When it comes to preparing and lodging your income tax return, hiring a tax professional or tax agent is highly recommended. Although it may seem that you will save money by doing your own return, in most cases your accountant will have access to knowledge and systems that will actually save you money.
Your accountant is required to undertake training and research to keep up to tax with Australian Taxation laws and regulations. They are knowledgeable about any new allowable tax deductions, the areas that the ATO are currently targeting, and about various existing tax deductions that you may be able to claim for your personal or business tax return that you were unaware of.
The fee for having your income tax return professionally prepared can also be claimed as a tax deduction the following year.
Extension of Lodgment
When you lodge your income tax return with a tax professional, you are usually entitled to an extension of time to lodge. If you lodge your tax return late without this extension, you may incur a fee. Lodgment dates for self-lodgment with the ATO are 31 October, while we as your tax agents can generally organise you an extension until May the following year.
Complex Income Tax Return
For complex income tax returns including self-managed superannuation funds, and returns for investor accounts and Company accounts, a tax professional has the credentials, training and knowledge to accurately lodge your tax return. It makes sense to talk to our tax agents in Parramatta if your income tax return is not straightforward.
Even for simple tax returns we recommend having a tax professional prepare and lodge your tax return. Doing so yourself can result in errors, and you may also miss out on some great deductions! If you do decide to submit your own tax return, this can be done using the Australian Taxation Office online service through your my.gov account.
For more information on income tax return preparation,contact us. Our tax agents service Parramatta and surrounding areas. We will help you to save money this financial year!