It's June! Tax time is upon us, and it's time to ask yourself the age old question: do I need an accountant? Come July 1st, some people will hand a bundle of poorly organised papers to their accountant, and some will sit down with a pile and log on to the ATO website to go at it alone.
Let's get the main point out of the way first: it's easier to hand it all over to your accountant than it is to shuffle through receipts and group certificates, and navigate your way through the sometimes confusing website. If you're short on time, or frankly can't be bothered to tackle your own taxes, it's much easier to hand them over to a trusted professional.
It's an accountant's job to know the tricks of the trade when it comes to tax time. Employing a professional to do your taxes could see you a bigger tax return, and the addition of deductibles you may not have thought of yourself.
For those new to the work force, and people with only one source of income, doing taxes can be quite simple. You receive your group certificate, you enter a few deductibles like your work uniform, and you're done! But if you have multiple income streams, a small business, or a non-typical job, tackling taxes on your own will be a lot more taxing (get it?).
Have you done your deduction research? Have you checked what you're eligible for? You may be able to claim bills and petrol costs without realising. Taking time to research what you might be able to claim on your return is integral if you're tackling tax time alone. If you'd prefer to use your time elsewhere, employing an accountant might be best for you!
Tax time becomes a little more complex if you have and use an ABN. We suggest that if you use an ABN either for your entire income stream, or for a side business, hire an accountant to help you.
The main advantage of doing your taxes yourself is of course, it's free! Accountants will have varying fees, and you will likely be able to find one in your price range, should you need them, but none will be as cheap as DIY-ing your tax return.
Our final point, and possibly the best reason to employ an accountant, is their experience. You can trust that with an accountant, your tax return is safe. You won't get any nasty shocks, and you can rest easy knowing your tax return is in safe hands.
We will be talking all things tax this month, so stay tuned!
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