There’s no denying, tax is a complex often complicated business. And that’s exactly why a lot of people prefer to leave the lodgment of their tax return to an expert accountant. Even if you’re good with numbers, it’s highly unlikely you’ll be an expert in all the deductions you’re entitled to claim. Having an accountant on your side at tax time may relieve some of that stress and pressure associated with lodging your return. Enlisting the help of a professional tax agent will reduce your stress, ensure increased accuracy and maximise your refund.
Major benefits of having an accountant at tax time
Whether it’s your first time lodging an individual tax return or you’ve done this before, talking with a professional tax agent ahead of tax time can greatly benefit you and prevent you from running into serious problems with the ATO.
Below are some benefits of enlisting a tax agent’s help:
⦁ Ensure your return is lodged correctly the first-time round: While tax agents charge for their time, the fees are 100% deductible. This means you get expert advice for very little expense. And you can rest assured knowing you’ve done everything right the first-time round.
⦁ Make sure that your tax return remains compliant with the latest tax laws: A good tax agent will ensure that your tax return remains compliant with the latest tax laws, which often change throughout the year. Unless you’re constantly keeping up to date with all the changes, you may miss new rules and regulations that come in throughout the year. The last thing you want is to be audited by the ATO.
⦁ Saving you valuable time: A professional tax agent can save you the trouble of worrying over what you can and can’t claim, even what documents you need to ensure you are tax compliant and to back up your claim. Enlisting the help of a tax agent means you can call your consultant prior to your appointment, and they will run through exactly what you’ll need to bring with you. Each tax return is unique and you may be surprised what you’re eligible to claim and what records you’ll need to keep.
⦁ Helping you understand how your income is calculated: Let’s be honest, lodging a tax return is rarely straightforward. Especially if you have foreign investments, receive income from a trust, or even own one or more investment properties. A tax agent understands what to look for, how your income is calculated and how various income streams will impact your total declarable income.
⦁ Offering necessary advice and support: Having a trusted tax agent also offers several long-term benefits! For one, a solid relationship with a professional agent is extremely helpful when it comes to venturing into real estate, starting a business or dealing with a will. They can give you the necessary advice and support you need. And if you find a good accountant, your consultant will be available for you year-round, offering some free tax advice along the way.
Would you like to speak with a qualified accountant?
Drop in and meet the team at Greenview Accounting Group Bunyip. You’ll find us at 1-5 High Street, Bunyip. Find our entire service range online. And if you have any questions, give us a call on (03) 5629 6133.