Highlights
- DIY your tax return if your work transactions are simple and straightforward.
- Hire an accountant if your transactions are complex, such as having several employers and having investments.
- Comfort and trust are important in a client-accountant relationship.
'May PERAan' is SBS Filipino's podcast series featuring financial experts seeking to answer the most common questions about money and finances.
According to tax accountant Mark Vecino, you can do your taxes by yourself if your transactions and earnings for the year are simple.
"Taxation in Australia is pretty straightforward," Mark says, adding, "As long as the nature of your activities are not complex, you can do your tax return by yourself. Just make sure you can dissect and remember all your important work transactions for the year."
When then are the instances would you benefit from the help of an accountant?
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Kakailanganin ba ng accountant sa pag-file ng tax return?
SBS Filipino
12:36
When to hire an accountant
Mark shares that before hiring an accountant, assess yourself as a tax payer and consider if your transactions for the year are complex.
"Do you have several employers? Do you have investments such as shares of stocks or time deposits? The more income-generating activities you have, the more complex your tax return gets and the more deductions you can claim. It's probably best to hire an accountant if this is the case, especially if you don't have time to do your taxes."
Benefits of hiring an accountant
"You're thinking about a lot of things, such as work, family and, everything going on in your life. Especially when you're time-poor, a professional accountant can help you organise your thoughts and guide you through what you need to add in and omit from your tax return," Mark shares.
Mark also says that deductions aren't all black and white.
"If you procrastinate or aren't interested in doing more research about deductions, having an accountant can benefit you."
What to look for in an accountant
Mark says that some fear that hiring a professional is expensive, but that this belief is not necessarily true.
"Know the fees involved and whether or not you will be taken cared of."
Qualifications are also important, with Mark sharing, "There are a lot of fly-by-night accountants out there. If the accountant you get is not qualified and pomises you the moon-and-stars but doesn't deliver, you'll be the one answerable to the ATO."
Mark emphasises that referrals are also helpful when it comes to hiring an accountant.
"Look at the accountant's previous work. It's easier to trust someone verified as a reliable professional by someone you know. Remember that what's important between a client and accountant is trust. When you find someone fit to do your taxes, it would be good if you could stick with that person. Comfort and trust are priceless."
Some other things to remember
According to Mark, while your partner's tax return is separate from yours and has nothing to do with your own taxes, the ATO will require information about your partner's net taxable income.
"The ATO requests for this information since it has to do with the entitlements you can receive from the government, such as whether or not you're entitled to a or or, if you should be charged the ."
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Disclaimer: This article is for general information only. For specific financial advice, you should consider seeking independent legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.
