Tax Preparation: Why Your Business Needs Professional Help
Tax preparation isn’t simple.
If it were, people and businesses wouldn’t try so hard to delay it for as long as possible. There are just so many things to consider during tax preparation: transactions, investments, occupation-specific deductions, life situations, etc. The Australian Taxation Office also doesn’t make it any easier with its numerous rules and staff checking audit returns with eagle eyes that don’t really miss much.
This is why a lot of businesses and even individuals turn to registered tax agents or accountants who have the knowledge and experience to efficiently lodge income tax returns and get the best possible tax refund. If you’re still deciding whether or not you need professional tax preparation help, perhaps the following reasons would help you decide faster:
1. Saves you time
It’s true that there are already a couple of online tax tools that enable DIY-ers to do their taxes. However, if you’re running a business, ensuring your documentation and calculations add up can take up a lot of your time.
If you work with a tax professional, you’ll be discussing income tax documentation and calculations. You’ll also get to discuss your situation in detail with a professional Chartered Accountant focusing on mitigating risk, minimising tax, protecting your assets and future growth and development. If there are any inconsistencies or issues, you can depend on the tax agent or accountant you hire to address these in no time.
2. Reduces stress
Running a business is complicated enough, so why would you add tax preparation to your already full plate? When you’re busy with so many things, it’s pretty easy to make mistakes or omit even just a few small details – things that the ATO won’t overlook. If they find issues or inconsistencies in the tax return you lodged, be prepared to be subjected to an ATO audit. There will also be fines and penalties to pay.
With a tax services professional as your partner, you gain peace of mind knowing you’re compliant with the law. You can also be confident that your return has been prepared by a professional Chartered Accountant mandated to undertake continued training and development and who is subject to strict reviews by a professional body, ensuring you receive the best level of quality, expertise and knowledge.
3. You get a longer deadline
As it turns out, people who choose to work with a tax professional are not subject to the usual October 31 deadline, which applies to self-lodgers. Working with an agent or accountant can mean having until May of the following year to complete your return. Time is of the essence, and buying yourself more time for tax preparation is definitely a big plus.
4. You receive customised tax advice
If you continue working with the same tax professional every year, your tax agent or accountant would gain a deeper understanding of your business and financial situation. They’ll have a fair idea of how your enterprise is doing and can suggest ways of economising or improving your finances. Now, this is invaluable business advice you can surely use as you grow your business.
5. Your finances get simplified
If you’re someone who doesn’t only own a business but also holds several jobs, owns a rental property, and gets extra income as a member of the sharing economy, having a tax professional on-board will certainly be worth it. No financial situation is too complicated or difficult for knowledgeable and experienced professionals, so you know your finances are in capable hands.
Get tax preparation done by the pros
Tax-related work is complicated and stressful. This is why it makes sense to engage a tax professional to render this specialised service for your business.
With a tax agent or accountant taking care of lodging your return, you’ll save time, stress less, enjoy a longer deadline, get valuable business advice and simplify your finances. You won’t need to worry about making mistakes and being subjected to an ATO audit. You’ll have the peace of mind you deserve so you can focus on growing your business.