Why use a qualified, experienced tax accountant?
Have you ever thought about having a professional CA/CPA review your tax return? Whether you prepare and file your tax return yourself or used a non-CPA tax preparer, there are numerous benefits to having a CA/CPA tax professional review your return.
Here are five reasons to consider it:
- Access to Audit Representation: Simply having a non-professional doesn’t guarantee you audit representation if it arises. Working with a CA/CPA for a review and potential amendment of your return can provide you with the assurance of audit representation if you were to be audited by the ATO.
- Ensure you claim all deductions: With the multitude of deductions available, it’s easy to miss some when filing your return, having a professional CA/CPA examine your return can help ensure that you claimed all the deductions you are entitled to. If any were overlooked, an amendment can be filed to secure an additional refund.
- Correct any errors and avoid penalties: A tax return review may reveal errors in your return that require correction. While discovering you owe more to the ATO is not ideal, it is far better to address these errors proactively rather than facing any penalties and potential audits if they’re identified by the ATO later on.
- Gain your own further tax knowledge: Many taxpayers find filing their return to be a guessing game, lacking confidence in their understanding of the tax environment. By having your return reviewed by a professional CA/CPA, you can gain valuable knowledge about your specific tax circumstances. You’ll learn about qualifying deductions and identifying mistakes made in your return. This newfound understanding will equip you with greater confidence for future self-filing endeavours.
- Reviewing multiple returns: It’s not only the previous year’s return that can benefit from a review and potential amendment. Generally, returns from the past three tax years can be amended. By bringing in multiple returns, whether prepared by a non-CA/CPA or self-filed, you can ensure that any and all qualifying deductions were claimed accurately, and that income and expenses were reported correctly on older returns.
The expertise, education, and experience offered by a professional CA/CPA are invaluable when it comes to tax matters. If you’ve been filing with someone other than a certified public accountant, consider reaching out to have your previously filed returns reviewed. You might be surprised by the number of errors that can be identified and corrected on your old returns. Want to find out more? Give us a call on 9853 4754 or send us an email via info@larkinpartners.com.au