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Y&S Accounting

Frequently Asked Questions

Individual Tax Return

¿How long does the Tax Return process takes?

Electronic tax returns are usually processed by the ATO within two weeks. We expect that most refunds will be out within 10 working days after the lodgement of your tax return, but some people will wait a bit longer for the ATO to get it done.

I work with ABN and Tax File Number, Does it affect my Tax Return declaration?

ABNs are Australian Business Numbers. They are issued to businesses operating in Australia and to self-employed people. ABNs are required on invoices for work performed. For example, if you are a carpenter, fundraiser, or personal trainer, you will need an ABN.A TFN is a Tax File Number which is required by anybody who wants to work in Australia. This number is given to all employers when you start working and your employer will then deduct tax from your income under the PAYG (Pay As You Go) system. People usually don’t have to worry about having to pay taxes at the end of the year because their employers take taxes out of their paycheck. In the case of an ABN, tax is not taken at source, the person raising the invoice and receiving the payment is receiving full payment for products or services so a portion of that income should be retained to meet the tax liability at the end of the financial year.People understand what their obligations are when they work on either the TFN or ABN model. The confusion usually only happens when people have two jobs in one year and one is TFN and the other is ABN, or if they have a full-time job that is TFN but also have a small business that generates ABN income

Do I have to declare overseas income?

If you are an Australian resident for tax purposes and hold a temporary visa in Australia, you are only required to declare your Australian-source income in your tax return.

If you are an Australian resident for tax purposes and are a permanent resident or Australian Citizen, you are required to declare your worldwide  income in your tax return.

I have to buy tools and equipment for my job. what can I claim on my tax?

There is often confusion about what expenses can be claimed for both business and personal use. For example, if you purchase a lawnmower for your landscaping business, but you also use it to mow your own lawn, you should divide the cost of the lawnmower between the two uses based on how often you use it for each.

For any tool under $300, you can claim the full cost on this year’s tax return. For any tool over $300, you need to claim the cost of the tool progressively over the course of its lifespan. This type of claim is known as depreciation, and it is in place to ensure that the amount you claim is relative to the actual value of the tool.

The accelerated depreciation rules apply to sole traders and businesses where the annual income is below $5 Billion. In these cases any equipment costing less than $150,000 can be written off in total in the year it was purchased. This is a great incentive for businesses to refresh their equipment before 30 June each year.

You can claim the cost of any tools or equipment that you purchase for work. This could include power tools, computers, printers, safety gear, sunglasses, office equipment and any other piece of equipment that is helpful for your income-earning activities.

How long do I need to keep my receipts for?

Records are written evidence of your income or expenses that can be in paper or electronic form. You will receive documents that are important for doing your tax during the income year.You need to keep records for 5 years (in most cases) from the date you lodge your tax return. Records may include income statements, payment summaries and receipts.

Business Consultation

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Adelaide Office Manager

Lorena Sanchez


I am a Business Administrator with a wide required experience in finance and accounting fields.
Through my skills acquired I understand the need to take an all-encompassing view of a business and not just the figures in its year-end accounts. I have experience of using computerised accounts packages and I am very good at extracting financial information from various systems.
On a personal level I consider myself as someone who can bring new ideas and a fresh approach to any company without any trouble maintaining good working relationship with colleagues and day-to-day work contacts. Currently I am undertaking a Master of professional Accounting in Federation University of Ballarat taking the most of this experience in order to continue enhancement my professional career.

PROFESSIONAL QUALIFICATIONS & MEMBERSHIPS

  •  Bachelor of Business Administration
  •  Diploma of Finance
  •  Master of Professional Accounting (present)

Director

Yaritza Salazar

 

I have more than 15 years of experience in the provision of financial/accounting services. I graduated from Bond University in 2004 with a bachelor of commerce majoring in accounting and completed my CPA in 2007. The combined exposure to high net worth clients at various companies throughout my career, as well as individuals and businesses at my own practice has given me a very broad view of accounting and taxation matters. The experience gained so far has provided me with the necessary knowledge to advise a diverse range of clients with business and tax services.

