The top benefits of using a Tax Accountant
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The benefits of using a tax accountant far outweigh trying to do your tax alone.
Our Tax Accountants offer a complete range of taxation services including personal and business tax returns, advice on the appropriate structure/ entity to purchase a property, trust and company tax returns, PAYG tax variations, tax planning advice and more.
Working hand in hand with our Financial Planning and Lending division, PFP Accounting provides taxation and advisory services to our clients, specializing in investment properties and SMSF’s. Our history of dealing with property-related taxation requirements ensures that we thoroughly process our client’s returns and advice with a view of achieving the best result possible.
Access expert, specialist advice around tax planning, financial strategy, SMSF management and asset protection.
The Benefits of Using a Tax Accountant
Many people choose to file their own tax returns without employing a professional tax accountant or tax agent. Tax is a complex business and you may be missing out on a lot of occupation-specific deductions if you choose to file your taxes on your own.
Our specialist accountants are trained to spot opportunities to get the most out of your tax return: quickly and accurately.
Time-Saving
Hiring a tax accountant to do your taxes for you is actually more time saving than doing it alone. Our team know exactly what they are doing and know what deductions can be made to increase your tax return.
We make the process as convenient and hassle-free as possible.
You will need to have information ready for us which includes
- Payment summaries and Income Statements
- Lump Sum and Termination Payment Summaries
- Government payment statement
- Interest from banks and investments
- Other incomes such as rental properties, business, capital gains tax
- Deductions that can include but not limited to, motor vehicles, travel, uniforms, professional development
- Home office- particularly during COVID
- Telephone, computer and internet
- Offsets such as health insurance, IAS statements or details of PAYG and spouse details including taxable income
No Stress
Lodging your own tax return means it is your responsibility to get everything right. If you make a mistake, no matter how small, the ATO may decide to audit your taxes.
Choosing to use PFP Wealth Tax Accountants means that you are compliant with tax laws and you can be sure that your return has been accurately prepared.
Less Complex
If your financial situation is a little more complex, sitting down with a tax accountant is the best way to work through the intricacies of your finances and what you’re entitled to claim. If you have several jobs, earn additional income through the sharing economy, run a business, own rental property or juggle an investment portfolio, please contact our team of Tax Accountants at PFP Wealth.
Extended Time to Lodge Tax
If you don’t use a tax accountant and choose to lodge your tax on your own the deadline for this to be done is October 31st. Using a tax accountant means that the usual deadline does not apply and you potentially have until May the following year to complete and file your tax return.
Calculated Income Explained
Using a tax accountant really does simplify the process for you. Our tax accountants can explain t you how income is calculated and the types of income streams that will impact your total declarable income. If you have a complicated financial setup such as foreign investments or you receive income from a trust, it is best to use the services of a registered tax accountant. There are so many rules and regulations when calculating income streams and our tax accountants know exactly what to look for.
Compliant Tax Returns
Our tax agents will ensure that your tax return remains compliant with the latest tax laws, which can change throughout the year. Generally, these changes in laws will be missed by most individuals unless they are specifically looking for new laws and regulations.
Making sure your tax return is compliant will keep the ATO auditor away!
As you can see, the benefits of using a tax accountant are plentiful and this guide shows you why it makes sense to do so.
PFP Wealth have a team of highly experienced accountants and financial planners that will work with you every step of the way to achieve the right outcomes for you or your business. We pride ourselves in our client services and our honesty, integrity and old fashion good services are what drives us to meet your high expectations. We build lasting client relationships so we are there for the long term to guide you through your financial journey.
PFP Wealth Groups consists of three separate companies including PFP Lending (mortgage broking company), PFP Private Wealth (Financial Planning) and PFP Accounting (Accounting firm). We all work together to provide all our clients with quality advice in a wide range of financial areas.
Additional accounting services
Our taxation services are not just limited to property.
- Advice on the appropriate structure/ entity to purchase a property
- Personal Tax Returns
- Business tax returns
- Trust/ Company tax returns
- PAYG tax Variations
- Tax Planning Advice
- Capital Gains Tax Analysis and advice
- SMSF Tax Returns
Exceptional Accountancy Resources.
The benefits of using a tax accountant
Our accountancy resources will give you a better understanding of what you need to do to keep your tax records in order and what we need when filing your tax return.
Depreciation Schedule
Obtaining a depreciation schedule for your investment property can assist in creating significant tax deductions that can greatly reduce the cost to hold a property. There are 2 types of depreciation, Capital Works and Plant and Equipment, which allow you to claim a tax deduction for the declining value of the asset(s) as it ages. To see if your investment property qualifies, contact one of our friendly staff.
PAYG Variation (ITWV)
A tax variation allows you to claim your negative gearing benefits each month (or pay cycle) instead of annually. This is usually done so that you can reduce the cost to hold a property by reducing your tax paid each month resulting in more funds in your pocket.
PFP Accounting advises the ATO of your reduced income and the ATO in turn notifies your employer to deduct less tax from your pay. This tax variation needs to be lodged each year, usually around May.
Keep Good Records
Like any tax situation, the better records you keep the easier it will be to make sure you are claiming the maximum deductions each year. We recommend keeping a folder with all your property income and expenses recorded so that it is easy to access, saving you time, and resulting in a healthier tax return.
Consider Paying Interest in Advance
Depending on your personal situation, you may be able to pre-pay your loan interest for a year in advance resulting in a greater tax deduction for that year. There can be dangers with this so to see if it suits you please contact our staff.
Claim Your Borrowing Expenses
The loan expenses you incur to obtain an investment property loan are usually a tax deduction. Some costs such as mortgage insurance are often overlooked but can be claimed over a 5 year period. Be sure to check all of the fees the bank has charged you to make sure you are maximizing your deductions.
Capital Gains Tax
Capital gains tax can be a significant tax but sometimes it can be managed with careful tax planning. Selling your asset at the right time and calculating the correct gain plays a vital role in managing the tax you may be liable to pay. Planning your sale requires appropriate advice before you start the process.
