Ways You Didn’t Know Your Tax Accountant Could Help You
You might think your accountant’s only job is to prepare your tax return at the end of the financial year, but this is just a fraction of the services they can offer. Depending on your personal and professional circumstances, a tax agent can provide valuable support in many other ways. Here’s how they can make a difference:
1. Strategic Financial Planning
A tax agent can guide and educate you on how to effectively plan for the next financial year, helping you maximise your savings potential. By strategically organising your finances, they can reduce your taxable income and increase your refunds.
2. Improving Financial Health and Wealth
Your tax agent can take a holistic look at your overall financial situation and offer tips and strategies to enhance your financial health. This might include wealth creation ideas, investment opportunities, or debt reduction strategies tailored to your circumstances.
3. Industry-Specific Tax Deductions
Experienced tax agents have in-depth knowledge of various industries. They understand the specific deductions that apply to your occupation and may even know the ‘tricks of the trade’ that others in your field are using to maximise claims.
4. Specialised Tax Minimisation Strategies
Your tax agent can provide effective tax minimisation strategies that are relevant to your unique circumstances. These personalised approaches help you legally reduce your tax liability, maximising your savings.
5. Assistance with Capital Gains Tax
Handling capital gains can be complex. Whether you’re selling an investment property or shares, informed planning and strategic execution by your tax agent can save you thousands in capital gains tax.
6. Navigating Tax Law Changes and Audits
Tax laws are constantly evolving. Your tax agent stays up-to-date with the latest legislative changes and knows which expense areas are being closely monitored by the ATO. This knowledge helps you avoid audits and costly penalties.
7. Direct Communication with the ATO
Tax agents have a direct line of communication with the Australian Taxation Office (ATO). They can contact the ATO on your behalf, resolving issues quickly and saving you from long hold times and complicated inquiries.
8. Reviewing and Amending Past Tax Returns
If you’re unsure about previous tax returns, your tax agent can review them to ensure they were lodged accurately. If necessary, they can file amendments to correct mistakes or claim additional refunds.
9. Managing Repayment Arrangements and Penalties
Should you owe tax or face penalties, your tax agent can arrange a payment plan with the ATO on your behalf. They can also request a refund of tax fines or reductions in interest charges if applicable.
10. Expertise Beyond Tax Returns
Your tax agent can assist with much more than just tax returns. They’re a valuable resource for:
- Transitioning careers or starting a new job
- Business strategies and cash flow management
- Wealth creation and investment opportunities
- Networking and client acquisition ideas
Face-to-Face Service: Maximising Your Deductions
We highly recommend opting for a face-to-face service with your tax agent rather than submitting documents online. Personal interactions encourage a deeper understanding of your needs and goals, allowing the tax agent to uncover every possible deduction and tailor their advice for future planning.
Ready to Maximise Your Tax Benefits?
At Tax Accounting Adelaide, we’re dedicated to helping you get the most out of your financial situation. Contact us today for personalised advice and professional support tailored to your needs.
