1. Have your tax lodged correctly the first time
Having a tax agent lodge your tax return can help save headaches and money in the long run. Your accountants’ fees are 100% deductible. You really get professional advice while getting tax back at the same time. Even if you have filed a return by yourself and have made a mistake, your tax agent can amend your lodgement and can check that you have claimed all of your entitlements. Nearly always, we find that people who lodge their own returns miss out on claiming deductions, which results in less tax being received back or a larger tax bill. IMT Accountants & Advisors ensure that you lodge a tax return correctly the first time.
2. Ensure your tax return complies with current tax laws
Your tax agent will ensure that your tax return complies with the latest tax laws, which frequently change throughout the year. Unless you know what to look for, it’s easy to miss new rules and regulations. During your consultation, IMT Accountants & Advisors will check that you’re eligible for all the deductions you wish to claim a deduction for. We will also answer any questions about how new tax laws affect your circumstances.
3. Save valuable time for other important tasks
At IMT Accountants & Advisors, we always save our clients precious time as we know exactly what information needs to be prepared and provided to the Australian Taxation Office. Many sole traders and small business owners commit too much time trying to manage their own tax affairs rather than focusing on other crucial parts of their business (see Four Strategies for Managing Business Inventory). There’s no guessing whether we’ve got all the right information the first time! Contact us prior to your appointment, and we will run through exactly what you’ll need to bring with you. Each tax return is different. You may be surprised how quick and easy lodging your tax with us may be.
4. Understand what the ATO looks for with your income
Tax returns need to include information which might not immediately come to mind, such as foreign investments or trust income. The Australian Taxation Office looks at your total income from a range of difference sources. Specific rules and regulations apply when deciding whether money you have received is assessible for tax purposes. IMT Accountants & Advisors can explain which income is assessible and how your various income streams will impact your total declarable income.
5. Get the necessary advice and support you need for all your financial needs
Having a trusted tax agent provides long-term advantages. A solid relationship with a professional tax agent is extremely helpful when you start looking into opportunities like real estate ventures, starting a small business, or even preparing a will for succession planning. Your tax agent gives you the necessary advice and support you need for your financial affairs. As a client of IMT Accountants & Advisors, you are entitled to tax advice all year round whenever new financial opportunities or hurdles pop up.
6. Receive more time to lodge your tax return
If you are lodging your own personal tax return, you must do so by 31 October. The deadline might not leave you enough time to prepare your tax properly. You may find the task too daunting, or worst still, you may be penalised for lodging your tax late if you miss the deadline. However, if you engage a tax agent you are eligible to receive a time extension for lodging your tax return which can give you many months of breathing space.
Working with professional tax agents greatly benefits individuals and small business owners and saves them running into serious problems with the Australian Taxation Office. IMT Accountants & Advisors can help you maximise your personal or business tax return.
Give us a call today or send us an email for a free consultation. We are located across Brisbane’s western suburbs and help hundreds of Australians with their tax returns each year. We even offer after hours service and can complete your tax return over the phone or by email.
