Australian taxpayers are undergoing a revolution in the way income tax for individuals are handled.
There will soon be an option not to lodge a tax return and receive a flat refund of tax. This is likely to be around $500. The principal accountancy bodies have looked at this and it's interesting to note that they believe many tax payers will be out of pocket if they adopt this choice.
How returns are prepared and lodged is also going through a revolution.
Very few incopme tax returns are lodged in paper form now. Â
For many years Tax Agents have lodged through the electronic lodgement system (ELS) established by the Tax Office. In more recent years the Tax Office have established systems allowing tax agents access to their client's information to improve the accuracy and quality of returns prepared and lodged. This has certainly made the Tax Agents work more efficient. Through this system they can access other important client information to keep clients affairs in better order.
Several years ago the Tax Office established an electronic self lodgement service for taxpayers. The initial setup takes some time but taxpayers find the following year is much faster and easier with a significant amount of information pre-filled by the Tax Office from information employers and other institutions provide them.
Tax payers are now more time sensitive than ever and so the emergence of mobile tax accountancy practices is on the rise as is the on-line preparation services by tax accountants. Both services provide taxpayers with a higher degree of certainty that their return has been properly prepared than self preparation.
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The personal touch seems to still be a winner with many taxpayers and the convenience of the mobile tax accountant coming to them and completing the return on the spot can save many of them a lot of time. When taxpayers are well organised it is a real time saver and also a money saver. Â
The better value mobile tax accountants provide clients with a full copy of the tax return and provide full explanations of the tax laws during the interview and preparation of the return. Mostly the accountant can be gone within 30-40 minutes of arrival. The less experienced preparers may take a little longer and are not quite so good with explanations while they work as the old hands. Experience makes the difference. As the saying goes "experience talks".  Have a look at my services here - Mobile Tax Accountants Logan Brisbane Gold Coast Qld and compare them with what your accountant is offering.
If you find that your tax accountant, in any scenario, is "stumbling" it's likely they are not very experienced and you may choose to let them go. You should check the qualifications of the interviewer and preparer to ensure they are properly qualified to do the tax return. The "tax shops" often use staff that have minimal training and should probably be avoided if there is a Chartered Accountant or CPA practice available instead.
Tax is an important aspect of life. Failure to get it right can be costly.
Choose a tax adviser who is properly qualified, has supervised experience or is being supervised by an "old hand".
Businesses now also appreciate the value of mobile accountants because the senior people don't have to spend hours away from the business.
There will soon be an option not to lodge a tax return and receive a flat refund of tax. This is likely to be around $500. The principal accountancy bodies have looked at this and it's interesting to note that they believe many tax payers will be out of pocket if they adopt this choice.
How returns are prepared and lodged is also going through a revolution.
Very few incopme tax returns are lodged in paper form now. Â
For many years Tax Agents have lodged through the electronic lodgement system (ELS) established by the Tax Office. In more recent years the Tax Office have established systems allowing tax agents access to their client's information to improve the accuracy and quality of returns prepared and lodged. This has certainly made the Tax Agents work more efficient. Through this system they can access other important client information to keep clients affairs in better order.
Several years ago the Tax Office established an electronic self lodgement service for taxpayers. The initial setup takes some time but taxpayers find the following year is much faster and easier with a significant amount of information pre-filled by the Tax Office from information employers and other institutions provide them.
Tax payers are now more time sensitive than ever and so the emergence of mobile tax accountancy practices is on the rise as is the on-line preparation services by tax accountants. Both services provide taxpayers with a higher degree of certainty that their return has been properly prepared than self preparation.
Â
The personal touch seems to still be a winner with many taxpayers and the convenience of the mobile tax accountant coming to them and completing the return on the spot can save many of them a lot of time. When taxpayers are well organised it is a real time saver and also a money saver. Â
The better value mobile tax accountants provide clients with a full copy of the tax return and provide full explanations of the tax laws during the interview and preparation of the return. Mostly the accountant can be gone within 30-40 minutes of arrival. The less experienced preparers may take a little longer and are not quite so good with explanations while they work as the old hands. Experience makes the difference. As the saying goes "experience talks".  Have a look at my services here - Mobile Tax Accountants Logan Brisbane Gold Coast Qld and compare them with what your accountant is offering.
If you find that your tax accountant, in any scenario, is "stumbling" it's likely they are not very experienced and you may choose to let them go. You should check the qualifications of the interviewer and preparer to ensure they are properly qualified to do the tax return. The "tax shops" often use staff that have minimal training and should probably be avoided if there is a Chartered Accountant or CPA practice available instead.
Tax is an important aspect of life. Failure to get it right can be costly.
Choose a tax adviser who is properly qualified, has supervised experience or is being supervised by an "old hand".
Businesses now also appreciate the value of mobile accountants because the senior people don't have to spend hours away from the business.
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