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Thread: Tax DIY vs Accountant.

  1. #1
    Senior Member Leon241's Avatar
    Join Date
    Feb 2012

    Default Tax DIY vs Accountant.

    Ok, this is my first full financial year in operation. I am a sole trader and income and expenses are pretty even. I use Keep It Easy for my accounts, and at tax time, I am unlikely to be making a profit.

    I have an accountant I saw last year at tax time, but as I made a loss, I paid no tax so got none back (duh!).

    My accounts and equipment are pretty simple and tidy, so I'm considering doing my tax myself this year and saving on the expense. It's not huge ($160approx), but I can see no real benefit to going to a professional this year.

    Thoughts please?!
    The Peppercorn Tree

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  2. #2
    Senior Member happymowin's Avatar
    Join Date
    May 2011

    Default Re: Tax DIY vs Accountant.

    the thing with accountants is they know what losses can be carried forward, what equipment needs writing off over several years, i would say go to one and do it right from the start,

  3. #3
    Senior Member bb1's Avatar
    Join Date
    Apr 2007
    Beaconsfield, Victoria

    Default Re: Tax DIY vs Accountant.

    Definetly accountant, I do all the day to day entries, balancing, BAS, etc. But let the accountant do the end of Year Tax. He does a quick check of what I have done during the year, and always comes up with a couple of areas where I can get a little extra. Worthwhile to get it right

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