FREQUENTLY ASKED QUESTIONS

How will I communicate with the SUPERIOR TAX SOLUTIONS team?

 At SUPERIOR TAX SOLUTIONS, 95% of our communications are via email.  As most of our clients are based inter-state, this is a convenient form of communication which eliminates Australia Post and is more instantaneous.  Anything that requires your signature please email or fax back – this can all be achieved in minutes.  Naturally, we are always happy to assist you over the phone if you would prefer a telephone conversation.

 Don’t forget to utilise our website as much as possible – many of the questions you may have for us can be answered using all the information provided on the website.

  

How will I be billed?

 As with most Accountants, we charge for our services on a time basis.  When we are working exclusively for you, then we charge you at our respective charge out rate.  The rates vary dependent on who is doing your work (please refer to your engagement letter for a guide to your charge out rates).  We aim to have as much done as possible by our administration team as their charge out rate is cheaper.  Of course this is not the accounting work, but the much needed support work.

 The amount of time spent preparing your Tax Return(s) varies greatly on what has happened during the year and how the work is presented to us.  There is a large list of factors that can affect the time spent on a job.

 You will not receive an invoice for time spent preparing your Tax Return(s) until we send you Final documentation for signature.  If you will be receiving a refund on your Return you may choose to avail yourself of the Trust Account Authority option, wherein your invoice will be deducted from your refund and the balance paid to you.  Alternatively, you may pay your invoice within our 7 day terms.

 

 How long will it take to complete my Tax return(s)?

Our busy period is from August to March.  In this period the turnaround time is longer.  It’s like trying to get holiday accommodation during school holidays without the premium prices – it does require a little more patience.  Outside this period, our turnaround times are significantly less.

 We aim to commence your work within a month of receipt, when we are extremely busy.  If we are unable to commence your work within this time frame, you will be advised by email accordingly.  Our average commencement time is normally 2 weeks. 

 

 Do I need to send all my receipts?

We do not require any of your receipts, however you need to keep them on file for 5 years in case of a future audit from the Australian Taxation Office.

 To comply with taxation and corporations law, you will be required to keep certain records, such as original receipts, travel diaries, 4 week diaries and logbooks etc.

 Remember, in order to maximise your deductions and get the best possible refund next year, you need to ask the question ....... is this receipt deductible?  The more receipts you have - the better.  If in doubt, allow us to assist you in determining whether or not they are tax deductible.

 

 What do I do if I have questions?

 If you have any questions, please place them in an email and send them to us.  The reason we request that you put your queries in written format, is that it is a requirement of our CPA ethics guidelines.

  

I’m a new client – what happens now?

 Once we receive your signed engagement letter, we place you on our lodgement program and send your previous Accountant an ethical letter.  Please now login to the “clients only” area of our website and familiarise yourself with the information available.

 If this is your first year with us, please download our Tax Data Collection form, complete the relevant details and send it in to us via email or fax, along with:

•  Your current year’s tax documentation

• Copies of any QS reports (Quantity Surveyor or Depreciation Reports)

• Copies of your past two year’s tax returns (for all entities)

• Copies of Notices of Assessment for your past two year’s tax returns

• Profit and Loss statements, Balance sheet and current financials if applicable

Note:  We don’t require your original documentation.  Please retain your originals so you have all the information at hand, if we need to raise any questions with you.  Once we receive your tax documentation we will acknowledge receipt via an email.

  

Personal Tax Returns and Super Fund Tax Returns

 Your personal Tax Returns and your Super Fund Tax Returns are separate entities, and are generally not related from a Tax return perspective so are dealt with individually.  Accordingly, when you send us your Tax documentation for both your Super Fund and your personal tax returns, you will receive:

• Separate acknowledgements for receipt of working papers

• Separate requests for your “Authority to commence”

• Separate queries

• Drafts for personal Tax returns only

• Separate finals – including separate invoices

• Separate lodgement emails

 

I have received an “Authority to Commence” email – what does this mean?

When we are ready to commence your job, you will be sent an “Authority to Commence” email.  Your email OK to our “Authority to Commence” confirms that you are available during the preparation and until completion of your return(s), to answer any questions we may have.

