General Questions

There are some questions we regularly get from our clients here at Greenview Accounting Group, so we thought to save you some time we would answer them for you on our website. Feel free to submit any other questions you have at email@greenviewacc.com.au. We are more than happy to hear from you.

Q. How long will it be before I receive my refund?

A. Most refunds for tax returns will be paid within 12 business days, deposited into your bank account automatically by the ATO, your tax assessment notice will then be sent directly to your nominated address by the ATO.

Q. What is a tax file number (TFN)?

A. Tax file numbers (TFNs) are issued by the Australian Taxation Office (ATO). We use your number to identify your tax records.
Everyone has a different TFN. Your TFN is yours for life, even if you change jobs, move interstate or change your name. If you leave the country and later come back to Australia, you still use the same TFN.
Your TFN is valuable. Do not share it with friends and do not provide it over the internet when applying for jobs.

Q. What is an ABN? Do I need an ABN?

A. The Australian business number (ABN) is a unique 11 digit identifier that makes it easier for businesses and all levels of government to interact.
An ABN is not compulsory, but it is an essential component for businesses to operate within the goods and services (GST) system. If you are registered for GST, you will need to put your ABN on your invoices to make them “tax invoices”.

Q. Where can I find my Tax File number?

A. You can find your TFN on:
-Your income tax notice of assessment
-Any correspondence the ATO has sent you
-A payment summary from your employer
-Your superannuation member statement

If you still can’t find your TFN you can contact your registered tax agent or the ATO for further clarification.

Q. How much do I need to turnover before having to be registered for GST?

A. You must register for GST if your turnover is $75,000 or more ($150,000 or more for non-profit organisations). You must also register for GST if you provide taxi travel as part of your business, regardless of your GST turnover.