Deciding whether to use an accountant or do your tax return online yourself can be a difficult decision to make.
Your first thought would be to do it yourself.
- Your income and expenses are straight forward
- You can save time by doing it at home one night
- Save money by not paying Accounting Fees
You log in late one night to complete your return on line and realise that there are labels that you need to put your income at, you need to put your deductions in but you aren’t sure what label they go under either or what you can and can’t claim as they range from D1 to D15, where do you add in your private health insurance details??
By this time, you have already wasted 2 hours working out which labels to put each item at and it’s now 11pm at night and you are exhausted and still haven’t completed your income tax return.
- Incorrectly reporting items at wrong labels
- Time taken to complete and research what you can claim
- Not understanding what you can claim
When using an Accountant to complete your income tax return whether it be standard or complex, YES it is costing you money to complete it but it isn’t costing you time. A good accountant will know which label all your items need to be reported correctly at. They will also know all of the income tax deductions that you may be able to claim against your income to reduce your tax liability.
Did you know that by lodging your income tax return through an accountant you could also have an extension to lodge your return at a later date depending on your past income tax return lodgement statuses.
Sitting down with your accountant can also have its advantages, you can also chat about any investment decisions that you have been thinking of [I.E Investment Property purchases, shares etc] your business ideas, retirement planning etc
- Time to complete is limited as the Accountant is preparing it for you
- An Accountant knows which label all items should be reported at
- An Accountant will know what deductions you can and can’t claim
- Extension to Lodge your income tax return may be granted
Contact Canale Tax and Accounting today to see how we can help you on (02) 8812 5563
Did you know we can complete your income tax return via phone/ email or appointment in the office.