Frequently Asked Questions

You can claim work-related expenses directly incurred in producing your assessable income, provided you haven't been reimbursed by your employer and you have records to prove them. Common claims include work-from-home expenses (67c/hr revised fixed-rate method or actual cost), vehicle expenses (88c/km up to 5,000 km or logbook method), work-specific tools & equipment under $300 (immediate write-off), self-education related to your current role, and union/professional association fees.

The standard deadline for self-lodgement through myGov is 31 October. However, when you lodge through a registered tax agent like Tax Bridge Advisory Pty Ltd, you can qualify for extended lodgement deadlines up to 15 May or 5 June of the following calendar year, provided you are registered with us before 31 October.

If your worldwide taxable income exceeds the minimum repayment threshold ($54,435 for FY 2024-25), compulsory repayments are calculated as a percentage of your repayment income (ranging from 1% to 10%). If your employer did not withhold enough tax throughout the year, this can result in a tax liability upon assessment.

Under ATO rules, you must keep all written evidence and receipts for at least 5 years from the date you lodge your tax return. For depreciating assets, capital gains tax (CGT) assets, and superannuation records, records must be retained for 5 years after the asset is disposed of or the relationship ends.

Yes! Under Section 25-5 of the Income Tax Assessment Act 1997 (ITAA 1997), fees paid to a registered tax agent like Tax Bridge Advisory for preparing and lodging your tax returns, managing your tax affairs, or obtaining advice are fully tax-deductible in the financial year you pay them.

You must register for Goods and Services Tax (GST) within 21 days if your business's current or projected annual gross turnover reaches $75,000 ($150,000 for non-profit organisations), or if you provide taxi, limousine, or ride-sourcing services (like Uber) regardless of your annual turnover.

Base rate entities—companies with an aggregated turnover under $50 million where 80% or less of their assessable income is base rate entity passive income (e.g. dividends, interest, rent)—are taxed at the concessional rate of 25%. All other corporate entities are taxed at the standard 30% rate.

Small businesses with an aggregated turnover under $10 million can choose the cash accounting method, where GST is only reported and remitted when payment is actually received or made. The accruals (non-cash) method accounts for GST based on invoice issue dates. Tax Bridge Advisory helps you assess which method optimizes your working capital and cash flow.

STP Phase 2 is mandatory payroll reporting to the ATO each payday, disaggregating gross pay into specific components such as allowances, paid leave, overtime, salary sacrifice, and bonuses. We configure your Xero, MYOB, or QuickBooks system to ensure seamless STP Phase 2 and Superannuation Guarantee compliance.

Sole trader is the simplest to start, but carries unlimited personal liability. A proprietary limited company (Pty Ltd) offers limited liability protection and a capped 25% corporate tax rate, but requires ASIC compliance. A Discretionary Trust allows flexible distribution of income to beneficiaries to optimize family tax brackets while protecting assets. Our Business Structure & Advisory service models your projected revenue and family situation to determine the ideal structure.

Once you complete our secure Private Company Set-up Form on the portal, we verify details and lodge directly with ASIC. In most cases, your Australian Company Number (ACN), Certificate of Incorporation, and Company Constitution are issued within 24 to 48 business hours.

A Director Identification Number (Director ID) is a unique 15-digit identifier managed by Australian Business Registry Services (ABRS) that a director keeps permanently. Every director of an Australian company or corporate trustee must obtain their own Director ID directly through myGovID prior to appointment.

Every SMSF must prepare annual financial statements, an independent audit under the Superannuation Industry (Supervision) Act 1993 (SIS Act), lodge an annual SMSF tax return with the ATO, pay the supervisory levy, and maintain an up-to-date Investment Strategy documenting insurance and diversification.

Yes. SMSFs can invest in commercial or residential real estate, subject to strict SIS Act rules (the 'sole purpose test'). Residential property cannot be rented to or acquired from related parties or fund members. Commercial real estate can be leased to a member's business at verified market rental rates.

The SIS Act mandates that every SMSF be audited annually by an ASIC-registered approved SMSF auditor who is completely independent from the preparation of the fund's accounts and financial statements. Tax Bridge Advisory manages the entire compilation and independent audit liaison process seamlessly.

Our secure portal allows you to complete smart web forms, upload tax documents (PAYG summaries, bank statements, receipts) with instant file validation, review draft lodgements, make secure fee payments via Stripe, and track application milestones from 'Draft' through 'Under Review' to 'Lodged with ATO'.

You can freely fill out our forms on this website! When you hit submit, your draft is securely saved with a temporary handoff token, and you are guided to sign in or create an account. Your draft is automatically claimed into your private client portal without any repeated data entry.