For many people, there will come a time when your personal financial circumstances might change or you have the opportunity to grow and develop your own business. While before you might have been more than capable of organising your tax returns or deciding on the best way to future-proof your earnings, as you get busier at home or work, life will start to become a little more complicated, and engaging the services of a tax professional will become a priority.
Not only can your tax agent or accountant save you time, but they are also in the best position to advise you on how to maximise your tax return, for instance. They have all the information at their fingertips when it comes to superannuation schemes, so in the same way you visit a health professional when it comes to your physical and mental wellbeing, a tax professional should be on your direct dial when it comes to your finances.
In June 2014, figures released by the ATO showed that around $19.5 billion was claimed by Australians in work related tax deductions in the previous tax year. This equates to around $2000 on average for every Australian taxpayer, so if you are reading this and thinking that this is nowhere near the figure you have claimed, then perhaps now is the time to engage the services of a tax professional.
Changes in your personal life
Everyone’s circumstances are going to be different, but as we get older, many of us become responsible for a number of dependants. These can be our own children but later in life, we might also have to look after other direct family members such as our parents. If they need additional help and support, and you have power of attorney over their finances or in managing their estate, a tax professional can be of great help when it comes to advising on tax returns and on what you can claim in your return.
For non-Australian residents who are backpacking and working in the country, using a tax agent to help with filling out all the relevant ATO forms and lodging them with a professional tax accountant is a real help. If you have previously worked in this country and have returned home, a tax agent can help you to reclaim your tax and also follow up on any missing employment paperwork to ensure you get the maximum refund within legal limits. Having a tax professional at hand in this instance is invaluable, particularly as once you are out of this country, a tax agent can usually deposit any money owing to you into any bank around the world.
Changes in your business life
For small business owners, growing your own business and making a success of it is of paramount importance. If you have gotten to the stage where you are starting to take on more staff, turnover is increasing, and you are spending less of your time organising the finance and administration side of the business, then using a tax professional to take off some of the strain makes a lot of sense.
This particularly applies when you start to hit a Goods and Services Tax (GST) turnover of $75,000, or $100,000 if you are running a not for profit organisation. A tax professional will help with registering for GST and working out whether your sales are taxable. They will also be able to assist with claiming GST credits, as well as lodge activity statements with regards to GST refunds on your behalf.
This is just one example of how a tax professional can help in your business life, so if you want peace of mind plus some of your leisure time back, give your local tax agent or accountant a call today.