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Frequently Asked Questions - FAQs

Super

Concessional contributions are contributions that are made into your super fund before tax. They are taxed at a rate of 15% in your super fund.

 

From 1 July 2021, the concessional contributions cap is $27,500. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year is $25,000.

 

Your cap may be higher if you did not use the full amount of your cap in earlier years. This is called the carry-forward of unused concessional contributions.

From 1 July 2021, concessional contribution cap is $27,500, normally this includes: 

    • Compulsory super and any additional super paid by the Employer.

    • Salary sacrificed Super contribution   

    •  Personal contributions you are allowed as an income tax deduction (you will need to complete ‘Notice of intent to claim or vary a deduction for personal contributions)

Home loan

Generally, the following will be required (for all applicants):

  • Your personal details
    • Borrowers Name
    • Current Address (From date: you started living this address)
    • Previous address (only needed if current address is less than 2 years (time: from – to)
    • Email
    • Mobile
    • Number of dependents and age
  • ID – Copies of passports, Driver Licences/photo id and copy of PR if you are not Australian citizen
  • Two most recent payslips
  • If application is for pre-approval:
    • All bank accounts (savings and salary ac) statements for last 90 days
    • Credit cards statements showing credit limit)
    • Car loan statements for last 90 days if any (for example statements from Toyota Finance)
    • Personal loan statements if any
  • When you purchase a property we will then convert the pre-approval to unconditional approval for this we will need
  • Savings account statements for the last three months
  • Contract of sale
  • Deposit receipts for funds already paid
  • Home loan statements for the last six months
  • Latest council rates notice
  • Two most recent payslips
  • Last year’s payment summary – if casual
  • Two years’ payment summary if you earn bonus or overtime income 
  • Individual tax returns for last two years
  • Accompanying ATO notices of assessment
  • Company/trust tax returns and financial statements for the last two years (where applicable)
  • Most recent quarter BAS or the last three months’ business bank account statements

Tax Return

We can lodge your 2021 income tax return on 1 July 2021.

We find most of our Clients receive their tax refund within 14 days of lodging. 

 

Please note the ATO do however reserve the right to take 30 days to check your tax return. If your tax return is taking longer to process CB Accounting will email you when the ATO provide further updates.

As a rule of thumb, you can only claim expenses that directly relate to your job role. 

We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time.

Expenses you can claim

If you work from home, you can claim a deduction for the additional expenses you incur. These include:

  • electricity expenses associated with heating, cooling and lighting the area from which you are working and running items you are using for work
  • cleaning costs for a dedicated work area
  • phone and internet expenses
  • computer consumables (for example, printer paper and ink) and stationery
  • home office equipment, including computers, printers, phones, furniture and furnishings – you can claim either the  
    • full cost of items up to $300
    • decline in value (depreciation) for items over $300.

Another method

You can claim a deduction of 80 cents for each hour you worked from home for the period between:

  • 1 March 2020 to 30 June 2020 in your 2019–20 tax return
  • 1 July 2020 to 30 June 2021 in your 2020–21 tax return.

If you:

  • were working from home to fulfil your employment duties and not just carrying out minimal tasks such as occasionally checking emails or taking calls
  • incurred additional running expenses as a result of working from home.

Goods and services tax (GST) is a tax of 10% on most goods, services and other items sold or consumed in Australia. You will file your Business Activity Statement (BAS) to report and pay GST your business has collected and to claim on GST credits.

You will need to register for GST when you have a business turnover of $75,000 or more.