Tax Filing Made Easy: Why Accountants Are Your Best Ally During Tax Season

ATO received over 6.5 million individual tax return lodgments for 2024, of which 2.9 million Aussie taxpayers used tax agents to lodge their tax returns.

Understanding intricate tax laws and filing your tax returns on your own can present various hurdles and costly mistakes.

Hence, the majority of Australian taxpayers choose to lodge their tax returns with the help of tax consultants to increase accuracy and maximise refunds.

Tax consultants are trained and well-versed in filing tax returns and can help you get the most out of your tax return.

Continue reading to explore our process of filing tax returns in Australia, securing tax refunds and how hiring our tax consultants can be a game changer for you.

A tax consultant, also known as a tax advisor, is a financial professional with in-depth knowledge of Australian tax laws and regulations.

They specialise in preparing and lodging tax returns and advising and assisting on tax-related matters. These tax experts help individuals and business owners comply with the latest tax laws and maximise deductions and credits for financial benefits.

Moreover, they stay updated with the latest tax legislation and ATO guidelines to navigate complex financial planning and legal compliance.

Tax consultants play multiple roles, like advisors, planners, and more. Here’s a breakdown of a tax consultant’s primary responsibilities:

Tax Planning: Offering strategic advice on how to minimise tax liabilities.

Tax Filing: Preparing and submitting tax returns accurately and timely.

Compliance: Ensuring all tax-related activities comply with the latest laws and regulations.

Audit Support: Assisting clients in case of tax audits or disputes with tax authorities.

Financial Advisory: Guiding on investments, savings, and financial planning to optimise tax outcomes.

By performing these tasks, a tax accountant significantly saves time and reduces stress and tax refunds.

Filing tax returns in Australia involves several intricate steps, and a tax consultant can streamline this process for you:

• Initial Consultation:Understanding the client’s financial situation and tax obligations.
• Data Collection: Gathering all necessary documents such as income statements, expense receipts, and financial records.
• Tax Calculation:Using specialised software to calculate the accurate tax amount based on provided data.
• Form Preparation: Fill out the required tax forms with precision.
• Submission: Electronically submitting the tax returns to the Australian Taxation Office (ATO).
• Follow-Up:Monitor the status of the submitted returns and address any queries from the ATO.

A good tax consultant can help get you a larger refund and strategic tax guidance to minimise tax pay in the coming time. Mentioned below are the ways how our experts get the best possible refunds:

Identifying Deductions: Detecting all possible deductions and rebates to reduce taxable income.

Claiming Credits:Ensuring eligibility for various tax credits and claiming them accurately.

Error-Free Filing:Reducing the risk of errors, which can delay refunds, by ensuring accurate and complete submissions.

Timely Filing:Ensuring that tax returns are filed before deadlines to avoid penalties and interest charges, which can affect refunds.

According to the new figures from the ATO, the average tax refund for 2024 tax returns is around AU$2,500. (This number can fluctuate as more people lodge)

But how much your Australian tax refund will be entirely depends on several factors, such as:

Income Level:Higher income may result in fewer deductions and rebates.

Eligible Deductions:Expenses related to work, education, or charity contributions can impact refunds.

Tax Credits:Various credits, such as the Low Income Tax Offset (LITO), can increase refunds.

Filing Accuracy: Any errors or omissions can delay or reduce refunds.

Tax Paid: The amount of tax already paid throughout the year can affect refunds.

Hiring a tax consultant offers numerous advantages, including:

• Expert Knowledge
• Time-Saving
• Maximised Refunds
• Reduced Stress
• Audit Support
• Personalised Advice

Handling the challenges of tax filing can be challenging, but with the help of a tax consultant on your side, you can streamline the process and secure a reasonable refund.

At Zimsen Partners, we offer professional accounting and tax services to individual and small business owners to make tax season a breeze.

We have a team of experienced tax consultants with comprehensive knowledge of Australian tax laws and specialisation in handling diverse tax situations.

Contact us today, and our tax team will help you file taxes hassle-free and get back the maximum tax refund available.