Many Australians are confident enough to file and lodge their tax returns at the end of each financial year by themselves. Using what limited source of tax knowledge they have, many don’t realise that they can receive much greater returns by investing a small fee on a tax accountant. The knowledge and expertise that a professional accountant has can never be substituted by the word-of-mouth and internet information you leverage when filing and lodging your own returns.
A tax accountant is a qualified professional whose job is to understand how the Australian tax system and laws operate. A good tax accountant, having all the necessary knowledge about taxes, deductions, and ATO standards and laws can help you make claims on your annual tax bill and save you thousands of dollars or even get you plenty of rebates from your previous filings. Here are major reasons why you should consider using the services of a professional tax accountant:
- They can and will find deductions that you never even knew existed.
- They will help you learn how you can organise your financial data better for the following financial year.
- They can help you understand how you can maximise your finances in safe and legal ways while operating under the standards and rules of the ATO.
- The cost of consulting with a tax accountant is deductible the following year.
- Being registered with a tax agent exempts you from any tax owing until the next year if you file in July.
- Hiring a tax accountant is about the most convenient way to forgo the boring task of fixing your taxes and finances for filing.
- Hiring a tax accountant isn’t as costly as you may think. In fact, a simple tax return will only cost you between $300 to $450 by a small time tax accountant or for returns that require multiple income streams.