Best Tax Preparation Services

Tax preparation services can assist you in properly filing your tax return, claiming all of the tax deductions that you are entitled to and obtaining a larger tax refund. They can also assist and advise you on how to manage your taxes year-round. Did you also know that the tax agent's fee is fully deductible? So, is it worthwhile to hire them? Read about the pros and cons below. Read more…

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MYOB
3.9 from 2,935 reviews

Featured review: Don't know how I would manage without it. As a small business owner I find MYOB Essentials very intuitive and easy to use. It caters for all my business needs quickly and efficiently and is especially helpful with BAS, End of Financial Year preparation and Payroll requirements. Instructional videos simplify the learning process when starting out and support staff are Australian based and very friendly and helpful.

Helpful customer service
Easy to use software
Aids in improving efficiency
Phone wait times can be long
  • Transparency
    3.6 (795)
  • Rates and Fees
    3.6 (310)
  • Timeliness
    3.5 (319)

Best Tax Preparation Service

H&R Block
  • Award Winner 2022
  • 2021
4.8 from 4,848 reviews

Specialising in tax preparation for both individuals and businesses, renowned company H&R Block prepares around 750K tax returns annually, and produces a lot of happy customers.

High level of expertise
Friendly and personable service
Prompt and efficient lodgment of returns
  • Transparency
    4.8 (3,451)
  • Rates and Fees
    4.5 (3,233)
  • Timeliness
    4.8 (3,241)
2nd Best Tax Preparation Service
Etax Accountants
  • Award Winner 2022
  • 2021
4.7 from 6,525 reviews

Etax is ideal if you’re strapped for time and can’t visit a tax office in person. Involving a collaborative online effort between you and an Etax accountant, the process works simply and easily.

100% online help with taxes
Highly user-friendly website
Affordable service
  • Transparency
    4.7 (3,175)
  • Rates and Fees
    4.6 (2,700)
  • Timeliness
    4.8 (2,703)
MYOB
3.9 from 2,935 reviews

Designed to give small and medium businesses a helping hand, MYOB’s accounting software helps with tax compliance, as well as business needs like invoicing, inventory management, and payroll.

Helpful customer service
Easy to use software
Aids in improving efficiency
Phone wait times can be long
  • Transparency
    3.6 (795)
  • Rates and Fees
    3.6 (310)
  • Timeliness
    3.5 (319)
E-Lodge
3.8 from 80 reviews

You can lodge your tax return online quickly and easily with the help of E-Lodge, who have accountants that check all returns.

Quick and easy to lodge tax return
Answers questions promptly
  • Transparency
    3.0 (3)
  • Rates and Fees
    3.0 (1)
  • Timeliness
    5.0 (1)
Beyond Accountancy
4.5 from 15 reviews

Beyond Accountancy is a tax preparation service that focuses on providing proactive advice and education to its clients.

  • Transparency
    3.8 (4)
  • Rates and Fees
    4.8 (4)
  • Timeliness
    3.5 (4)

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accountico
5.0 from 10 reviews

Latest review: I have a complex retail business which involves lot of stock taking. So I really needed an accountant who has an eye for detail and a good tax agent who can minimise my tax. I have been really

  • Transparency
    5.0 (9)
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    5.0 (9)
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    4.9 (9)
Platinum Accounting & Taxation

Latest review: I have been using Platinum accounting to do my tax for a few years now, Corinne is very helpful when it comes to my tax enquiries and she does an excellent job with my tax return. I have used other

  • Transparency
    4.9 (8)
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    4.9 (7)
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    4.9 (7)
Tax Solutions Brisbane
4.4 from 7 reviews

Latest review: Excellent service over the phone tax lodgment, price wise much the same as Kiosk tax

  • Transparency
    5.0 (3)
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    4.0 (4)
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Tax Monster
3.4 from 8 reviews

Latest review: They are a lot cheaper than my accountant! My friend told me to use them and I'm glad I did. Will use them next time for

Power 2
5.0 from 3 reviews

Latest review: We've shopped around for a good accountant for years before we were referred by a friend to Power2 Brisbane at Slacks Creek. They were able to fit us in at a time that suited us and the office was

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    5.0 (1)
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    5.0 (1)
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Tax Today
3.2 from 6 reviews

Latest review: I’ve used these guys for the last couple of years now. It’s easy and fast. I had to go back a few years with multiple returns the first time but it was no problem for them. Getting the advance is sim

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    3.3 (4)
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    3.3 (3)
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Source Accounting Australia
4.0 from 4 reviews

Latest review: Review for One Minute Tax. I have a small business and needed help with my annual tax return. This was 6 years ago, and Julie has been helping me ever since. My knowledge about tax matters was

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    3.7 (3)
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    3.7 (3)
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Quicktax
1.3 from 96 reviews

Latest review: My Son is yet to receive his tax refund of Two Thousand Dollars from 2018 Tax return. This Agency has been closed down for failure to comply with code of professional

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Focus Taxation and Accounting Pty Ltd

Latest review: I highly recommend Focus Taxation. I have been using these professional tax agents for over 10 years. They are very reliable and professional. I will continue using Focus Taxation.

