When that time of year comes knocking again to sort out your tax return, many people find themselves facing the same burning questions. Is it worth getting a tax agent this year? How does a tax agent help me? What are the benefits of a tax agent over lodging yourself with the ATO’s free online service?
One in three Australian’s took the non tax agent supported DIY route last year. However by taking the free option were they better off? Did they actually cheat themselves out of a bigger return? Did they make a mistake which they could not fix? Are they still trying to sort out issues with the ATO?
Tax agents were used by two-thirds of Australians last year for a very good reason – they work with you to ensure you get the best tax return possible with the increased benefit regularly outweighing the tax deductible fee you may pay.
We all have different tax requirements and some tax returns are more complex than others. But if you’ve been using a free service in the past, here’s everything you need to know about tax agents and how they can help get your best tax return yet in 2017.
What is a Registered Tax Agent?
A registered tax agent is a qualified, professional accountant specialising in tax returns for individuals and companies. Tax agents are experts on how the Australian Tax System works and what deductions are eligible in relation to your occupation. This makes them the best consultants to help you claim the most deductions, keep on top of income declarations, and generally help ensure you get the best tax return possible.
So, What are the Benefits of Using a Tax Agent?
The Fees Pay for Themselves
Using a tax agent does not have to be expensive. Online tax agent services can provide all the benefits of using a tax agent for very affordable, tax deductible fees.
The cost benefit of hiring a tax agent works in three ways. Firstly, the service helps you receive your full refund entitlement. Secondly it helps free up your valuable time. Thirdly you can claim the cost of using a tax agent on your return.
A tax agent’s fee does not have to be expensive with online tax agent services starting from around $50.
Stress Free Peace of Mind
Tax agents ensure you remain compliant with all of the latest tax laws. As part of your consultation, they will run through all of the right questions needed to score more deductions from your financial year. Tax agent services take a load off your mind so you can relax that little bit more during the year.
A Big Time Saver
Tax agents give you hours of your life back. Think of all those headaches caused by thinking about what you can claim, how to figure out what to enter, and which documents you need – it’s all taken care of. Tax agents help sort it all out for you. If you have investments, foreign income or your own business all your questions will be answered.
Avoid Trouble – Full Compliance and Disclosure
Getting a fat tax return is fantastic. What’s even better is knowing that your taxation activities are compliant and legal. You don’t want to end up in trouble with the ATO. Trying to find loopholes and avoid paying tax is a sure fire way to get yourself in trouble. Engaging a tax agent will help ensure you receive you full refund entitlement while staying within the legal boundaries.
If you’ve lodged your own tax return online before, you know that uneasy feeling that comes after the ‘submit’ button. You’ve done your best, but what did you miss?
A solid relationship with a tax agent is a great thing to have on your side. When it comes to selling your house, buying a rental property, starting a business or dealing with a will a tax agent with a solid understanding of your affairs will be able to provide you with advice and support.
Tax agents are also good allies to have on hand when the auditor comes knocking. Trust us, you don’t want to be alone when they come knocking.
Don’t Stress About Deadlines
If you have a tax agent, the October 31st submission deadline doesn’t apply to you. Clients of tax agents are eligible to receive an extension with regards the due date for lodging their tax return. You no longer have to fear the end of October.
Have You Got a Tax Agent Yet?
If you thought a tax agent was too costly before, now you know the truth – it actually fills your pockets deeper, saves you a heap of time, and gives you the peace of mind that only a qualified professional can. It’s why two-thirds of Australians lodged their returns with tax agents last year, and why we recommend you do too!