Do I need an accountant to do my tax return?

Depending on whether your finances are straightforward or more complex, you may choose to do your tax return yourself or engage a professional.

If you have multiple sources of income, various investments, possibly your own business or have lots of deductible work-related expenses, using an accountant (who’ll need to be a registered tax agent1) to prepare and lodge your tax return may be useful.

However, if the only income you earn is from your employer and you don’t have many deductions to claim, or investments you’re making money on, you might choose to lodge your tax return online yourself via myTax, which is accessible through the Australian Government’s myGov website.

If you’re not sure which way to go, here are a few pointers that might help you with your decision.

Lodging your tax return yourself

If your finances are relatively simple, you might consider lodging your own tax return (which you’ll need to do by 31 October, for the previous financial year), while saving money on what a registered tax agent might charge you.

According to the Australian Taxation Office (ATO), the benefits of lodging your tax return online via the myTax system is it’s safe, secure and most of the information from your employer, bank and government agencies will be pre-filled for you by around late August2.

Meanwhile, even if your situation is a little more complex, you can still use myTax if you have investments, rental properties, capital gains or are a sole trader3.

On top of that, the service is available all day, every day so you can lodge your return at anytime and you’ll generally get your refund within two weeks, which may be faster than doing it another way4.

Engaging a registered tax agent

If you do want to use a registered tax agent to prepare and lodge your tax return, it’s important to note you will pay a fee for their service, but it’ll typically be deductible in next financial year.

Note, tax agents must be registered with the Tax Practitioners Board (TPB) and you can find a registered tax agent or check whether a person is registered by visiting the TPB website5.

If your finances are more complex, going down this path may provide you with peace of mind, as it could save you time, highlight deductible work-related expenses you didn’t know about, while ensuring all your claims are legitimate.

On top of that, most registered tax agents have a special lodgement program, which means they can usually lodge returns for their clients after the usual 31 October deadline, but you’ll need to contact them beforehand to ensure that’s something you can take advantage of it you want to.

Other things to note

Whether you plan to lodge your tax return yourself, or use a professional, you can use the myDeductions tool in the ATO app to save a record of your deductions throughout the financial year, which you can upload at lodgement time.

To ensure you’ve got all the relevant information you need ahead of filing your tax return, check out the ATO’s tax time checklist and for a refresh around some of the things you can claim, check out our article - Work expenses – what you can claim on tax.

 

1, 5 ATO – Lodge with a registered tax agent paragraph 1
2, 4 ATO - Lodge online (Benefits of lodging with myTax)
3 ATO MyTax replaces e-tax paragraph 2

Explore your goals

Try our online tool to explore, prioritise and create your own goals timeline.

Start exploring

Are your details up to date?

We’re giving away an iPad mini every month. Simply update your contact details today for a chance to win.

Update details now

Discover a new way of banking

Imagine a bank account that helps you keep on track and tells you what's safe to spend.

Learn more

Want to keep up to date with the latest news? Sign up and be in the running to win 1 of 5 $300 Visa gift cards. T&Cs apply.

Sign up now

Recommended articles

Important information

Show more

This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

AMP Bett3r Account is issued by AMP Bank Limited ABN 15 081 596 009, AFSL 234517. Consider the terms and conditions available on request by calling 13 30 30 or at amp.com.au/bett3r and whether this product is appropriate for you. Fees and charges apply.

Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.