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    5.0 (1)
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    4.0 (1)
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Tax7 Accountants
5.0 from 2 reviews

Latest review: the consultant is very friendly and informative. He even wrote a list of expenses that i could claim in future to help me save taxes. I have got my tax back in less than 5 days!! Fantastic service

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The Kalculators
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City Tax Accountants
2.3 from 6 reviews

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POP Tax
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Hinkler Accounting
2.3 from 3 reviews

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MYOB
3.9 from 2,935 reviews

Featured review: Don't know how I would manage without it. As a small business owner I find MYOB Essentials very intuitive and easy to use. It caters for all my business needs quickly and efficiently and is especially helpful with BAS, End of Financial Year preparation and Payroll requirements. Instructional videos simplify the learning process when starting out and support staff are Australian based and very friendly and helpful.

Helpful customer service
Easy to use software
Aids in improving efficiency
Phone wait times can be long
  • Transparency
    3.6 (795)
  • Rates and Fees
    3.6 (310)
  • Timeliness
    3.5 (319)
Page 1 of 4

Person filing an Australian tax return form

What can a tax preparation service do for you?

A tax preparer is a professional who works for a tax preparation business. They are qualified to calculate, file and sign individual and business income tax returns.

Reasons you need to lodge a tax return

There are several reasons why you might need to file a tax return such as the following:

  • Had any tax taken out (withheld) from the income you receive
  • Had $1 or more of foreign income
  • Are a liable or recipient parent under a child support assessment
  • Had business or investment income
  • Are leaving Australia and have a study or training support loan.

Tax agents are accountants who have received special training in how to prepare and file Income Tax Returns, and they are constantly studying tax so you don't have to.

A tax agent has more training and qualifications than a regular accountant. As a result, the Australian Taxation Office (ATO) allows agents to assist taxpayers and lodge tax returns, as well as gain access to special ATO systems.

A TPB logo, such as the one shown here, should be displayed by every registered tax agent, along with an official registration number.

TPB logo

Example TPB Registration #12345678

Pros and cons of hiring a tax preparation service

It is based on personal preference and circumstance whether you’ll fnd it worthwhile to hire a tax preparation service or not. Those with financial experience and expertise or those with a simple financial situation may find it more time-efficient and cheaper to do it themselves. However, for those filled with dread about the idea of filing a tax return, fret not because you don’t have to face it alone and you can get help from a tax professional.

You can save yourself hours of slaving over tax forms and scouring your house to find lost receipts and bills by bringing in a professional. Between house purchases and dealing with loans and multiple incomes, your financial situation may be complicated and it may be worth hiring someone to double check your finances for you.

This does not mean you cannot do your own taxes though as the difficulty in everyone’s tax return is different. Here is a summary of a few advantages and disadvantages to consider before hiring a tax professional. Each pro and con is explained in more detail below.

Pros

You will save time and effort by not having to fill out your own forms
The cost of a tax agent can be deducted the following year
If you use a tax agent, you can postpone filing your return until the new year. If you do your own taxes, you must submit your return to the ATO by October 31st
Tax accountants can help you online without you needing to visit their office
A tax agent can provide personalised tax advice in a variety of areas
Tax agents can help get you more tax back by claiming more deductions

Cons

There are many scams on the market
Chunky upfront cost
You are still held liable if your tax accountant makes a mistake
Can only assist you with taxation laws and not other financial matters

Key benefits of using a tax agent

Saves you time (and time is money)

The average person spends 20-40 hours on their tax returns, and many people spend more than that; that's a full work week's worth of time and money.

A tax professional, on the other hand, can work quickly and efficiently, saving you not only time but also the stress of calculating finances and finding old bills.

