The Australian tax landscape may not be as complicated as similarly advanced economies but this doesn't mean that it is child's play to navigate. Seeking professional assistance to handle your tax return is often advisable even if you have a relatively stable income. Although many Australians still choose to file their own returns, there are some distinct advantages of having a tax accountant on your side to help you prepare yours. Read on to find out why.
To begin with, a reasonable level of understanding of Australian tax laws is required to ensure your tax return is compliant. You might have some knowledge from past returns but recent changes to the tax code have made it harder for many people to keep track of all the new rules A professional tax accountant will necessarily have the requisite training and experience to deal with all of the laws and regulatory updates for you. Such know-how not only helps you to meet the Australian Taxation Office's deadlines but also will also help to make sure that your financial activities are reported correctly, thereby ensuring you avoid potential penalties and tax disputes.
Another key advantage of the services offered by tax accountants relates to how they can use deductions and tax credits to minimise your tax burden. Most taxpayers are aware of common deductions and so don't operate in the most tax-efficient manner. There are many lesser-known credits and rebates within the Australian tax code that you could be benefiting from. A professional tax accountant stays will identify applicable ones in your case based on your unique financial circumstance so you don't end up paying more tax than you need to.
The process of compiling financial records so that your bookkeeping is up to date is time-consuming. On top of this, filling out forms, calculating tax liabilities and submitting the return will only add to the burden. For those with complicated finances, such as people who run a business, working out what to declare can take a substantial amount of time. However, entrusting these labour-intensive tasks to a professional will allow you to free up your time so that you can focus on other important business tasks.
Lastly, having a professional handling your tax return will typically mean being able to access year-round support and advice. Many tax accountant professionals offer ongoing services beyond completing tax returns for their clients. They will also be able to provide valuable insights into financial planning or offer advice on investment strategies, too, for example. In essence, accountants can serve as trusted financial advisors, whether it is time to complete a tax return or not.
For more info, contact a local tax accountant.