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7 Benefits of using a Tax Agent in Australia

Tax Time for most Australians is the toughest time of the end of the financial year.

Why? The complexity of tax law leaves people stranded with all the new updates that happen on a regular basis, tax in Australia is always evolving and if you are not up to date, you will be left behind.

Many of my clients will come and tell me what their workmates are doing and what they are claiming and why they use an online service without using a tax agent, these people are the 26% of people who do not use a tax agent in Australia out of the 13,500,000 tax returns that are lodged on a yearly basis of which 940,000 of them are companies.

Unless you are an individual with one payment summary and are happy to sit on your computer and lodge it on your own, until the cut-off date of 31 October 20XX of the financial year in Question, you will have access to the government system that allows you to lodge your own tax return for free correct that’s free.

Have you ever thought to yourself why would the government provide this free system to individuals like yourself who can just lodge their own tax return for free?

Twenty six percent of individuals lodge their tax return on their own, of 12,560,000 individual tax returns twenty six percent equating to 3,265,600 tax returns use a free service.

What are the standard tax return deductions everyone can claim, lets leave that for another blog, those of which in dollar terms means that you as an individual will not claim because lets face it, you are not an expert in tax, lets add these in dollar terms across the board of the 3,265,600 million tax returns, that means a whopping $1,469,520,0000 of tax deductions will be left out in their tax returns across the board, now you must understand why its free service, catching each individual that doesn’t understand tax go without.

Then we have the smarter individual that will think they are better than the system and will claim everything possible to maximise their return without the assistance of a tax agent.

The ATO has tax data matching, which allow them to see what the average deductions are for your job description and if you have deductions that are more than 10% off the decibal curve than that of your co-worker, guess what happens next, you receive a tax audit, When? You guessed it, years later? Why, because they can, and they can also charge you a penalty for your mistakes regardless of your excuse “I didn’t know” and the Australian tax Office can also charge you interest from the time you were paid out your refund until the time you pay it back, sounds like fun? It won’t be fun if it happens to you. If you are our client please see our page on Tax Audit Insurance.

Most of our clients are the clients that have been stung in the past and don’t trust themselves in completing another tax return as long as they live. With the perplexity of the ever evolving tax laws its always best to play it safe, we have options for those who have receipts and have kept a log of all there claimable deductions we also have spreadsheets to assist you to fill in of all your deductions and we also have options for those who are new to the tax process and can help them with the maximum deductions without receipts, its not much but it does help.

Main Key benefits

  1. Streamline the Process for you.

We at Australia Wide Tax Solutions will stream line the entire tax process with our tax checklist, this tax checklist should trigger questions if you do not have these deductions or if you are applying the answer Not applicable next to our question, if this doesn’t trigger any questions than you fit in the category Im content with what I have and don’t want to do more with my tax situation and no tax planning is necessary.

  • Creating lasting relationship between the professional tax agent and you.

As time approaches for tax season we will automate the process for you so you can collect as much information as possible so you can maximise your refund, year in year out we will build a solid relationship with you, the more we understand your situation the more we can be of help, in reducing the tax payable by you, let us help you today.

  • Saving you time and money.

No passwords, no usernames, no existing Notice of Assessments needed to be used when lodging your tax return with Australia Wide Tax Solutions, hence making it easy and quick, we will have the returned filed within 24 hours if not sooner, we work around the clock when its tax time to save you the anxiety of having your refund in your pocket as quick as possible.

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