why you should use a tax agent
Why you should use a tax agent
Are you looking for a good tax agent to maximise your tax benefit? Here are some of the benefits to have a registered tax agent: By Tax Accounting Adelaide call us on 83374460 if you need a tax appointment or book online on our website.
For many people doing their own tax returns directly with the ATO by paper form or downloading Ato software is an annual fun.
Alternatively How much does it cost to use a tax agent?
Well our simple tax returns cost between from $110 to $143 by us, from $187 for a return that requires multiple income streams, rental property income and investment auditing and from 220 for a small sole trader business to all the way through to the thousands of dollars for a business return involving employees
The bad of lodging your own tax return.
You ned to be smart on download Ato software, and unfortunately printing out your tax return is a thirty page process. Often these electronic records are easily lost as I have seen noone keeps an electronic copy and typically lose access to it when changing computers.
You have less time to do it and must do it this way by 31 October each year.
If you have limited knowledge of tax, is it worth your time learning this? or can you let an expert do this while you make more from the time saved learning this?
Many apply word of mouth here say to your tax return which may be incorrect or vary due to subtle circumstances. Getting it wrong may mean lost refunds or penalties.
Why use a tax agent
The most obvious is to find you deductions you never knew existed.
With a tax agent you can sit back and relax on the process. You do not need to know something about computers and downloading software stuff. But make sure you are involved in finding a good accountant and listening to what they tell you to do, as well as keep the records or generate ideas to claim more.
We offer additional comforting support such as giving you your tax file number when you can’t find it, sending you a notice of assessment or tax return copy. We will answer your general questions during the year. We can also easily access your previous tax returns if we have prepared them or contact your previous accountant if need be.
Using a tax agent gives you longer time to do your tax return than the usual 31 October, you actually have until May the following year. So you get longer to lodge your tax return when you have a tax agent like us.
We can more expertly follow up delays in processing which are common. They can offer you advice in getting waived fines or penalties. Better handle ATO checks or audits of your tax returns which can occasionally happen.
Whilst a good accountant like us should be on your side maximising your return, prompting you for more deductions, they will also tell you what not to claim that would get you into hot water, This is important as many people doing their own will make risky claims and end up in trouble with delayed returns with fines and a black mark on their tax return compliance history.
By using a tax accountant for your tax return you would pay a small fee but should receive a much greater return on your tax. Not only from their greater updated knowledge of deductions and the tax laws, but they can tell you what else to do in the future to reduce tax. So you get properly advised on your current tax year and what else you can do better for the future tax returns.
A great tax agent will give you deeper advice on more than just your tax return too. Such as, planning for a certain situation like working overseas or also check your general financial health in other areas. An example may be we may review a home loan or super and helping your create more wealth in general.
Its true! Tax accountants are in business themselves and understand business, if you are in business use an accountant and profit from their experience in businesses of their own and their clients. Tax agents are excellent networkers and can refer you to good contacts in other areas you may need. They may also become your clients too if you are in business.
What is a tax agent?
A tax agent must be registered under a governmental body called the tax practitioner board. Only if someone is a tax agent are they legally allowed to charge for tax related services such as doing a tax return. A tax agent may access your ATO records when you give them permission to do so and contact ATO on your behalf.
Is the cheap online tax agent worth it?
There are many online tax agents which charge only about $55 for an online tax return. Many of these appear in google searches when you are looking for the Etax software. Infact we previously offered this service but have since stopped as we didnt feel we got to know the client enough in this way to give them an excellent result. So our view is we do not believe this will give you enough exposure to the tax agent to get a good and personalised result. Infact these are often a simple prefill and validation check of your tax return, rather than fleshing out more deductions and refund for you.
Do you have an accountant?
By now hopefully you can see if may be good for your to have a tax agent. If your tax return is not yet done or you need to catch up on your overdue tax returns call us on 83374460 or book in now via our website here.