As another financial year passes, the age-old question that has dividend man since the beginning of time raises its head again – should you use an accountant or lodge your tax return yourself?
Yes, you SHOULD!
If you are unsure, here are the Top 5 Reasons You NEED a Trustworthy Accountant for yourself.
1. Claim ALL Your Deductions
There are a lot of expenses that are potentially deductible. Unfortunately, most people only know of the basic deductions. Not claiming everything you are entitled to means less money in your pocket (or if you are payable – more owing)!
2. Avoid an audit
The ATO is smart. Well, at least when it comes to recognizing if you have claimed too much. This year they will see more details than ever about what exactly you are claiming. If you claim something you are not allowed to, you are actually putting yourself at a greater risk of audit and potential penalties.
3. Save Your Time
An accountant can tell you what you can claim and what records to keep. On top of that, a trustworthy accountant knows his game inside out. Why do you want to spend hours of your time sorting through your records or trolling the ATO website for information on deductions?
Save time and your sanity!
4. Save Your Money
Do you know that an accountant’s fee is tax deductible? I bet you don’t. Let me tell you this. You can get money back after paying an accountant to maximise your claims, reduce your chance of audit and make your life easier. And it’s completely legal!
5. Gain Extra time to Lodge
The sad fact is that sometimes you will owe the ATO money at tax time. Having an accountant lodge your return will generally mean you have more than 6 months extra time to file your return and pay any amount owing. That’s half a year the money could be in your pocket working for you.
Conclusion
We just went through the Top 5 Reasons You Need a Trustworthy Accountant. Let’s recap
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- aim ALL Your Deductions
- Avoid an Audit
- Save Your Time
- Save Your Money
- Gain Extra time to Lodge
I hope this post helps you to learn more about the benefit of having an accountant for yourself.
If you have any question, feel free to email us at admin@privatewealthaccounts.com.au or call us at (03) 9973 5905.We are here to take care of your wealth