whats the best way to check if my accountant did my tax return correctly
Tax time is just days away, and this probably isn't the first year it's snuck up on y'all.
Perchance it's even your starting time time.
Yep, adulting is hard.
It's even harder if yous have a small business, multiple incomes, an investment property or just a pile of receipts you'd rather not bargain with.
But fifty-fifty if your taxation seems relatively simple, the question of whether to get an accountant to assist might take crossed you mind.
"It is a skillful idea to assess your needs for an auditor each and every year," says Laura Higgins, ASIC senior executive leader.
"Some years your tax situation may be straightforward, and you lot feel confident to practise it yourself. Other years you lot may need the help of a professional."
So how do you decide the best course of action?
Doing your tax for the first time
If you are doing your taxation for the first time, information technology'due south likely to exist pretty simple, despite what yous might have heard.
"Doing your taxes is oftentimes portrayed as a very challenging — and potentially scary — thing, then information technology is understandable that a immature person may experience overwhelmed," says Kathrin Bain, lecturer at UNSW'southward Schoolhouse of Revenue enhancement.
"Nevertheless, programs like myTax endeavour to arrive relatively straightforward and provide a lot of data."
If y'all are feeling nervous, an auditor is an option, simply doing it yourself can also aid you larn more about the process, says Ms Bain.
How much are y'all hustling?
The more than complex your income, the more reason to see a registered revenue enhancement amanuensis.
Small concern, rental properties, capital gains — all these things can exist difficult to get right when lodging a return.
They can too help you moving forrad to stay on top of things.
"If y'all ain or run a business organization, an accountant tin help you continue the necessary financial records required by law," Ms Higgins says.
If y'all simply have ane income, minimal items to claims and practiced record keeping, lodging a revenue enhancement return through MyTax is relatively straightforward, says Ms Bain.
"The ATO has a lot of data it prefills into your render. It will have data like your employer salary, tax withheld, interest — fifty-fifty if it's 5 cents y'all got from the banking concern, and things like dividends.
"It will just be a matter of checking it'south correct, considering information technology is still your responsibility."
Deductions, however, won't show. And then you'll demand to proceed track during the year and continue necessary receipts too.
Do you lot know what you can claim?
Yous've kept your receipts, but do you know what yous can rightfully claim?
"Common deductions include work-related expenses, self-education expenses, charitable donations and the cost of managing your tax diplomacy [like paying an accountant]," Ms Higgins says.
Y'all tin can find out more about deductions at the ATO'south income and deductions.
"If you lot're lodging online, make certain you read the definitions of deductions advisedly," Ms Higgins says.
If you're not feeling confident accountants can ensure y'all stay inside the law, and help maximise your claims.
But they aren't "miracle workers", warns Ms Bain
Other reasons an accountant might assistance y'all
If you've made a mistake on a past tax render, you can asking an subpoena through myTax yourself.
But if you're unsure virtually whether you should be making an subpoena or what touch information technology might take, an accountant would be a good idea, says Ms Bain.
Running out of time? An auditor has longer to lodge your return that you do.
"The standard due engagement for individual returns is 31 October, but if you use a tax agent, information technology could be as late as 15 May of the post-obit year," Ms Bain says.
Those dates will vary slightly depending on the agent, however.
How much do you want to spend?
Lodging your tax render yourself and correctly will save you money, Ms Bain says.
"I see tax agents advertising returns for $99 I've always been a chip wary, considering for those fees they won't spend much time with yous, they will merely rely on the information the ATO has prefilled."
Outside of those offers you're looking at a few hundred dollars, even if you accept adequately elementary affairs, she says.
"And if you have a rental belongings and capital gains, for instance, it will increase again."
Ms Higgins recommends getting a quote for your specific needs before booking.
"Before working with an accountant, contact them and find out what you lot will be charged and when, including whether y'all tin can merits an beginning for the fee of managing your taxes in the following year'southward return."
You're withal responsible for your render no matter what
In that location'due south a reason that fifty-fifty when an accountant does your taxation return, you are required to sign off.
Yous are declaring that the agent has prepared the return correctly, and the responsibleness lies with you.
If there is an issue down the line, and you lot did in fact provide an agent with the correct information, Ms Bain says you can brand a complaint to the Tax Practitioners Board.
"Also, the taxpayer may be eligible for what the ATO calls 'safe harbour' provisions, which ways in certain cases, the taxpayer won't be liable for administrative penalties if there has been fault on the function of the tax amanuensis."
Pros and cons from someone who's tried both
Kristi Farmer is a banking concern manager from Brisbane, and has used both methods to lodge her tax.
When an employee with standard deductions, she's institute the myTax uncomplicated enough to navigate.
"You may demand to practice a scrap of reading and then you understand what you lot can and can't claim as revenue enhancement code tin can modify, simply it'south adequately simple and most employees should be able to practice this themselves," she says.
Simply when she endemic a business, turning to an auditor made life easier, she says.
"Someone does all the filing for you and y'all only need to present the information," Kristi says.
"They can also help you in agreement what deductions you tin can have and detect you boosted money owed."
The ane drawback she says was how costly it became.
This article contains general information only. You should obtain specific, contained professional advice in relation to your item circumstances and issues.
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Source: https://www.abc.net.au/everyday/this-tax-time-do-you-need-an-accountant-or-do-it-yourself/11196122
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