A professional tax account or tax agent in Adelaide can help you file your tax return correctly, claim all the eligible tax deductions and assist you in getting a more significant tax return. They can also offer you advice for managing your taxes throughout the year. Moreover, the tax agent’s fee is entirely tax-deductible.
Tax Agents Versus Accountants
Tax Agents: They are the specialists you can use to prepare and file your return. They can represent their client when dealing with ATO (Australian Tax Office). Tax agents must be listed with the Tax Practitioners Board (TBP) – an overseeing organisation for tax professionals to charge the fee for their service.
Tax Accounts: Accountants are professionals that specialise in financial, expenses audits and other financial-related information. They may operate within a business, perform bookkeeping duties, or work independently, offering advice to individuals. Accountants can act as tax agents, and for that, they must be listed with the Tax Practitioners Board.
The decision of selecting the one is based on your requirements. For instance, if you are an individual with significant assets and property or have a business, an accountant must manage these assets. On the other hand, tax agents might be ideal when you need a relatively simple tax return.
Key Benefits Of Hiring A Tax Agent
Locating a good tax agent is like obtaining a good quality service of another variety. Seek out several quotes from different sources and consider the following elements:
Ö Fees. How much do they charge to complete an essential tax return?
Ö Credentials. Make sure they are listed with the Tax Practitioners Board.
Ö Types Of Returns. Can they perform more complex tax returns, such as those needed by small businesses, SMSFs and people with many income streams?
Ö Qualifications. Check if they have relevant university degrees such as law, commerce, or accounting and how they have been practising.
Ö Reputation. Do they have good reviews from former clients?