Do you really need an accountant to do your tax return?
If no one has done so yet, let me be the first to wish you a happy end of financial year, a day I'm sure you've been counting down to on your calendar, staring wistfully out the window as you awaited its arrival. Well, wistfully stare no more, as we are officially in the 2026 fiscal year, and as the saying goes, it's tax return time baby!
If you don't think about all the tax you've paid for the past 12 months, getting your tax return is basically like free money (unless you end up owing tax, in which case, I have no silver lining for you).
Plus, with the awful weather in Sydney and Melbourne at present, what better time to curl up on the couch and start tallying up your deductions? You could even invite a friend!
What's the problem?
I am embarrassingly eager to do my return (if that's not obvious), but not everyone is so crazy about the idea. Data from the ATO shows about two thirds of Australians pay a tax agent to handle their affairs, while the remaining third of us do it ourselves. If that sounds like a lot, that's because it is − Australia has one of the highest rates of tax agent use in the OECD.
Loading
The Tax Office doesn't break down that data by age, but I'd bet that most people employing tax agents would be on the older side, while younger workers are more likely to do it themselves.
There are a few reasons for this, one of the biggest being that the online tax lodgment service, MyTax, has only been around for a decade or so, and its e-Tax predecessor was by all accounts a complete nightmare.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
8 hours ago
- Sydney Morning Herald
Australians are working more hours, and it might be hurting our living standards
Australian workers could be putting in nearly half the hours they were 45 years ago but have instead tended to work longer hours to upgrade their lifestyles, sacrificing work-life balance for more income. Productivity Commission research economist Rusha Das found average working hours for Australians had shrunk only modestly from about 34 to 31 hours a week over the past few decades, while incomes had risen significantly. 'Overall, Australians have opted to use their [increased productivity] to upgrade their lifestyles, like buying fancier coffee and taking more expensive holidays, rather than shorten their workdays,' Das said in the commission's June bulletin. She noted that, with the growth in productivity since 1980, Australians could have instead worked an average of 15 hours less each week without lowering consumption levels. But given productivity – the amount of goods and services produced for a given level of resources, including hours worked – has stagnated over the past decade, Australians may be compensating by putting in more legwork. Federal Treasurer Jim Chalmers, who has said productivity is the primary focus of his second term in government, will host a roundtable this month in Canberra with representatives from industry, unions and government to find ways to lift the country's living standards. The Australian Manufacturing Workers' Union and the Australian Nursing and Midwifery Federation have called for shorter working hours and more annual leave in return for productivity gains ahead of the roundtable. AMWU national secretary Steve Murphy told The Australian that 'productivity can't be at the expense of the wellbeing of workers'. Cronulla real estate agent Domenico Santaguida, 24, works 7am to 6pm on weekdays and 7am to 5pm on Saturdays while fielding calls and questions from buyers and sellers around the clock.
The Age
8 hours ago
- The Age
Australians are working more hours, and it might be hurting our living standards
Australian workers could be putting in nearly half the hours they were 45 years ago but have instead tended to work longer hours to upgrade their lifestyles, sacrificing work-life balance for more income. Productivity Commission research economist Rusha Das found average working hours for Australians had shrunk only modestly from about 34 to 31 hours a week over the past few decades, while incomes had risen significantly. 'Overall, Australians have opted to use their [increased productivity] to upgrade their lifestyles, like buying fancier coffee and taking more expensive holidays, rather than shorten their workdays,' Das said in the commission's June bulletin. She noted that, with the growth in productivity since 1980, Australians could have instead worked an average of 15 hours less each week without lowering consumption levels. But given productivity – the amount of goods and services produced for a given level of resources, including hours worked – has stagnated over the past decade, Australians may be compensating by putting in more legwork. Federal Treasurer Jim Chalmers, who has said productivity is the primary focus of his second term in government, will host a roundtable this month in Canberra with representatives from industry, unions and government to find ways to lift the country's living standards. The Australian Manufacturing Workers' Union and the Australian Nursing and Midwifery Federation have called for shorter working hours and more annual leave in return for productivity gains ahead of the roundtable. AMWU national secretary Steve Murphy told The Australian that 'productivity can't be at the expense of the wellbeing of workers'. Cronulla real estate agent Domenico Santaguida, 24, works 7am to 6pm on weekdays and 7am to 5pm on Saturdays while fielding calls and questions from buyers and sellers around the clock.
ABC News
17 hours ago
- ABC News
ATO chases $56 billion in tax debt
As the Australian Taxation Office (ATO) chases $56 billion in tax debt owed by small businesses and individuals, victims of fraud and financial abuse have been caught in the firing line.
