Have you ever wondered why you need to hire someone to help you with your tax return? After all, you don’t think you’ll be able to claim many deductions and paying someone to lodge your tax return when you can do it yourself is another cost you can’t afford.
Tax fact 1: The average Australian tax refund is around $2,600
Tax fact 2: The cost of hiring a professional to get that back for you is around $150
Tax fact 3: Any expenses you pay to organise your tax affairs is 100% tax deductible
You have to admit, that’s the best return on investment you’ll see. If you’re not getting that amount, it might be time to find out what’s so special about tax agents.
Who Are Tax Agents?
Tax agents are expert accountants that specialise in the complicated ways necessary for handling and lodging tax returns. They do all the work for you during tax time, saving you the time, energy and headache of filing your own tax returns. Tax agents are usually more qualified than accountants as they undergo high-level and specialised training along with extensive tax experience.
Tax Agent Fees
While tax agents charge for their time, the fees are 100% deductible. You really get expert, professional advice for very little expense. In fact, your travel to and from your appointment and parking costs are all tax deductible as well.
Pro Tax Tip: If you have filed a return by yourself and have made a mistake, your ITP tax agent can amend your lodgement and will check you have claimed all of your entitlements.
Tax laws are constantly changing, and unless you have your nose glued to the papers of the Australian Taxation Offices (ATO) web site, you might miss out on new rules and regulations. Keeping up to date is your tax agent’s job. Not only will they maximise your tax refund, but they’ll keep you compliant. When it comes to the ATO, ignorance is not bliss.
Do you have the time to organise your own tax return and make sure it’s all compliant? ITP Tax Agents whizz through your tax return and will lodge your return with the ATO in your behalf. Don’t know what to bring? Check out our tax checklist (link), or phone ahead. Your ITP Tax agent will tell you exactly what you’ll need to do to maximise your tax refund.
Tax returns can be complicated, especially if you have foreign investments or receive income from a trust. The ATO looks at your total income from numerous sources as there are rules and regulations when calculating various income streams. A tax agent understands what to look for, how your income is calculated and how various income streams will impact your total declarable income.
Thinking of buying an investment property, or buying a lease car? An ITP tax agent will help you through the details and make sure you’re set up correctly to start making tax deductions right from the start. They can even save you money through setting up your finances the right way and provide all your necessary support.
Pro Tax Tip: As a customer of ITP, your consultant is available for year round free tax advice.
One thing is certain. You don’t want to come up on the ATO’s radar. Remaining compliant and making sure you’re lodging your obligations on time will keep you in the black. Using a tax agent means you can receive deadline extensions when it comes to lodging your tax return.
Drop by your nearest ITP office today. We have over 200 branches strategically located across Australia and help over 300,000 Australians with the tax returns each year. Can’t get to a branch? ITP The Income Tax Professionals offer remote and after hours service. We can even complete your tax return over the phone or by email. Book online or phone 1800 367 487 and chat with one of our friendly tax accountants today.