Is it worth getting a tax accountant to do your tax?
Would you recommend hiring a tax accountant for a small business? In your own experience, where do you think you gain the most benefits from hiring an accountant?
Income tax can be a tricky field to navigate. While it's 100% possible to manage your taxes and lodge your own tax returns, you might miss out claiming tax deductions you didn't know you were eligible for and your tax return might not be as high as a result. Some business owners have a relatively simple tax scenario with one or two income streams, while others have multiple income streams, capital gains and perhaps a couple of investments here and there. The way it usually goes (for both business owners and individuals) is that the more complex your income, the more reason to hire a registered tax accountant.
The most obvious benefit of hiring a personal tax accountant is their ability to help you get the best possible refund. There are many deductions available for small businesses, many of which you probably didn't know about! They can also help you stay on the right side of the law and comply with tax law and regulations to avoid any unwanted audits and penalties from the ATO (if you are audited, you're definitely going to want an accountant). In a nutshell, it's best to hire an accountant if you have any doubts or concerns about fulfilling your tax requirements as a small business. They can save you time, stress and often money in the long run.
In many cases, the return you get from hiring a tax accountant far outweighs the investment.
