It's not enough to just send a few figures to the ATO when you lodge your company tax return. It involves keeping accurate records, understanding which deductions your business is eligible for, and complying with the regulations set by the Australian Taxation Office. Many business owners weigh the cost of managing their own tax return against hiring a registered tax accountant. Here’s a clear look at both options.

How Much Does It Cost to File Your Own Business Taxes?

If you do it yourself, it might not cost much, maybe just the cost of tax software. That normally costs between $0 - $150, depending on the features. But there are some hidden fees that you should think about:

• Time: You will spend hours getting papers together, learning the regulations, and looking for mistakes.
• Risk: A tiny mistake might mean ATO fines, late filings, or missing deductions.
• Stress: Tax laws change a lot, especially for businesses. Keeping up with things is a full-time job.

It's fine to do your taxes for minor things, but business tax filings are usually more complicated than personal ones.

How Much Does It Cost to Hire an Accountant?

It costs between $1,000 and $3,000 on average to hire an accountant to do a business tax return in Australia. This changes depending on:

• The size and structure of the business
• Number of deals
• Quality of bookkeeping
• Requirements that are specific to the industry

We are honest about our prices at Ashmans, Please reach out to our team to get a tailored no fluff cost for you.

What Do You Really Get When You Hire an Accountant?

When you hire a trained accountant, you're not just paying for them to file your taxes; you're also paying for

• Following the rules and being correct: Stay away from fines and missing ATO deadlines.
• Tax minimisation: Good accountants can assist you in lawfully lowering the amount of money you have to pay taxes on.
• Advice: You'll get smart ideas on how to make more money for your business.
• Save time: Let us take care of the tax details while you operate your business.

A well-prepared return can frequently pay for itself through savings and ease of mind.

Why Doing It Yourself Isn't Always Cheaper

A lot of firms think that doing things yourself saves money. But it could end up costing more in the long run:

• Audits can happen if you file your taxes wrong.
• Not taking deductions means you leave money on the table.
• If you waste time, you won't be able to focus on building your business.

If you don't know how to do your taxes, the expense of doing your own taxes involves risk, not just time and labour.

When DIY is a Good Idea

• Your finances are fairly simple because you're a lone trader.
• You already utilise cloud accounting software that gives you real-time data.
• You know the current ATO rules because you've done it previously.

If you own a business with employees, inventory, or more than one source of income, DIY is not worth the risk.

Last Thoughts

It could appear like doing your own business tax return is a good way to save money, but the dangers and hidden expenses usually outweigh the benefits. When you hire an accountant, you can be sure that your return is correct, follows the rules, and gets you the most money back.

We help businesses in Adelaide file smarter, not harder, at Ashmans Accounting. We offer tax solutions that are tailored to your business's demands and budget.

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