Completing your tax returns yourself has become easier over the years as employers, banks and other financial institutions have been required to report income to the ATO on your behalf which helps prefill your tax return. Additionally, doing your tax via MyGov is significantly easier than the old Etax system.
So, does that mean you should do your own taxes?
For very simple tax affairs whereby a person earns income solely from PAYG employment and works in an industry that does not create many allowable deductions, completing your own tax return is an option.
However, you should use an accountant in the following situations:
As a business owner
When you have entities such as companies, family trusts and Self Managed Super Funds
When you have investment properties
When you work in an industry with many allowable deductions
As a high income earner
If you find finances daunting or have little experience
If you are making contributions into superannuation excluding salary sacrifice
For business valuations
If you have sold an asset to calculate if a capital gain has occurred
If you have inherited assets
When you have franked dividend refund entitlements
Accountants will calculate and report the necessary information to that ATO on your behalf. It is best if you use an Accountant in tandem with a Financial Planner as we can help navigate the financial strategy and roadmap going forward and go beyond the areas of expertise of many accountants.
To partner either with an Accountant and/or Financial Planner, reach out to us at support@sourcewealth.com.au and we will connect you with the right professional to assist.
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