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5 Benefits of using a tax professional

Well, it’s that time of year again. The time to round up your receipts and get ready to lodge your personal tax return. But let’s face it - unless you’re a tax professional, doing your taxes isn’t likely to be top of your list for the most relaxing or fun things to do. It can be confusing, time-consuming and stressful, which is why so many people turn to a professional for help.

So what exactly will a tax professional do to take away the pain? Here are 5 top reasons you should consider getting help with your personal tax return this year.

1. They know everything there is to know about tax

Have you ever been trying to do your tax and realised you don’t know what the question is asking? Or thought, ‘it doesn’t matter if I don’t have a receipt for that, right?’ All of the questions you have about tax can be answered immediately when engaging a tax consultant for your return. Their job is to understand tax law which in turn helps you get the most out of your return.

2. Save yourself heaps of time

What’s the difference between doing tax yourself and hiring a consultant to do it for you? The amount of time you get back in your day! This is a big one for many people. So if you’re time-poor, work long hours, are raising a family or just don’t want to waste precious minutes trying to navigate the ATO, then hiring someone to do this on your behalf can be a real win.

3. Avoid costly mistakes

When it comes to tax, there can be a lot of industry jargon and terminology used that you might not be familiar with. With this comes a higher chance of making a mistake in your return when you’re navigating it on your own. By engaging one of our tax professionals, we will be able to make sure your tax return is compliant to tax laws, is submitted on time and doesn’t contain any errors. We’ll guarantee you get everything you’re entitled to, to get the maximum refund. If you find an omission that permits a bigger refund or reduced tax liability, we’ll refund your return fee and file an amendment at no cost.

4. Get personalised support and advice

Tax professionals don’t have to be a one-time thing. In fact, working with a tax consultant and developing a long-term relationship with them can be super helpful when it comes to things like starting a new business, venturing into real estate, or dealing with compassionate or family-related legal matters. Tax consultants can give you highly personalised support that comes from their knowledge of your personal financial situation.

5. It’s tax deductible!

And last but not least, the bill for your tax professional is 100% tax deductible - which means the cost comes off your taxable income. And when you’ve saved time, effort and headaches already, this is practically a win-win!

Our expert tax professionals are here for you for all your tax needs. Plus when you become an ITP customer you instantly gain access to Privilege Plus benefits like a guaranteed maximised return, professional service, ATO inquiry assistance, 100% satisfaction and ALL YEAR support. If you’d like help with your personal tax return, contact our friendly team of professionals at ITP Qld here.