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Should I hire an Accountant for my taxes?

Completing your tax returns yourself has become easier over the years as employers, banks and other financial institutions have been required to report income to the ATO on your behalf which helps prefill your tax return. Additionally, doing your tax via MyGov is significantly easier than the old Etax system.


So, does that mean you should do your own taxes?


For very simple tax affairs whereby a person earns income solely from PAYG employment and works in an industry that does not create many allowable deductions, completing your own tax return is an option.


However, you should use an accountant in the following situations:


  • As a business owner

  • When you have entities such as companies, family trusts and Self Managed Super Funds

  • When you have investment properties

  • When you work in an industry with many allowable deductions

  • As a high income earner

  • If you find finances daunting or have little experience

  • If you are making contributions into superannuation excluding salary sacrifice

  • For business valuations

  • If you have sold an asset to calculate if a capital gain has occurred

  • If you have inherited assets

  • When you have franked dividend refund entitlements


Accountants will calculate and report the necessary information to that ATO on your behalf. It is best if you use an Accountant in tandem with a Financial Planner as we can help navigate the financial strategy and roadmap going forward and go beyond the areas of expertise of many accountants.


To partner either with an Accountant and/or Financial Planner, reach out to us at support@sourcewealth.com.au and we will connect you with the right professional to assist.



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