Reasons to File Your Tax Return with a Personal Tax Accountant

Many business owners think that they can save money by managing business tax returns, business books, cash flow and other accounting tasks on their own. However, they may have to pay more than necessary when filing the wrong tax returns. This is where tax accountants can help them save money and time by managing accounting tasks. Thus, every business owner needs to hire a professional tax accountant for their company. If you want to hire a tax accountant near your location, you can also search for ‘tax accountant near me’ and as a result, you will have numerous results. You can hire one that best matches your requirements.

Benefits of Using a Registered Tax Accountant for Tax Return

Most business owners who file a tax return hire a registered tax accountant. With more accuracy, less stress, and more savings, it is beneficial to seek help from a tax accountant. Thus, you can look for a tax accountant near your area by searching ‘tax accountants near me’. If you are not an expert in managing tax matters, then you are unlikely to understand possible tax deductions that can save you money.

• Avoid Unnecessary Tax Penalties
  Unpaid or late lodgment of tax returns can lead you to pay fines or penalties. Despite this, the reason can be any for paying tax penalties. Whether due to a missing lodging date, accidental error, or any other issue, you have to pay a fine to the legislative authority. Your accountant can help you avoid paying unnecessary penalties by lodging tax returns on time and accurately.

• Keep You Updated with Legislative Changes
  Tax accountants always have information about any changes in laws. Thus, you can trust that a tax accountant can keep you compliant with taxation rules, and they will also keep you up to date on any new tax rules that are relevant to you. The best idea is to hire a personal tax accountant near your town by searching for a ‘personal tax accountant near me’.

• Get Improved Business Finances
  You could do a lot more to improve your business finances. An accounting professional can help you to check areas that need to be improved to increase your tax returns and savings. A tax accountant can assess your financial resources and offer you suggestions to help make the tax year smooth and profitable for you. While tax professionals can do your tax returns on your behalf, they could also give you suggestions on ways to save, spend or invest money in the future that may result in a better output next tax season.

• Tax Professionals Know Tax Deductions
  Do you know that many things can be used as tax deductions? For many business owners, this can be a tricky part. This is because most business owners don’t have enough time to find possible tax deductions. However, your accountant can make it easy for you to save on tax returns by applying for possible tax deductions on your behalf. Make sure you have accurate financial records and a Melbourne bookkeeper can better organise your record for you.

• Save You Time
  Tax accountants are not only finance and tax expert, but they are also proficient in doing everything on time to help save you time. When you don’t need to work on accounting for your business, then you can invest your time in growing your business by grabbing new opportunities. When you allow your accounting professionals to manage your taxes, you can be sure that your taxes will be lodged accurately.

• Smooth Process for Your Business
  When you need to prepare tax-related documents on your own at the last moment, then it can become a stressful situation for you. Because tax forms are legal documents and intricate, so absolute accuracy is required to avoid unnecessary problems.

Conclusion

With business tax lodging, there is much more to look after and worry about as compared to personal taxes. Whether you are worried about being accurate, meeting tax obligations, or how you will get your tax return filed by the deadline, tax professionals can put these problems to rest. Despite this, you can reach Reliable Melbourne Accountants to get accounting solutions for your company.

Important Tax Return Information 2022

 

Who can Complete Your Tax Return?

You can hire a best small business accountant Melbourne to finish your tax return for you:

·        You can get assistance from friends or family, but they are not allowed to charge you.

·        Tax help is a free service delivered by neighbourhood volunteers who have been trained to support persons making $60000 or less with the preparation of their tax forms. Volunteers with Tax help do not charge a fee for their services. Volunteers with Tax help can help you in person at a tax help centre, over the phone, or online.

·        You can only be charged for filing your taxes by a registered tax agent.

Lodge Your Tax Return by 31 October 2022

Unless they have given you permission to file it later or you have a later due date because a registered tax agent prepared your tax return, you have until 31^st October 2022, to file tax return.

If you are unable to file your tax return by 31^st October 2022, contact small business accountant Melbourne as you can before that date to inquire about your options for filling at a later time.

Failure to Lodge on Time Penalty

If people unable to filed tax return by the deadline, they may impose a late filling penalty.

Typically, up to a maximum of five penalty units, they add one penalty unit for each 28 days (or portion thereof) that your tax return is over late. Refer to failure to lodge on time penalty for further details regarding penalty units. 

Tax accountant near me said that even if there is no tax due, they have the right to impose the penalty. However, it is against government policy to impose a fine when:

·        No tax is payable

·        You willingly file your tax return

Where to Send Your Tax Return

Within Australia

We will lodge your tax return online with myTax for information on how to do so. The majority of myTax refunds are sent out in within two weeks. To file a paper tax return, we mail it in the included, pre-addressed envelope. For paper tax returns, the majority of refunds are handled in 10 weeks.

From Overseas

Accountants near me said that the majority of myTax refunds are sent out in within two weeks. To file a paper tax return, we mail it in the included pre-addressed envelope. We address the letter in your own envelope and mail it. For paper tax returns, the majority of refunds are handled in 10 weeks.

When can You Anticipate Receiving Your Assessment Notice?

Your tax return will typically be processed within the following time frame:

·        Two weeks if you file electronically

·        Ten weeks for paper filings

Your assessment notice will be:

·        Regardless of whether you lodge online or on paper, if you have a myGov account, it will be sent to your myGov mailbox.

·        Best small business accountant Melbourne said that if you do not have a myGov account, it will be mailed to you.

Your Right to Make a Complaint

They encourage your right to file a complaint if you feel that they have not lived up to your expectations or have not behaved in a manner consistent with the Taxpayer’ charter. They pledge to take complaints seriously, respond to them immediately and fairly, and use them as opportunities to improve.

You have the right to request a formal review of a technical decision they made on your tax affairs if you disagree with it (disagree with or object to an ATO decision) can protest an ATO decision by referring to dispute.

Small business accountant Melbourne advised you to attempt to resolve the issue with the ATO officer you have been working with (or the phone number you were provided) before deciding to file a complaint. Talk to that officer’s manager if you are still unsatisfied, and if you are still unsatisfied, think about filing a formal complaint. 

How to Make a Complaint?

To voice a complaint:

·        You can lodge your online complaint at Complaints, Compliments, and Feedback. 

·        You can also call on their complaint number which is 1800 199 010 from 8.00 am- 6.00 pm Monday to Friday except public holidays.

·        You can phone the National Relay Service on 13 36 77 (if you have a speech, hearing, and communication problem).

·        Send FAX to 1800 060 063

·        You can write to below mentioned address suggested by tax accountant near me. 

Australian Taxation Office

PO Box 1271

ALBURY NSW 2640

Final Say

We hope that you are fully equipped with the important tax return information 2022. Reliable Melbourne Accountants provides professional accountants to individuals and businesses with better accounting services. By searching accountants near me you can take our professional services at very reasonable rates can.