The Risks Of DIY Taxation In Sunshine Coast

No one can honestly say they look forward to doing their tax returns every year but as an Australian citizen over 18 or if you are in some form of business, you are legally obliged to do so or face penalties. For most people, a tax return is a simple task and simple statement but for others, they take time and effort to submit with the onus on getting it as accurate as possible. At Total Business Partners, we are well aware of the consequences of inaccurate tax returns. Learn why you should employ a professional in taxation in Sunshine Coast. Please note, this advice is mostly aimed at people with complicated finances or businesses. We offer our taxation services in North Lakes and on the Sunshine Coast.

It’s easy to make mistakes

Whether you submit a paper return or do it electronically, you cannot rule out human error. Finding and entering tax data isn’t always easy. It takes critical thinking and reading comprehension of a process that can be complicated by specialised vocabulary. Even the most mathematically proficient person can make errors such as transposing figures or missing out on things entirely. If a professional makes an error on your tax return, they are liable not you.

Keeping up with legislation

Income tax may be straightforward, with the bands and percentages usually updating annually, but beyond that, it can be extremely complicated – especially when it comes to corporate taxes. Unless you are in a business large enough to employ a tax specialist, you need professional knowledge to ensure you are compliant with all current legislation and guidance. There might also be other factors that need to be taken into account such as events like the 2020 Covid-19 pandemic and its effect on the tax return process.

Not knowing which benefits and breaks you can apply or qualify for

No one wants to pay more tax than they need to, but it requires specialist knowledge to understand the nitty-gritty of taxation legislation and governance. A tax accountant will be able to not only ensure you comply but also provide guidance and advice on where you can reduce your tax bill. They know which benefits you might be able to claim or which breaks you can take advantage of.

Paying for a professional and specialist in taxation in North Lakes or on the Sunshine Coast should not be seen as merely another expense. A good tax accountant will actually pay for themselves by saving you from penalties and/or reducing your tax bill. If you’d like to discuss your taxes, whether personal or corporate, contact us here at Total Business Partners. We look forward to being of service.