Why Every Freelancer in Melbourne Needs a Tax Accountant
Freelancing has become more popular in Melbourne as many people choose to work for themselves. While freelancing offers flexibility, it also comes with financial challenges. Managing taxes, expenses, and other paperwork can be tricky. This is where a tax accountant comes in, helping freelancers handle these tasks efficiently. 1. Understanding Freelancer Tax Obligations Freelancers have different tax obligations compared to regular employees. If you earn over $75,000, you need to register for GST. Freelancers also need to submit a BAS (Business Activity Statement) regularly and file income tax returns. A tax accountant ensures that you understand and meet these obligations so you avoid any penalties. 2. Maximising Tax Deductions Freelancers can claim various tax deductions, such as home office expenses, equipment, internet bills, and software subscriptions. However, knowing all the deductions you can claim can be overwhelming. A tax accountant helps you identify every possible deduction...