Find a Tax Accountant near you
The average rating for Bark Tax Accountants is 4.96, based on 6,385 reviews
5/5
based on 6,385 reviews
Want to hire an accountant to help you prepare your taxes? Read our handy guide to find out how much tax preparation costs across Australia.
Tax preparation is the process of reporting information relating to your personal or business income. There are various aspects involved in tax preparation, that will ensure you report your earnings correctly and pay the right amount to the government. Also, tax preparation will also find ways you can save money too.
Accountants are the best professionals to help you with tax preparation, as they are qualified industry experts. Though this service comes at a cost, it is an excellent investment, with many accountants saving their clients more money than they spend on hiring their services. At the very least, it will offer you peace of mind that what is a legal obligation has been submitted accurately by a trusted professional.
The cost of tax preparation ranges between $75 and $225, especially if you are simply reporting your personal income.
However, for corporations, filing your taxes can cost anywhere up to $2,200. This is due to the increased time needed to go through more complex returns.
| Average cost | $225 |
| Minimum cost | $75 |
| Maximum cost | $2,200 |
While the cost of hiring an accountant may seem expensive, compared with preparing and completing your tax return it will save you a lot of time and hassle. Plus, given it’s so easy to make mistakes, it’s always worth having a professional take care of it for you.
The cost of tax preparation varies depending on several factors, including:
Business type
Income level
Quality of bookkeeping
Additional services
Time
Experience
Location
The classification of your business will affect the cost of tax preparation because ultimately it will determine how complex your financial affairs are.
Individual returns are usually the most straightforward to process, with fees starting at just $176. On the other end of the scale, company, partnership or trust returns can cost $2,200 and above.
| Type of Business | Highest average price | Lowest average price |
| Individual return | $200 | $176 |
| Sole trader (not registered for GST) | $500 | $350 |
| Sole trader (registered for GST) | $650 | $450 |
| Company, partnership or trust return | $2,200 | $440 |
The more aspects your tax return has to incorporate, the more costly the preparation will be. Some accountants will also charge additional fees for consultations which will bump up the price too.
If the accountant also offers bookkeeping services, it’s worth enquiring whether this would reduce the fee of your future tax preparation.
Generally speaking, if you’re on a lower income your tax preparation will be easier to complete, therefore cheaper.
As you hit the top tax bands, there are a lot more sections to complete and aspects to consider. Plus, you’ll want your accountant to make sure they are saving you as much money as possible, which will take extra time.
If you want to save time, money and hassle with your tax preparation, don’t turn up to your accountant’s office and empty a bag of receipts on their desk! You must keep a good record of every cent that comes into your business and leaves it.
Consider hiring a bookkeeper if you don’t have time to do this yourself, as ultimately it will impact your tax preparation. Your accountant needs a good overview of the state of your finances, which can’t happen without diligent record-keeping.
Accountants offer a wide range of services from business forecasting to estate planning. You may wish to have tax preparation included as a package or add in other services as you need them. Or, some services may be added on that are essential for the proper completion of your tax preparation if applicable. All of which will affect the total cost.
Accountants don’t typically charge by the hour anymore, though the amount of time your tax preparation will take will be factored into their quote. Complex financial affairs will require more time to sort through, therefore those individuals can expect to pay more for tax preparation.
As with any service you wish to hire, you will find professionals who are newly qualified and those who have decades of experience. Expect to pay more for seasoned professionals, versus those who have only just graduated.
Depending on your business type (especially large corporations), you may require an accountant who specifically deals with your area of concern. After all, the larger your business, the more aspects will need to be looked at, and not all accountants will be qualified for this.
Accountants who specialise in tax preparation will charge different rates depending on where they are based in Australia.
The cheapest location is Perth, averaging $75. This increases to $220 in Sydney, which has much higher living costs than other areas of Australia.
| Location | Average tax accountant cost |
| Melbourne | $195 |
| Sydney | $220 |
| Adelaide | $180 |
| Brisbane | $150 |
| Perth | $75 |
Tax is one thing that’s not only essential but can be highly stressful too. If you’re not an expert, then you may under-report how much you’ve earned or miss potential savings - all without even realising it! Therefore, it’s always worth getting an accountant to do your tax preparation for you. As experts in all things tax, they can point you in the right direction and make the whole process as seamless as possible.
Find the best professional for the job on Bark today.
The average rating for Bark Tax Accountants is 4.96, based on 6,385 reviews
5/5
based on 6,385 reviews
