January 2020

Scenarios Where You Should Hire Tax Accountant

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.