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F.A.Q.

Frequently Asked Questions

OBA is not just any other ordinary accounting practice. We work as a business partner, understand where you are, plan what you want to achieve, and strive to develop robust systems for distinctive business needs. Find your queries here or write to us directly for tailored solutions.

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Does Outback Accounting offer a point of contact for regular communication for the existing clients?

We provide our clients with a personalized experience. Once a client signs up with us, we assign them a dedicated team, and a dedicated point of a contact person from the team answers all their questions.

I am from a different time zone. Do I still expect to hear from you during your business hours?

We also offer off business hours communication services to accommodate clients from different time zones.  Clients from every time zone that we cover are responded to promptly.

Will I be charged for business meetings with your team representative?

No, we do not charge our clients extra for meetings. The price of our service includes all kinds of meetings which would be done during the course of engagement.

I only need part of my bookkeeping services outsourced, does that work for you?

Yes, we offer a range of services which are tailored to meet the expectations of our clients.

Do I need to lodge IAS?

If you own a business or are an individual that deals with PAYG withholding (PAYGW), and you aren’t registered for GST you will need to lodge IAS. If you are registered for GST, you can opt to pay your PAYGW on a quarterly basis with the BAS. You will not need to lodge IAS in this case. However, if you opt to pay it on a monthly basis, you will need to file a monthly IAS.

Should my business be registered for GST?

You must register for GST if:

  1. Your business has a GST turnover of $75,000 or more
  2. Your non-profit organization has a GST turnover of $150,000 or more
  3. You provide ride-hailing services (Taxi, limousine, and commercial ones including/not limited to Uber, GoCatch, Didi or OLA) regardless of your GST turnover
  4. You want to claim fuel tax credits for your business regardless of your GST turnover

However, if you are a non-resident additional rules may apply. Otherwise, registration for GST is optional.

When can I expect my financial reports?

Financial progress reports are shared every month. However, it can differ as per the mutual settlement between the client and our engagement team. We also advise clients on financial matters.

What should be the frequency of my business’ BAS?

Your BAS payment cycle depends mainly on your GST payment cycle. GST reporting and payment cycle will be one of the following.

 

  • Quarterly – if your GST turnover is less than $20 million – and the ATO has not explicitly mentioned otherwise.
  • Monthly – if your GST turnover is $20 million or more.
  • Annually – if you are voluntarily registered for GST and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).

 

Depending on your circumstances, you may be able to change how often you lodge and pay.

What types of records do I need to keep for lodging my tax return? and how long do I keep them for?

To lodge your tax return, you need to have the following details:

 

  • Bank account details (BSB and account number)
  • Income statement or payment summaries from all of your employers
  • Payment summaries from Centrelink (Services Australia)
  • Receipts or statements for the expenses you are claiming as deductions
  • Your spouse’s income (if you have one)
  • Private health insurance information (if you have covered).

 

You need to keep records for five years (in most cases) from the date you lodge your tax return.

 

For more information on the document requirements, we recommend you visit ATO’s website.

What is Payroll Tax and when is it required to be lodged?

Payroll tax is a state or territory tax. It’s calculated on the total wages you pay each month. You pay when your total Australian wages are over the tax-free threshold for the relevant state or territory. You are required to lodge monthly payroll tax by the 7th of the following month.

Can you assist me with my ABN registration?

Yes, we have a department dedicated to dealing with ABN registration and other ASIC related matters.

Is there a cloud based solution that makes it easier for me to share invoices & bills in large quantities?

Yes. We typically recommend our clients to use either HUBDOC, LIGHTYEAR or DEXT because these softwares are user friendly and can be integrated with most accounting platforms like Xero and Quickbooks etc.

Will I still be able to keep control over my books if I outsource my bookkeeping to a 3rd party?

We work with our clients to help them manage their bookkeeping activities, so they can get back to serving their clients. We know you do not have the time to manage these time-consuming tasks so let us handle everything which is not worth your time with the absolute control over your business decision making in your own hands.

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