Most people accept that if they run a business they’ll need an accountant, yet when it comes to their individual tax situation, they are not so keen to do the same. Of course, you can get your tax returns done on the cheap to meet your legal obligations, but why not pay that bit extra and engage an accountant to get the best possible outcome?
Doing your own tax returns is a personal choice, usually influenced by how many income streams you have. If you have one job and only have simple investments, preparing your own tax returns may be fairly straightforward. However, you risk missing out on claiming deductions you may not be aware of as tax laws are complex and subject to change. This is one good reason why you should engage an accountant in 2016.
So why should you engage an accountant in 2016?
1. You may not be making the most of your tax position
Australia has one of the most complex tax systems in the world, therefore the chances of you knowing everything you can claim for are unlikely. This means that you may pay less tax if you engage an accountant to do your tax returns. They can also advise you on the best way for you to make additional savings in the future.
2. You might not be keeping complete records
Let’s face it, none of us want to get into trouble with the ATO, therefore it’s essential to ensure that you are keeping all necessary paperwork and that everything is kept together. A good accountant will be able to advise you on what records you need to keep and for how long.
3. Extra benefits
An accountant can also advise you about your personal finances. They will get to know you and your finances well, therefore they are perfectly placed to discuss the benefits of, for example, investment properties, family trusts, capital gains tax etc.
4. Stress free lodgements
Last, but certainly not least, when you engage an accountant they will ensure that you are aware of all necessary deadlines so that you are not faced with any late lodgement penalties. For those of you who are juggling busy work and personal lives, this will reduce stress at the end of the financial year.
The Bottom Line
If you are looking for an easy quick fix at tax time, there are plenty of options out there. However, in order to get the most out of your claims, you need to be organized and have a good accountant on your side. This will free you up so you can get on with attending to other important things in your life.
So, if you are looking for an accountant and want to benefit from expert advice to help minimise your tax liabilities, speak to us today.