By Erika Rhein
If you’re the type of Aussie that’s always expecting more money back from their tax refunds, then you need to read this article. We know that being in control of our finances on our own can be hard. It will take you time, effort and you could be losing money by doing this task yourself. Remember that professionals will know more things than a regular human being that’s not an expert in the field. Therefore, you don’t need to feel guilty at all if you feel like you need an accountant to help you with your tax return.
As you might imagine, there are a lot of benefits of hiring an accountant for your business or managing your personal finances. But we will say that maximising your tax returns is the main advantage of hiring professional services. They will avoid any delays and will fill or report everything to the Australian Taxation Office (ATO) properly. You can make sure that you’ll be getting the tax refund you merit.
Let’s look at how an accountant can maximise your tax returns.
1. An Accountant Will Leave You Out Of Troubles
Playing the smart guy with the ATO will be something that you shouldn’t do. Sometimes people like to have a bigger refund by inflating their deductions. But this will be a tremendous mistake because doing a claim for something that you can’t prove you have spent your money on is a no-no. You need to have a bank statement, a receipt or an invoice to verify that you have used that money.
Another good point of choosing to work with a professional in tax deductions will be that they will know how to properly declare all your earnings. For instance, any money that you’ve made from any type of investment must be declared. Remember that if ATO notices that the information you’re giving doesn’t match, they will be questioning your tax return.
2. They Know Deductions Like The Back Of Their Hand
Are you aware of all the things that you can use for tax deductions? We can bet that you are not taking full advantage of that. But an accountant will do that for you without a problem. They will do every applicable deduction that you can have. For example, did you know that your cell phone bill and some expenses of your car can be claimed? Of course, not the full toll, but it will be a portion of what you have paid.
These are things that you can apply for, if you use your cell phone for work or if you travel for businesses in your car. Now that the home office has become truly popular due to COVID-19, there are some tax deductions that you can claim while working from home. And an accountant will make sure that you will have back all the money that you can.
3. More Time For You and Less Stress
Getting your finances in shape can be a task truly stressful. Also, it can take you a lot of time if you’re not a person with experience in that field. The chances of getting the tax return done wrong increases a lot without an accountant by your side. If you’re not that confident about doing this procedure by yourself, then an accountant is the best option.
Avoid headaches and researching because a professional will get your tax return done efficiently. Remember that you don’t have to take care and control everything. Avoid getting tangled, confused, and spending your time in something that you don’t understand. If you run a business, saving time and effort on this would be a must. Therefore, you should hire an accountant to help you with your finances.
4.They’ll Give You Financial Advice
Having a healthy relationship with your personal and business finances is a must. Believe it or not, there are a lot of people that don’t have an emergency fund and savings for their retirement. As well, a huge amount of the population has debts with the bank. An accountant, besides taking care of your tax return, will give you financial advice that you’ll find extremely helpful.
They can tell you what changes you can do to improve your savings and to improve your tax returns too. After having a good talk with your accountant, you can do changes that will upgrade your lifestyle, even a little bit. Remember to work with someone that you trust. Therefore, ask for accountant recommendations with your friends. Also, you can research on the internet to find one that suits your needs.
Did You Know That Accounting Fees Are Tax-Deductible?
Maybe you weren’t aware of this, but anything that you spend on your accountant would be tax-deductible. That’s an incentive from the government to encourage Australians to use accountant services to manage their tax return. If you were still doubting about hiring a professional to manage your finances, this is the sign that you were expecting.
See this fee as you’re going to pay as an investment. They will give you a fresh perspective about what’s going on in your business and personal finances. Also, accountants will put all their knowledge to boost your tax refund.And that will be something that you should pursue. So, get ready to get the most out of your tax return.
About the Author
Erika Rhein is a writer and blogger by profession and writes on diverse topics. However, she always provides users with useful and informative articles in a legible format. She aims to achieve a difference through my writing.