Is it worth getting a tax accountant?

tax accountants

Doing your own taxes takes time and patience, especially if you are completing taxes for a business. If you don’t have the know-how on taxation, it might be beneficial to hire a professional. With the promise of less stress, optimal outcome and a noticeable increase in accuracy, it’s easy to see why so many people decide to lodge their returns with the help of tax accountants like Calibre Business Advisory.

Taxes can be a complex business, so if you are looking to get the best possible outcome while also leaving yourself free to manage the other areas of your business, it best to acknowledge that you aren’t an expert, and instead decide to hire an external business advisor in Sydney who can manage it on your behalf. Experienced accountants are going to be able to notice more subtle opportunities for you to get the most out of your tax return and you will see the benefits.

Here are just some of the reasons why you should consider hiring an accountant:

It saves you time:

There are, of course, many tools that you can use to help with the process of completing your tax return yourself, but nothing is going to be as easy as sitting down with a tax agent and working everything out together. While it may seem like handling your own tax return is the fastest way to complete your lodging, it isn’t always the best way. In an appointment with your tax accountants, they will ask a series of questions and work through exactly what options are available to ensure you get the best results.

The process of collating your information, calculating your deductions and then checking through your application to be sure it has all been completed correctly, can end up being much longer than a single appointment with your advisor and doesn’t guarantee accuracy.

It prevents stress:

Lodging your return yourself means that there is a lot of responsibility on your shoulders. Any mistakes that you make during your application could come back and cause problems should the Australian Taxation Office decide to review/audit your returns. This could result in fines, interest or penalties to pay. So if this is part of the taxation process that makes you nervous, one of the best reasons to hire a business advisor in Sydney is that you will have peace of mind, knowing that your taxes are being handled by a professional. Lodging your return through tax accountants guarantees that you will be complying with tax laws and can rest easy because you know that your return has been completed accurately.  Another benefit of working with Calibre Business Advisory is that we offer advice throughout the financial year, not just when it comes to tax time. So no matter what concerns you may have, there will always be an experienced team there for you.

You can benefit from extended deadlines:

When you decide to work with a tax agent, you don’t just benefit from professional advice, but you also gain more time. The deadline for self-lodged tax returns is October 31st, but when you lodge through an agent, you potentially benefit from a later deadline or May the following year. This gives you more time to collate your deductions and speak with your agent.

Your accountant will understand you:

You need to complete your taxes every year, and it is a complex exercise that will never be exactly the same from year to year. This is why there is great value in working with a tax accountant who can learn to understand you and your business over multiple years. This means that they will have a solid understanding of what you do, what deductions you will be eligible for and what your financial situation will look like. This also means that they can provide advice tailored to you and your business, and follow you even as your circumstances change. If they are there with you through the years, then they will be more equipped to offer relevant suggestions to help you get the most out of your return each year.

They will simplify the process:

Calibre Business Advisory is a team with over 100 years of combined commercial, tax and business advisory experience, and so while all tax returns are unique and need to be handled differently, we will be prepared to handle even the most complex of lodgements. Getting the right advice early can help save you time, avoid stress and guarantee success. Taking the time to meet with a business advisor in Sydney is extremely beneficial as it will help untangle the confusion around tax returns. Not only will your returns be completed correctly and efficiently, but speaking with your accountant is also a great way to learn more about the process yourself. If you work multiple jobs, manage a business, own property or an investment portfolio, using a tax agent is going to save you a lot of hard work.

So if you are looking to make the most out of your tax return this financial year, consider getting in contact with the team at Calibre Business Advisory to learn more about how we can help you to get the most out of your return.