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.