Many people file their tax return without any particular problems but for some self-employed people, it can be a bit more complex. This is when an accountant can be invaluable. Of course, you will need to pay an accountancy firm for their time spent carrying out a tax return service but the fees can definitely be worth it. Just consider how much time you will free up to get on with the other important — and, frankly, less boring — things there are to do with your life. Why else is hiring an accountant a good idea to help you get your taxes sorted out rather than ploughing on yourself?

No ATO Audits

If you do your own tax assessment, then the chances are that there will be some inconsistencies here and there. Getting every financial record right over a financial year is tricky unless you are already trained in finance or bookkeeping. For most people, it means that minor errors will inevitably creep into their return. Although this might not impact negatively on you at first, it can cause problems down the line. The Australian Tax Office (ATO) may decide that repeated errors over several years mean you need to be audited. Not only is this a major workload to deal with but you will also face significant costs. According to the ATO, you can be charged interest on any under-declared tax from previous returns and you are also likely to face an administrative fee for their auditing work. In short, getting it right the first time with a professional makes much more sense.

Don't Overpay Tax

Many people don't realise it but they are paying more tax than they need to. By hiring an accountant, you are likely to find various provisions in your tax return that you are not taking full advantage of, such as certain approved overseas projects, for example. In fairness, the tax rules change regularly, so it is hard to keep up with any allowances you might be entitled to. A professional accountant should be able to identify all those which apply in your case and reduce your tax bill accordingly while still ensuring you pay everything you have to under Australian law.

Avoid Stress

Hiring an accountant means you don't have to worry so much about your financial situation. By keeping on top of what you owe the tax office, you can put yourself on a more sound financial footing going forward. For the majority of people, this means feeling less stressed about the whole process of declaring and paying taxes. In other words, you will probably be able to sleep better at night knowing you have got a professional on the job.

For more information, contact a tax return service today.

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