Taxes are not something you should handle yourself, though if you have the skill to do so, go on. However, taxes are a complicated issue when it comes to business. It is a smart decision if you have someone—an expert in numbers to help you.
Where do you go when a tax crisis hits? Many will go to the nearest CPA or accounting office for advice and help on their taxes.
Read on if you want to know about nine great reasons to engage with a tax professional.
Where Can I Get Tax Advice in Australia?
The best people to approach to get tax advice in Australia are tax accountants and tax agents. These professionals are specially trained accountants in preparing and lodging income tax returns.
A tax accountant has an eagle eye on finances. They can spot inconsistencies and opportunities to get the most advantages out of your tax return in an accurate and prompt manner.
On the other hand, tax agents are permitted by the ATO to help taxpayers lodge tax returns and access special ATO systems. Keep in mind that every registered tax accountant must have an official registration number and display a Tax Practitioners Board logo in their office and website.
Is It Worth Going to a Tax Professional?
Here are the reasons why the services of a tax professional are important.
1. Accurate Presentation of Tax Return the First Time
You must file your tax return correctly. But in case you filed your returns yourself and made a mistake, your tax accountant can amend your record and check if you have claimed all your entitlements.
2. Tax Returns Compliance
A tax accountant makes sure that your tax returns are compliant with the most current tax laws. These laws could change or be modified during the year. Unless you do your research, you are likely to miss new rules and regulations.
During your consultation with a tax accountant, they will discuss all the deductions you are eligible for and other pertinent tax matters. They ensure that your documents are compliant, so you will not be audited by the ATO.
Although there are countless DIY online tax tools available, nothing beats the expertise of a professional tax accountant. A typical appointment with a tax accountant only takes an hour. The time they spend on your finances takes a fraction of the time you do it on your own. Besides, you can spend more time attending to other business matters.
4. No Stress
No matter how small or innocent an error is, if you did facilitate your own tax duties, you may have to deal with an audit if the ATO comes knocking. Ramifications may include fines, interests or penalties to pay.
One of the most significant benefits of getting the services of a tax accountant is that you get peace of mind. Using a tax accountant in Sydney ensures you are compliant with tax laws.
5. Establish Valuable Relationships
Taxes are complicated and nuanced. Therefore, you must build a relationship with a tax professional on the get-go. As tax season nears, your tax accountant will already understand your financial situation thoroughly and can give you tailored tax recommendations to maximise your finances and ensure you get what you deserve.
6. Less Complex
Every tax return is unique. If you are dealing with a complicated financial situation, you must get professional advice to save you time, stress and payments to the ATO. Consulting with a tax professional is a beneficial exercise that will help you work out the intricacies of your finances and everything you are entitled to claim. For example, if you own rental properties and multiple investment portfolios, getting the services of a tax accountant is definitely worth it.
7. Advice and Support
Collaborating with a trusted tax accountant provides long-term benefits. These professionals will always offer crucial advice and support you need in complicated areas. A solid relationship with a tax expert is helpful in the following scenarios: venturing into real estate, starting a business or dealing with a will.
8. Understand How Your Income Is Calculated
Tax returns can be highly complex. It is especially the case if you have foreign investments or receive funds from a trust. ATO will check your total income from different resources because there are rules and regulations when calculating different income streams.
A tax professional knows how to calculate your income and how these income streams will affect your total declarable income.
9. Eligibility for Deadline Extensions When Filing Tax Returns
If you are lodging a personal tax return for the first time, you might find the task daunting and get so confused that you miss the deadline. But a tax professional makes you eligible for a deadline extension to avoid delays.
How Malkoun & Associates Can Help You
Make sure that your tax problems are handled properly with the best tax professionals and accounting services near you. If you need experts in handling tax returns, reach out to us.
Malkoun & Associates are your trusted advisors that can only offer exceptional client service and excellent value for your money. Our services include tax consulting, business structuring, audit and advisory, self-managed superannuation funds, business valuations, outsourced CFO services and more. For further details about our services, contact us now.