Paying an accountant vs doing your own tax is a much debated issue. Although there are arguments for doing your own tax, there are significant benefits of hiring a professional.
They can save you time
Yes it costs more to pay for an accountant, however the value of your time should be taken into consideration when deciding if you want to pay an accountant or do your own tax. By paying for a professional you can maximise your time to focus on your own interests. Depending on how complicated your tax situation is, the cost of a professional may be very small when compared to the time saved by not doing it yourself.
Reduced risk of errors
This is important if you own or have sold shares, if you don’t understand capital gains tax, if you are unclear on what deductions you’re eligible for and if you have a complex tax situation. Hiring a professional reduces the risk of mistakes and fines from the ATO.
Higher tax return
Accountants may be able to find deductions that you didn’t realise you’re eligible for, therefore reducing your tax liability. The deductions that they find for you may outweigh the fee for the accounting service.
It is tax deductable
On top of finding deductions you may not have been aware of, the accounting fees are also tax deductable
They can help plan for the future
As well as maximising your tax return for a previous period, accountants can also help organise and maximise your finances in a safe and legal manner. What sets Integrity One apart is that we focus on planning for the journey ahead.
Source: Savings guide
Please contact Integrity One if we can assist you with any of your financial needs.
Phone: (03) 9723 0522
Suite 2, 1 Railway Crescent
Croydon, Victoria 3136
This article is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Integrity One Planning Services Pty Ltd is a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 (which is the holder of AFSL 225051). Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. We recommend that you seek personal advice from an advisor prior to implementing any of the information contained in this publication.