Taxation is one of the areas where most people get severe headaches. As such, the majority of the population will try to find a professional to handle the tax return. If you choose to file the tax return yourself, you may miss some important details and you may lose a tax deduction. It is better and safer to have a professional tax advisor handle the tax matters as this will ensure that it is done properly.
However, it is important to note that not every accounting professional is familiar with tax administration. In this article, we’ll share some important tips to help you find the right tax agent.
Why it is important to hire a professional tax agent
To maximize your tax return, it is imperative to choose a reputable and registered tax agent. There are quite a few tax deductions and not everyone is familiar with them. As such, with the wrong calculation, you could end up underpaying or overpaying your taxes, which may not be ideal. With a professional on your side, you can get a ton of help with your taxes and general finances.
There are a number of professionals who can assist you with the tax return. The most common are:
Registered tax advisers
Certified practicing accountants
It is best to hire a registered tax agent as they specialize in the specific tax areas. These are professionals who will also act on your behalf if you have any issues with the Australian tax office.
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How to choose your tax agent
Now that we have determined that it is beneficial to work with a professional tax advisor, here are some things to keep in mind before hiring one:
Tax agent number
You should start by asking them to share their tax agent number with you. With this number you can check whether it is on the Board for Tax Practitioners. This is one of the ways to verify that you are dealing with a real tax advisor, who is fully registered.
Ask about the number of years they have been in the tax industry. A business that has been in business for a long time will understand several challenges in filing tax returns. It’s important to also ask them what specific tax area they specialize in.
Signing tax returns
All tax returns must be signed by the tax agent on your behalf. You must confirm that they are willing to go all the way and file a signed declaration with the ATO.
E tax return
Times have changed and the ATO requires professional tax advisers to file returns electronically. If a tax agent is still using the manual options, he may not be the right company.
Numbers Pro is your best tax partner and we are ready to work with you and file your tax return. Call us today for more information.