Thinking Of Doing Your Own Tax Return? It Is Harder Than It Looks

Anyone who has been working for more than three months, either full-time or part-time, must be reasonably competent at what they are doing. If they were not, chances are they would have been asked to leave well before their probationary period was up. However, just because they are good at their jobs does not mean they know everything about our taxation system.

We know that, because our jobs are all about our taxation system. We are Charter Partners, accounting and taxation professionals, and we spend a good part of our time assisting clients who have tried to manage their own tax affairs, only to find it far more difficult than they first thought.

Complex Tax System – Changed Labour Market

Not only is our tax system complicated, but also our labour market has changed. Where in the past we had most of our wage earners working for someone else, we now have a different situation. Of course, there are still many taxpayers working for large corporations, small businesses and governments, but there are also large numbers of people who have other working arrangements.

When the country moved to a service-based economy, so too did the workers. We now have many people who are self-employed as trade contractors, or running micro-businesses like home cleaning, yard and garden maintenance, pet care, handy repairers, mobile mechanics and car detailing, just to name a few. The internet has created the opportunity for others to run businesses from home, selling goods or services online.

Tax Laws Difficult to Interpret

Every taxpayer situation creates a unique set of circumstances that fits somewhere into our taxation laws. For a person in any of these situations to try interpreting our tax laws while generating enough income in any given week to meet their needs is impossible. It is completely unnecessary when there are professionals around like us to take on this burden.

To manage their own tax affairs, people need to know what records to keep, how to calculate and remit GST (Goods and Services Tax), what is an eligible tax deduction and what is not, the time deadlines set by the ATO (Australian Taxation Office) for various types of reporting, and this is just the beginning.

Expert Knowledge and Advice Soften Tax Woes

When people hand their tax affairs over to companies like ours, we assist them in a number of ways. For example, we can help them set up simple systems and we also provide advice and taxation planning so there are no shocks at the end of the financial year.

If you are struggling to look after your own tax, remember that an honest mistake on your part could incur a tax debt that severely impacts your income. Why not concentrate on your career or business and leave your tax affairs to us?

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