Do you trust your accountant in Melbourne? Do they know the ins and outs of tax properly? These are all questions it’s absolutely vital to ask yourself when it draws near to tax time. As you’ll see below, there’s a host of mistakes to be made, and you don’t want to be the one making them.

 

Why does tax change?

Tax legislation is a field that’s always evolving. It is vital that it adapts to the relevant economic climate and the needs of the county and economy. You can visit this link http://accountantmelbourneco.com.au here for more information. This is why it is always advisable to get the specific and tailored advice of an accountant in Melbourne to assist you with your tax submission and planning, rather than trying to wing it yourself.

 

Melbourne accountants will help you will filing dates.

It seems like a very easy concept, but it isn’t. Depending on the class of tax payer, your actual due date will change, although the rule of thumb general ’31st October of the year after the Financial Year end’ does hold for some. You need to know when you are actually due in order to make the best choices for your finances and circumstances. It’s for exactly these reasons that using a Melbourne accountant rather than opting to try and handle these things yourself is a very good idea. Do remember that almost all fees paid to your accountant or financial advisory are tax deductible themselves.

Did you ‘really’ know? Tax Time Tips & Traps

 

Do you know how your tax return will be paid?

As of this year, tax refunds can only be processed through bank transfer. You will need to ensure that your Melbourne accountant has all of your tax and bank details on hand in order to process your refund through to you. Your accountant can also advise you as to how long you need to keep the supporting documents that form your burden of proof for your tax return. There’s categories that have to be held for 2, 5, and 7 years respectively, so it is important to have a thorough knowledge of the legislation involved.

 

What records does my tax agent need?

 

This is, of course, the big one. Your accountant in Melbourne needs to have the correct supporting document for each class of income and deduction you wish to declare or claim. If you need more information you can visit this website here. This can get exhausting to contemplate and is bewildering for most people. Remember that you can always chat the requirements over with your tax agent, and that you will need to effectively provide a proof document for every claim you wish to make or every declaration of income you need to state. In effect, you should always prepare for being audited, and be ready to prove why and how a figure was arrived at if you were.

 

Tax time can be a confusing time if you’re not financial savvy. However, any good Melbourne accountant should be able to assist you in making your tax declaration as simple as possible, and you can always check out the team on accountantmelbourneco.com.au if you have further questions or queries.

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