Why you need an accountant
Why do I need an accountant? You may be asking. Perhaps you have never used one and do your own or have not seen fully what they can do to be worth more than their investment cost. Here are some reasons why a professional tax agent may be able to give you a new edge, whatever your work or business circumstance is.
Obviously, a good accountant will know more than you on deductions. They can tell you – new and the latest ways of claiming more to maximise your deductions. While, keeping it at a level which can keep you from risking too much. For instance, your tax agent may be able to detect when your deduction levels are higher than average for people of your income and occupation. Additionally, if you are a business, your tax agent can review if your business income and expenses are within the normal benchmarks for your industry. This is important to the Australian Tax Office, as they may suspect you exceeding these, is worthy of further investigation.
A face to face service from an accountant is most likely to prompt and uncover more for you such as
- The most deductions for you at present, or educating you to do better in future and with changing work or business circumstances;
- To uncover areas of your finances which can be improved or reduce your financial risks;
- Areas commonly that can be improved are more education and strategy in investments;
- Better succession planning or even making sure your estate is planned with a will;
- Reviewing and saving you costs in your banking and finance;
- Mitigating personal risks such as inability to work, sickness of you or family members;
- General advice and experience on questions like, “Do I really need hospital cover and what are my tax implications?”;
- Guiding you in the areas of tax minimisation, that you may not even be aware of;
- Helping you exploiting and understand superannuation to minimise your taxes, save you in financial fees and improve your long term wealth position;
- Receive support and encouragement from your tax agent in your financial and money goals. A tax agent should see and have experience in areas you would like to flourish in and of course show you what to do and not do to help you succeed faster;
- A good tax agent can help a business grow, improve any business owner’s effectiveness, guide you into the small business marketing that works, improve your profitability and guide you in general on how good business runs. An example may be what key indicators you should focus on, to better mange success in your business;
- A tax agent can help you with complicated one off advice in situations where you need extra vital help. An example, is capital gains scenarios advice which can save you thousands.
Some subtle reasons to use an accountant are:
- They are a back up of keeping your info and be able to get useful information for you too such as information for your finance applications.
- Give you longer to do your taxes return, you get longer to lodge taxes. You get with a tax agent up to May the following year to lodge.
- No need to keep up to date on changes, they can keep you on top of what affects you.
- No need to use software, they can do all that for you.
- A tax agent is more experienced than you at protecting your interests in case of audits. They can help you reduce penalties or fines. They can better negotiate repayment arrangements for tax debt. They can fight for you when you want to object or double check an ATO decision.
- A tax agent has tools to contact the ATO much easier and faster than you ringing ATO for hours and not getting to the right tax officer.