When you are running a business, there is only so much time in the day. You need to make sure that your employees and clients are cared for while also managing the finances. At tax time, some people believe taking matters into their own hands might seem like the fastest route, yet business owners should always consider what they’ll get out of doing so before jumping in headfirst. We all tend to focus on getting the lodgement completed and out of the way, yet there are multiple benefits to collaborating with a tax accountant.
Untold time efficiency is the first one. Working with an expert tax accountant can help by giving you expert advice or helping you to understand what needs to be done before and after June 30th for maximum impact. An expert tax accountant will provide you with some peace of mind during tax season. Don’t go it alone!
Tax accountants will ensure that your tax return remains compliant with the latest tax laws, which often change throughout the year. Unless you’re proactively keeping up to date with the new rules and regulations, there will be reporting requirements you could easily miss. While working with an expert tax accountant, during your consultation, the Lucent Advisory team will suggest improvements to your current approach, and find all of the deductions you’re eligible to make while remaining ATO compliant.
Tax returns can be complicated, especially if your business holds other property investments or receives income from overseas entities. The ATO looks at your total income from numerous sources as there are rules and regulations when calculating various income streams. A tax accountant understands what to look for, how your revenue is calculated and how different income streams will impact your total declarable income.
Having a trusted tax accountant offers multiple long term benefits for businesses. A solid relationship with an expert tax accountant is beneficial for venturing into real estate, expanding your business or dealing with changing regulations. They already understand your business structure and can tailor their advice. They are available to offer expert advice and vital support your business needs year-round.
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