Corporate Tax Hub.

Frequently asked questions.

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Why do I need tax planning advice?

Current Australian tax legislation states lump sum payments plus interest must be assessed for tax purposes in the year they are paid, i.e. the 2020 financial year. The payments unfortunately cannot be amended against prior years income even if it it related a previous financial period/year.

Your lump sum payment and additional interest may affect your tax and financial circumstances in the following ways…

  • You may be pushed into a higher tax bracket and tax planning gives you the insight to prepare and make clear financial decisions.
  • If you receive family tax benefit this may affect how much you are entitled to in the financial year. An incorrect estimate to Centrelink may result having to pay back family assistance.
  • The newly introduced child care subsidy may be adjusted due to a change in your taxable income.
  • For team members with a HECS Debt, this may affect your compulsory repayment amounts.
  • Your superannuation payments may be assessed to ensure they are in line with current superannuation legislation.
  • Your family income may need to be assessed against Medicare Levy surcharge thresholds.
  • Under certain circumstances your spouse’s income may also be assessed in cases where combined incomes are assessed for example Centrelink, Child Care and Medicare.

Am I eligible for free tax planning advice?

Under your company’s remediation program, tax planning support is offered to team members who have received a lump sum payment including interest.

How will I be kept informed?

We will keep you informed every step of the way through SMS / text alerts. This allows us to prompt you for next steps and also informs you of the what stage your tax plan is at.

e.g. Thanks for providing all your tax information. Your service has now progressed to our processing team. Our current processing time is 5 business days.

Do I need to pay anything?

Your tax planning service will be paid for by your employer. This service allows you to have transparency of your finances before the end of the financial year.

This does not include any tax lodgement services. If your tax is currently outstanding or you would like YOUtax to prepare and lodge your Income Tax Return it will be at your own expense.

As an employee you receive the Perks discount of 20% on basic services. Get in touch if you haven’t received a Coupon Code.

For a list of our fixed fee pricing click HERE

Do not hesitate to contact your YOUtax team with any questions.

Can I book my tax planning session after hours so my partner can attend?

Yes, we can schedule after hours tax plan presentations. Our business hours are 8am- 9pm Monday to Thursday, and 8am-5pm Fridays.

When do I get to meet my YOUtax agent?

In most cases you will meet your YOUtax agent during your plan presentation. However, should you have any concerns please feel free to contact our Tax Hotline on 07 5301 9217, and we will check on their availability for a chat.

We love to meet our clients! Our video tax plan presentations means you get to see and meet your Tax Agent over Zoom. No matter what state you are in, we will become your fave tax buddy.

Worried about your hair or being caught in your pyjamas? Not to worry we can still meet over the telephone.

We are located on the beautiful Sunshine Coast, QLD. Why not pop your head in and say hi on your next Sunny Coast holiday.

What is a letter of engagement?

A letter of engagement, or proposal as it is sometimes called in legal terms, is the contract we engage in. Simply, it states what we will do for you and what you need to pay us. In this case, your Tax Planning will not cost you anything as your employer will pick up the bill. The plain English version is… we are required to send you a proposal / letter of engagement before we can provide you with taxation services. Other taxation services outside of the YOUtax’s Tax Planning service will be on a separate engagement and at your expense.

It will provide you with all the legal jargon on our terms of service and our privacy policy. Please note our privacy rules inhibit us from informing your employer of the services you accept and any personal or financial information.

We use third party services to collect your information e.g. the Meet & Greet form. They use pseudonymisation and encryption of personal data where applicable.

Phew, the boring bit is over…

Have anymore questions? Please contact your YOUtax team on 07 5301 9217.

If I don’t have to pay why do I have to sign?

You must sign your letter of engagement as this is you giving us consent to review, process and advise you on the services outlined in the summary of services. It also notes your consent as to the way we process and store your data.

We are constantly upgrading our security to ensure we keep your information secure.

Do you share my personal information with my employer?

YOUtax respects your privacy and is committed to handling your personal information in accordance with the Australian Privacy Principles in the Privacy Act 1988 (Cth).

We are also bound by the privacy rules under the Tax Agent Services Act 2009 (TASA) and our tax services will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB) and the Tax Practitioners Board (TPB).

Our privacy rules inhibit us from informing your employer of the services you accept and any personal or financial information.

We cannot disclose any of your personal or financial data to a 3rd party without your verbal or written consent.

I’m not tech savvy, what do I do?

No problem, give Kayte or our support team a call at 07 5301 9217, choose your companies option, and we’ll go through the sign up process with you.

What is the process?

First step is to fill out the Meet & Greet Form on the your employers Tax Hub webpage, so we can get to know you.

Then, we will send you a Letter of Engagement which you need to sign (for compliance reasons) as well as information checklists, based on your answers on the Meet & Greet Form.

Next, we will process your information and complete your tax planning.

When it’s done, we will contact you via email with a link where you can choose an appointment time that suits YOU for your presentation meeting.

What if I don’t have access to a computer?

No problem, give Kayte or our support team a call at 07 5301 9217, choose your companies option, and we’ll go through the sign up process with you.

How do I download the YOUtax Wealth Hub?

You can download your YOUtax Wealth Hub from Google Play store if you are on Android or Windows, or from the Apple App Store if you are on an iPhone or Mac.

I can’t find my checklist to upload my financial information?

Here are all of the checklists – make sure you complete all that are applicable to your situation:

Will I be taxed more because of my backpay?

According to tax legislation your back payment otherwise known as a lump sum payment in arrears, must be included in the financial year it was paid. Due to the payment being applicable to previous years’ income you may be eligible for a lump sum tax offset to ensure you are not adversely affected through payments of tax.

The lump sum payment in arrears tax offset is not available where the payment is less than 10% of your normal taxable income excluding the lump sum payment. Check if you are eligible for the Payment in Arrears tax offset using the calculator above.

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