Guidelines for Selecting the Right Tax Professional

Although E-Tax and Tax Pack are available, a huge proportion of taxpayers commit mistakes at the time of their tax returns. You can avoid these mistakes by going for the services of a tax professional, also known as a tax agent. If you are residing in a big city like Sydney, living can often be considerably expensive. Hence obtaining an efficient tax agent will help you maximize your cash flows.

Whether you are an individual or a business, using the services of a qualified tax agent in Sydney is indeed great. The service that you require from a tax agent is mostly dependant on your turnover.

Advantages of hiring a tax agent

Seeking the assistance of a tax agent has a number of benefits. These professionals have good amount of experience in completion of tax returns and filing the same. In fact, tasks which you might find complex and difficult to handle can be seamlessly does by a tax professional. They also have the latest knowledge regarding the changes and improvement with regard to Tax Pack and E-Tax along with profound comprehension of the tax system.

You would be pleased to know that the fees that you are charged from tax agents are deductible during computation of your tax liability. Although hiring an agent has a number of benefits, you must know that all agents are not efficient or good. So, if you decide to take the help of a professional, you must be careful in choosing one.

Selecting the right tax agent

Presently the market is overflowing with tax agents and hence there is a lot of competition. This often drives one to settle for the agents offering the lowest price thinking them to be the best. But this is not true. Although it would be good to verify the accounting fees or total tax with a specific tax agent, you should lay more focus on selecting a professional who fits your financial position and individual requirements.

With so many accountants in the market, you might feel puzzled and ask yourself- What kind of a professional do I require? How do I select a person to fulfill my interest successfully?

Here are some criteria which you can consider while choosing an accountant:

  • Reputation: Your accountant’s reputation is important. Enquire about reputable tax professionals through your colleagues, friends or family members. Once you choose to work with a particular person or firm, the relationship may last for a long span of time. Your potential accountant should possess the qualities of personal commitment, competence, loyalty and integrity.
  • Size: The size of the accounting firm does matter. You may come across some big agents offering reasonable rates. However, mid-sized to small agents may be more committed to your account, thereby rendering better service.
  • Specialization: Various accountants have various specialties in diverse areas and industries. Select the professional (or team of professionals) who suit your lifestyle and financial requirements.
  • Qualifications: You must verify whether the accountant you have chosen is a registered tax agent. In order to lodge or prepare for tax returns, only registered agents are certified to accept a charge. You can verify the agent’s registration at the Tax Agents’ Board.     

These were some of the parameters for choosing the right tax agent You may also ask questions like whether the tax agent has relevant credentials, if he is up to date with management and legislation changes, whether he is capable of tracking and monitoring the progress of your work, and so on.