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Using a professional tax accountant has many benefits. Tax returns can be tricky, and tax agents can help you prepare and submit your tax return. They are generally accountants registered to provide tax-related advice. Tax agents liaise closely with their clients to help them claim as many deductions as possible and get the biggest tax return. They can also help and provide advice for managing your taxes throughout the year.
Qualified to handle your tax and financial needs.
Help you complete your tax return if you have more than one job, or income from other sources such as investments.
Offers a wide range of services from tax advice to business setup and advisory.
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Accountants are professionals that specialise in expenses, financial audits, and other finance-related information. They may operate independently, providing advice to individuals, or they may operate within a business, performing bookkeeping duties. Accountants can act as tax agents, but in order to do so they must be registered with the Tax Practitioners Board.
A tax agent is a specialist you can use to prepare and lodge your tax return. They can represent their client when dealing with the Australian Tax Office (ATO). Tax agents can assist you to get the most money back from your tax return. They must be registered with the overseeing organisation for tax professionals, the Tax Practitioners Board (TPB), to charge a fee for their service. Every tax agent accredited by the TPB meets the Board’s qualification and experience requirements.
As mentioned, tax agents are normally TPB-registered accountants. If you require a relatively simple tax return, or if you simply don’t want to complete one yourself, tax agents might be ideal. If, however, you have a business or are an individual with property and significant financial assets, an accountant might be necessary for handling these assets. Broadly, accountants will take their clients' future financial situation into consideration, whereas tax agents will not.
Online services such as the ATO’s myTax have made preparing and lodging your own tax return possible, if you have the time. Still, unless you’re a tax agent, the yearly tax return can be a chore. A tax agent can help you prepare and submit your tax return, help you maximise your deductions, ensure that your tax return is compliant and can assist with slightly more complicated matters if you have assets. But remember that you are still responsible for your final submitted document. The fee for hiring a tax agent is tax deductible, too.
What qualifications should my tax agent have?Tax agents must be registered with the Tax Practitioners Board (TPB) before they are able to charge for their service. Some practitioners can give advice and act as tax agents without being registered, as long as they are operating under a group that is registered by the TPB.
To be eligible as a registered tax agent, the individual must have a good record with no recent convictions, involvement in tax exploitation, ongoing bankruptcies, or imprisonment. Once registered, practitioners can bear the TPB registered symbol. You can find registered agents by visiting the Tax Practitioners Board website.
Finding a good tax agent is similar to finding a good quality service of another variety. Seek out many quotes from many different sources and consider the following features:
Have a look at tax agents in each of the capital cities.
A checklist of general work related tax deductions.
Read more: Our tax guide for the end of the financial year.
I have a corporation in Australia that owns one property in Sydney. The only income is the monthly rental fee from one tenant and the expenses are that of the maintenance and upkeep of the property. The property has two bank accounts. I need an accountant to do the preparation and lodgement of the company tax returns. How much annual fees am I looking at annually?
Hi Tom,
Thanks for your inquiry
The fees you’ll be paying will depend on the tax agent handling your case. It would be best to consult with a professional tag agent in order for you to get an estimate of these fees.
Hope this information helps
Cheers,
Arnold
I had income from companies and I worked as a sole trader.
I have logged through ATO but couldn’t process business part.
Would you introduce a cheap tax agent?
Hi Jongsoon,
Thanks for your comment.
You’re on the right page! You can view tax agents, their services and fees on the table on this page. Or you get in touch directly with a tax agent through here.
Hope this helps.
Clarizza
A client has consulted a tax agent in relation to penalties and interest charged for late returns.
The agent wishes to charge the normal hourly rate plus a success fee that is a percentage of the penalties which may be remitted.
Is a success/bonus or contingency fee allowable?
Hi Rolf,
Thanks for your question.
The agent is legally able to do this per the Taxation Administration Act which allows you to claim back any expenses incurred by managing tax. You can also claim interest charged by the ATO on late payment of taxes and penalties.
Please note, as a comparison site, the advice we provide is of a general nature only.
I hope this helps.
Clarizza