Increase in demand for Accountants

Local services marketplace Airtasker has seen a 30 percent increase in demand for Accountants in the past month as many finalise late tax returns while others prepare for the end of this financial year. 

“In the current climate people are trying to cut down on costs with some moving away from big accounting firms. They prefer to utilise people with the same skill set, who are sole traders or small businesses, and are able to provide a competitive price because they don’t have the large overheads,” said Tim Fung, Founder and CEO of Airtasker. 

“Accountants and bookkeepers on Airtasker cost anything from $50 to $1,000 to complete a tax return which are competitive rates with both the Tasker and Customer knowing upfront how much money will change hands so there are no surprises,” said Mr Fung. 

“Over the past few years the number of people with a side hustle has increased and it’s important all those working in the flex economy remember to declare all earned income in their tax returns.” 

“The ATO’s data matching analysis and forensic capabilities are very sophisticated so nothing will go unnoticed but also it’s important to deduct any costs associated with being able to provide the service.” 

The average tax refund in financial year 2022 was about $3,100 according to the Australian Taxation Office but is expected to be smaller this year because the low- and middle-income tax offset ended in June last year.

Sydney accountant Paul Gallo who uses Airtasker says deductions everyone working in flex economy should look at claiming include:

• Phone, internet and laptop: If these are used directly to earn an income, for example for responding to posted tasks, you may be eligible to claim a percentage of these items to the extent they are used for business purposes. You can check your screen time as a good indicator of the extent to which you use the technology for business. 
• Tools and equipment: Keep receipts for tools and equipment used in your side hustle. For example if you are a painter then you may be able to deduct the cost of paint brushes, sanding equipment, masking tape  and sheets used to protect areas from paint.
• Receipts: Tax receipts needs to be dated 1/07/2022 to 30 June 2023 for all current year tax lodgements. 
• Work from home expenses: If your work is completed in the home, The ATO allows the at-home office ‘fixed rate method’ of 67 cents per hour.

“One important tip to remember is to set aside money for tax since payments received through Airtasker are to be included in your tax return, consider setting aside a portion of the amounts received to cover your taxes. In regards to how much you should put aside will depend upon your marginal tax rate,” said Ms Ngan. 

Airtasker Tax Accountants price guide