How a Personal Tax Accountant Can Help You Save Money
Paying taxes is a fundamental duty of every citizen. Whether we realise it or not, taxes touch all aspects of our lives. Even if you’re not directly taxed on your income, you’re contributing in other ways—every time you buy something, from a packet of cookies to a bottle of oil, you’re paying taxes that help fuel the nation. In one way or another, we’re all part of the system that keeps our country running smoothly.
It’s clear from the guidelines released by the authorities that anyone who falls within the tax bracket must fulfil their tax obligations. Failing to do so could result in penalties. Compliance is not just a responsibility but a necessity to avoid legal consequences.
So, it’s better to pay your taxes on time, and if you want to find any way to save money from taxes, hire a personal tax accountant.
Below, we will discuss how experts can help you save money, but before that, it is essential to understand the tax slab in Australia.
Income Tax Slab in Australia 2024-2025
| Taxable income | Tax on this income |
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 16c for each $1 over $18,200 |
| $45,001 – $135,000 | $4,288 plus 30c for each $1 over $45,000 |
| $135,001 – $190,000 | $31,288 plus 37c for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45c for each $1 over $190,000 |
After considering the information above, it’s wise to start paying your taxes promptly if you fall within the tax bracket. To optimise your time and potentially save money, consulting with an experienced accountant is highly recommended.
Role of Personal Tax Accountant in Saving Money
Today, you might find people who do their bookkeeping and accounting. There are many reasons why this is done – the most common being that they want to save money doing so. Of course, saving a couple of hundred pounds on retainer fees is an enticing prospect, but there are also chances of you making a big mistake in filling the tax and not filling it as per the guidelines.
Hiring an expert is a better and easier way to save money while ensuring the task is handled perfectly.
Here are a few ways an accountant can save you money:
They free up your time: Doing bookkeeping, taxes, and financial statements is time-consuming. It might take a few days and a few hours every day because time is money, so the more time you spend on secondary tasks, the more your primary tasks may be delayed. And these are the core tasks that will generate money for your business.
But the entire scenario can be changed. You will be free to do your core tasks the whole day; if you let a professional do this for you, they will take half the time to do all your finances. Would you waste your time when you could be doing what you do best and what you enjoy?
Finding deductions: Are you aware of all the government programs in your country? Your answer would be no. Similarly, you may be unaware that your business is eligible for savings or benefits. Since business accountants are typically knowledgeable about the industries they operate in, they should be able to provide strategic financial recommendations based on your company’s size, staffing level, and other particulars.
They advise on investments: An accountant can assist you in understanding your possibilities if you’re interested in investing. They can assist you with starting a business from the bottom up, helping you with planning and goal-setting, forecasting and budgeting, and setting prices that will boost your profit margin. Make sure you utilise their expertise, as this is just a small sample of their consulting services.
Summary:
Getting assistance from a Personal Tax Accountant saves you valuable time by completing your tax returns for you, advising on which tax deductions you can claim, and more.
So, if you were not getting the help of experts and doing it all by yourself This year, let this stress not haunt you at the time of tax filing; visit your Armando Cirillo and co. to get help from an experienced accountant. Give them a call today!
