Filing your tax return can be a daunting task, and it can be difficult to decide whether to use a tax agent or to do it yourself. While some people prefer to file their own tax returns, there are several benefits to using a tax agent.

One of the primary benefits of using a tax agent is their expertise in tax law. Tax agents are qualified professionals who stay up to date with the latest changes to tax laws, deductions, and exemptions. They can use their knowledge to ensure that you receive all the deductions you’re entitled to and help you structure your finances to minimize your tax liability.

Using a tax agent can also save you time and reduce stress. Tax agents can complete and lodge your tax return on your behalf, freeing up your time to focus on other important matters. Additionally, they can ensure that your return is accurate, complete, and submitted on time, reducing the risk of penalties and interest charges.

Another benefit of using a tax agent is that they can provide ongoing tax advice throughout the year, which can help you make informed decisions about your finances.

However, there are also cons to doing your tax return yourself. One of the primary cons is the potential for errors or omissions. Filling out your tax return can be a complex and time-consuming process, and if you’re not familiar with the tax laws, you may miss deductions or credits that you’re entitled to.

Another con of doing your tax return yourself is the potential for audit or investigation. If the ATO suspects that your return is incorrect or fraudulent, they may investigate or audit your return, which can be a time-consuming and stressful process.

It’s important to note that the lodgement dates for tax returns can differ depending on whether you use a tax agent or do your tax return yourself. If you use a tax agent, the lodgement dates are generally extended, providing you with more time to prepare and lodge your tax return. The 2023 tax return lodgement dates for tax agents are:

• 31 October 2023 – for individuals who are not in a tax agent’s client base
• 15 May 2024 – for individuals who are in a tax agent’s client base

In conclusion, while it may be tempting to file your tax return yourself, there are numerous benefits to using a tax agent. Tax agents can provide expert advice, save you time, and potentially save you money. However, there are also potential cons to doing your tax return yourself, including errors or omissions, and the potential for audit or investigation. Ultimately, the decision on whether to use a tax agent or do your tax return yourself will depend on your individual circumstances and level of knowledge in tax law.

If you want to speak to a tax agent, please contact our office at 03 9973 5905.