The benefits of tax agent, a recent survey showed that 74 percent of Australians who lodge a tax return choose to use an accountant or tax agent. There are many benefits associated with using an accountant to complete your tax return. An accountant can help maximize your refunds and reduce the number of errors in your return.
Here are some major reasons and the benefits of tax agent and why you should consider getting your accountant to complete your tax return if you haven’t already.
It Saves You Time
Nothing can top the convenience of sitting down with your tax agent and getting your tax return completed. Although completing yourself might seem like the fastest way to lodge your tax return, it isn’t always the most accurate way.
A standard appointment with your tax agent takes around an hour. In that time, your tax professional will ask you a series of questions and review your documentation to secure the best result.
You might assume doing it yourself is quicker, but for most people this is far from the truth. Once you add in the time to collate your information, look up your deductions and check to make sure you haven’t made any mistakes, the process takes much longer than an hour.
When you decide to complete your return on your own, the responsibility falls squarely on your shoulders. It doesn’t matter how innocent or small the mistake, if the Australian Taxation Office (ATO) comes knocking, you may have to deal with an ATO audit and there will be fines, interest or penalties to pay.
A major advantage of using a tax agent is that you get peace of mind. Choosing to lodge through an agent or accountant ensures you’re compliant with tax laws and you can rest easy knowing your return has been accurately prepared.
Using a tax agent in person not only buys you good advice but also time. If you lodge your tax return using a tax agent, the usual deadline of 31st October but this deadline only applies to self-lodgers and therefore this deadline won’t apply to you if your tax agent completes it for you. Working with a tax agent means you potentially have until May the following year to complete your return.
The Value of Relationships
If you are a working in Australia you will be required to pay your taxes. As tax can be a complex and nuanced exercise, there’s excellent value in building a relationship with your tax agent. As tax time nears, your tax agent will already have a solid understanding of your financial situation and can provide you with tailored tax advice to make the most of your money. As your living and professional situation changes your tax agent can offer advice and suggestions to help you maximize your finances and ensure you get back what you are capable of getting back.
If you have a complicated financial situation, getting the right advice can save you time, stress and unnecessary payments to the ATO. Sitting down with an accountant or tax agent is an extremely beneficial exercise; crucial to working out the intricacies of your finances and what you’re entitled to claim. These are the benefits of tax agent to complete your tax return.