There are people who can get away with doing tax returns Exmouth themselves, whilst there are others who need professional help from tax accountants.
When it comes to preparing your tax return online or offline, it is important to be equipped with the right knowledge to make sure you’re on the right track – and more importantly, you don’t get in trouble with the Australian Taxation Office.
If you have a simple tax affair, you might want to consider using the ATO’s online service – E-Tax. However, if you have complex financial activities and tax affairs – hiring a tax accountant might be a wiser choice.
To figure out whether or not you should do your taxes by yourself or you should use the professional services of a tax accountant – here are some questions to ask yourself:
1. Are you prepared to give your tax returns Exmouth your time?
An average taxpayer spends around 22 hours every financial year preparing to lodge their tax return. Though filing tax return online can save you a lot of time, you still need to spend your precious hours organising all the financial documents and materials. And that assumes you have a simple tax return and your number of tax deductions are limited. It also assumes that you are confident about your knowledge about taxes and what you records you exactly need.
2. Are you prepared to pay for the services of tax accountants?
Getting a tax accountant to do your taxes can cost from a few dollars to several thousand dollars – depending on how simple or complicated your tax returns Exmouth is. You can make your payments upfront, or you can have it deducted from your refund – if you allow your tax accountant to collect it on your behalf.
The good news about hiring a tax accountant to sort out your tax return online or offline is that you can claim the fee as a tax deduction on your tax return, as well. This is because the tax preparation fees can be claimed under the miscellaneous deductions.
3. Are you prepared to deal with the complex Australian tax codes?
You should know that the Australian tax codes are so complex that most Australian taxpayers choose to use the professional services of tax accountants to sort taxes out on their behalf. There have been a lot of changes in the tax law for the past few years – and keeping up-to-date with all these changes can be taxing.
If you are confident that you can comply with ATO’s tax codes and make sure that your tax return is done with maximised tax refund and minimised tax bill – then you can go ahead and deal with it by yourself. Otherwise, it might be a good idea to ask assistance from a reliable tax accountant in your local area.
When preparing and lodging your tax return, it all comes down to the time and skills you have in your hands. If you don’t have these two elements, you should let someone effectively and efficiently handle your tax return on your behalf.