So you submit your own Tax Return!
For a non accountant or a person who is employed outside the financial services industry, this statement may sound awesome. The DIY culture has always been popular amongst many Australians, so why can’t one submit their own tax return. It’s not rocket science!.
It is actually a good idea if an individual who simply earns an annual salary of around $ 30,000 and has few deductions or less complications, submit their annual tax return without any professional help. This individual is saving around $ 100 in immediate cash outflow (payable to a tax agent; can vary depending on the work involved) and saves the hassle of sitting in front of a tax agent during his/her work time, amongst other inconveniences.
However if a person earns a salary plus income of around or above average ( say over $ 50,000 probably with an ABN & investment property) and has travelling expenses, insurance, interest payments, training & education (also add home office expenses), many dependents, depreciation of assets etc, the scenario may be totally different. This individual too can lodge his/her tax return online and save that paltry $ 100 to $ 200. However, overall incur more in terms of taxation or lose out on a legitimate refund due to a new tax deduction or law that was introduced recently!
Registered tax agents are like any other professional. If you are suffering from a mild headache or have an annoying runny nose, relying on home remedies is the answer than seeking help from the local General Practitioner. However, the story is different if it’s something more serious. The benefit derived using a qualified professional far outweighs the cost. Many rarely compromise on the cost when it comes to other professions, be it architects, engineers, doctors, etc, and enjoy a false sense of the satisfaction by not using a professional to submit his/her tax return.
So what’s stopping you from seeking professional help?, even the payment made to the tax agent is fully tax-deductible, so what is the actual saving for an individual?
Don’t take our word for it. Call us on 0451 011 399 or 0449 917 046 or General lines 03 8512 0338/7 and meet us for a free and confidential discussion. You will be amazed on the fast, efficient and legitimate tax refund you can enjoy on your next tax return.