
How does a tax agent help you?
Did you ever have a dilemma of preparing a tax return by yourself for free or using a tax agent? I am sure you did.
You might think you are saving money if you use the ATO’s free service, but are you sure you do it right? How do you know you are getting as much tax back as you are entitled to? And one more thing to consider: just because ATO will process your tax return it doesn’t mean it has been given the all clear.
Australian income tax system operates on self assessment basis. This means that information you provide to the ATO is initially accepted as being true and correct when you lodge your tax return and other forms on which you disclose your tax liability. Under the self-assessment system, ATO accept the claims you make in your tax return, usually without adjustment, and issue a notice of assessment. Even though they initially accept the tax return, the return may still be subject to further review.
So if information in your return flags an issue, be prepared to receive a ‘please explain’ along with a possible amended assessment and penalties. While the ATO’s service may be free, the cost of mistakes can be costly.
Here are some good reasons to use a tax agent to prepare you tax return:
· tax agent can deal with the ATO on your behalf – saving you stress and hours on the phone
· tax agent will make sure you will get the biggest legal refund your are entitled to, often claiming deductions you didn’t even know existed
· cost of hiring tax agent is tax deductible! you will claim it on your next tax return
· tax agent saves you time
· tax agent will provide you with advice and tips on what you need to retain for your tax records
· clients of tax agents are eligible to receive an lodgement and payment extension.
· with K-Tax you can have a comfort of preparing your tax return by sending all the information via email.
Contact us and we will advise you what we need to prepare you tax return. It is fast and easy way to do it!
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