A new Bankwest survey found that many of Australia’s tech-savvy Gen Ys could be missing out on higher tax refunds from the ATO.
The report found that 53% of Gen Ys submit their own return in the hope of saving themselves the Accountant fees.
The Bankwest report says that while the younger generation feel more comfortable doing their own taxes, they might miss out on a long list of deductions available to them – deductions that an accountant would identify.
Can I use a tax agent AND pay low fees?
The simple online tax return at Etax.com.au includes professional checking by highly-qualified accountants at a fraction of the cost of a traditional accountant. Tax returns with Etax start from as little as $54.90 – significantly lower than the average accountant fee of $300 stated in the Bankwest report.
The Online Tax Return works on any Internet-capable device (including iPads, Macs and Linux), from anywhere in the world.
Once you sign your return, a qualified accountant will check it for accuracy and suggest any further deductions or offsets you may be entitled to.
For those who are worried about paying tax agent fees upfront, at Etax.com.au you can have your small fees deducted from your tax refund – you pay nothing until the ATO issues a refund for you.
As an added bonus, tax agent fees can be claimed in full as a deduction on the following year’s tax return!
The Bankwest study shows that Gen-Ys could be losing refund money – avoiding good tax help and trying to save a few dollars.
A better alternative is to get advice from experts who aim to maximise your tax refund – start your Online Tax Return at Etax.com.au today!