Although a lot of people choose to do their tax returns at home or in the office, a lot also choose to use an experienced accountant. Obviously, the option that you choose will depend on how much experience you have when it comes to accounting and tax returns.
According to Accountants Australia, your need for an accountant will also depend on the complexity of your tax reporting obligations. For some people, all that a tax return entails is filling out a short form at the end of the financial year and submitting it to the Australia Tax Office (ATO). However, for others – such as business owners – tax time is a lot more stressful. In some cases, you will be required to report certain aspects of your business’s finances as often as monthly (through a BAS). In this case, an accountant could come in very handy.
How should I choose an accountant?
When it comes to choosing an accountant to look after your finances, you should choose carefully – after all, they are the person who largely controls how much tax you pay each year. Look for an accountant who is reliable and experienced. If you own a complex business or need help on a specific tax matter, look for an accountant who specialises in this field. Always go for someone who has a decent reputation in the community, even if they charge more. It will be worth it in the long run.
What are the benefits of using an accountant?
If you are considering doing your tax return on your own, it is worth weighing up the pros and cons of doing so. Is it really worth spending a whole lot of your own time learning the tax system, filling out nasty forms, and potentially making mistakes along the way? In many cases, you will be better off simply using an accountant. Three major benefits that come with using an accountant to complete your tax return include:
It can save you a lot of time – If you are a small business owner, then you will know how important time is. Sure, you probably will be fine if you choose to do your own tax return. However, it will probably take you a long time, time which could be better spent elsewhere within the business. Consider hiring an expert.
It may save you money in the long run – If you do your own tax return, you might miss out on valuable tax deduction opportunities. If you employ an experienced accountant who knows the system inside out, you can be confident that they will get the most out of your tax return.
It will reduce your stress – If you have had to complete your own tax return in the past, you will know just how stressful it can be. Use an accountant and keep your sanity!
These are just some of the benefits of using an accountant for your tax return. If you want to find out more, contact your local accountant today.