2) Do it Yourself Tax Returns – What can go wrong?
Many people have a false sense of confidence when completing their tax return.
They believe that they are capable of completing their tax return in an easy and efficient manner.
What they don’t understand is that, an accountant can make the process much easier.
Doing your tax return on your own increases your chance of receiving an audit for leaving out important information.
Although an accountant will charge a fee for preparing your tax return, you can claim the fee the following year.
Understand that completing your own tax return comes with added responsibility. Your lack of knowledge and expertise increases your chances of a lower return.
On a more serious note, you may be penalised by the ATO for late lodgement, for providing incorrect information, for including expenses that are not deductible.
Remember, lack of knowledge is a key reason why many people fail to fill in their tax returns correctly. The cost of ignorance can be high, time-consuming, expensive and emotionally taxing.
It is best to seek out an expert accountant who can help you in your business and taxation needs.
Your decision to seek out the services of an accountant can be the best decision you make for your business and personal future. It frees up your time to focus on your personal and business goals.
There are disadvantages and risks involved in doing your own tax return. De-risk your situation and increase your chances of a better return, by hiring a qualified accountant to help you.
