If you’ve opened myTax, looked at a list of ATO categories and wondered whether you’re doing it right, you’re not alone. Every year we meet Australians who tried to lodge their own return, ran into trouble and came to us worried.
The Short Answer
DIY can work if you have one employer, no investments and only simple deductions.
A tax agent is usually the better choice if you own property, sold an asset this year, run a business or earn income from more than one source.
DIY vs Tax Agent at a Glance
| DIY (myTax) | Registered tax agent | |
|---|---|---|
| Upfront cost | $0 | A fee, which you can claim as a tax deduction |
| Who checks your return | You | A qualified professional |
| Lodgement deadline | 31 October | Often later, through the agent’s lodgement program, if you engage them before 31 October |
| Dealing with the ATO | You handle it yourself | Your agent handles it for you |
| Best for | Simple, single-income returns | Complex or uncertain situations |
When DIY Tax Filing Makes Sense
The ATO’s myTax pre-fills your salary, bank interest and private health details. If your situation is simple, DIY may be all you need.
DIY checklist: lodging yourself may suit you if you can tick every box.
- ☐ You had one PAYG employer
- ☐ You don’t own a rental or investment property
- ☐ You didn’t sell shares, crypto or property this year
- ☐ You have no ABN or business income
- ☐ Your deductions are minor, and you have the records to support them
- ☐ You’re confident reading ATO questions
Pre-filled information is a good starting point, but it isn’t a finished return. You still need to check that it’s correct and complete.
When You Should Use a Tax Agent
You Own an Investment Property
Rental properties come with depreciation schedules, interest apportionment and repairs that have to be separated from capital improvements. These are common sources of mistakes, and the ATO pays close attention to rental deductions.
You Sold an Asset This Year
Selling shares, crypto or property can trigger capital gains tax (CGT). Working out your cost base, whether the 50% discount applies and any exemptions isn’t something myTax walks you through.
You Run a Business or Earn ABN Income
Sole traders and business owners have to deal with GST, business deductions, instant asset write-offs and PAYG instalments. A personal tax accountant who understands business structures can protect your cash flow and help you stay compliant.
You Have Several Income Streams
Side jobs, dividends, overseas income and government payments all make your return more complicated, and each one is another chance for an error.
What’s the Real Cost of Getting It Wrong?
DIY looks free, but mistakes cost money. Here’s how it can happen.
Misreading ATO Categories
Putting an expense under the wrong label, or claiming a private cost as a work expense, can lead to an amended assessment. That can mean paying back tax, plus interest and possibly penalties.
Missing Deductions
Underclaiming means you keep less of your own money. We often find valid deductions that self-lodgers didn’t know they could claim.
Lodging Late
If you lodge your own return after 31 October, the ATO can apply Failure to Lodge penalties.
In many cases, the cost of fixing an error is far more than the fee you would have paid a tax agent. Getting it right the first time saves you money and stress.
How to Choose the Right Tax Accountant Near You
Searching “tax accountant near me” or “taxes close to me” brings up a lot of options. Before you choose one, check that they:
- Are registered. Look them up on the Tax Practitioners Board (TPB) register. Only registered tax agents can charge a fee for preparing your return.
- Have relevant experience with property, CGT or business, whichever applies to you.
- Explain things in plain English, without jargon or pressure.
- Offer full tax and accounting services, so they can help with more than one return a year.
Why Choose Impact Taxation and Financial Services
At Impact Taxation and Financial Services, we know tax time can feel stressful, especially when your situation has moved beyond what myTax can handle. Our registered tax agents give you:
- Personal income tax accountant support for individuals, investors and families
- Specialist help with property, CGT and small business returns
- Thorough tax prep services that look for every deduction you’re entitled to, and nothing you’re not
- ATO correspondence handled for you, so you don’t have to deal with it alone
- Clear, upfront pricing, and our fee is tax-deductible
Whether you need a tax return accountant near you for the first time or long-term tax and accounting services, we’ll look after you.
Ready to Lodge With Confidence? Consult with Us Today
The 31 October deadline is close. If your return involves property, investments or a business, don’t leave it to chance. Book a consultation with Impact Taxation and Financial Services today, and let our team handle your tax prep so you can get on with your life.
FAQs
Is a Tax Agent Worth it for a Simple Return?
If you have a single income and only minor deductions, DIY may be enough. A one-off review can still turn up deductions you’ve missed and give you peace of mind.
Can I Claim My Tax Agent’s Fees?
Yes. You can deduct fees paid to a registered tax agent in the income year you pay them.
What’s the Deadline if I Lodge Myself?
31 October. If you engage a registered tax agent before that date, you may be able to lodge later through their lodgement program.
How do I find a reliable tax return agent near me?
Check the TPB register, read reviews, and choose an agent who has experience with your type of income.
General information only. Tax outcomes depend on individual circumstances and cannot be guaranteed.
