Navigating the world of tax returns can be complex, time-consuming, and stressful. For many residents of Perth, hiring a personal tax accountant offers a myriad of benefits that go beyond simple convenience. Here’s why you should consider using a personal tax accountant:
Ensure Accurate and Compliant Tax Filing
Filing your tax return requires a level of precision and knowledge that can be daunting for those not well-versed in accounting. A personal tax accountant helps ensure that your tax returns are filed correctly, minimizing the risk of errors that could lead to penalties from the Australian Taxation Office (ATO). Moreover, they make sure you claim all the entitlements you are eligible for.
Save Valuable Time
While online tools may seem like a quick solution for filing tax returns, the process often involves gathering substantial information, understanding various deductions, and thoroughly checking for mistakes. This can take considerable time and effort. In contrast, a personal tax accountant handles these tasks efficiently, freeing up your schedule for more pressing matters.
Reduce Stress
The process of lodging a tax return can be highly stressful, especially when dealing with complex tax laws and requirements. By hiring an experienced personal tax accountant, you can relax knowing that a professional is handling your tax affairs with care and accuracy.
Stay Updated with the Latest Tax Laws
Tax laws frequently change, and keeping up with these modifications can be challenging. Personal tax accountants stay abreast of the latest changes and ensure that your tax return is compliant with current regulations. They also help you discover all the tax deductions available to you.
Extended Deadlines
One significant advantage of using a personal tax accountant is the potential for an extended deadline. Typically, the deadline for self-lodgers is October 31st, but lodging through a professional can extend this deadline, sometimes up to May of the following year.
Comprehensive Tax Services Available with a Tax Accountant
Personal tax accountants offer a full spectrum of tax return and tax planning services, ensuring that all your compliance needs are met efficiently and effectively. Their services often include:
- Personal Tax Returns
- Business Tax Returns for Companies, Sole Traders, and Trusts
- BAS and IAS Returns
- Tax Advice and Planning
- Tax Consultations
- ATO Audits
- Company and Trust Set-Up and Advice
Benefits Beyond Tax Filing
Proactive Tax Planning
Experienced tax advisors offer proactive tax planning and strategy services, helping you pay less tax and retain more of your hard-earned money. They can structure your business so that you can claim all available tax concessions, resulting in significant tax savings.
One-on-One Consultation
Tax accountants conduct personal interviews to understand your financial situation thoroughly, ensuring that they can identify all possible deductions and benefits. This personalised approach generally results in saving you more than the accountant’s fee.
Assistance with Business Set-Up and Maintenance
If you run your own business, tax accountants can help set up and maintain your financial records, apply for ABNs or ACNs, and deal with the ATO on your behalf. They also provide valuable advice as your business grows, helping you with everything from setting up bookkeeping software to managing profit, loss, and forecasting.
Frequently Asked Questions
1. How do I choose the right tax accountant for me?
Start with recommendations from people you know and ensure the accountant is a member of a professional body. Check if the accountant is registered with the Tax Practitioners Board and inquire about their qualifications, services, and fees.
2. What are the risks of filing my tax return myself?
Filing your tax return yourself increases the risk of making errors or missing out on deductions. Mistakes can lead to penalties and additional stress from potential ATO audits.
3. Can a personal tax accountant help with business taxes?
Yes, personal tax accountants can assist with business taxes, including BAS and IAS returns, business tax returns, and tax planning for companies, sole traders, and trusts.
4. How often should I meet with my tax accountant?
It’s advisable to meet with your tax accountant at least once a year during tax season. However, more frequent meetings can be beneficial for ongoing tax planning and business advice.
5. Is the fee for hiring a tax accountant deductible?
Yes, the fee paid to a tax accountant for preparing your tax return is generally tax-deductible, which means it can be subtracted from your taxable income.
Hiring a personal tax accountant offers numerous benefits, including accurate tax filing, time savings, stress reduction, and staying updated with tax laws. Whether you’re an individual or a business owner, Perth Tax People can provide the guidance and expertise needed to navigate the complexities of tax return filing and planning. Contact us today.
