Do you get excited at the thought of doing your tax return? Didn’t think so.

It’s no surprise that when tax time comes around, accountants and tax agents are on everybody’s speed dial.

For a small fee, a tax agent can prepare and lodge your tax return with the Australian Tax Office, so you don’t have to. How good is that? Using a tax agent is also a great way to get your refund quickly – you could have money in your bank account within 14 days.

But you don’t want to go to just anyone. Here are 5 questions to ask when you’re looking for a tax agent.    

Are they registered?

Your tax agent must be registered with the Tax Practitioners Board. This ensures that they have all the relevant qualifications and experience, are not bankrupt, and have a good character.

So the first thing to do is ask for a registration number.  Do a background check to verify they are above board. A simple way to do this is a quick search the on the Tax Practitioners Board’s online register.

What are their fees?

Did you know, only a registered tax agent can charge a fee for preparing a tax return? But only by using a tax agent can the fees of managing your financial affairs be a tax deduction next year, so it’s a win-win.   

There isn’t a set fee for preparing a tax return, and so, depending on what their overheads are, it might cost as little as $50 for a tax return to be submitted online.

Tax is always your responsibility

Even if the tax agent fills out the forms for you, you are still responsible for all the information on your tax return. And if the tax agent makes a mistake, YOU are responsible for any extra taxes imposed by the ATO.

So make sure you provide the tax agent with everything they need to submit an accurate return.

The tax agent is only as good as your documentation

Remember to take these documents with you:

• Previous tax returns and financial statements
• If you have claimed business deductions or depreciated assets in prior years, or had a business loss, these may be carried forward.
• Payment summaries (or group certificates) from all employers that you worked for during the year. If you have not received a payment summary, call the employer and request a copy.

Ensure the Tax Agent has on-line access to the ATO

Most documentation the tax agent will need can be accessed via the Australian Taxation Office’s online Tax Agent Portal, so make sure they have ready access.

• On this portal they can view and update your registration details,
• Prepare, lodge, view and print BAS statements,
• Check the balance and history of any debts you owe to the ATO,
• Request refunds and credit transfers on your behalf,
• Send messages to the ATO,
• Find out how much interest you’ve been paid by your bank.

Unless you are very well-informed and up-to-date with changes to taxation rules, it’s a good idea to use a registered tax agent to submit your tax return. Get help today.