The government uses our tax money to gain interest, using that interest to operate the nation. At the end of the year, we negotiate for money return via a thick tax code. How well you understand and apply tax codes will determine your refund. Want more of your money back? Pay attention.
The errors I have made on past tax returns have helped me admit that tax law is not a skill of mine. Like many skills outside my training and experience, I leave this job to a tax accountant. When some people hear the word “accountant” they tighten up thinking about the cost. I completely understand how you feel. I felt the same way before my errors cost me much more.
Allow me a few minutes to show you what I have learned about compensating for an accountant. The average annual income in AUS is $51,800. 75% of all Australians income is below $89,100. On average singles pay 24% and married (including child benefits) are around 16%. 20% of $51,800 is a tax obligation of $10,360. How much are you getting back each year? Want to increase that number?
Tax accountants will save you;
- Errors. You can lose your belongings and home due to an error. Did you apply for all grants and rebates for your recent energy-efficient home improvements, student loans, or EV?
- Time. Your schedule is full. Learning to apply which tax code takes years and continuing education in the industry. Gathering all associated documents of concern takes considerable time out of your calendar.
- Timing. Your accountant can handle the twists of deadlines through industry relationships developed over time.
- Security. They follow strict information handling laws, ensuring your data is safe.
- Money. A certified accountant will cost between $100-400 for personal tax returns. Can they increase your return more than you pay them to do so?
Before you meet with an accountant, your documents should be in order. Do that now. Make copies of everything and file them at home as a backup. Human error can happen in any profession. Be ready with copies. Offer no original copies of documents until asked for. Assemble all possible financial information. Tell your accountant everything so they can approach the complex tax system with open eyes for your best solutions.
Finding an accountant is a snap, but don’t wait for the last week to file. Plan today. Talk to your family, friends, and work peers. Ask who they trust and use. Assemble a list of likely accountant offices to visit. Make initial contact and schedule a meeting. Be open and tell them you are shopping around. They will likely offer an initial assessment so they get to know you. At that same time; you should study them, their questions, and whether they cover your concerns. Ask how they differ from another office.
Fear and impatience cost people a lot of money at tax time. Replace your fear with a trained professional. They should provide you with confident composure to await a larger return.
