Tips for your Income Tax Return 2020
Registered Tax Agents or Tax Accountants have been around for decades. They specialise in the transformation of the clutter of records which you have stuffed in a drawer somewhere into what can be vast amounts of money in the form of an Income Tax Return.
Depending on your occupation, your lifestyle and/or your financial position, you could be entitled to quite a hefty return, or in some cases, you could be left with a debt that may be due to the lack of understanding which day-to-day people possess of accounting.
This article will give you some of the best possible reasons as to why using a Tax Agent can be beneficial.
Below is a list of possible benefits of using an Accountant.. Obviously, using an Accountant will save you time and money etc…, after all, that’s what their job is for. But I’m talking about the nitty gritty life-changing tips:
Tax Agents fees are tax deductible, BUT…
This is a well known fact. However, those who are expecting to see it as a deductible against the same year might be disappointed when they learn that it is deductible against the NEXT financial year, not the current one.
Tax Agents always have the best and most up-to-date information surrounding financial compliance in Australia. So, you can trust that an Accountant will keep you compliant with taxation laws, but will also keep you updated on any new laws which are relevant to you. A good idea is to follow them on social media, as they usually post updates regularly which will generally keep you up to date with little effort on your part.
We’ve all heard of it before. Karen claimed a bunch of stuff on her tax return and got a fair bit back. What you didn’t hear is that Karen claimed a bunch of stuff that she wasn’t entitled to, and wound up getting audited and fined for making a false return. An Accountant will make sure that you claim everything that you can, but nothing that you can’t, which will save you legal troubles down the track, but will get you the best possible return.