Many of us who are not an expert or an accountant find tax returns to be a complex, arduous, and possibly boring business.
No wonder more than 70% of people who lodge a tax return opt to hire a personal tax accountant to do the work. And we know why!
Here are 5 benefits of using a personal tax accountant.
1. They can help make sure you file your tax return correctly
Lodging your tax return for the first time can be intimidating. It’s easy to be lost in the maze of all the requirements and necessary papers that need to be prepared.
Moreover, there is also the added stress of getting your own tax wrong and risking a penalty from the Australian Taxation Office (ATO).
Hiring a personal accountant ensures that you’ll be lodging your tax returns correctly and will help check that you have claimed all of your entitlements.
2. They can save you valuable time
You’ve probably known some sites or tools that allow you to file your tax return online.
And while that may sound like a quicker, simpler way to lodge your taxes, going DIY may not always be the best choice.
Adding the time you need to gather crucial information, look up your deductions, and double-check that you haven’t made any mistakes, this process takes significantly longer than making an appointment with a personal tax accountant.
This time could have been used for more important things that require your immediate attention.
3. They can help you relieve some stress
There is no question that lodging a tax return is strenuous work. It requires not only time but also a certain level of knowledge and expertise to be done accurately.
That is why hiring an experienced personal accountant really helps take the pressure off your shoulders knowing that your return has been prepared and lodged by a professional and with great care.
4. They can ensure that you comply with the most recent tax laws
Tax laws often change throughout the year. And if you’re not keen on these details, you might miss new important rules and regulations.
This could incur some penalties on your part or open you up for auditing by the ATO.
A personal tax accountant can help you stay compliant while helping you find all the tax deductions that you’re eligible for.
5. They can help you qualify for a deadline extension when necessary
It’s common for many people to overlook upcoming deadlines when they’re busy. But one of the many advantages of having a personal tax accountant is that they can help buy some time.
This is because the usual deadline (which is October 31st) that applies to self-lodgers will no longer apply to you.
Lodging your return with a personal tax accountant could extend your deadline potentially up to May of the following year.
Need some assistance?
Wherever you are in Perth, Perth Tax People is here for all your tax needs. Call us and book an appointment today!