Tax time can be a stressful affair for many people in Melbourne.
The Australian tax system is complex, and guiding through the various deductions and entitlements can be difficult. That’s where a qualified tax agent Melbourne comes in.
With growing tax compliances in Australia, the need for a skilled tax specialist Melbourne is also growing. These experts understand the various tax obligations, and help you claim potential deductions so that you receive the maximum possible refund.
Top Reasons To Choose A Tax Agent Melbourne
There are many people who choose to handle their tax returns themselves, there are many benefits to using a registered tax expert Melbourne:
- Tax Expertise: Tax agents have an in-depth understanding of Australian tax law and can ensure your return is completed accurately and efficiently.
- Maximise Refunds: There are many deductions which you can miss out. But these tax agents can help you identify deductions and then take the steps to ensure to claim them.
- Reduce Errors: There can be errors when you fill your tax returns. These errors can be costly which can lead to ATO fines and delays. A tax agent can minimise this risk.
Key points to consider when choosing a Tax Agent Melbourne
Here’s a table to summarise the key points to consider when choosing a tax agent:
| Factor | Description |
| Experience | Look for an agent with experience in your tax situation (e.g., individual, small business owner, investor). |
| Qualifications | Ensure they are a registered tax agent with the Tax Practitioners Board (TPB). |
| Services Offered | Choose an agent who offers the services you need (e.g., tax return preparation, tax planning, BAS lodgement). |
| Fees | Get quotes from a few tax agents Melbourne before making a decision. Consider the complexity of your tax return and the services required. |
| Location | Decide if a local agent you can meet with face-to-face is important. |
| Communication Style | Find an agent who explains things clearly and is easy to reach with questions. |
What Services Typically Does A Tax Specialists Melbourne Offers?
Tax agents offer a wide range of services, including:
Tax Return Preparation
This is the most common service offered by tax agents Melbourne. They will:
- Collect your tax information: This range of documents include your income statements, bank statements, work-related expenses receipts as well as private health insurance statements.
- Complete your tax return: The manager will input your data in the ATO tax return software and check that everything is correct and complete.
- Lodge your return Online: They will electronically lodge your tax return to the ATO for you.
Tax Planning
Tax planning is a procedure of reducing the amount of taxes legally in final calculation. Here’s how income tax accountants Melbourne can help:
- Identifying tax deductions: They can help you file your taxes correctly which includes all the deductions you can claim for example work related expenses, rental property expenses and charitable donations.
- Tax offsets: As tax credits, tax offsets are basically tax reducers that lower your total tax burden. A tax agent is capable of maximising the offsets you legally deserve.
- Prepayment strategies: Identifying those fees that you can prepay can help keep the billings under the taxable income. An accountant is knowledgeable in this area and can share these strategies with you.
Tax Deductions
Tax deductions are expenses you can claim against your income to reduce your taxable income and potentially increase your tax refund. A income tax accountants Melbourne can help you with tax deductions by:
- Identifying all allowable deductions: Australian tax law allows deductions for a wide range of expenses. A tax agent can make sure you claim everything you’re entitled to.
- Ensuring proper documentation: The ATO may request documentation to verify your deductions. A tax agent can help you keep all the necessary receipts and paperwork.
Objections and Reviews
In case you disagree with the ATO assessment, you have the right to make an objection or ask for review and here as well tax agents Melbourne can come to your rescue:
- Understanding the ATO assessment: For example, the agent will discuss the ATO’s decision made in order to establish that they applied tax on you in a particular way.
- Gathering evidence: They may guide you through the process of building an argument consisting of the facts to support your objection.
- Liaising with the ATO: The agent can communicate with ATO on behalf of you and it is possible that a reasonable arrangement can be achieved in the end.
Business Tax
One other requirement is if you have a business, you will have some tax responsibilities. A tax expert Melbourne can help you with business tax by:
- BAS lodgement: A copy of business activity statement (BAS) is filed with the taxation office to report your tax income and GST. The tax agent has a professional obligation to submit your BAS on time and they can help with the preparation and lodgment process.
- Company tax returns: Enterprises are liable to file an annual tax return as a rule. Do engage a tax-agent service to prepare your company’s tax-return paperwork and confirm that it complies with all ATO legislation and regulations.
- Payroll tax: If officials of your business earn a salary, you may be required to pay payroll tax. Registration for payroll tax and calculating the correct percentages payable should also be done by the tax consultants.
Investment Property
Owning an investment property can have tax implications. A tax specialists Melbourne can advise you on investment property tax by:
- Rental income and deductions: They can direct you on the way to take advantage of the rental property expenses deductions for example interest on investment home loans, repairs and maintenance and real estate agents fees.
- Capital gains tax (CGT): In the event a property is sold you may be obliged to pay capital gains tax. Tax agent may work with you to figure out CGT liability and reduce your tax obligations.
- Negative gearing: Negative gearing refers to the case when your property expenses are higher than the rental income that you receive. Tax accountant might give you information about tax ramifications of negative gearing.
As you can see, Tax Agents Melbourne offers a wide range of services that can help you maximise your tax return and minimise your tax burden. They can save you time and stress, and ensure your tax affairs are in order.
Looking For Expert Tax Agents In Melbourne?
When trying to find a trustworthy and experienced tax agent in Melbourne, KPG Taxation is the one to choose without a hesitation. They have experienced tax specialists determined to provide correct taxation related advice. They also make it their priority to serve clients in the best possible manner. What’s more, they also have free consultation sessions to explain how we can assist in achieving your financial objectives.
