{"id":270,"date":"2017-10-20T00:21:23","date_gmt":"2017-10-20T00:21:23","guid":{"rendered":"http:\/\/www.trakaccountants.com.au\/blog\/?p=270"},"modified":"2017-11-23T08:14:12","modified_gmt":"2017-11-23T08:14:12","slug":"5-things-to-look-for-when-choosing-a-tax-agent","status":"publish","type":"post","link":"https:\/\/www.trakaccountants.com.au\/blog\/5-things-to-look-for-when-choosing-a-tax-agent\/","title":{"rendered":"5 Things To Look For When Choosing A Tax Agent"},"content":{"rendered":"

Although E-Tax and Tax Pack are available, a large number of taxpayers in\u00a0<\/span>Australia commit mistakes at the end of financial year when they do their <\/span>tax\u00a0<\/span>return. <\/span>If you feel like you don’t have the experience or expertise to lodge your\u00a0<\/span>own return, you should consider investing in the services of a<\/span> Tax Agent.<\/span><\/p>\n

For many people, using a <\/span>Tax Agent <\/span>means more money\u00a0<\/span>in their pocket more quickly, and a peace of mind should they receive a random tax\u00a0<\/span>audit.<\/span><\/p>\n

Here are 5 things to look for when choosing a tax agent:<\/p>\n

Reputation<\/h2>\n

Don’t just head into a <\/span>Tax Agent’s<\/span> office because they are on your way home from\u00a0<\/span>the supermarket, take a moment to check their reputation. Ask your family, friends,\u00a0<\/span>other business owners, attorneys or financial advisers for referrals, so that you’re\u00a0<\/span>assured that the tax professional you hired is capable of doing the job and not\u00a0<\/span>overcharging you. Also look at independent reviews, assess their website and the\u00a0<\/span>services they provide to determine their reputation.<\/span><\/p>\n

You should also make sure that the registered <\/span>Tax Agent <\/span>belongs to a reputable\u00a0<\/span>accounting firm. If the ATO comes to believe that your tax professional has been\u00a0<\/span>too relaxed in applying the rules, there is no doubt that you will be subject to extra\u00a0<\/span>scrutiny- even if you have done everything correctly. At the end of the day, you are\u00a0<\/span>the one who is responsible for the information on your<\/span> tax return. <\/span>You will more\u00a0<\/span>likely save yourself the trouble of going through the ATO auditing process for\u00a0<\/span>things like income, expenses, GST, superannuation guarantee or payroll tax if they\u00a0<\/span>have a good reputation.<\/span><\/p>\n

Keep an eye out for tax professionals who promise big refunds or states that you\u00a0<\/span>can deduct everything from your <\/span>tax return. <\/span>Although this sounds rewarding, you\u00a0<\/span>could get into serious trouble with the ATO for providing a <\/span>tax return <\/span>with false\u00a0<\/span>deductions. <\/span><\/p>\n

Qualifications and Credentials<\/h2>\n

Unfortunately, there are some people out there still offering financial\u00a0<\/span>services that they are not qualified for. Anyone with a tax file number can handle\u00a0<\/span>returns, so it\u2019s best to find a licensed and qualified professional if you want to be\u00a0<\/span>sure of a reliable service.<\/span><\/p>\n

One of the first things you must do is check that your <\/span>Tax Agent i<\/span>s registered with\u00a0<\/span>the Australian Tax Practitioners Board. Look out for the Registered Tax\u00a0<\/span>Practitioners symbol on their website, stationery, brochures or business cards.\u00a0<\/span>Only registered tax professionals are the only people allowed to charge you a fee\u00a0<\/span>or receive a fee when they provide financial services according to the Australian\u00a0<\/span>Taxation Office. If you\u2019re still uncertain about your Tax Agent, you can also check\u00a0<\/span>their registration details on the TPB register.<\/span><\/p>\n

Initiative<\/h2>\n

A good tax professional would do more than collect your receipts, and lodge your\u00a0<\/span>tax return.<\/span> You want someone who is proactive in their approach, suggests and\u00a0<\/span>provides you information regarding areas where you can save money and\u00a0<\/span>potentially make more money. They should be asking probing questions about\u00a0<\/span>your occupation, your income and your expenses. Additionally, they should also be available to answer any concerns or questions, not just when the filing deadline is approaching.\u00a0<\/span>You need someone that keeps up to date with tax laws so that they can\u00a0<\/span>maximize your return, but not one who takes things too far or risks tax avoidance.\u00a0<\/span>They should be aware of all the deductions that you are eligible for, which you\u00a0<\/span>might have otherwise missed. That being said, you can be sure that your tax\u00a0<\/span>will be completed effectively and without errors.<\/span><\/p>\n

Specialisation<\/h2>\n

Before choosing a <\/span>Tax Agent,<\/span> find out what specific areas they specialize in to see\u00a0<\/span>if they are a right fit for your needs. If you are a farmer, inheriting money, running\u00a0<\/span>a business or make many charitable donations, your tax situation is going to be\u00a0<\/span>more complicated. Look for someone who specializes in the type of return that you\u00a0<\/span>need to lodge, and inquire how much experience he or she has working with these\u00a0<\/span>tax returns.<\/span><\/p>\n

It is also always a good idea that you find out what other services the accounting\u00a0<\/span>firm provides, as you may have a different needs in the future such as financial\u00a0<\/span>planning advice, retirement advice or help with your business plan. This way, you\u00a0<\/span>can find a <\/span>Tax Agent<\/span> who is competent and trustworthy and specializes in the areas\u00a0<\/span>you need assistance with.<\/span><\/p>\n

Care<\/h2>\n

Above all, your tax professional should care about you and your<\/span> tax return. <\/span>They should\u00a0<\/span>be easy to do business with, keep your best interests in mind, and act professionally when handling your tax.<\/span><\/p>\n

A great Tax Agent would be:<\/span><\/p>\n