Many business owners and individuals choose to get help from a professional tax return accountant when it’s tax season. With increased accuracy, maximum tax returns, and less stress, it’s easy to see why Australians prefer using tax accountants to lodge their tax returns. Individuals and business owners who are unfamiliar with tax obligations might feel overwhelmed when they have to lodge tax returns. Tax lodgment is a challenging task for many individuals, that’s why they leave it to expert tax accountants to get the best possible tax return.
Is it worth getting a tax accountant to do your tax return?
Tax agents are professionals and can identify opportunities to help you get a larger tax refund. They can help you avoid costly mistakes that you could make by lodging tax returns on your own. A tax accountant is a qualified professional who can help you prepare and file your tax return on your behalf.
- Experience and knowledge
Tax accountants have extensive knowledge of Australian tax laws. They always keep themselves updated with the new changes, ensuring your tax return is accurate. Their expertise can help you avoid costly tax mistakes that can lead to tax penalties.
- Avoid tax errors and penalties
Tax accountants are professionals who have years of experience and are less likely to make mistakes on your tax return. Lodging an accurate tax return is essential to avoid tax penalties and legal issues with the ATO. A tax accountant can help you prepare and file tax returns without mistakes, minimising the risk of penalties.
- Audit support
In case of an audit from the ATO, having a tax accountant by your side means you have professional support. They can deal with tax authorities and ensure you comply with all tax requirements during the audit process. Even if you are looking for a tax accountant near your area, you can search for ‘accountant near me’.
- Avoid missing tax deadlines
Most tax agents can lodge returns for their clients after the usual 31 October deadline. Your tax return due date depends on your personal situation and when you engage your tax agent. Contact your tax agent for advice. If you are using a tax agent for the first time or using a different tax agent, contact them before 31 October to be part of their lodgment program.
Why should you avoid lodging tax returns on your own?
Here are common mistakes that many individuals and business owners make when lodging their tax returns on their own:
- Not including taxable income in the tax return
- Claiming expenses that you are not eligible for
- Dividing deductions incorrectly between personal and business use
- Claiming immediate deductions for goods that must be depreciated over time.
These are a few mistakes that many individuals make while lodging tax returns. Once the ATO catches these mistakes, taxpayers may have to pay penalties.
How to choose a professional tax agent in Australia?
Tax agents are required to register with the Tax Practitioners Board (TPB). Engaging a registered tax agent offers consumer protection, as the TPB ensures they:
- Meet and uphold the necessary qualifications and experience standards.
- Adhere to the Code of Professional Conduct.
When selecting an agent, it’s important to discuss the services they offer, so both parties have clear expectations. Bookkeeping for small businesses plays a crucial role in tax return lodgment because financial data is first collected by bookkeepers and analysed by a tax agent to file tax returns accurately. Engaging a tax agent in Australia before the October deadline can save you time, lower stress levels, reduce the likelihood of mistakes and penalties, and potentially boost your tax refund.
Conclusion
It’s a smart choice for individuals and businesses looking for expert help with their tax responsibilities. If you have any outstanding tax matters or haven’t begun preparing your tax documents for this year, now is a great time to schedule a meeting with one of Reliable Melbourne Accountants to explore how we can assist you before the October 31 deadline arrives.