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 upwardly on you lot.
Perchance it's even your get-go time.
Yep, adulting is hard.
It'southward even harder if you lot have a small business organization, 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 help might have crossed you mind.
"It is a expert thought to assess your needs for an accountant each and every year," says Laura Higgins, ASIC senior executive leader.
"Some years your tax situation may be straightforward, and you feel confident to practice it yourself. Other years you may demand the assistance of a professional person."
So how do you decide the all-time course of action?
Doing your tax for the outset time
If you are doing your tax for the first time, it's probable to be pretty simple, despite what you might accept heard.
"Doing your taxes is oft portrayed equally a very challenging — and potentially scary — thing, and then it is understandable that a immature person may feel overwhelmed," says Kathrin Bain, lecturer at UNSW's School of Taxation.
"However, programs like myTax try to make information technology relatively straightforward and provide a lot of information."
If you are feeling nervous, an accountant is an choice, just doing it yourself can also assist you lot learn more about the process, says Ms Bain.
How much are you hustling?
The more complex your income, the more reason to see a registered tax agent.
Small-scale business, rental properties, capital gains — all these things tin can be difficult to get right when lodging a return.
They can likewise help you lot moving forward to stay on top of things.
"If you own or run a business, an accountant can assist you keep the necessary financial records required by law," Ms Higgins says.
If you only have ane income, minimal items to claims and good record keeping, lodging a tax return through MyTax is relatively straightforward, says Ms Bain.
"The ATO has a lot of data information technology prefills into your return. It will have information like your employer salary, tax withheld, interest — even if it'south 5 cents you got from the bank, and things similar dividends.
"It volition simply be a matter of checking it'southward right, because it is still your responsibleness."
Deductions, however, won't show. So y'all'll need to proceed track during the twelvemonth and proceed necessary receipts also.
Practise you lot know what you can merits?
You've kept your receipts, just practice you lot know what you lot tin rightfully merits?
"Common deductions include work-related expenses, cocky-teaching expenses, charitable donations and the cost of managing your tax affairs [like paying an accountant]," Ms Higgins says.
You lot can observe out more than nearly deductions at the ATO's income and deductions.
"If y'all're lodging online, make sure you read the definitions of deductions carefully," Ms Higgins says.
If y'all're not feeling confident accountants can ensure you stay within the law, and help maximise your claims.
But they aren't "miracle workers", warns Ms Bain
Other reasons an accountant might assist you
If you lot've fabricated a error on a by revenue enhancement return, y'all can asking an amendment through myTax yourself.
But if you're unsure most whether you lot should exist making an subpoena or what bear on it might take, an auditor would be a skilful thought, says Ms Bain.
Running out of time? An auditor has longer to social club your return that you lot practise.
"The standard due date for private returns is 31 October, just if yous apply a tax agent, information technology could be as late as 15 May of the following yr," Ms Bain says.
Those dates will vary slightly depending on the agent, however.
How much do you lot want to spend?
Lodging your tax return yourself and correctly will salvage yous money, Ms Bain says.
"I run across tax agents advertising returns for $99 I've ever been a bit wary, because for those fees they won't spend much time with you lot, they will but rely on the information the ATO has prefilled."
Exterior of those offers you're looking at a few hundred dollars, even if y'all have fairly uncomplicated diplomacy, she says.
"And if you accept a rental holding and capital gains, for example, it will increment 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 will be charged and when, including whether you can claim an beginning for the fee of managing your taxes in the following year'due south render."
You're still responsible for your return no matter what
There's a reason that even when an accountant does your revenue enhancement return, you are required to sign off.
You are declaring that the agent has prepared the render correctly, and the responsibility lies with you lot.
If there is an outcome 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 Revenue enhancement Practitioners Board.
"Too, 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 authoritative penalties if there has been fault on the part of the tax agent."
Pros and cons from someone who's tried both
Kristi Farmer is a banking company manager from Brisbane, and has used both methods to lodge her tax.
When an employee with standard deductions, she's found the myTax simple enough to navigate.
"You lot may need to do a scrap of reading and then you understand what you tin and can't claim as revenue enhancement lawmaking can change, but it's fairly uncomplicated and nearly employees should be able to practice this themselves," she says.
Simply when she endemic a business, turning to an accountant fabricated life easier, she says.
"Someone does all the filing for yous and y'all just need to present the information," Kristi says.
"They tin also assist you lot in understanding what deductions yous can accept and find you boosted coin owed."
The 1 drawback she says was how costly information technology became.
This article contains general information only. You should obtain specific, independent professional advice in relation to your particular 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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