Hi
I'd like to get reader experiences on ATO audits when it comes to Property Investing – Im thinking of doing my own tax returns but dont know how complex they really are so would be great to get your feedback, experiences on what they usually pick up on, what to look out for. E tax looks pretty comprehensive but would be useful to get others opinions.Many thanks
Tax is an very complex field especially if you’re not sure what you’re doing.
The big cost for a tax return is making your accountant sort through a mass of paperwork and calculate everything.
If you keep good records, file them properly and do a summary sheet of your income/expenses it will cost very little to have an accountant do it for you and get it right. All they have to do is plug in the numbers which takes 5-10 minutes.
If you do your own tax you have to do all the legwork anyway. The upside is for a small fee it is done correctly and you avoid any issues, plus you have access to your accountant’s knowledge which will probably save you tax in the long run.
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