How can a professional tax accountant help me?
There are many great assists that a good tax accountant can give you, here are some of these:
- Your accountant should be familiar with your worker industry, they can not only help you with this year’s tax deductions but educate you on what your occupational colleagues are claiming or what you can do even better in future tax returns.
- Give you longer to lodge your tax return than 31 October. as tax agents have extensions for their client list and are able to lodge your tax return later and still lodge it on time. This may be useful if you are away or just plain to busy to do it in the earlier months.
- Lodging your tax return later when you have to pay tax with your tax agent can get you longer to pay your tax. Stretching the tax payable date from 15 March to 5 June. Also doing your taxes later may defer increased pay as you go instalments for another quarter or so.
- Your professional tax accountant or agent has many online tools that can save you lots of time and pain instead of you having to deal with the Australian Taxation Office (ATO). For instance, some of the general enquiries they have access to are your income tax accounts, changing details, notice of assessments and even can arrange self-automated tax debt repayment arrangements for you.
- A professional accountant is also able to access all the information the ATO have about you in the current and recent previous years. This will make it easy for you to double check their accuracy and ultimately support you in not missing out most of your income. You still need to check it’s accuracy though. This can be extremely useful when you are behind a few tax returns and have lost information. See more about late tax return lodgements.
- Going to a professional accountant obviously saves you keeping up to date with the latest tax laws and there is no need to have software or tools to lodge your tax obligations. They are also able to use the best tools to lodge electronically and get your tax returns processed as quickly as possible, so you can get your refunds faster. Of course, a professional tax agent should know how to maximise your tax refund much better than you. Ideally, they can also increase your refund by more than their cost.
- A tax accountant will be more experienced than you in handling tax audits than you would be. Not that this is common, but a tax agent can use his experience and judgement to get you a better outcome in this situation.
- A Professional tax accountant can help you get back fines for late lodgements or general interest charges. If you have been given fines or charged interest seek advise from a tax agent, they can check to see if they can be refunded and what needs to be done according to their judgement and experience. They can even review previous tax returns and amend them if errors were made or deductions missed.
- Your professional tax accountant can provide you copies of your tax return and explain the detail in them. This is particularly useful when applying for finance. Having an accountant can provide accountant letters which can give you the supporting documentation to get you loan approved.
- Having a tax agent will let you know what you do not know. This may be a tax saving suggestion or ways to bolster your financial position or simple ways to checklist your way to better overall finances.
- Of course, having a tax agent is like having a friend you can call during the year to help you with tax questions or different situation you need to prepare for.
- A tax professional can give complicated tax advice in areas you may not understand well such as capital gains implications of buying or selling assets, working overseas, terminating your employment, planning new asset purchases and transitioning into business ventures.
- A good tax agent will be able to assist you if you are a business and your needs as a business too.
These are just some of the factors you may need to consider in having assistance from a professional tax accountant. Call us on 0883374460 for your professional accounting assistance.