How A Registered Tax Agent Can Help You This Financial Year

You may believe your tax agent’s sole purpose is helping you with your tax return at the end of the financial year, however, this is only part of the services they usually offer. In most cases and depending on your circumstances, they are able to offer valued support in other ways. Here are some of the additional services a tax agent can provide for you.

 

• They understand the specific ways you will be able to reduce your tax. For example, how to ‘exploit’ superannuation deductions or use investment properties to your advantage.
• They can provide guidance on what to do at year-end, in the new financial year, and keep you up to date in each quarter. They can advise you on what you need to do to keep up to date and out of trouble.
• They will help you understand and plan for the taxes you will owe, so you can keep them aside for the due dates – tax bills shouldn’t be a surprise.
• They can help you make the most of your accounting software, or review and even implement a more suitable accounting system, possibly even saving you time and money.
• They have the right framework to collate and know all your expenses and deductions. They would likely have experience with your industry and occupation and therefore be aware of how to maximise your ability to claim.
• They know what you can genuinely claim on vehicles and at the home office. They will know which expense areas are being closely examined by the ATO and advise you accordingly.
• They can provide support for you with areas of your business that you would like to improve upon eg. An efficient debtor collection process, accurate and timely bookkeeping, staff retainment.
• They can improve your reporting and results tracking in more ways than just sales for the month. They can analyse profit, expenditure, and help you compare your past performance.
• They can identify specific key performance areas that your industry should look at eg. for restaurants.
• They can show you how to effectively use budgets to grow and strengthen your business.
• They can drill into why your profits are not growing enough or why your expenses are increasing.
• They can offer guidance and fresh ideas on small business marketing strategies.
• They can offer a much longer period in which to lodge your tax return, up to May the next year.
• You can take advantage of their knowledge of numerous financial strategies; for help with job transitions, business plans, how to network for new clients, and various wealth creation prospects.
• A tax agent can usually find your earlier years’ employment details and income, dividends, and interest figures if you have lost them or cannot access that information anymore.
• A tax accountant can educate you on how to plan for the current year and future years. They can support you in implementing effective strategies for maximising your savings potential.