DIY or Accountant? How to Choose the Right Approach for Your Tax

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Listen: Whether you go DIY or hire a professional, take the approach that gives you confidence, keeps you compliant, and reduces stress, Tegan says.

When it comes to tax time, the big question is often: should I do it myself or call in the experts?

Key points:

For complex situations, Tegan says personalised advice can make a big difference – but if you’re pretty savvy and your circumstances are straightforward, you’ll save money doing it yourself.

Tegan advises business owners to hire a professional: “As a business owner, you’re earning income outside wages, so you need to keep records of everything.”

Whether you go solo or get professional help, Tegan’s message is clear: take the approach that gives you confidence, keeps you compliant, and reduces stress.

Listen to the full conversation in the player above.

Accountant Tegan Streeter from Fenwick Collective says the answer really depends on your situation.

“It is honestly case by case,” she told Salt 106.5’s Jordy. “If you’re pretty savvy, confident, and your circumstances are straightforward — wages, a few deductions, and pre-filling information — it’s absolutely a cost saving to do it yourself. You’re more than capable.”

For complex situations, Tegan says personalised advice can make a big difference – but if you’re pretty savvy and your circumstances are straightforward, you’ll save money doing it yourself.

When it’s worth getting advice

For more complex situations, Tegan says personalised advice can make a big difference.

“If you’ve got shares, rental properties, or maybe you’ve gone overseas for work and received a travel allowance — like one of my clients who’s a pilot — it can be super beneficial to get advice to make sure you’re maximising deductions and doing things right.”

Tegan advises business owners to hire a professional: “As a business owner, you’re earning income outside wages, so you need to keep records of everything.”

Employees vs business owners

Tegan also outlined the key differences between an employee and someone running their own business or working as a sole trader.

“As an employee, your tax obligations are usually simpler — reporting wages and deductions. But as a business owner, you’re earning income outside wages, so you need to keep records of everything: sales, cash, direct debits… it all counts as business income.”

She added that deductions are especially important for business owners:

“You only pay tax on the leftover amount after deductions, so it’s worth making sure your tax return is done right for your personal circumstances and industry.”

Different industries have different needs — from hairdressing to affiliate marketing to trades — which is where having an accountant can be especially helpful.

Whether you go solo or get professional help, Tegan’s message is clear: take the approach that gives you confidence, keeps you compliant, and reduces stress.

Finding the right balance

“If you can do it on your own, DIY is the way to go,” Tegan said. “But if you’re nervous, reach out to an accountant. You can even start with one and then take over yourself later.”

Her final tip for business owners was simple:

“Use Xero — please!”

Whether you choose to go solo or get professional help, Tegan’s message is clear: take the approach that gives you confidence, keeps you compliant, and reduces stress.

Listen to the full conversation in the player above.

Feature image: CanvaPro