Simplifies complicated financial situations

It is not only difficult and confusing to file a tax return, but it is also constantly changing. Tax laws in Australia are updated regularly, making it difficult for the average taxpayer to keep up with all of the changes that may affect them. Situations like these can make your tax return more complicated, so you should consider consulting a tax professional if:

  • You own, sold, or are starting a business
  • You have many investments with losses and gains
  • Capital asset transactions (homes, cars, investment properties, stocks, bonds)
  • Real estate transactions
  • Change in marital status
  • Your income and residence are not in the same state or country
  • Self-employment income

Accurate and efficient work

Even if you enjoy managing your own finances and are capable of it, hiring an accountant to prepare your tax return may be a wise decision. A professional who can double-check your income, expenses and deductions can help you avoid costly mistakes. Two eyes are better than one.

Hiring a tax professional will not only provide you with a second set of eyes to ensure that everything is in order, but it will also put someone in your corner if you are audited.

Expertise

Let's face it: tax is a complicated business for those of us who aren't trained accountants, which is why many people prefer to leave it to the professionals to get the best possible refund. It's unlikely that you'll be able to spot all of the deductions you're entitled to if you're not an expert in occupation-specific deductions.

Accountants and tax agents are trained to look for ways to get the most out of your tax return in the shortest amount of time possible. It also pays for itself because the fee your accountant or tax agent charges is tax-deductible.

Cons of using a tax agent

They can be costly

While the cost of a tax accountant is tax-deductible, you will still need to pay an upfront cost. Prices to fill in and lodge the tax return on your behalf tend to range from $100 to $300+ depending on the complexity of your situation.

In addition to hourly fees that you will often incur, the price can quickly rise based on the complexity and paperwork required by your return.

You might hire a scam

If it sounds too good to be true, then it probably is.

Unfortunately, many scam artists start surfacing towards the 31st of October deadline, pretending to be tax advisors or the ATO themselves.

It’s worth reading reviews on a particular company and asking them to verify their certification number before handing over any personal information.

Also keep in mind that In reality, the ATO will never ask for personal information, including credit card details and TFN, by text or email. Nor will they ask you to pay money to access a refund.

They can still make mistakes and you’re still accountable

There's a reason you have to sign off on your tax return, even if it's done by an accountant. You're declaring that the agent completed the return correctly, and you're the one who bears responsibility.

If an issue arises later, and you provided the correct information to an agent, you can file a complaint with the Tax Practitioners Board. However, this will add to the amount of time, money and paperwork required.

To avoid this, make sure you hire a reputable service with a long-standing history of happy clients.

Tax help programme

ATO’s free Tax Help programme helps people earning $60,000 or less lodge their tax return online. If you need help lodging your tax return, you may be eligible for the Tax Help program.

Tax Help is a network of ATO-trained community volunteers who can help you prepare your tax return using myTax.

From July to October each year, accredited volunteers help people lodge their tax returns online. They can also help you:

  • Lodge amendments
  • Claim a refund of franking credits
  • Create a myGov account
  • Tell the government if you don't need to lodge a return

You can receive Tax Help online or by phone. You can also get help face to face from Tax Help centres across Australia.

What to look for when hiring a tax accountant service

Qualification

Tax agents must be registered with the Tax Practitioners Board (TPB) to charge a fee for their services. Every tax agent accredited by the TPB meets the board’s qualification and experience requirements so you can rest assured that you are in good hands. Look out for this qualification before hiring any tax accountant or service to avoid potential scams.

Fees and partial/full assistance

Take into consideration how much a company is charging for a basic tax return. These fees will depend on your tax needs and will take into consideration whether you’re a student, a sole trader, a senior citizen or are representing a business. Cheaper services start at $50, but these only include semi-assistance and involve reviewing your form before you submit it.

Full-assistance tax returns are normally done face to face and costs can range from $100-300.

Types of tax services

For those who don’t have time to visit a tax agent’s office during business hours, you can now opt for an online or over the phone service. On the other hand, you can go see your tax advisor in person if you require a more direct and comprehensive approach. For those struggling to choose between the two, you can opt for a combination of both to best suit your needs.

Timeliness and customer service

Reading reviews will give you a good indicator of how long a company will take to file your tax return and whether they stick to their promises. In the same vein, a company’s reputation is important to consider - something you can scope out by reading reviews on our website.

Specialities

Some tax agents may specialise in tax returns for students, backpackers, seniors, immigrants and emigrants. In addition, you might want to check out if they’re able to perform more complex tax returns, such as those required by SMSFs, small businesses, sole traders and people with various income streams.

You can read reviews on the best tax preparation services in Australia today on our website.

Disclaimer: The information on this website is for general information only. It should not be taken as constituting professional advice from the website owner - ProductReview.com.au. ProductReview.com.au is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. ProductReview.com.au is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.