Why Every Australian Freelancer Should Have an Accountant
If you have worked as a freelancer or contractor, you may be familiar with a headache that comes with filing income tax returns for the financial year. Between managing clients, sending invoices and actually getting some work done, finding time to undertake your own administration and bookkeeping can be difficult. Some freelancers/contractors may have experience on how complex freelance/contractor tax can be and just how detrimental the results can be if not dealt with correctly. Engaging an accountant can change your entire individual tax experience, and here’s some examples of how:
It saves you time
Transferring financial upkeep to a professional allows you to continue doing what you do best – working. You won’t need to worry about spending days on end trying to figure out what tax rules apply to you and what doesn’t because your accountant will already know.
Using an accountant can help you keep more of your money
Your accountant can advise which of your business expenses are necessary and those that may help minimise unexpected tax obligations.
It is an investment
Although you can expect to pay a fee every year for accounting services, you can claim that expense in the following financial year. An Accountant undertaking these services for you will leave more time for you to focus on your work, generating income and not being involved in the administration required to submit your annual return.
Accountants are accessible
Accountants are not exclusively for the wealthy. The engagement of an Accountant for your freelance/contractor taxation matters involves finding the right professional who specialises in your field and meeting with them once or twice a year to provide them with your records. It is not necessary to have your Accountant on an annual retainer.
Using a file or spreadsheet to keep track of receipts, invoices and expenses in chronological order can make things a little easier for you and your Accountant. Contact Stones Sharp to find the right accountant for you before your next return is due.