Meticulous tax accounting and preparation are always essential for individuals and businesses to stay compliant with the law and accurately report their financial activities. But how much does a tax agent cost if you need external support? In Australia, expect to pay between $100 – $280 for standard returns and higher for complex situations involving multiple businesses and investment properties.
Read on to better understand tax accountant costs in Australia and smoothly navigate this tax season.
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|
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 services are as follows:
|Tax Accounting Service||Cost|
|Tax return||$100 – $280|
|Business advisory||$150 – $800|
|Bookkeeping||$90 – $300|
|BAS Lodgement||$150 – $250 per quarter|
Hiring an accountant for tax returns is convenient on Oneflare. 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 that your reports are accurate and filed on time.
Tax accountant fees in Australia typically 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.
If you need additional services, like the ones mentioned above, that fall beyond tax return preparation, the overall fees will be higher. These can also include tax planning, business consulting, or representation during an audit or investigation.
The tax accountant’s qualifications and reputation can influence their fees. Highly experienced accountants charge higher prices due to their expertise and the value they bring to the table. It is wise to discuss and clarify the fee structure with your potential tax accountant before requesting their services to ensure transparency.
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 are planning 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:
Ask for a detailed cost estimate for their services based on the information provided above. Additionally, have them include their terms and conditions and payment structure, as well as necessary information regarding their process. 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! Find a qualified service provider on Oneflare today.
Single income with simple deductions
Quoted by Perera & Company Tax Accountants
3 BAS statements dating to 2017
Tidy up tax obligations for ceased company
Quoted by Evolve Tax & Business Services
2 rental properties
Capital gains and deductions
Quoted by Tax on Taurus