Your tax filing needs in Hervey Bay can compel you to seek help from tax agents, Hervey Bay. Just make sure that you get the right tax agent that is properly experienced and qualified to handle your tax needs.
Two professions can be applied to the “tax agent” term. The term can mean a person who offers professional assistance or prepares tax returns for businesses or people that do not want or cannot be bothered to do so.
A tax agent is also a person representing the interests of the government in the collection and investigation of tax proceedings to ensure businesses and citizens pay their taxes.
Is a tax agent different from a tax accountant? Tax agents have prequalification requirements set by the Tax Practitioners Board. These qualification requirements are there to protect people or businesses from being duped by persons posing as tax agents who do not know anything about the proper way of preparing and filing tax returns.
Professionals such as tax attorneys and certified public accountants are considered as tax agents as well. They can use other titles such as a tax preparer or practitioner depending on their qualities and earned certificates.
Tax Agent vs. Tax Accountant
The desired outcome should be the basis for your decision when it comes to the choice of hiring the services of either a tax agent or a tax accountant.
It should be noted that tax agents are likely to:
- Complete forms for tax regulators and office
- Focus on the past work history of a business
- Meet the required standards and processes of tax preparation and filing
Tax accountants bring more on the table, to include:
- Take care of compliance work
- More focused on the business to include future business plans
- Offer strategic advice to boost profitability
- Minimise tax liability
- Set up benefit plans or superannuation funds
- Coordinate personal and business tax returns
- Lease or purchase business assets
Hiring a tax agent lends support to a business. His/her services towards helping to boost the business include:
- Offer good advice about the entitlements, liabilities, and obligations of the business based on current tax codes and regulations
- Act as your official representative with the Commissioner in deals related to tax matters
Tax accountants show more supportive ways for a business, to include:
- Offer recommendations on all financial aspects of the business
- Ensure that the most efficient tax structure is implemented into the operation of the business
- Offer the best guidelines to maximize the profits of the business
- Create an efficient, but legal tax structure to help minimise tax payments
Choosing between a tax agent and a tax accountant should be based on the financial assistance needed by your business. Whatever the choice, the important thing to remember is to ensure that your business is provided top-of-the-line services by a knowledgeable, experienced, and reputable tax agent or tax accountant of Hervey Bay.
A successful business path is achieved with the engagement of the right tax professional. The best way to learn and understand more about the multiple benefits provided by tax agents or accountants to your business is to contact us at uniqsol.com.au.