The tax season in Australia begins just after the end of the financial year. The tax season runs from 1st July to 31st October, and you must lodge your tax return within this time period. Failure to lodge your tax return within that period can result in a penalty from the ATO.
While some of us lodge our taxes on time, many people often leave this to the last minute. They often debate on whether they should lodge the tax return by themselves or hire an accountant to do so. Very often the fees charged by a tax accountant tend to turn away people from seeing a professional, but hiring a qualified tax accountant to lodge your tax return is often a wise investment decision.
Before you make the decision to hire an accountant for your tax claims, always make sure you do your research work in choosing the most suitable accountant. Like all other specialised professions, different accountants will have different strengths, and it is important to chose someone who will understand your financial and tax situation.
If you are not happy with your current accountant or are not familiar with any good accountants, then the first step should be to gather a list of potential accountants. Use the yellow pages or the internet as a guide, but also use trusted resources like family members and friends for recommendations. Also make sure the accountants you choose are registered with the Tax Agent’s Board. This is an effective way to ensure that they have the right qualifications to take care of your tax. Further information on checking for a tax agent’s registration can be found at http://www.tpb.gov.au/. It is also beneficial to choose an accountant who is a member of professional accounting organisations like CPA or the Institute of Chartered Accountant. Accountants who are members of these professional accounting organisations have all the right qualifications and follow strict guidelines when it comes to dealing with your tax returns. They are also aware of the legislation changes and changing accounting practices and therefore can make sure that you get the most out of your tax claim.
A good accountant will always make sure that you make the most of your tax return and will help you through all the legislative changes. If you have not lodged your tax return yet, or have any doubts and questions regarding your tax claim, then now is the time to find the right accountant for you who will make this process a lot easier.
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