  

You have sent me “Queries” – What do I do now?

 Once we receive your Tax documentation, the Accountant preparing your Tax Return(s) reviews the information received.  Queries are generated when we have been unable to proceed with the preparation of your Tax Return(s) due to insufficient information being provided.

 Please read through the Queries document and provide answers to the questions we have raised by return email, and fax through any supporting documentation required as soon as possible.  The sooner we receive the necessary information, the sooner we can lodge your return(s) and any refund(s) owing can be paid to you.

  

Why have I received an Interim Bill?

 Should you be unable to provide the necessary information by the requested date, then an Interim Invoice is generated.  This not only pays us for time already spent preparing your Tax Return(s), but also allows you the extra time you require to obtain the additional information required to prepare your Tax Return(s).

 I’ve received Drafts – now what?

 Once we have all the information we require, we issue your Draft Tax Return(s) to give you the opportunity to review and be completely satisfied with your return(s).  We feel this is important as you are ultimately responsible for the content of your tax return(s).

 Set aside some quiet time to review your Drafts in full.  Please ensure that any questions you have are sent to us in totality so they can be addressed in the most cost effective means possible. 

 

Why can't I just sign my Drafts?

 The majority of our clients will be expecting a refund on their Tax Return(s) and wish to utilise the Trust Account Authority payment method - this doesn't get prepared until you are 100% satisfied with your Drafts. 

  

I’m happy with my return(s) and you’ve sent me my Finals – what do I need to do now?

 You now need to sign all pages of your Tax Return(s) and send us back signed copies of the pages we have requested via fax or email.  If you are utilising the Trust Account Authority payment option, then we will need to receive this with all your other signed documentation.  Alternatively, please pay your invoice within our standard 7 days terms.

 Once we receive both signed documents and payment of our invoice or signed TA Authority form, your Tax return(s) will be lodged with the Australian Taxation Office. 

 

 Why should I book in a phone consultation?

 We believe that in order to do justice to our clients and the tax return(s) we are working on for them, it is extremely important to give 100% of our attention to the client whose job we are undertaking.

 The option of a phone consultation is available to our clients, so they can discuss any issues they have relating to their return(s) or, any other wealth creation or general questions they may have.  In this way, we are able to give you our undivided attention, without interruption, and assist you with the questions you have.

 Prior to the phone consultation, we will request from you a breakdown of what it is you wish to discuss.  The Accountant will then research the topics for discussion prior to the call, if necessary, and have all the information at hand when we call you.

 We find that this process works well, and saves our clients time and money as well.  Although the phone consultations are booked in for a half hour timeslot, we only charge for the time actually spent on the phone call and any research time required.

  

My wealth creation journey - how can SUPERIOR TAX SOLUTIONS help?

 We always enjoy hearing about your wealth creation journey.  There are many decisions that you will make during the course of the year and we are happy to assist with any questions you have along the way.  Perhaps you are intending on selling a rental property this year, and hope to make a substantial profit – how can you reduce the tax you have to pay on this?  Conversely, you may be considering buying a rental property – which structure would be more beneficial to your personal circumstances?  These are just a few examples of the many questions we can assist you with.

 There are times that major decisions need to be made, that may have significant tax implications, i.e. refinancing for your rental property.  We strongly recommend that you keep us updated and allow us the opportunity to assist you in your decision making process.  Sometimes a phone call prior to a major decision can prevent huge financial ramifications.

  

I would like to give you some feedback on my recent interactions with SUPERIOR TAX SOLUTIONS

 We always welcome any feedback from our clients or indeed any individuals interested in finding out more about our company.  We see this as a way of improving our systems and procedures, and ultimately making the preparation of your Tax Return(s), that job we all love to hate, as streamlined and beneficial as possible.

 For our current clients, if you have any feedback which you feel may help improve our service delivery, please feel free to complete the feedback form on our website.

 Alternatively, for those individuals who have just visited our website and wish to make some general comments, please complete the customer feedback form on the “Contact Us” page.  We would be pleased to hear your comments.