When it comes time to get those income tax returns in, hiring a tax accountant to help you might be a good idea. When you have a job from which you draw a wage and no other income, then doing your individual tax return is relatively easy. But if you own a business of any kind, or get income from other sources, then getting advice from tax consultants can save you a great deal of money.
Tax laws are changing and evolving all the time and it is hard for anyone who is not a tax agent to keep up with them. While most people do want to do the right thing by the ATO, sometimes they may inadvertently send in a tax return that is incorrect and then they have to suffer the consequences.
Not only do we not want the hassle of dealing with an irate tax office, we do not want to have to pay any kind of fine either. We are in business to make money, not waste it in paying fines that may not have been necessary had the right advice been sought. This is where the advice of a trained tax consultant will be invaluable.
There are many trained accountants in Melbourne and other centres that are only too willing to help you with your tax returns and also give good advice at other times. While their services come at a cost, they can still actually save you money. For a start, they can ensure that your tax return is done properly so there will be no fines. Then they can often find ways in which you can legally claim certain deductions and this in turn can reduce your taxable income.
For instance, in certain industries clothing and footwear may be tax deductible. In others you are allowed a certain percentage for reading material that is considered training or information for your business. You may pay a subscription for an industry magazine and this is deductible. Big business of course, will have larger deductibles that tax agents should know about. So hiring a tax agent is something that is well worth considering.