Oneflare
Updated July 11, 2024 |
5 minute read
Hiring a tax agent for support costs between $100 and $290 for standard returns. The fee can increase if you have more complex financial reports involving multiple businesses and investment properties.
Meticulous text accounting and preparation are crucial for individuals and businesses to comply with tax laws and report their financial activities. If you need help navigating the tax season, here’s how much a tax accountant costs in Australia.
The cost of a tax accountant varies according to state, company structure, and more. By hiring a capable and, more importantly, reliable tax accountant, you’ll see a considerable difference in retained funds for personal or corporate use. The cost of a tax accountant can vary around Australia. Below is the average cost to hire a tax accountant in different states.
State | Average Tax Accountant Cost |
NSW | $220 |
VIC | $195 |
WA | $77 |
SA | $180 |
QLD | $150 |
Tax accountants are a boon during the End of Financial Year (EOFY) period, especially if you want to receive the highest tax refund. However, tax accountants are only helpful if you hire the right one for the right price at the right time. The deadline from the Australian Taxation Office for tax returns is Tuesday, the 31st of October, 2023.
You might need a tax accountant if your financial situation has become complex. Perhaps you have started a business, received significant investment income, or acquired various properties. Essentially, tax accountants can be helpful in comprehending the intricacies of tax laws and taking advantage of available deductions and credits.
You might also need a tax agent if you lack the time to manage your taxes effectively. And if you’re an entrepreneur, a tax accountant can provide expert guidance on business tax planning, payroll taxes, sales tax, and other specific obligations, ensuring compliance with relevant ordinances.
Depending on the inclusions of your tax return, there could be additional costs to consider. The average costs of other primary tax services are as follows:
Tax Accounting Service | Cost |
Tax return | $100–$390 |
Business advisory | $150–$800 |
Bookkeeping | $90–$300 |
BAS Lodgement | $150–$450 per quarter |
Tax accountants can assist in uncovering as many deductions as possible for individuals and businesses seeking to receive big refunds at the end of the fiscal year. For details on how to claim your expenses due to working from home, refer to this guide.
Some accountants can function as advisors who help businesses and individuals understand and adhere to ever-changing tax laws, reducing the risk of costly penalties or audits due to non-compliance. With business advisory services, you can focus on your core business operations and spend less time worrying about your tax obligations.
If your business is registered for goods and services tax (GST), you might need to hire a tax accountant to file your business activity statements (BAS). BAS reports are filed monthly or quarterly and include information about GST, pay as you go (PAYG) instalments, PAYG withholding tax, and other obligations. A tax accountant can help ensure your reports are accurate and timely filed.
Tax accountant fees in Australia depend on the accountant’s fee structure, but the common factors that can impact the price include the following:
The complexity of your situation is a significant factor in determining the fees charged. For example, tax returns involving multiple income sources, investments, and rental properties require additional time and expertise to prepare and file accurately. As a result, the fees are likely to be higher.
The work needed to prepare and file your tax return influences the fees. This can include gathering and organising your financial information, reviewing supporting documents, calculating deductions and credits, and completing the necessary forms.
The overall fees will be higher if you need additional services, like those mentioned above, that fall beyond tax return preparation. These can also include tax planning, business consulting, or representation during an audit or investigation.
The tax accountant’s qualifications and expertise can influence their fees. Experienced accountants charge higher prices due to their expertise and the value they bring to the table. Discuss and clarify the fee structure with your potential tax accountant before requesting their services to ensure transparency is wise.
Most accountants are likely to have completed a university degree or diploma; having one of these qualifications can contribute to deciding whom to hire. Also, check if the accounting business belongs to an accounting association, such as Chartered Accountants Australia & New Zealand, which will further prove their abilities and trustworthiness.
By reading testimonials, you can get a good idea of what it’s like to work with a tax accountant and decide if they suit your needs – whatever they may be. Look for reviews that match the service type; for example, if you plan to hire a tax accountant to complete and lodge a tax return, it is best to check reviews related to tax return services.
Finding someone you can work with who understands your situation and how you operate as a business or individual is extremely important, as the person you choose will be helping you make important life choices. Rather than seeing them as a once-a-year necessity, the right accountant should be able to provide you or your business with long-term financial advice and support.
To receive the most accurate quote, include as much information about the job as possible.
If you’re seeking the services of a reliable and experienced tax accountant, consider including the following to get a cost estimate for their services:
Based on the above information, ask for a detailed cost estimate for their services or payment structure. Additionally, have them include their terms and conditions and other necessary information regarding their process.
Hiring a tax professional depends on your specific needs and business situation. Once you find the right tax accountant, your end-of-financial-year stress will subside significantly. In fact, you can even look forward to significant returns!
* The cost data is based on Oneflare and third-party sources
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