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End of Financial Year Tips – Part 1

Why it is important to use a Registered Tax Agent to lodge your tax returns?

Registered Tax Agents are the only people allowed to charge a fee to prepare and lodge your tax return. You can check whether person who offers a tax agent service is registered with Tax Practitioners Board by searching the register.

Using a Registered Tax Agent will not only provide you with consumer protection, other benefits include:

  • You know you are in hands of experienced and qualified person as to maintain its registration Your Agent is required to comply with Continuous Professional Development.
  • All Registered Tax Agents need to comply with Code of Professional Conduct.
  • Most Registered Tax Agents have special lodgment schedules and can lodge returns for their clients later than the usual 31 October deadline.
  • Registered Tax Agent is insured for your protection.

Registration can be issued to an individual for example an Agent who works as a sole Trader. But also to a Partnership or a Company, then all employees are covered by the registration.

Many unregistered agents charge lower fees which may be attractive but remember, if you use an unregistered tax agent you are taking big risks, as the agent you use:

  • may not have the qualifications or experience required of a registered agent
  • may not have appropriate professional indemnity insurance cover.

Most importantly, if they are negligent you will not be protected under the safe harbour provisions set out in the Taxation Administration Act 1953.

 

Registered Tax Agent importance

Tax Practitioners Board is responsible for Tax Agent register