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Doing all the complex computations related to filing your taxes is a daunting experience, which is why many Australians prefer to leave it up to the experts. By “experts,” however, we don’t mean the usual bunch of accountants and bookkeepers employed with you as full-time staff or can be called upon on an annual or semi-annual basis. What you need during tax season are the services offered by a tax agent.
Who is a Tax Agent?
While the term may also apply to government employees tasked with ensuring that citizens pay the correct taxes on time, it refers to a professional (an enrolled agent) licensed under the Tax Practitioners Board (TPB). This person prepares taxation documents for others and extends assistance for those who cannot – or don’t want to – file their taxes by themselves.
Tax agents are usually accountants, but the profession is also open to non-accountants with relevant experience.
What Does a Tax Agent Do?
A tax agent’s responsibilities revolve around three key aspects of the taxation process:
- Determining a client’s liabilities, obligations, and entitlements under taxation law;
- Representing clients in any transactions or consultations with the Commissioner on Taxation per the law; and
- Advising clients on relevant points in taxation law and process.
The critical point to remember is this: working with a tax agent saves you time and energy. Doing the paperwork necessary for filing taxes can take a lot of time if you’re doing it alone or if you have to go through numerous records, as in the case of those who have large businesses or several enterprises. A tax agent enables you to get on with what you’re doing while they sort the documents and computations out for you. Plus, you may not need to go out of your way to file, as they can also do the legwork for you.
Why Choose Perth Tax People?
With our team of highly qualified tax professionals – agents and accountants alike – you can count on us to help you with your taxation concerns, including your personal tax affairs and audits by the Australian Taxation Office (ATO.) Call us at 08.9200.0582 or fill up our contact form to book an appointment today.
Tax Agent FAQs
A tax accountant focuses on helping the business keep proper tax records. They also play a huge role in advising on ways of minimising tax liability through the application of various accounting principles. On the other hand, tax agents are concerned with a business’s compliance with tax laws. They make sure that a firm fulfils all its tax obligations.
There are several factors you should consider before choosing a tax agent for your business. These include reputation, experience level, credentials, and qualification. To pick the best agent, go for a popular firm that has been in the business for several years. This is because such firms understand the tax system and laws thoroughly.
Hiring a tax agent comes with many benefits. For example, they save you time by filing taxes on your behalf more efficiently. They also save you money by helping you avoid tax penalties and fines. More importantly, they represent you in legal cases between you and the tax authority.
Yes. Hiring a tax agent is worth every coin. This is because tax agents offer all the advice and guidance you need to be tax compliant. They also relieve you of the stress of handling your taxes, allowing you to focus on other income-generating activities. As a result, you end up making more money which justifies the cost of hiring an agent.
Yes. Every person or business needs a tax agent for various reasons. First, the tax laws keep changing making it hard for individuals to keep up. Secondly, every person has unique tax rights and obligations. As a result, it is important to hire a professional to guide you through all the tax procedures that apply to your case.
Contact Perth Tax People
Got questions? Chasing a quote? We are more than happy to help.