pay that much at all. But if you want to put some away every month for it why not set up a savings account and set it up so some is taken from your current account and put into it every month?

I have kept all my receipts, I'm just afraid if I leave til end of tax year I'll get raped on paying a load of tax and what I will have earned is gone.

chrismon

Accountants are around that price alright.
You should wait until the end of the tax year like everyone else.
No point going to an accountant more than once a year.
Waste of money!

emfitz

Id say wait until the year end.. As another poster said just set up another account and put away a bit every month, that way you'll have it there rather than trying to get a lump sum together at year end.
It's not gonna make a difference if you pay off some now, and you'll have the expense of paying an accountant now and again at year end.

Just keep everything together all your receipts and invoices etc and at year end bring them to the accountant and get it all done at once...

The Sweeper

STIG83, you need to open a second bank account. Open a savings account, and put 1/3 of every single pay cheque you get into that account, and DO NOT TOUCH IT. Watch it mount up and watch interest accrue on it. At the end of the financial year, get an accountant to do your returns for you and then pay your tax. The following year, the ATO will probably send you quarterly tax bills based on the figure they think you'll have to pay - it's a system in place to stop folks having to pay big tax bills.

Another option you have is go onto the ATO's website and fire up a tax calculator. Enter your earnings and calculate how much tax you'd have to pay. Then call up the ATO and tell them you want to start paying quarterly now, and see if they'll agree to send you bills based on your expected earnings - they might do it. At end of financial year you can then give your accountant the details of what you've already paid and they'll factor it in to your accounts.

Keep receipts for everything and read up the ATO's website about what you can and cannot claim. Tax is reasonably complex here and it's good to get an accountant to do it, just because there'll be things you can claim that you aren't even aware of.

By the by, IMO $260 is reasonable for tax on an ABN. Folks who get theirs for about $150 tend to be PAYG workers and their tax is more straightforward than a business tax return. Remember accountants work across Australia, not just in one state - it's the Australian Tax Office, covering everywhere. This means you can retain the services of an accountant anywhere if they'll work online and by email. My accountant is in Sydney and I've lived in Victoria and now Queensland.