7 Reasons why you should use a Tax Agent
1. The cost pays for itself
Using a tax agent who has extensive knowledge of the complex Australian tax law, has spent years studying and processes tax returns on a daily basis can help you receive your full refund entitlement. tax accountant mandurah
The fee charged by a tax agent is also tax deductible in the following income year, along with travel to see your accountant!
2. Avoid going to Jail
Ok, so that may be for extreme circumstances but using a tax agent can help you maximize your return whilst staying in the legal boundaries and avoiding penalties and fines. You can be reassured knowing that your taxation activities are compliant and legal so you don’t end up in trouble with the ATO.
3. Long-term Benefits
Having a good relationship with your Accountant is always beneficial. They have a good understanding of your affairs and can provide you with tailored advice and can assist you when you need to get finance or when the ATO auditor comes knocking on your door – trust us you don’t want to be alone when they come knocking!
4. More time to lodge your tax
If you have a tax agent, the October 31st submission deadline doesn’t apply to you and you are eligible to receive an extension – usually until May the following year to lodge your tax return.
5. Free up your precious time
Time is money and hiring a professional to outsource the tedious task of completing bookwork and tax returns could be cost effective for you. Get an expert to deal with things that you are not an expert in and free yourself to focus on the things you do best! Tax agent have access to ATO records and are competent with dealing with ATO for any enquiries you may have
How Do You Choose the Best Accounting Firm?
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Numerous men and women, who never ever would hesitate to seek treatment from a physician when they needed medical aid, do not see the need to get help from an accountant for aid with financial issues. But the major issue is how to choose the best account firm. If you want to select an accounting firm to take care of your business and personal financial needs, you need to consider important information before handing over the reigns, so to speak. Even if you just need to take care of tax paperwork for the year’s end, ongoing services through the years or investment information, your accountant can assist you. The chosen accountant should have an excellent personal relationship with you or with your business and be in good spirits with the Internal Revenue Service. tax return accountant
When selecting a firm to handle your needs please consider a few things:
How is their staff trained? Do they all have a bachelor's degree in the financial field? Are they all certified public accountants? This is important to know as you want someone with the best expertise to handle your money or your businesses money for you. How much experience do they have in dealing with tax laws? thing that you never want to mess up on is your taxes!
2. Registered Firm
Is the firm you are looking at registered with the Better Business Bureau? Are they in good standing? How long has the firm been in operation and can they give you references from past customers?
3. Area Of Accounting
Do they have a specific area of accounting they like to deal with? Some prefer the corporate atmosphere, while others prefer to deal with private parties. Not all accounting offices are the same. Small business is handled in a different area than a corporate account.
Where is their office located? Can you make an appointment and go see the person handling the account? This is vitally important to the overall relationship with the accountant of choice. You do not want your accountant to be someone that is outsourced to a different country!
Is the accountant or accounting firm accessible? It means can you call the team or person handling your accounts directly? A great working relationship not only builds rapport but keeps the bond strong and a loyal accountant and client!