Taxation FAQ

1. When is my tax return due?

For clients of W. W. Vick & Co. Chartered Accountants, tax returns are due from March to May of the following tax year. For example, the deadline for 2010–2011 returns would be March/April/May 2012.

2. What are the reasonable travel and overtime meal allowance expense amounts for 2010–2011?

Click here to view the ATO document Taxation Determination.

3. What is the out-of-pocket medical expenses threshold?

$2,000 as of 1 July 2010.

4. What expenses can I claim against my rental property income?

Expenses incurred in earning gross rental income, which are allowable deductions, include:

  • Costs of obtaining finance
  • Telephone, postage and stationery
  • Travel, rent collection and property inspection expenses
  • Agent management and letting fees
  • Insurance
  • Bank fees
  • Secretarial and bookkeeping fees
  • Interest on monies used to acquire property
  • Depreciation on furnishings, stoves, hot water system, etc.
  • Advertising
  • Legal fees relating to rental agreements
  • Water and council rates
  • Land tax
  • Repairs (not initial repairs) and maintenance (includes gardening, lawn mowing, etc.)
  • Construction costs write-off (based on original cost of construction).
5. What is the minimum income stream allowed to be drawn from a self-funded superannuation fund?

2% of the July 1 account balance.

6. Can I fax my signed Tax Return to you?

Yes; to speed up the lodgment process you can fax your signed Tax Return to us on 02 9266 0886, and we will then save it in our records.

7. How long do I need to keep my tax records?

You are required to keep your records for five (5) years from the date of lodgment. We therefore suggest you maintain your records for six (6) years in total.