The Australian Taxation Office (ATO) reports that 74% of taxpayers use an accountant or tax agent when submitting their tax returns. It is easy to see why most Australians choose to lodge their tax returns with tax agents like Instant Tax Refunds (ITR) because there is less stress, increased accuracy, and maximum refunds to be gained.
Many people prefer to leave it up to the experts to get the most tax refund, since tax is a complicated business for those of us who are not accountants. It is unlikely that you will understand all deductions you are entitled to if you are not familiar with occupation-specific deductions.
Licensed accountants and tax agents know how to maximize your return: quickly and accurately. Because your accountant's or tax agent's fees are tax deductible, they pay for themselves.
The following are some great reasons to work with a tax agent:
The responsibility of lodging your own return falls firmly on your shoulders. No matter how small or large your mistake, if you receive a visit from the ATO, you will likely have to pay a fine, interest, and penalties. A major benefit of using a tax agent is that it gives you peace of mind when it comes to tax return preparation. With an agent or accountant preparing your return, you can rest assured that you are complying with all relevant tax laws and that your return has been accurately prepared.
The importance of relationships
In case you are a worker in Australia, there is no escaping your expenses. As expense can be a complex and nuisance work out, there is incredible worth in building a relationship with your Tax Agent.
Utilizing a Tax Agent gets you an extension time to from the usual 31st of October deadline if you use My Gov (this is typical cut-off time for self-lodgers) to a mid-May deadline of the following year. If you are not on the Tax Agent by 31st of October, you risk getting penalised for late lodgement of your Tax Affairs.
While there are several numbers of DIY online tax tools available, nothing beats sitting down with your Tax Agent and getting the job done. While it may appear that taking matters into your own hands is the quickest method to file your taxes, it is not always the greatest option. A typical appointment with a Tax Agent lasts about 30 minutes. During that time, your Tax Agent will ask you a series of questions and go over your paperwork to ensure the best possible outcome. On the surface, it may appear that DIY lodging online is faster, but this is not the case for most individuals. When you factor in the time it takes to gather your data, look up your deductions, and double-check that you have not made any errors, the procedure takes much longer than an hour.
One thing is certain: every tax return is unique. Getting the appropriate guidance can save you time, frustration, and unnecessary payments to the ATO if you have a complicated financial position. Sit down with a Tax Agent is an incredibly valuable exercise; vital to working out the complexities of your tax affairs and what you are qualified for guaranteed. If you have extra taxable income through the sharing economy, maintain a business, own investment property or own shares, using the services of a Tax Agent will stand you in good stead.
At Instant Tax Refunds (ITR), we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.
Contact our friendly team on (07) 3804 7575 if you have any questions or just browse our website for heaps of useful information.