Top Advantages of Lodging Your Tax Returns Early
If you have been waiting until the last week before the deadline to file your tax returns, it's about time you changed that. This is certainly something that won't happen when you hire professional tax accountants who recognise and appreciate the benefits of filing early.
Some of these advantages that you will get to enjoy with early filing include the following.
Get the Tax Accountants You Want
Tax accountants are at their busiest towards the deadline for filing returns. Other people and businesses are probably doing what you have been doing and waiting until the last minute, ensuring that tax accountants have their work cut out for them.
Make arrangements to file early, and you won't have to worry about not being able to get on your preferred accountant's schedule. Competition for accessing the accountants will only become higher as the deadline approaches. Similarly, some accountants will even charge higher for their services during this rush hour. You can avoid the extra stress by ensuring they get started on your returns as early as possible.
Get Your Refund Sooner
Based on their working understanding of ATO's refund assessments and processing times, expert tax accountants can advise you on whether you'll be getting a tax refund, and when it will arrive. The amount you get in tax refunds can be a great boost to your business, and you can start planning for it.
The sooner you file, the sooner you can receive your refund and put it to use. After filing online, or through tax accountants or agents, your refund will generally be available within two weeks.
Get Time to Plan For Paying Tax Bill
Instead of getting a refund, things might be the other way around with you owing ATO money. This is especially true if yours is a sole proprietorship and you have not been remitting your Pay As You Go (PAYG) instalments throughout the year. You may also get a tax bill if no tax was withheld from other income sources.
Filing your returns early means you will get your tax bill sooner. You will have some time to secure the funds and plan on how to offset this bill. Tax accountants will advise you to pay it off early to avoid interests and penalties.
Earlier is always better with filing tax as highlighted. You should get in touch with qualified tax accountants as soon as possible to enjoy these and more advantages.