Should I Hire a Tax Accountant?

One of the many questions prospective clients always have is whether or not to hire an accountant. True, not everyone will need an accountant. Still, many individuals and nearly all businesses can benefit significantly from hiring a tax accountant on the Gold Coast, such as Grow Advisory Group. Individuals with more complicated tax returns, those that may have investments such as shares, properties, and secondary streams of income, in particular, will avail of the services of a tax accountant. If we look at the statistics for businesses, it’s evident that the majority also value a tax accountant.

According to NAB’s Key insights into the Australian accounting industry Report, 52% of Australian businesses use accountants for tax return preparation and 40% turn to accountants for tax planning.

If you’re not sold on the idea of hiring a tax accountant on the Gold Coast, then please continue reading. We will dive into tax accounting and accountants, looking at the pros and cons so you can make an informed decision as to whether or not hiring a tax advisor will be beneficial to your needs.

What does a tax accountant on the Gold Coast do?

Most people think the role of an accountant is to prepare tax returns solely. While the said report above deems this to be the number one reason why businesses seek accountants, it is far from a tax accountant’s full capabilities.

Tax agents perform many other tasks, including:

• Review operating costs, income and expenditure of a business
• Formulate strategies to defer or eliminate tax payments
• Provide tax advice on business structures and operations
• Inform clients of changes in tax regulations
• Preparing presentations and reports on possible tax situations
• Value financial risk of capital investment projects and cash flow
• Coordinate audits with taxation authorities
• Set up and manage cloud-based accounting systems
• Provide reassurance on the accuracy of financial reports and their compliance requirements

What are the benefits?

Hiring a tax accounting professional is very beneficial for individuals and businesses on the Gold Coast. The most significant benefit is that they offers peace of mind. Peace of mind knowing that you don’t have to stress about tax or having the time to file your tax return correctly and, most importantly, they have done everything they legally can to minimise your taxes. Hence, the second biggest benefit; is that they can maximise your tax deductions, which leads to a larger tax return.

These benefits alone should provide reason enough to know if you should hire a tax accounting professional or not. Yet, there are more benefits to avail. An accounting company like Grow Advisory Group will save you valuable time and a lot of stress. They have intimate knowledge of tax laws and compliance regulations and can use this to your advantage.

Why hire Grow Advisory Group?

Grow Advisory Group is a highly competent, expertly skilled accounting firm on the Gold Coast that specialises in tax accounting.

We have three convenient locations: Tweed Heads, Varsity Lakes, and Nerang, and offer our tax accounting services to both individuals and businesses on the Gold Coast. With a team of experienced tax agents on hand, we have the know-how to review your current financial situation, along with your short-term and long-term goals, and devise a tax-efficient strategy to help reduce your tax bill and maximise your tax returns.

For us, the key to lowering your tax liabilities lies in a well-formed, long-term plan. To discover what strategy we would put in place for you, contact our offices for a no-obligation, free consultation.

Conclusion

Should you hire a tax accountant on the Gold Coast? Absolutely! Of course, we are biassed but statistics show that the majority of businesses believe tax advisors are helpful, and you should too. There are many benefits to take advantage of, not just for businesses but for individuals as well. The biggest has to be the fact that it will ultimately save you time and money. It will reduce stress and ensure you pay as little tax as possible and gain the maximum tax return, and who doesn’t love that?

See how we can help you by arranging a free meeting today.

Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.