Accounting questions, answered in plain English

General questions we hear from Sydney individuals, small businesses and investors before they choose an accountant, from what a registered tax agent actually is, to how long to keep your records. For questions about a specific service, see the detailed FAQs further down the page.

Choosing & working with an accountant

Is Adenix Accounting a registered tax agent?

Yes. Adenix Accounting is a registered tax agent and a member of the National Tax & Accountants' Association (NTAA) and the Institute of Public Accountants (IPA). Registered tax agents are regulated by the Tax Practitioners Board (TPB), which means we are legally authorised to prepare and lodge tax returns on your behalf, and you receive consumer protections such as extended lodgment deadlines and safe-harbour provisions. Meet the team

What is the difference between an accountant, a tax agent and a BAS agent?

An accountant prepares and interprets financial information; a registered tax agent is authorised by the Tax Practitioners Board to lodge income tax returns and give tax advice for a fee; and a BAS agent is authorised specifically to prepare and lodge Business Activity Statements (BAS) and advise on GST and PAYG. Adenix Accounting acts as your registered tax agent across all of these areas. See our services.

What is the difference between bookkeeping and accounting?

Bookkeeping is the day-to-day recording of transactions — invoices, receipts, bank reconciliations and payroll — while accounting interprets those records to prepare financial statements, lodge tax returns and guide decisions. In simple terms, bookkeeping keeps your numbers accurate and accounting turns those numbers into strategy. We handle both as part of our small business accounting.

How do I switch to Adenix Accounting from my current accountant?

Switching is straightforward and we manage most of it for you. Once you appoint us, we send an ethical clearance letter to your previous accountant requesting your financial records, prior tax returns and work papers, then review everything for missed deductions or errors before taking over. You generally don't need to contact your old accountant yourself, just get in touch to start.

Is my financial and tax information kept secure and confidential?

Yes. Your information is treated as strictly confidential and protected under Australian privacy law and the professional obligations that apply to registered tax agents. We store and share documents through secure, encrypted cloud accounting platforms rather than unsecured email, so your sensitive financial data stays protected. Read our Privacy policy.

Australian tax basics

When does the Australian financial year start and end?

The Australian financial year runs from 1 July to 30 June the following year. Most individual and business tax returns relate to this period, and obligations such as PAYG income statements, super contributions and BAS lodgements are all measured against these dates.Estimate your position with our Tax calculator.

Do I need to lodge a tax return if I earned under the tax-free threshold?

Often yes, even if you earned under the $18,200 tax-free threshold. You generally still need to lodge if tax was withheld from your pay (so you can claim a refund), if you ran a business, or if the ATO has asked you to. If you genuinely don't need to lodge, a non-lodgment advice should be submitted so the ATO doesn't record your return as outstanding. See our individual tax services.

How long do I need to keep my tax records in Australia?

Generally five years. The ATO requires you to keep records that support your tax return, receipts, invoices, bank statements and logbooks for five years from the date you lodge. For assets subject to capital gains tax, such as property, shares or crypto, keep records for five years after you sell the asset.

What happens if I lodge my tax return late in Australia?

The ATO can apply a Failure to Lodge (FTL) penalty. For individuals and small entities this is one penalty unit (currently $330) for each 28-day period the return is overdue, up to a maximum of five units, so up to $1,650 per late document, and interest may also apply to unpaid tax. Lodging through a registered tax agent gives you access to extended deadlines, and we can also help bring overdue returns up to date.

Can I claim the cost of an accountant as a tax deduction?

Yes. The cost of managing your tax affairs, including registered tax agent fees for preparing and lodging your return, is generally tax deductible in the following financial year. That means professional accounting fees often reduce your taxable income and partly offset their own cost. See our 2026 fee guide.

Working with Adenix

What areas of Sydney does Adenix Accounting service?

We're based in Rockdale and work with clients across the St George area and greater Sydney, including Kogarah, Brighton-Le-Sands, Hurstville, Wolli Creek and the Sydney CBD. Because we work on secure cloud platforms, we also support clients Australia-wide through phone and video consultations.

What happens during a free consultation with Adenix Accounting?

During your free consultation we discuss your situation — whether that's a tax return, business accounting, SMSF or crypto — review where you are now, identify what needs attention, and explain how we can help and what it will cost. There's no obligation, and you'll leave with clear next steps.

Book yours.