Your tax returns outline your earnings, expenses and liabilities, which are then used to calculate your tax rebate or tax debt.
In Australia most people need to lodge a tax return every year, even if it’s to show that they haven’t earned anything. Also Australia has one of the most complex tax systems in the world, so it can often pay to get professional advice when preparing your tax return, as tax professionals know exactly what you can legally claim back under our tax rules, therefore maximising your refund or minimising your tax bill.
More often than not you will find that the cost for getting a good accountant to prepare your tax returns can be covered by the tax saving they create for you by minimising your tax bill.
Why use an accountant to lodge your tax returns:
- More time to lodge your returns – If you are lodging your own tax returns you need to do so by the 31st October following the end of the financial year. However if you have an accountant prepare and lodge them on your behalf you get an extension on when they need to be lodged by – this can be as late as the 15th of march the following year.
- Minimise your tax liability – Tax Accounts are experts in Tax Returns meaning they know everything you are allowed to legitimately claim for in your tax return, therefore maximising your return or minimising your tax Liability.