Now is the perfect time to both complete your tax return for a nice refund as well as prepare to do everything right to maximise your claim for next financial year. As Australians, we take pride in doing things ourselves, but what if doing it yourself meant you missed out on thousands?
For starters, unless you’re a tax expert, it is unlikely you know everything you’re eligible to claim. Many occupations have specific things which are tax deductible, as do some investment options such as investment properties. In fact, you can even claim your handbag if it is used solely for work.
A tax account lives and breathes tax. It’s their job to know exactly what you can and can’t claim, plus to get you the best tax return possible. When it comes to money, it makes sense to get a professional to help you. Much like hiring an electrician to do electrical work around your home because they’re an expert, a tax accountant is an expert in tax. It’s in their best interest to help you get the most tax back they can.
To help your tax accountant, make sure you keep accurate records. You need the receipts and proof of purchases to be able to claim. By providing all the information, your tax accountant will be able to process your tax accurately, plus advice for the coming financial year. By knowing more about what you can claim and what records to keep, it’s possible they’ll be able to get you an even bigger return next time.
Don’t be afraid to ask your tax accountant questions. Often, when dealing with financial experts we don’t want to sound silly. However, this is your money we’re talking about. You worked hard for it and deserve to get as much tax back as possible. By asking questions, you help your tax accountant know where you’re at with your finances, how much you know, the gaps they can help fill plus, with more questions they are in a better position to offer advice for your current tax return and future ones.
Mention any expenses relevant to your employment, business or investments to see if it’s possible to claim them. While not everything is able to be a tax deduction and some might only be $10 here and $200 there, all those amounts add up! Including every expense and using a tax agent to find the expenses you might not be aware of means you can end up with thousands more in your pocket instead of the government’s.
Lastly, a tax accountant helps when it comes to auditing. If you’ve ever been audited, you’ll know how stressful it can be. Sometimes when we do our returns ourselves, we might work out a great return, but then if we’ve done something wrong such as claiming something incorrectly, we can end up with a tax bill because of that mistake! By using a professional, you can get the right amount of tax back and rest assured it has been done correctly.