How Much Does a Business Tax Return Cost?

Hiring an accountant is beneficial to businesses for multiple reasons. They can help you take advantage of tax breaks, take time-consuming tasks off your hands, and keep your finances in order.

The cost of a business tax return

If you run a business, tax filing can be costly, but you can also save as much, if not more, money than you spend, thanks to your accountant’s experience. Before you hire an accountant, we’ll tell you how much you can expect to pay for a business tax return and what factors affect the cost.

The average cost of a tax return for a business is between $180 and $2200, although they may cost more or less depending on various factors. Here’s what tends to affect the price of your business tax return.

Location

As with more services, people living in expensive states of big cities will tend to pay more. We’ve broken down the cost of a business tax return per state in the table below so you can see how much you expect to pay based on your location.

Size of business

Generally speaking, your tax return will cost more if your organisation is larger and you have more employees on the payroll.

A simple personal tax return is required if you are an individual operating as a sole trader. You can still anticipate that your tax return will be reasonably priced for small and medium firms.

Complexity of accounts

The more complex your accounts and the more deductions you are looking to claim, the more it’s likely to cost. It’s important to note that the costs above do not apply to regular bookkeeping.

If you’re seeking additional services from your accountant, such as bookkeeping, ask your accountant if they can offer you a discounted package with multiple services in one. Many accountants offer monthly plans that include regular bookkeeping, BAS lodgements, compliance and yearly tax returns. These all-inclusive plans typically range from $250 - $1000 per month, depending on the number of transactions that need to be reconciled each month and whether you are registered for GST.

Business structure

Company, partnership or sole trader? The type of business structure you are using has an effect on how much you’ll pay. Below is a table of the average costs for each business type across Australia:

Experience and chartered status

While more experienced accountants cost more, you might require the services of an expert if your accounts are particularly complex. Likewise, a chartered accountant will cost you more.

Chartered accountants require a higher level of training and experience before they become certified by the Institute of Chartered Accountants Australia New Zealand (ICAA). They are typically better equipped to handle ‘bigger picture’ or more complex tasks and are required to keep themselves up to date through constant professional development.

The condition of your books

Most accountants will want to take a look at the state of your books before they provide you with a quote. If your books are in poor condition, more work will be required to make them compliant. To save your accountant time and reduce your charge, keep your accounts in good condition.

How to find a local experienced business accountant

To find the right accountant, you’ll first need to know how much you can expect to pay and how others have found their services. By comparing quotes and reviews on Word of Mouth, you’ll find out both. With over 700,000 reviews of service providers in Australia, we’ll match you with a business accountant with expertise, experience, and fair prices.