Year: 2020

All About A Tax Return

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We all are aware of the fact that majorly every company in the business world that is earning money has to file for a tax specialist in Bondi. There are tax accountants and other people being hired from all over the world so that this task can be carried out in the most professional way possible. It is seen that people hesitate when it comes to calculate and do the tax filing themselves and that is because of the fact that they are in fear that since they are not knowledgeable in that phase, they do not really want to take a step instead they try to get the work done by hiring a professional who is aware of what should be happening and makes sure that the proper tax filing is done.

This process is completed every year and so by having the same tax accountant for every year almost every company creates a relationship with them and makes sure that they know about the financial position of the company so that they can advise better related to the tax being filed by the company for the upcoming years. However, it is important that a company files for tax returns and that is because of many reasons that are mentioned and also explained here so that [people can get an idea and make sure that they do this before they get to panic of not having done the tax filing for that matter.

Loan approval

It is important that the tax return is filed before you approach any bank to get your loan approved and that is because of the fact that that if you want a loan for buying any vehicle, or house for that matter, every bank would ask you to bring the copy of tax returns and then you would be panicking as you did not think it through at that point in time and so it is better to get it done beforehand as you never know when you want to get the loan approval.

Visa processing

If you are applying for visa make sure that you have filed for the tax returns as the embassies and other consulates would always ask you to bring the copy of tax returns for come past years and so you should have them at that point so that you can get the process fast tracked in this case.

Tax refund

To claim any kind of tax refund you would have to show the income tax department that you have been filing the tax returns and so a copy of that would be essential to show to them so that the claim can be made.

Scenarios Where You Should Hire Tax Accountant

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The word “Tax” sounds scary, even if you are earning minimum wage or a million-dollar but whenever you think of filing your tax statement. One will always be a little bit of stress. Because taxation has become a bit complex and there are many factors which you should be considered while putting up your tax statement. If you are not a tax expert, there is a chance that you is out a minute detail which can lead to a penalty in future. This usually happens unintentionally or due to lack of knowledge. Especially when one person has multiple income sources or their rate of earning is high, the complexity increases. It is always smart to have a third eye view on your income and tax statement as it can save from a lot of troubles. This increase the importance of hiring tax accountants. They are like your lawyer who will make the favourable case for your taxation in front of government authorities. Also, they will help you to find a smarter way to get legal exemption on your tax. This is the prime reason that highly paid professionals or corporates always hire tax account on permanent or assignments basis. There is some specific scenario where you should always prioritize to hire tax accountant instead of pursuing them yourselves.

  1. High Income: If you are in the high-income bar, then you should always try to keep tax accountant in South Melbourne handy. When a person is earning $ 150k or more, then the chances of audit from the income department also increases. This means that even if you are paying all the taxes properly, you can be audited and there also a chance that unintentionally you have missed out something from your statement that can cause a problem for you. Getting a tax accountant in this scenario will provide and cover all the aspects of your income and taxation. If the audit will be called you will be better prepared for it. 
  2. Foreign Income: People have foreign investment in companies like Apple, Google etc. This investment can be bonds or shares from foreign countries. They may have a property in a foreign country which currently on rent. SO you will be getting income from all these assets. A tax accountant will be better equipped and aware to advise you how to handle taxation on these investments and what rules are applied in such scenarios. 
  3. Self-employee: If you have a business that is run by you or you have properties that are on rent. Then you must be very careful about your income and tax statement. As the tax rate will differ according to the income stream and you need an expert to advise your line of action
  4. Savings: You are planning to save money for your kids. So you are setting aside some proportion for income, so your tax accountant can help you get tax exemption on the same. Check this link https://marinaccountants.com.au/services/ to find out more details.