Small Business Tax Returns

October 20, 2011 by  Filed under: Taxes 

When it comes to tax return time, small business owners tend to always have two questions on their lips:

  1. Am I paying too much tax?
  2. Am I claiming every possible deduction?

Seeking the assistance of a professional tax accountant is the best way to have these questions answered correctly. Many small business owners operate independently and are accustomed to handling everything on their own, including their tax returns. But in a time where taxation is becoming an increasingly complex and specialised area, with tax returns being time-consuming and often tedious to complete, many make the wise decision to turn to professional help.

The same way one would turn to a painter to paint their house, a mechanic to fix a car or a doctor to diagnose an illness, the same logic applies by having your tax return taken care of by a professional tax accountant. The Australian Taxation Office is constantly on the move, updating and revising existing regulations which pertain to tax-deductible items. For most business owners, unless you are able to keep your taxation knowledge up to date, it is easy to overlook such changes and pay too much tax, or miss out on possible tax deductions for your business.

Hiring a tax accountant to complete your tax return is the most reliable and safest way to be certain you are making every claim you are entitled to under the current taxation regulations. For every claim that you fail to make on your tax return, you could be losing hundreds or even thousands of dollars which should legitimately still be yours.

Having a tax accountant is also the safest way to avoid mistakes on your tax return which could lead to penalties. Your accountant will make certain that you as the business owner are fulfilling your obligations correctly and not falling foul of your taxation responsibilities.

The structure of your business affects how you get taxed. As is the nature of accounting, an accountant can suggest changes to your business set up which are beneficial when it comes to your tax liabilities. Likewise, a good accountant also gains a virtual snapshot of your business when completing your tax return and is well positioned to offer valuable financial advice regarding your business operations that otherwise may have never thought about!

Better still, having a good relationship with your accountant can lead to fantastic networking possibilities due to the vast array of businesses that benefit from their services. Your accountant can refer you to new clients and potential business opportunities.

For more information and helpful advice on ways to save your business time and money during tax time, visit us our site at accountant Perth.

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