In a time of DIY and saving money it is common for people to think that they are better off completing their own tax returns, but is that really the case? Let us have a quick look at why you will be better off seeing us and letting the professionals complete your return.
1. Let us take the hassle out of navigating your tax forms. We see them everyday and know what we are looking for. If you make a mistake on your form and it is picked up by the Australian Tax Office (ATO) you will need to see an accountant to make an amendment to your return. Let us complete it right the first time and save you the trouble.
2. We can find deductions that you may not be aware of. Correction we will find you the legal deductions as allowed by the ATO. Many people are confused by what they can and cannot claim on their tax return. Just because Phoebe at work is claiming her manicure appointments as a work deduction does not mean you can or should. You should only claim what the ATO allows you to claim and your nails, I am afraid, are not a claimable on your tax return. Another example, Leon claims 100% of dry cleaning expenses on suits that he wears to work. Leon is required to dress professionally at work, he also wears his suits to personal events like dinners and weddings. Can Leon claim this on his personal tax return? The answer will be at the end.
3. If you have questions then we have answers, if we do not have the answer than we will find you the answer. We want to help you maximise your return or minimise amount payable to the ATO. Should you need help in knowing what and how to keep your records (eg. Logbooks) we can show you and explain why you need to keep the records and the benefits associated with it.
4. Accountants do more than just tax returns. As your accountant we are here for you for ongoing support and advice throughout the year. If you are thing of starting or buying a business, we are here for you. If you are thinking of an investment property, we are here for you. You need financial advice, we know who can help you. Thinking of selling your business, definitely come and see us. Want to be better prepared for retirement we will work with you and point you in the direction of other professionals you may need to see, dependant on your situation. We are here for you all year not just at tax time.
5. As a registered tax agent, the practice has longer to prepare and lodge your returns. You do need to be registered with the ATO as our client for this extension.
So, there you have five great reasons to see us to complete your tax returns.
Back to Leon, he cannot claim the dry cleaning of his suits as a work expense. His suits would be considered “conventional clothing”. His business attire is not occupational-specific, protective, a compulsory uniform or a non-compulsory uniform (registered with AusIndustry). If you would like more information on Clothing and Laundry, please follow this link to the ATO’s information sheet https://www.ato.gov.au/uploadedFiles/Content/IAI/Downloads/Toolkits/TaxTimeToolkit_Clothingandlaundry.pdf