Frequently asked questions

Find the answers to commonly asked questions about tax, our services, and tips on claiming deductions below. If you can’t find the answer to your question, or have a specific question or comment please contact us. We are more than happy to help.

DO I HAVE TO LODGE A TAX RETURN?

Most people need to lodge a tax return each year. If you had tax taken from any income you received during the financial year, you need to lodge a tax return. However, there are certain exceptions based on age, income and expenses. Your best bet is to come in and have a chat with us and we can talk you through it.

WILL I BE PENALISED FOR LODGING MY RETURN LATE?

You should make every effort to lodge your return by the due date. If you are late, you may receive a fine or interest penalty charge from the ATO. Another benefit of being an Balanced Financial Services client means that we may be able to help you minimise charges with our lodgement extension.

CAN I HAVE YOUR FEE TAKEN FROM MY REFUND?

Yes, our fees can be taken from your refund. Extra charges may apply if you choose to receive your refund by cheque, or if you have unpaid fees like HECS or DOCS. These additional fees will be around $30-$40.

I only worked a few weeks this year. Will I get all my tax back?

Taxes are calculated based on the whole financial year. If you earnt less than the tax-free threshold (currently at $18,200) you may get your tax back, depending on your circumstances.

DO YOU GUARANTEE YOUR WORK?

We’ve built a proud reputation of excellence over the past 20 years.  Every return is prepared by our highly-trained specialist consultants, and double checked prior to lodgement. Every legitimate deduction or rebate will be claimed; we will leave no stone unturned. As an Balanced Financial Services client, you’ll be able to seek tax advice throughout the year without charge too! If for any reason we make an error that results in additional tax or penalties imposed by the ATO over and above your correct position we will pay that penalty or interest. We guarantee every aspect of your finances will be held in strict confidence.

HOW MUCH DO YOU CHARGE?

At Balanced Financial Services, we provide tax services for a range of individuals and businesses. We are a full-service accountancy, without the full-service cost. Our price structure is based on how complex the tax return is and all of our offices can provide a free, obligation-free quote. For online assisted tax return preparation, we will contact you with a quote by email, phone or fax after you fill out the online form. We won’t get started on your tax return until we have contacted you to discuss your return. Our fees are fully tax deductible in the year paid.

WHAT IS YOUR FEE POLICY?

Our aim is to provide the best possible service for the most reasonable fee. Our fees include;

  • On the spot service;
  • Personal attention from one of our specialist consultants;
  • Complete industry checklists to search for every legal deduction;
  • Final checking, recording and lodgement of your return; and
  • All year advice about your return.

Our fees are fully tax deductible in the year paid.

WHAT FORMS DO I NEED TO FILL IN FOR AN EMPLOYER?

Your employer should provide you with a Tax File Number (TFN) Declaration Form when you first start your job. You will need to complete this form and include your personal TFN and return it to your employer.

HOW LONG WILL MY REFUND TAKE?

Once you’ve lodged your tax return, we’ll let you know if you’re entitled to a refund or if you have a tax debt to pay. Most refunds will be issued within 12 business days if you lodged online, or up to 50 business days if you lodged a paper return. If you provided us with valid Australian bank account details in your return, your refund will be paid directly to your account.

If your return is delayed it may be for a number of reasons. Some of the most common reasons are:

  • you have recently lodged returns for previous years, either on their own or with the current year’s tax return
  • you currently have a debt
  • we need to check information with other Australian Government agencies such as Centrelink or Child Support Program.

If you haven’t received your refund after more than 21 days, get in touch with your Balanced Financial Services consultant and we’ll chase it up for you.

HOW DOES THE SENIOR AUSTRALIAN TAX OFFSET AFFECT ME?

As a senior you may be eligible for the Australian pension and tax offsets that go with it. You may be able to reduce the amount of tax and Medicare levy you pay and in some cases, eligible seniors may not even have to lodge a tax return.