Hi everyone,
Just wanted to know if anyone does the tax themselves? or hire an accountant.
I heard that an accountant will get your more returns? Any advice?
Anyone know of a trustworthy accountant with price?
[NSW] Do You Do Your Own Tax Return ?
bargin424 on 16/07/2015 - 20:46
Last edited 17/07/2015 - 09:07 by 1 other user
Last edited 17/07/2015 - 09:07 by 1 other user
Comments
I do my own tax using the eTax software you can download from the ATO web site. But I have a regular office job and some income from bank interest and that's about it. I don't really have any deductions either so I don't think there is much an accountant could do for me.
What sort of job do you do? Do you trade shares of have any CGT? Does your job known for deductions? These are the questions you should ask yourself if you want to get your tax done by an accountant.
Depend on complexity of your tax return.
If this is your first time and have little idea, seek a professional.
Next year do it yourself with its copy, provided circumstances did not change.Accountant is quite reasonable in price for simple personal tax. Costs are upfront. $80-$180 as a guide. Tax deductible.
Ex-accountant here.
General rule, if you:
- have traded shares;
- have a rental property;
- have foreign income;
- have complicated superannuation issues;
- have a significant amount of income coming from a non-salaried source;
- run a business
- feel you should be getting a lot of work related deductions (expenses you have paid for only because you have that particular job)
Then see an accountant.
If you only have the standard job with some interest accrued in the bank, do it yourself via etax. The pre-fill report will do most of the work for you anyways.
edit: this is assuming a personal return only. If you also have an income generating entity via a company or trust, see an accountant - even if your personal return is dead simple. Get them all done together.
Do my own. I started using an accountant last year cause I started a company.
But may do the company tax myself later, it's the same old thing every year.Do it with an accountant the first few times. Then later on, if not much has changed you can just copy the previous year's returns and change the numbers.
If you're not getting a refund and want to pay your tax late, then use an accountant cause they can send it in many months later than e-tax.
Hey one question - when you do your own tax - did you inform the accountant that you will fit rather than using them? How do you do the company tax yourself? I notice there is PDF form you can fill out and instruction on how to in ATO - is this it? Thanks.
I went to see a tax agent when we first got our investment property, learnt what I could and have been doing my own ever since. Some stuff requires a bit of research, but mostly it's straight forward. From what I've seen of others accountants for the money they pay (yes, I know it'd deductible) they aren't getting a return on the investment.
Edit: I would absolutely have an accountant if I had my own business, and the examples of others using accountants are those without businesses.
I have probably the most simple of tax returns, but i go to an accountant, i'm lazy though.
Probably easier to do it yourself than seeing an accountant (in this case), unless the accountant comes to your house.
Got an accountant to do it for a few years but they didn't do anything I can't do do did my own this year
Self.
I used to do my own. Now that there's a business involved, I use an accountant.
I've found that my accountant definitely has more (legal) tricks & advice up his sleeve than I would have known, so it's been worth it.