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June 2, 2021

Lodging alone this EOFY? Here’s why you should reconsider

Tax time usually comes hand-in-hand with stress, uncertainty, and a lot of paperwork. While some financial situations might be easier to handle than others, Australian tax law of itself is complex and constantly getting updated. No matter how confidant you are in your tax position, a trained professional is generally better able to identify all the occupational deductions that you are entitled to, as well as spot any opportunities that might get you paying the bare minimum in taxes.

 

If those are risks you are willing to take, the ATO has made it easy to lodge online with myTax. However, if you are in a similar situation to more than 70% of Australians who get help lodging, here’s what our tax agents can offer you:

 

The ability to hand off the responsibility

 

Taxes are not a one-size-fits all; what others can claim may not necessarily apply to your situation, and there may be things you can claim that others cannot. Lodging on your own makes you solely responsible for all the little nuances. This means that any minor mistakes, no matter how innocent, could potentially put you in bad standing with the ATO – leading to audits and fines. You also don’t want to be leaving any money on the table.

 

Lodging with one of our trained agents offers you peace of mind, before anything else. A specialized professional can ensure that not only are all your claims compliant with tax laws, but also that you are claiming everything you are entitled to. Our accountants can also offer you year-round support and financial planning, thus leaving you in the best financial position possible.

 

Longer deadlines, better savingsrisks of lodging alone

 

The deadline to lodge on your own is October 31. Most people don’t even start looking at their taxes until mid-July. This puts you in a position where there is very little that you can do – if anything – to maximise your returns. Working with a registered agent, especially one available year-round, not only extends your deadline until May of the following year, but also allows you to work together months ahead of time to ensure that you do everything that can be done to claim every last penny from the ATO.

 

A good agent will have a tax planning strategy ready for you from the start of the financial year, and will be available any time you need to accommodate any changes in your lifestyle into your tax planning.

 

Less time wasted

 

It may seem like handling your own taxes is faster, but it involves countless hours of researching and scouring the web for details that will come naturally to your agent. The average appointment with a tax agent is about an hour long, during which you will explain your situation to one of our professionals, answer a few questions, and present the necessary documents.

 

Once you call our offices, we will provide you with a list of the documents that you will need to bring with you to make your visit as convenient and efficient as possible. We understand the value of time and would never intentionally waste yours.

 

A long-lasting relationship

 

Think of your accountant as your financial therapist. The longer we work together, the better we will understand your financial situation, and the more effective our strategies will be. As tax time approaches, we will already know exactly what can and can’t be done to make the most out of your circumstances. And as you grow, evolve, and implement lifestyle changes, we will be there offering advice and suggestions to maximise your finances and ensure you get back what you deserve.

 

Finally, if you work multiple jobs, earn passive income, have a wide array of investments, own a business or two, or have any other financially complex situation, give us a call. There may be ways for us to help that haven’t even crossed your mind.

 

Disclaimer: Information included in this post is of general nature, it has been prepared without taking into account your specific situation. It is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice. You should not make any decision, financial or otherwise, based on any of the information presented here without undertaking independent due diligence and consultation with a professional accountant or financial adviser.