Do You Need A Tax Agent To Prepare Company Tax Return?

Do you have a business in Australia? Then you have to file your company tax return at the end of each financial year. As you know, it is important for your company to stay on top of the taxes. If you keep your tax return updated then you will be benefitted in the sense that you will remain ATO-complaint and avoid audits and unnecessary penalties. Moreover, you can get different opportunities as the control of your taxes will be completely in your hand.

Now, one question always arises when the time of tax return comes and that is – who will prepare tax returns? Shortly, the answer will be the person who is legally permitted to do that and holds decent knowledge about tax return. You have to cover a wide range of activities as a business owner, and so, it is always recommended that you hire a professional tax advisor for the purpose. Here are given some basic tips to consider while choosing a tax professional.

Be Careful About The Family Member or Friend

If a friend or a family member wishes to help you in filing tax return, it is allowed but he or she cannot charge any fee for the job. Furthermore, they will hold no responsibility for the help and suggestion they offer you. It is you who will be responsible for anything happen like errors or potential liabilities and penalties.

Read More:- Points To Consider While Preparing Your BAS

Who Can Charge a Fee for Tax Returns?

The only person who can charge for filing tax returns is a registered tax return agent, A Registered Tax Agent must be affiliated to Australian Governments Tax Practitioners Board or TPB and they must meet educational, ethical and experience standards, professional indemnity insurance requirements as well as minimum level of professional development. He/she must also take training each year.

Right now, you can also find some registered agents known as Registered BAS Agent. Despite the fact that they possess some knowledge about tax affairs, they can actually help you in business activities, but not much in tax return filing.

Moreover, financial advisers also can register themselves on TPB, where they can offer some advice on incidental tax only which is basically a part of their financial planning service. In general, the services they can offer is limited and they cannot prepare any return tax filing. So, while choosing, you should be very careful about this. You should look for the best for this purpose, don’t you?

How Can You Identify a Registered Tax Agent and Skilled Tax Accountant?

Unfortunately, people often go to any accountant for tax-related purposes as they assume that an accountant has that legal right to prepare tax return. Obviously, this isn’t the case. As there are no rules to call someone ‘accountant’, these professionals indeed provide suggestions about tax preparation and company tax return filing to companies.But, you must know that they may be certified accountants but that doesn’t actually make them registered tax agents. Several problems arise when you hire an accountant for tax preparation. As he/she is not registered, there is high chance that the person lacks skills, experience and ethics which may lead to a huge mess of the money and big financial gap for the clients. Such a loss sometimes appears to be irreparable. For that reason, it is recommended to avoid appointing an accountant for tax activities.

Even if you appoint an accountant who is registered, you should look at the type. Of all the different types, chartered accountants are considered the best individuals. The subject is extremely difficult and requires rigorous training and development of educational skills. These accountants gain experience from larger professional business farms in Australia and also around the world.

They come through enough competition, training and professional development. A certified public accountant or CPA is also another type of highly skilled accountant in Australia. These two types of accountants are most reliable for the fact that they can do according to your choices and convenience.

While hiring a professional for your tax return, be it a registered tax agent or a certified or chartered accountant, you should always perform background study of their previous records. Past clients are the appropriate source of this information.

Read More:- Tax Deductions You Can Claim While Running A Small Business

What are The Benefits of Working With Leading Business Software?

If you work with leading business software for filing your company income tax return, you will get number of benefits.

• You will be confident about minimization of company taxes and also remaining compliant with Australian Taxation Office.
• You will get faster and simpler access to all the services that you will need for the sake of your business and that too in one place. You can decide on the numbers of services that will use, without any commitment.
• You can communicate with your accountant or tax agent anytime via phone, video calling or secured messaging. Unless you need it, an appointment will not be mandatory.
• You can upload and share important documents securely anytime on mobile friendly online client portal.
• And if you require any urgent help, you can get with just some clicks and taps on your phone.

Tax Office Can Provide Some Help

You can get a lot of information on the official website of Australian Taxation Office or ATO. Though the information given there are from the perspective of ATO, you can still read them if you want to increase your knowledge on a particular topic.

Ending Note

For your business based in Perth, you can easily search on the internet and get any tax agent Perth for providing necessary assistance and filing tax return.