Accountant Bentleigh | Bentleigh East
There are only two certainties in life. Death and taxes. Nobody likes either of them and most people dread tax time because it can be a lot of effort if you have complicated tax affairs. Tax affairs may be complicated by business ownership, property investment or home ownership, share ownership, overseas income or a lot of outgoings that can later be claimed back at the end of the financial year. If you do have complicated tax affairs then it is worth getting a tax accountant near you to manage your tax affairs.
So you’re probably sitting there thinking out loud to yourself, what are the advantages of using a tax accountant near me? There are so many benefits and we’ll go into them right here.
They have an in depth understanding of tax legislation
Who has time to sit down to read the local tax legislation? The majority of individuals and business owners would rather do anything else other than their taxes. If they did have time to sit down and do their taxes then they could make mistakes because they do not know the legislation. These mistakes could cost you in late filing fees, being required by the Australian Tax Office to pay back any incorrectly refunded taxes, being hit with interest charges or receiving a penalty from the Australian Tax Office (ATO). In the most serious cases, if taxes are done incorrectly then you could find yourself being prosecuted by the Australian Tax Office.
It is for this reason that you need to use a tax accountant. A tax accountant has spent years studying tax legislation and they know what can be claimed and what can’t be claimed. They can advise you on the process all the way and they can deal with the ATO on your behalf, which means you can spend time doing the things that you would rather do, that don’t involve tax matters.
They know how to minimise your tax obligations
There is a clear distinction between tax avoidance and tax minimisation. Tax avoidance is illegal but tax minimisation can be done perfectly legitimately. The reason for this is that tax accountants know what you can and can’t claim. They know what the rules are and they will do everything they can to reduce your taxes within the legislation.
This could mean that you could end up with a tax refund at the end of the financial year that you can use for business expansions, home renovations, a new car, savings or other investments and that helps you secure your financial future.
They can reduce mistakes
When people do their taxes they may do them in a rush because they’re not concentrating on what they’re doing. When you contact a tax accountant near you they will triple check everything before they submit the tax return to the ATO for processing.
Submitting a tax return that is free from errors means that you are less likely to be audited by the ATO and anyone who has been audited by the ATO knows how stressful they can be and that they can take months to finalise.
You can focus on your business or personal life
If you run a small business or have a lot of investments then a tax accountant near you can reduce your list of things to do. You can therefore focus on your business or your personal life and you won’t need to worry about the stress of dealing with the ATO because you’ve got a professional tax accountant on your side doing it for you.
You’ll learn about your business
Most business owners think they know their business well but the reality may be completely different. A tax accountant near you can help you learn about your business more. For example, you may have poor record keeping. A tax accountant can help you gain knowledge so you can improve your record keeping and other business processes. They may also be able to advise you on how you can increase your possible revenue while reducing your expenditure.
Knowing how to increase your revenue while reducing your expenditure can also help you plan for the future so that you are in a better financial position than you otherwise would be.
If you would like to get your tax affairs sorted then get in touch with the friendly team at TaxBright Accountants and we’d be happy to discuss your specific needs.