PROFESSIONAL QUALIFICATIONS & MEMBERSHIPS

  • Bachelor of Commerce – Major in Accounting
  •  CPA Member
  •  Certificate of Public Practice
  • Registered Tax Agent
  •  ASIC Registered SMSF Auditor
  •  ASIC Registered Agent

Accountant

Luis Vega

 

I am an accountant and auditor with over 8 years of experience. I hold a Bachelor's degree in Public Accounting and Auditing from La Serena University in Chile, and a Master’s in Professional Accounting (Advanced) from Torrens University in Australia.

I have extensive experience in accounting, tax law, external auditing, and internal control review. I am highly skilled in resolving financial issues and am dedicated to maintaining strong, trustworthy relationships with my clients, helping them meet their obligations and improve their overall financial and tax positions

PROFESSIONAL QUALIFICATIONS & MEMBERSHIPS

  • Bachelor’s degree in public Accounting and Audit
  • Diploma in Accounting
  • Advance Diploma in Accounting
  •  Master of Professional Accounting

Marketing Specialist

Andrea Riano

I am a professional in Social Communication and Journalism with a specialisation in the Marketing area.

I have knowledge and experience in External and Internal Communication, Social media, Marketing, SEO, SEM, Public Relation, Event planning, Design, Blogging and Media.

 

PROFESSIONAL QUALIFICATIONS & MEMBERSHIPS

  • Bachelor in Social Communication and Journalism
  • Specialisation in Digital Marketing
  • Certificate IV of Marketing & Communication
  • Diploma and Advance Diploma of of Marketing & Communication
  • Master of Corporate Communication and Digital Marketing

Operations Manager

Sandra Giraldo

I am a passionate Human Resources’ professional, with experience in the legal, management consultancy, and not-for-profit sectors.

With professional experience in both Colombia and Australia, I am a quick learner with excellent organisational and interpersonal skills.

Recently, I have balanced my post-graduate study while developing my professional experience. I have mastered exceptional time management skills with the ability to correctly prioritise tasks and duties as required.

PROFESSIONAL QUALIFICATIONS & MEMBERSHIPS

-Advanced Diploma of Management Human Resources

-Graduate Diploma of Management

-Advanced Diploma of Leadership and Management

-Diploma of Human Resources Management

-Certificate IV in Human Resources

-Specialization in Commercial Law

-Bachelor of Law

Our Offices

Melbourne

Address

Suite 4.10 level 4/365 Little Collins St. Melbourne VIC 3000

Contact

M: (+61) 0421 737 733
P:  03 86099296

Email

info@ysaccounting.com.au

Sydney

Address

Suite 2/ 1 Kings Cross Rd, Darlinghurst NSW 2010

Contact

M: (+61) 0421 737 733

P: (03) 8609 9296

Email

info@ysaccounting.com.au

Brisbane

Address

Level 37/71 Eagle Street
Brisbane, QLD 4000

Contact

M: (+61) 439 095 870

P: (03) 8609 9296

Email

info@ysaccounting.com.au

Adelaide

Address

Level 21 Office 2126 / 25 Grenfell St
Adelaide, SA 5000

Contact

M: (+61) 0421 737 733
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Perth

Address

45 St Georges Terrace Perth WA 6000

Contact

M: (+61) 0421 737 733
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Our Offices

Sydney

Address

Suite 2/ 1 Kings Cross Rd,
Darlinghurst NSW 2010

Contact

M: (+61) 0421 737 733
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Melbourne

Address

Suite 410 Level 4/365 Little Collins St. Melbourne VIC 3000

Contact

M: (+61) 0421 737 733
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Brisbane

Address

Level 37/71 Eagle Street
Brisbane, QLD 4000

Contact

M: (+61) 439 095 870
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Adelaide

Address

Level 21 Office 2126 / 25 Grenfell St
Adelaide, SA 5000

Contact

M: (+61) 0421 737 733
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Perth

Address

45 St Georges Terrace
Perth WA 6000

Contact

M: (+61) 0421 737 733
P: (03) 8609 9296

Email

info@ysaccounting.com.au

Y&S Accounting Taxation Services

This firm is a CPA Practice

Liability limited by a scheme approved under Professional Standards Legislation

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