A personal tax accountant is a trained professional who helps individuals manage and lodge their tax returns. They make sure your tax is done correctly and on time.
Their main job is to help you comply with the Australian Taxation Office (ATO) rules while finding ways to reduce the amount of tax you pay legally.
Why Use a Personal Tax Accountant?
Many people try to do their own tax returns using online tools or myGov. While that works for some, it’s easy to miss deductions or make mistakes.
A personal tax accountant has expert knowledge. They understand the latest tax laws and can make sure you get the best possible refund or pay the least amount legally required.
Who Needs a Personal Tax Accountant?
Anyone can benefit from using a personal tax accountant, but it’s especially useful if:
- You work multiple jobs
- You earn income from investments
- You have a rental property
- You’re self-employed or a sole trader
- You’ve had big life changes (marriage, children, moving)
- You want to make sure your return is done right
Even if you think your return is simple, a professional can often find extra deductions you didn’t know about.
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What Can a Personal Tax Accountant Do for You?
A personal tax accountant can help with more than just tax returns. They can:
- Check your income is reported correctly
- Find all legal deductions and tax offsets
- Help with capital gains from shares or property
- Advise on work-from-home or travel expenses
- Help manage tax debts or ATO letters
- Plan ahead for next year’s tax
They can also represent you if the ATO audits or contacts you for more information.
Common Tax Deductions You Might Miss
One of the biggest advantages of working with a personal tax accountant is uncovering deductions you might miss.
These can include:
- Home office costs
- Work-related travel
- Tools and equipment for your job
- Self-education expenses
- Union or membership fees
- Donations to registered charities
A tax accountant knows what you’re allowed to claim and ensures you have the records to back it up.
What to Bring to Your Appointment
To get the most out of your appointment with a personal tax accountant, bring as much relevant information as possible, such as:
- PAYG payment summaries or income statements
- Bank statements showing interest earned
- Investment income records
- Rental property income and expenses
- Receipts for work-related deductions
- Details of any assets sold
- Medicare and private health insurance info
- Last year’s tax return
The more prepared you are, the more accurate and effective your return will be.
How a Personal Tax Accountant Saves You Money
Hiring a personal tax accountant may cost a fee, but they often help you get a better refund or avoid paying more tax than necessary.
Here’s how they save you money:
- Maximising legal deductions
- Avoiding costly mistakes
- Reducing the chance of ATO penalties
- Helping you claim overlooked tax offsets
- Giving you advice to plan for the future
Plus, their fee is tax-deductible next year, so it pays for itself.
When Should You See a Personal Tax Accountant?
The best time to see a personal tax accountant is between July and October each year right after the financial year ends.
However, you don’t have to wait for tax time. You can meet with a personal tax accountant throughout the year to:
- Get help with record keeping
- Plan for a major purchase or investment
- Manage cash flow and budgeting
- Understand tax implications of financial decisions
Planning ahead often leads to better results.
Why Choose Nanak Accountants?
At Nanak Accountants, we offer expert personal tax services to individuals across Australia. Whether your tax situation is simple or complex, we’re here to help.
Our team is friendly, experienced, and always up to date with the latest ATO rules. We take the time to understand your needs and explain things in plain English.
Services we offer include:
- Individual tax returns
- Sole trader tax returns
- Investment and rental property tax
- Tax planning and advice
- ATO correspondence help
We make tax time easy, stress-free, and more rewarding.
Book an Appointment Today
Don’t leave your tax return to chance. Book a meeting with a trusted personal tax accountant at Nanak Accountants today.
Whether you’re an employee, contractor, or investor, we’ll help you get it done right on time, with the best possible result.
