Start paying less tax
The ATO has made it simpler for people to complete their own tax return online, without the assistance of an accountant or tax consultant. Once an account is set up via the myTax website it becomes easier each year as the online system can pre-populate information from the previous year, such as health insurance and salary.
However there are situations where the help of a professional tax adviser is important to avoid negative tax consequences that could have repercussions over several years.
Consider seeing an accountant if your finances become more complex:
- You have multiple income streams – i.e. Income from salary plus investments or super income streams or income from the sale of assets or income from an inheritance.
- You begin to invest in assets such a property or shares.
- You cohabitate with someone (de facto or marriage) and merge your finances.
- You you get divorced or leave a de facto relationship and need to split assets and income and possibly provide for children or other dependants.
- You need to set-up a new business structure for receiving income.
- You receive a lump sum payment such as a redundancy package.
- You are relocating to Australia from another country or vice versa.
This is when a tax accountant can help improve your overall tax position by creating the right structures for distributing income, assets, cost and debt over time.
If any of the situations listed above apply to you, it’s important to seek professional advice before lodging your tax return at the end of the financial year.