Tax return 2009: Do you need an accountant?

Whether you should go to an accountant with your tax return depends mostly on your individual needs but the final decision should rest with how complex your tax issues are and how confident you feel about doing your return yourself.

Tax return: Using an accountant

Depending on your situation, you may not need to use an accountant or tax agent to process your tax return. If your financial affairs are very simple, you can probably do it yourself but it's a good idea to use an accountant if:

You have business interests
You intend to negatively gear property
You have generated income from share and other investments
You have a problem with capital gains taxes

Basically, the degree of complexity involved with completing your tax return should be your guide as to whether or not to use an accountant. Just make sure the one you choose is fully trained and registered with the Tax Agents' Board. If your accountant has such letters as CPA (Certified Practicing Accountant) or ICA (Institute of Chartered Accountants) after their name then you're on the right track.

While accountants do charge a fee for the service the good news is that you can claim the fee the following year. The main thing is though, that if you're a bit unsure of how to do your return, using an accountant can release you from the stress of trying to get it right on your own.

DIY tax returns

If your situation is fairly straightforward and you are confident that you can complete your own tax return competently then by all means do it yourself.

The advantages of doing your own tax return are that you aren't lumbered with a fee and you can do it at your leisure. The Tax Pack should be all you need as far as assistance goes and you can even opt to go online to access e-tax which is even faster!

Which ever way you choose to go, just make sure you get your tax return in on time to avoid a penalty. You have until October 31 2009.