The residents of Australia are always looking for the best ways to do tax returns. There are those who have some knowledge on how to go about but others have no idea. As a matter of fact, there are many people who end up making serious mistakes when it comes to tax returns. Rather than going through all these problems, it is easier to hire a tax agent to do the work. However, the challenge is in finding the right tax agent, and in this article, we want to caution you. You should not just pick a random tax agent to file your return and we will tell you why.
Who is a Registered Tax Agent?
Only tax agents can lodge tax returns. Even Qualified Accountants such as CPA CA and IPA need a tax agents licence to advise on tax matters and lodge tax returns. Tax agents are registered at the tax agents board apart from any other Accounting bodies.
There is a common assumption that registered tax agents are the same as accountants. While it is true these are accountants, they are specifically trained on how to lodge tax returns. Their area of specialty is taxation and they are usually more qualified than an average accountant. Tax agents have special privileges in that they have access to ATO systems. This makes it easier for them to prepare and lodge tax returns on your behalf. Every registered tax agent should have a registration number and a TPB logo.
Why You Should Be Careful When Hiring a Tax Agent
When you need to have your tax return lodged, you will need to provide your Tax File Number and other personal details. When such information ends up in the wrong hands, a lot of damage can be done; including identity theft. You should avoid working with a tax agent that is not registered or qualified. At Accurate Business & Accounting Services, you will get the best team of tax agents and we are transparent in all that we do. Tax agents will help you with the calculation of your tax returns and follow up on tax refunds.
What to Look for in a Tax Agent
Here are some of the key things to consider before choosing a tax agent:
- Reputation
Just because someone has put a nice and appealing website does not mean that you should entrust them with your tax returns. Do background checks and determine the reputation of the tax agent.
- Registration
The ATO is very keen on tax returns and they may easily detect work that has been done by inexperienced professionals. Find registered tax agents as these have specialized training and will prepare and lodge your tax returns responsibly.
- Qualifications
When you look around, you will notice that there are so many businesses that offer financial services that they do not qualify for. Tax returns, for instance, can be handled by anyone that you offer you TFN. As such, ask for qualifications and credentials. Hire a tax agent that is registered with the Tax Practitioners Board.
- Area Specialty
Find out the specific areas that the tax agent specializes in before you choose them. This will let you determine if they are the right fit for your needs. Tax returns differ depending on your specific source of income and it would be advisable to hire one that has experience in your niche. You can also find out what other services they offer so as to determine how much value you will get.
Always strive to get a good tax agent that is licensed and qualified. You should avoid the temptation of going to a random tax agent as this may end up being a problem with the ATO.
At Accurate Business and Accounting Services Rupinder Bhatia the Principal is A Registered Tax Agent as well as Qualified Registered Accountant FIPA and also holds a Bachelors degree in commerce and a MBA degree. Our other staff members are qualified accountants who are either pursuing CPA or have a Masters degree in Accounting. Hence we are able to fully understand and guide on your business strategies in depth from the management & administration of the business, to budgeting, costing, forecasting as well as Accounting and Taxation.