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Can a tax accountant really help you get a larger refund?

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.

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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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