/ FAQ

How can we help you?

How to & Frequently asked question
1

What started as a tax advisory and consulting agency has evolved into so much more. Beyond handling everything that has to do with taxes, our services now extend to personal and business accounting, SMSF administration and advisory, business restructuring, a variety of business management services, corporate bookkeeping, and audits.
2

Though we would love to meet you in person, we understand your hesitance to come to our office. Accordingly, you now have the option to simply drop off your paperwork and get a call once it’s ready for you to sign. Alternatively, we offer telephone and online services that you can use from the comfort of your home. A consultant will call you and provide access to our secure client portal as well as any assistance you need to upload, review, and sign all your documents.
3

Cap Taxation offers expert advice on business planning and growth. Depending on the type of business you are creating, you will probably need a Tax File Number, an Australian Business Number, and a number of tax registrations that include GST, PAYG withholding, FBT. You will also need to register your business name and get an AUSkey. We can either help you set this up yourself or set it up on your behalf.
4

If you’ve produced assessable income for a financial year, you will need to lodge a return. However, certain exceptions may apply depending on your age, the amount of income generated, and your expenses. If your income for the past year is lower than usual, you will still need to lodge your returns to see if you are due a refund. Your best bet is to contact us so we can assess your individual case and offer the best course of action.
5

Depending on whether you decide to lodge electronically or on paper, the ATO may need between 2 and 10 weeks to process your taxes. Nevertheless, some tax returns may take longer and require manual checks. If you did your own lodging, you can check the progress of your returns via your myGov account. On average, our clients often get their refund back within days. When it takes longer than expected, we’ll follow-up and keep you updated.
6

While holding on to receipts is always your safest bet, if you don’t have one, all is not lost. As long as you have the name of the supplier, value of the expense, what the goods or services are, and the date the expense was incurred, you can still claim a tax deduction for the expense. For certain expenses, the ATO will accept bank or credit card statements, BPAY reference numbers, email receipts, or any other legal document that shows a transaction was made.
7

The ATO creates individual tax rates for Australian residents. This means that your tax rate is affected by a lot of different conditions, starting with your age and how much you earned during the year, and extending to whether you are a domestic or foreign worker or eligible for a Medicare surcharge. Contact us for the most accurate estimate.
8

A good way to grow your super account is to make extra contributions. These payments can either be concessional or non-concessional contributions, that is, they are either part of a salary sacrifice agreement, or they come from your after-tax income. Your concessional contributions, in addition to the contributions from your employer, must not exceed $25,000 in a financial year. You can add up to $100,000 of non-concessional contributions to your super fund in a financial year.
9

As a trustee of a SMSF, you have control over your super’s investment decisions. This allows you to have greater control over its taxes. Depending on what you put into your SMSF, your tax varies. We work with you hand in hand to ensure that you pay the least amount possible on taxes so you can put more towards your retirement.
10

If you earn an income and are a resident of Australia, you must declare in your tax return all income you have earned anywhere in the world during that tax year. The amount of tax you pay depends entirely on your assessable income and your deductible expenses for the year.
11

If for any reason you need to lodge an amendment to your tax returns, it is recommended that you wait until you are notified that your original tax return has been processed. This will help reduce processing days. If you lodge with us, we will be able to amend your tax return.
12

There are many reasons why this may have happened and they all depend on individual circumstances. Some possibilities include: ● Your employer has not withheld enough from your income to cover your taxes ● As a sole trader, you didn’t pay enough taxes to the ATO during the financial year ● Received income where no tax was withheld Contact us for a more accurate assessment.
13

The ATO is offering certain grants and deductions to individuals and businesses alike this year. There are also some date changes as well as allowances that were otherwise unavailable. For more detail, refer to our EOFY guide.
14

Dealing with people. It’s incredibly rewarding to see the positive impact of sharing our knowledge and implementing proven tax minimisation strategies to help our clients reduce their tax bills and have more control on their financial journey. Our job is to help people reach their full financial potential, we do that by utilizing our tax and accounting skills. Our biggest rewards are the friendships we’ve made with our clients, their families and business associates.
15

We have set high standards for ourselves and recognize that we can only achieve them by having full control of our value proposition and the execution of our services. We’re continuously investing in ourselves as our vision is to be the adviser of choice for our clients, staff, and all our stakeholders.
16

We’re different. Whether you’re a business owner, trustee of a trust or an employee. Our role is not only to add up your business expenses or document what you’ve done throughout the year. Anyone can do that. We’d love to dive in, discover more about your business and personal goals, then plan and implement tax minimisation strategies to save you more taxes, to help you grow and prosper. Our promise to you is that we will work tirelessly to achieve your optimum results, we will leave no stone unturned. At Cap Taxation everyone, everything counts.
17

YES. All services that can be done in our office can be done remotely from the comfort of your own home. We love those face to face meetings and wanted to have the same experience online. Our accountants are highly trained to make sure online meetings are as beneficial.
18

