Many Australians have moved to lodging their own tax returns. Recent data from the Australian Taxation Office shows that almost 30% of individual taxpayers are lodging their own tax returns online.
This still leaves a large proportion of Australians who use an accountant of some description to assist them in determining the tax they owe and also the various deductions and rebates to which they may be entitled.
What should you as a taxpayer be looking for in an accountant?
Deadline looms! As well as wanting to make sure you claim every deduction and rebate available to you, adding to the pressure to find an accountant or tax agent is the looming October 31 deadline. After this date, taxpayers are obliged to use a registered agent in order to not be in breach of tax lodgement regulations — and risk being fined.
One thing to remember is that whoever prepares tax returns is required by law to be a registered tax agent — you can check this at the Tax Practitioners Board (TPB) website with its online tax and BAS agent register. You can search by name or registration type if you know these, or simply by post code.
Consumers should look for the TPB’s “tick” symbol. A registered agent who meets the TPB’s eligibility criteria is permitted by the TPB to use its symbol in promotions and advertising.
There is no such thing as an unregistered tax agent. Anyone calling themselves a tax agent must be able to prove their registration to you.
Anyone that fails to produce proof of their registration with the TPB cannot legally provide you with tax advice.
How to find a tax agent or accountant You can find accountants using the age-old method of asking family and friends, but also using the above TPB register (here’s that link again). An important added value with the TPB register is that it will also record any conditions, suspensions or sanctions against the tax agent’s listing.
However once you do find an accountant or tax agent that is convenient for you, there are some specific questions that you may want to clear up first. (The checklist below is also available as a downloadable PDF, which you can print and take with you.)
Checklist of questions for prospective tax agents or accountants
Suggested questionsWhat you should be looking out forWhat are your qualifications?Make sure they have an accounting qualification and they are a member of an accounting bodyWhat licences do you have?Your accountant can only give you tax advice if they are a tax agent, and they can only provide you financial planning advice if they have an Australian Financial Services licence or are an authorised representative of such a licence holderHow long has the practice been operating and how long have you been with the practice?Is the practice mature, how long have the partners been there?What kind of clients do you mostly see and can I talk to some of them?Do they have clients in a similar situation to your own? Or do they have experience in the special needs of your business? Are their current clients happy with the service provided?What kind of services do you most frequently offer?Experience in the type of services or requirements that suit yourself or your business.How do you keep track of changes in clients’ circumstances?Services should include check-ups on how the plan is going.What sort of access will I be given to the data you hold about me or my business?Accountants are good sources of information that you might need e.g. for updating your financial or business plan, or reviewing a tender document.Can you provide advice and assist in financial management?Consider practices that will provide regular financial reports, perhaps with additional commentary.Will you return my calls within a reasonable time? How long will you take to complete your work?Clear processes should be established to keep you well-informed.Are you familiar with the accounting/software package I use?If not, establish how information will be accessed and shared.Do you have a newsletter or some form of communication to inform me of issues of interest?How will you be informed, particularly of any changes to legislation? See also Taxpayers Australia’s free e-newsletters (scroll down to find links to previous newsletters to see if these may suit your needs).What will I get for my money?What is the basis on which fees are charged? Will you be charged for every phone call and also for travelling time?How do you do research? May I look at some of the services you use?What research journals and services the practice subscribes too. Even if you have never heard of them, flick through them.What additional services can you offer?Consider practices that can provide you or help you seek assistance on issues important to you or your business such as bookkeeping, IT support, industrial relations assistance etc[accountant], [find accountant], #[pay less tax], [tax agent], [tax guide]
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