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A recent survey of 500 Australian small business owners has told us what we already know: no sane person wants to work on their taxes and will literally do anything else to avoid the whole tortuous ordeal.
The study found that the majority of small business owners would rather endure a number of highly tedious activities – having a meal with their in-laws (69%), working on the weekends (65%) and cleaning the entire house (58%) – over working on their taxes.
The insight comes from our good friends at Xero, who used the findings to explore why small businesses tend to procrastinate so much with their taxes.
But we at H&R Block don’t need a survey to tell us why businesses avoid doing their taxes. Obviously, doing your taxes is a chore. So it’s really a no-brainer that you’d prefer to do almost anything else.
The good news is that there is a solution that can lighten the burden.
Imagine you are hosting a big, important party at your house – but the place is a mess. You have a million other things to do before the event, and you simply don’t have time to clean up. What do you do? You outsource the problem and hire a cleaner.
So why wouldn’t you do the same for your taxes?
Given the complexity of tax law, and the need to take care of both income tax and GST obligations, it’s all too easy to run out time, make an inadvertent mistake, or miss out on significant lodgement dates, while audits and reviews can be stressful and expensive. People who lodge their own income tax return can risk an ATO audit through either over-claiming or under-declaring, and 3.3 million self-lodging Australians could be missing out on up to $300 million in unclaimed tax.
But there’s no need to stress.
While it’s been firmly established that most people hate doing their tax returns, our team here at H&R Block love doing taxes.
With expert set up and support, we can help you navigate your business’ unique accounting and tax responsibilities, no matter what line of work you’re in.
Take the time and hassle out of doing your taxes leaving you with more time to do the things you want.
Our H&R Block accountants are now working online. Book an appointment with an expert.