The residents of Australia are always looking for the best ways to file tax returns. There are those who have some knowledge of how to proceed, but others have no idea. In fact, there are many people who make serious mistakes when it comes to tax returns. Rather than going through all of these issues, it’s easier to hire a tax agent to do the job. However, the challenge lies in finding the right tax advisor, and in this article we want to warn you. You shouldn’t just pick any tax agent to file your return, and we’ll tell you why.
Who is a registered tax agent?
Only tax advisers can file tax returns. Even qualified accountants such as CPA CA and IPA need a license as a tax adviser to advise on tax matters and file tax returns. Tax advisers are registered with the tax adviser board, apart from all other accounting bodies.
There is a common assumption that registered tax agents are the same as accountants. These may be accountants, but they are specifically trained in the filing of tax returns. Their specialty is taxes and they are usually more qualified than the average accountant. Tax agents have special privileges in that they have access to ATO systems. This makes it easier for them to prepare and file tax returns on your behalf. Every registered tax agent must have a registration number and a TPB logo.
Why You Should Be Careful When Hiring a Tax Agent
If you need to file your tax return, you will need to provide your tax file number and other personal information. When such information ends up in the wrong hands, much damage can be done; including identity theft. Do not work with a tax agent who is not registered or qualified. At Numbers Pro you get the best team of tax advisers and we are transparent in everything we do. Tax consultants help you calculate your tax returns and track tax returns.
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What to look for a tax agent
Here are some of the most important things to consider before choosing a tax agent:
The fact that someone has created a beautiful and appealing website does not mean that you should entrust them with your tax return. Conduct background checks and determine the reputation of the tax agent.
The ATO is very enthusiastic about tax returns and they can easily detect work done by inexperienced professionals. Look for registered tax agents, as they have specialized training and will responsibly prepare and file your tax return.
If you look around you will find that there are so many companies offering financial services that they don’t qualify for. For example, tax returns can be handled by anyone who offers you TFN. Therefore, ask for qualifications and references. Hire a tax advisor registered with the College of Tax Practitioners.
Specialty of the area
Find out the specific areas the tax agent specializes in before choosing them. This will help you determine if they are the right fit for your needs. Tax returns differ depending on your specific source of income and it is advisable to hire one who is experienced in your niche. You can also check out what other services they offer to determine how much value you are getting.
Always strive for a good tax agent who is competent and qualified. You should avoid the temptation to go to any tax agent as this can become a problem with the ATO.
At Numbers pro Rupinder Bhatia the director is a registered tax agent and qualified registered accountant FIPA and also holds a bachelor’s degree in commerce and an MBA degree. Our other employees are qualified accountants who are either pursuing CPA or have a master’s degree in Accounting. Therefore, we are able to fully understand and guide your business strategies, from the management and administration of the business to budgeting, costing, forecasting and accounting and taxes.