Safety first and foremost, measure taken but not limited to: o All meetings can be done remotely from the comfort of your own home o We have limited the number of office meetings so not many clients are in at the same time. o Our meeting rooms are large enough to allow for social distancing o We’ve reduced our maximum person capacity to 25% o Staff are required to wear masks at all times o Masks and sanitizers are available o Staff are monitored regularly and are encouraged to get tested and isolate themselves if they feel any symptoms or have been exposed to infected sites or people. Safety first and foremost, measure taken but not limited to: o All meetings can be done remotely from the comfort of your own home o We have limited the number of office meetings so not many clients are in at the same time. o Our meeting rooms are large enough to allow for social distancing o We’ve reduced our maximum person capacity to 25% o Staff are required to wear masks at all times o Masks and sanitizers are available o Staff are monitored regularly and are encouraged to get tested and isolate themselves if they feel any symptoms or have been exposed to infected sites or people. o We closely monitor the spread of the virus and follow instructions to the latter At Cap Taxation, we care about people’s safety and have spared nothing to ensure that everyone within our doors is always safe.
19

We’re different. Whether you’re a business owner, trustee of a trust or an employee. Our role is not only to add up your business expenses or document what you’ve done throughout the year. Anyone can do that. We’d love to dive in, discover more about your business and personal goals, then plan and implement tax minimization strategies to save you more taxes, to help you grow and prosper. Our promise to you is that we will work tirelessly to achieve your optimum results, we will leave no stone unturned. At Cap Taxation everyone, everything counts.
20

Cap Taxation offers tax, accounting, and consulting services to help you achieve your overall business and personal goals. The backbone of professionals behind the name have a combined industry experience of over 30 years. Hence, Cap Taxation has quickly taken its place as one of Melbourne's most reliable accounting and taxation firm. Skills and qualifications: We have all necessary skills and experience to help you with: • Preparation of SMSF annual financial statements and tax lodgments • Preparation and lodgments of business activity statements (BAS) • Tax planning with an easy to implement tax minimisation strategies • Tax returns preparation and lodgments • Business advisory • Many more
21

• Guiding and completely handling all your accounting and business needs • Preparation of SMSF annual financial statements and tax lodgments • Preparation and lodgments of business activity statements (BAS) • Tax planning with an easy to implement tax minimisation strategies • Tax returns preparation and lodgments • Business advisory • Many more
22

Our fees are paid upfront when tax returns are lodged or deduct it from your Tax refunds.
23

Unlike other accountants. We do not charge in 6 minute increment. We are results driven and are motivated by the value add and benefits we deliver. If you get a cheaper quote, providing the same service within the same timeframe we can beat it by 10%. If you agree to proceed and we lodge your returns within 5 days of our contact we can give you our Budgeting Planner Calculator valued at $220 for Free.
24

We can beat any genuine quote by 10% and if you decide to proceed within 5 days of our initial contact we offer our Budgeting Planner Calculator valued at $220 for free
25

1- Complete our questionnaire to help us have a better understanding of their financials and boost their refunds. 2- Have ready their receipts and bank statements to justify costs or expenses 3- Commit to providing the above within 5 days and receive our Budget Planner Calculator valued at $220 for free.
26

Basic information like income types (PAYG, Business Income, Rental, Dividends, Government...) , number of jobs they had during the financial year and general income related costs or expenses like phone, car, travel, home office ...
27

Yes. We are certified tax practitioners registered with the Tax Practitioners Board (TBP) in Australia and members of the National Tax & Accountants' Association Australia (NTAA).
28

We love what we do! We’re results driven and are rewarded with the positive impact we have on someone’s life. Unlike other accountants, we do not charge by the 6 minute increment or motivated by expanding time on your files but rather by the added value and extra benefits we bring. No job is too small, all gets done in the most efficient manner possible.
29

The questions we get are varied. Most of them focus on tax refunds, time it takes to lodge a tax return, what’s required, as well as any potential deductions among others. Unlike other accountants, we do not charge by the 6 minute increment or motivated by expanding time on clients' files but rather by the added value and extra benefits we bring. No silly question! Every one of our clients gets a dedicated Tax Agent who will thoroughly assess their financials and answer all their questions. What makes us different though are rather the questions we ask to help boost their tax refunds year after year.
30

You need to check if service professionals have the proper qualifications and are up to date with all new legislations. And, above all, do they have your best interest at heart when handling your financial matters. With us, you will get quality service and a dedicated team of advisors that provide clear communication, regular follow-ups, elaborate data breakdowns and provide a friendly tone to answer any and all questions!
31

Dealing with people. It’s incredibly rewarding to see the positive impact of sharing our knowledge and implementing proven tax minimisation strategies to help our clients reduce their tax bills and have more control on their financial journey. Our job is to help people reach their full financial potential, we do that by utilizing our tax and accounting skills. Our biggest rewards are the friendships we’ve made with our clients, their families and business associates.
32

So many stories. But one of our favourite was a client we’ve been referred who was panelised by the ATO for over claiming travel expenses few years back. He failed to fix the issue and, as he felt that this was unfair, he did not lodge any more tax returns which made things worse. We were able to fix the issue, waved his penalties and got his taxes up to date. We’ve also set up a tax planning strategy where he’s now getting more refunds than he’s ever did and all legitimate.
33

We have set high standards for ourselves and recognize that we can only achieve them by having full control of our value proposition and the execution of our services. We’re continuously investing in ourselves as our vision is to be the adviser of choice for our clients, staff, and all our stakeholders.