When it comes to accounting, either for your personal finances or for your small business – a lot of people choose to do it themselves. While there is no laws preventing this, it is often a very good idea to at least speak with an accountant before completing your tax return. There are a lot of benefits associated with using an accountant to complete your tax return for you, including:
You will save time:
Unless you have been doing your own tax returns for years, it probably takes you a long time to fill out your return every year. Unfortunately, the paperwork that you have to fill out to complete your tax return seems to change almost yearly, which can make it hard to keep up with if you aren’t an accountant.
An experienced accountant will know exactly what sort of paperwork they need to complete your tax return, and they should be able to fill it out quickly and efficiently. This will save you time, and allow you to do other things which could be more beneficial for your business.
Everything will be done right:
If you do your tax return yourself, there is always the chance that you will make a mistake of some sort. Although this may not end up being a problem in the long run, there is the chance of penalties or fines from the ATO if you don’t do your tax return right.
If you use an experienced accountant, they should know exactly what information needs to be included and how to include it. They shouldn’t make any mistakes, which means that you will be able to rest easy with the knowledge that your tax affairs are in order.