Whether you need to file taxes as a private individual or as a business owner, there’s one thing that’s for sure and it’s that Australian tax laws can be highly complex and time-consuming to fully understand. A professional accountant can help you navigate these challenges and ensure that you are compliant as well as paying no more and no less than needed. Below are five ways that an accountant can help you with tax laws in Australia:
01. Assistance With the Complexities of Australian Taxation Law
As we’ve touched upon, Australian law can be quite complex. The Australian Taxation Office (ATO) does provide many helpful resources for individuals and business owners so that they can remain compliant, but it’s awfully time-consuming and the laws are ever-changing, which means it’s often simpler and less of a hassle to leave the task to a professional accountant rather than to do it yourself.
02. Tax Planning and Advice
There are many tax regulations in Australia, such as GST, FBT, CGT, and many other possible taxes and deductions, so many that it can be confusing. Moreover, not taking advantage of the many possible deductions can leave you paying far more out of pocket than you’d probably like. An accountant can help private individuals and businesses keep more of their hard-earned money by legally maximising tax credits and deductibles whilst structuring your taxes in the most efficient way possible.
03. Preparation and Lodging of Tax Returns
Every year, you must ensure that your tax returns are lodged on time. Furthermore, it’s important to avoid any errors such as misreporting your income and/or expenses, as these can lead to tax audits and penalties, or you could end up paying far too much (perhaps you missed some key tax credits or deductibles). Accountants specialise in all processes of tax preparation and lodging, so leave this important task to them.
04. Tax Regulation Compliance
The preparation of income taxes for private individuals and businesses can be quite complex, but it’s also time-sensitive and your taxes must be lodged on time every year in order to remain compliant with the law. Failure to comply can result in costly fines or penalties, and egregious violations can indeed be crippling. It’s better to be safe than sorry, and accountants play a key role in helping businesses (and private individuals) remain compliant.
Accountants can help meet tax obligations by lodging tax returns properly and on time, thus helping to avoid any penalties or fines. They can also assist in the event of an audit.
05. Accounting Services
There are many different accounting services that businesses must employ in order to remain compliant with tax laws, but also some are simply beneficial for projecting the long-term growth of a business financially. Business owners that don’t have the time to master preparing income statements, cash flow statements, or any of the other statements should leave the task to a qualified accountant.
Furthermore, accountants can help with important but time-consuming tasks such as bookkeeping, budgeting, forecasting, payroll processing, and much more. It’s often said that the language of business is accounting, so being able to master accounting – or, to leave it to a professional business accountant Melbourne – can yield significant long-term benefits for the health and success of your business.
Badawy Large & Powers
Leave your taxes to the professional team at Badawy Large & Powers.