Why Do You Need A Registered Tax Agent?
The Australian taxation system is one of the most complicated tax systems in the world. It does require experienced and registered tax agents to handle your reporting and dealings to avoid any unnecessary compliance risks and save you all the hassle. Generally, here are a few benefits below that matter to you.
Registered tax agents are entitled to have extension authorised by the tax office to complete and lodge your tax returns (conditions apply). The extension can be as long as more than 7 months. For example, if an individual tax return is lodged by the taxpayer, the deadline is normally 31 October in the same calendar year. However, in most of the cases, the registered tax agent may extend your reporting deadline to May month in the following calendar year. That is massive extensive to allow you ample time to work with your registered tax agents to complete the tasks.
A sound registered tax agent should also have a matured system in place to remind and follow up with you to ensure to meet your deadline and maintain you good compliance and lodgement records with the tax office.
Fully Complied, But For A Better Result!
A good registered tax agent understands tax legislations as well as industry specifications. When attending your tax returns, they should point you to the right direction and exhaust everything that you are entitled to achieve the best result, but still maintaining compliance requirements. It is very common that the fees you pay to a registered tax agent can be recovered easily by the extra entitlements sourced via the return preparation. Plus, all fees paid to prepare your tax returns are fully tax deductible.
In addition, although there is no official confirmation, lodging a tax return via a registered tax agent can potentially reduce your chance for a review or formal audit.
No Worries to Save Time & Ongoing Support
Due to the complexity, the reporting and tax compliance can be your nightmare and headache that you have to face periodically.
The registered tax agents, however, can help you travel through smoothly by following their checklist and translating all complicated jargons into plain languages. There will be no hours and hours checking and finding answers online or talking to the tax office after long holding time with no guarantee to even get right answers.
It should also be noted that if you need any tax advice over the years, you are able to access your engaged registered tax agent faster. This does not limit to the tax time. Instead, it becomes the relationship to support your business and/or household.
Avoiding & Dealing With Penalty & General Interest Charge (GIC)
If a taxpayer is not complied due to various reasons, such as late lodgement or incorrectly claiming anything not entitled, heavy penalties and GICs may be imposed by the tax commissioner.
A registered tax agent can normally successfully help you avoid those issues.
In the extreme situations, if penalties and GICs have already been imposed, a registered tax agent can also help you seek the best possible communication channel and you may get a chance to get remission for all or partial penalties and GICs.
Time to Talk to us?
If you have any accounting and tax-related queries or need a registered tax agent to handle your matters, please do not hesitate to talk to our Client Service Manager, Isura on (03) 83190907 or 0450833803. Alternatively, just drop us a quick message with your details to firstname.lastname@example.org and we will get back to you as soon as we can. Talk soon!