subject: 5 Reasons Why You Need Professional Taxation Assistance [print this page] Its that time of year again youve received your Notice of Assessment and youre greedily (and deservingly) looking forward to getting back some tax cash just before Christmas. While you may be interested in trying the new DIY e-tax system instead of visiting an accountant, there are some important things you should consider before you embark on a long and dull afternoon sorting through your tax.
1. Get more money back!
There is no doubt about it a professional Brisbane tax accountant will be able to provide a more comprehensive and thorough assessment of your tax situation. They know the ins and outs of tax law, what can and cant be deducted, and all the different ways to legally maximise your return. Essentially, this means more money in your pocket and less in the Tax Office! While you hope you could get as much tax back as you deserve using e-tax, nothing beats the help of a professional.
2. Save time and energy
Completing your tax refund submission can be a very long, tedious, stressful and difficult process, especially if you have a complex situation. If you have investments, extensive deductions, dependents, pensions, HECS debts or any other similar tax issues to take into consideration, completing your tax becomes extremely hard. It can take hours out of your day and extensive google searches to figure out what various words, rules and conditions mean. On the other hand, you could hand it all over to your accountant and let them worry about it!
3. Avoid penalties and fines
If you think that making a simple mistake in your tax lodgement is okay, think again. While most Australians would share the view that the language and terms used in the e-tax program is too hard to understand and the reason behind many mistakes made, the authorities wont be forgiving. The Tax Office walks a hard line on this issue make any misrepresentations in your submission and face the possibility of fines or harsher penalties. Or, simply let your accountant use their knowledge to ensure you stick to the rules theyll take all the responsibility off your shoulders.
4. You have a longer due date
If youre low on time and dont think youll be able to find your Notice of Assessment and get all your receipts together in time for the DIY tax return deadline, not to worry. If you choose to have a professional accountant put together your tax refund submission, then you get a longer deadline. In fact, you will have approximately 4 or 5 months longer to get your paperwork together!
5. Learn the tricks of the trade
If youre looking to learn some helpful tips on how to better prepare for next years tax return, team up with an accountant. Theyll do this years submission and explain what sorts of receipts and other important documents you should start retaining and filing for use in future years. Itll make the entire process so much easier and hassle-free! For example, Brisbanes Robins Accountants are renowned for providing clients with extensive tax advice, tips and helpful recommendations.
As you can see, there are many benefits to allowing a tax agent to help you with your tax refund submission. Overall, you can look forward to a larger refund (if you have tax owing to you), minimal hassle on your part and the confidence that you wont face any fines or penalties if audited.
