You may think your accountant’s only purpose is doing your tax return at the end of the financial year however this is only a fraction of the service they can provide for you. Depending on your personal and professional circumstances, they can offer valuable support in numerous other ways. Let’s look at some of the extra benefits your tax agent can provide for you.
- A tax agent can guide and educate you on how to plan for the next financial year and maximise your savings potential.
- They can look deeper into your overall financial position and provide you with tips and strategies to bolster your financial health and wealth.
- Tax agents are likely to have experience with your occupation and understand what tricks your colleagues use to maximise your claiming ability.
- They will likely have specialist knowledge of tax deductions that may be applicable for your industry.
- They will provide you with a longer period in which to have your tax return lodged – up to May the following year
- A tax agent can give you specific and effective tax minimisation strategies pertaining to your unique circumstances that you are unlikely to be aware of.
- They can help you with complicated one-off events such as capital gains. Informed planning and execution can save you thousands in capital gains tax if managed correctly
- They will be up to date with the latest legislative crack downs and know which expense areas are being scrutinised with regard to claiming deductions
- A tax agent is your doorway to the Australian Taxation Office (ATO). They have the tools to establish contact with them easily and quickly. Much faster than you trying to phone them, which means no more being left on hold for hours and being passed around different departments.
- They can review your earlier tax returns to see if they were processed with due care and accuracy, especially if you felt it was done quite right in previous years.
- If applicable, they can lodge amendments of previous tax returns on your behalf which can result in additional refunds.
- If you require a repayment arrangement, they will do this on your behalf. After reviewing, they can also request a refund of tax fines if applicable, reduce interest charges.
- A tax agent can potentially source your employment income, dividends and interest figures from previous years if you have no longer have access to that information, when you have moved or just lost them.
- They are the perfect person to ask any question you may have about money. They will likely be able to help you, either directly or refer you to someone who can.
- If you are thinking of starting, or have started a business, their support and guidance at this time is crucial. Providing good cashflow strategies, how to interpret the health of your financial data and knowing what funds you will need to set aside for paying necessary taxes are just a few of the value-added services they provide.
- You can pick their brain with regard to any financial concerns, for help when transitioning careers, business strategies, how to network and meet potential clients and wealth creation ideas.
In a nutshell, a tax accountant can review what’s happened in the past, get a clear picture of your current circumstances and actively support you in your future financial plans either as an employee, property owner and/or as an owner of a commercial enterprise.
We recommend a face to face service with a tax agent as opposed to submitting documents online. A face to face service is most likely to prompt and uncover the maximum deductions possible and will allow the tax agent to develop greater understanding of your needs and goals by getting to know you better. This is turn will provide you with tailored assistance in planning for the next financial year and into the future.