When it comes to filing your tax return, you might wonder whether you should call accountants in Sydney or do the job yourself. Frankly speaking, there is no set thumb rule for this, but there are certain major questions that you can always ask yourself in order to find out the option that is most appropriate for you.
How complex can your tax return become?
If you possess a single income source along with a small number of deductions, you might consider calculating your own taxes. However, in case you have manifold income streams, or are self-employed, the best thing is to consult an accountant to come up with an appropriate tax return.
If you are putting more finances into investments, be it shares or property or anything for that matter, a professional can help you get your tax right. When the income comes from business, the complexity level is enhanced, and you can be at risk with regards to the Australian Tax Office (ATO).
Can you take complete responsibility of tax returns?
If you decide to manage your own taxes, it can be a great way to learn more about money matters including proper management of money. But it also implies that you should have total confidence regarding all information that you are sharing with the ATO. Remember that one of the most significant advantages of hiring an accountant is that professional assistance helps you manage risk more effectively, by preventing you from accidentally filing an incorrect return.
How cost and time efficient is an accountant’s service?
An ATO tax calculator can help you work out how much tax you are required to pay and the amount of return you are entitled to. Having an idea of this will help you figure out whether it would be time and cost effective to avail the services of accountants in Sydney.
On the whole, it is always good to hire a tax professional for your returns, since you get appropriate guidance. Make sure that you are hiring someone who is registered, as per the Tax Practitioners Board.