Find an Accountant near you
The average rating for Bark Accountants is 4.95, based on 8,015 reviews
5/5
based on 8,015 reviews
If you earn money as an employee, then your employer is required to withhold the tax from your pay. That money will then be sent to the government on your behalf, and the details of how much tax you’ve paid will be shown on your payslip.
However, if you earn money through being self-employed or if you have any other income sources such as property or investments, then you’ll need to declare your earnings to the government. At which point, the government will calculate how much tax you need to pay based on your reported earnings for that particular tax year.
You can either handle your own tax affairs or get an accountant to do it for you. Hiring an accountant will come at a cost. But what you have to consider is whether it’s money well spent, especially given the complexity of paying tax or even running a business in general. Here’s an overview of the service to help you make an informed decision.
Accounting
Accounts reconciliation
Accounting software setup & training
ATO payment plans & resolution
Bookkeeping
Budgeting
Business forecasting
Business start-up consulting
Business valuations
Federal & state tax correspondence
Financial statement preparation
Forensic accounting
Income tax preparation & filing
Lease vs purchase analysis
Payroll
Risk analysis
Succession planning & implementation
Tax planning
| Tax Income Threshold | Tax Percentage Due |
| Up to $18,200 | N/A |
| $18,201 - $45,000 | 19 cents for each $1 over $18,200 |
| $45,001 - $120,000 | $5,092 plus 32.5 cents for each $1 over $45,000 |
| $120,001 - $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
| $180,000+ | $51,667 plus 45 cents for each $1 over $180,000 |
If you earn less than $18,201 you won’t normally be subject to paying income tax. The first $18,200 you earn will not be taxed. Tax rates also do not include the 2% levy for Medicare, which is paid by most Australian taxpayers.
Different tax rates also apply for foreign residents, children and those on a working holiday.
Wherever you live in the world we can all safely agree that filing and paying tax is one of the least favourite jobs to sort out! A lot hinges on the forms being submitted correctly and on time, otherwise, you could face serious penalties. Even if your tax returns are relatively straight forward, such consequences can make the whole process feel very stressful.
An accountant will prepare and file your tax return, as well as helping you to plan for paying your tax bill. They help businesses of all sizes from startups to global corporations, making it an incredibly universal service.
While tax matters are one of the main reasons people use an accountant, it is by far the only service they can help you with. The list we mentioned above is just a handful of the wide range of skills an accountant can bring to the table. Though not every business will need every single service, what you have to consider is whether you have the knowledge and confidence to complete such tasks yourself.
Let’s take startups as an example. It can feel like a huge step to create a new venture. If you go to an accountant, they can help you put a plan together to see if your idea has legs or not, based on your startup costs and your predicted profit. Also, business budgeting and forecasting can help you get a better picture of your business health, regardless of whether you’re a new or existing business.
You may also be someone who has property or investments you require accounting services for. Having all the facts upfront about any associated costs or tax implications will help you stay in control of your finances.
When it comes down to the big question, only you can answer whether an accountant is a worthy investment or not. However, a top consideration should be how you are currently managing to complete all of your requirements such as tax filing, budgeting, payroll, dealing with government correspondence etc.
The reality of running a business is that the operations side of things can take up most of your time. In fact, you might struggle to get everything done in the day as it is. You may also lack the knowledge to complete all aspects of your accounting, or simply want to spend your free time doing better things such as enjoying quality time with your family.
By outsourcing your accounting, all of that stress will be off your shoulders. An added bonus is that accountants will also look to save you money wherever possible. Therefore, you may find the cost of hiring an accountant is actually offset by the savings you make. At the very least, you’ll have peace of mind that all your numbers are adding up correctly, and everything has been completed and filed on time.
Do you have some numbers that need crunching? You can find accountants right across Australia specialising in all areas of accounting on Bark.
From tax filing to business consulting, whatever you need an accountant for, it pays to get the experts on your side! The sooner you sort your accounts the better, so don’t delay in accessing the help you require for your business.
The average rating for Bark Accountants is 4.95, based on 8,015 reviews
5/5
based on 8,015 reviews
Need some help getting your accounts in order but worried it’ll burn a hole in your pocket? Read on to find out how much hiring an accountant will cost based on the size of your business, the service you require, and much more!
