As a business owner, you’ll have a lot on your plate when running a company. There will be scaling the business, managing your products, delegating tasks to your team members and the most important task: doing your company tax return. Computing and running all those numbers can be a headache, and it can be confusing and complicated for new business owners who are filing their company tax return for the first time.
But that’s where tax agents and experts come in! A tax agent can help you with your taxes and help you understand the basics of a fast tax return.
How Do Tax Agents Do Their Magic?
The term “tax agent” can refer to two different occupations. The first is a person representing the government in investigation and collection proceedings to ensure that citizens and businesses pay their taxes. The second definition refers to someone who prepares taxes on behalf of others, providing professional assistance to individuals and companies who are unable or unwilling to prepare their own taxes.
In this case, tax agents refer to the latter.
Tax agents can do the following tasks for you:
- Prepare company tax returns, payments, paperwork, and reports as needed.
- Assess and investigate difficult tax issues in order to find solutions.
- Manage and keep the company’s tax database up to date.
- Determine tax savings and recommend profit-boosting strategies.
- Ensure that you are in compliance with regulations by providing necessary information to federal, state, and local authorities.
- During audits, provide assistance and direction.
- Examine tax regulations and propose policies to reduce the tax burden.
- Maintain an eye on industry trends and tax changes.
- Prepare timely quarterly and annual tax returns.
What’s the Difference Between a Tax Agent and a Tax Accountant?
The Tax Practitioners Board establishes the qualifications for tax agents (which may include non-accountants with industry experience). These requirements are intended to prevent situations in which people pose as tax agents and either does not properly prepare taxes because they need to learn how or use their access to personal financial information for fraudulent purposes.
Tax agents include certified public accountants, tax attorneys, and certain other types of professionals. Many people belong to professional organisations that have their own certification programmes and may use terms like “tax practitioner” or “tax preparer,” but only if they are properly qualified.
However, whether you hire a tax accountant or a tax agent is determined by the outcome you want to achieve. Remembering that tax agents tend to look back and focus on the history of work for a client, along with completing forms for the tax office and other regulators, following the proper processes and meeting the required standards, is a good rule of thumb to consider when choosing the right help with tax preparations. On the other hand, accountants are more concerned with the business, future planning, and compliance.
How Does One Become a Tax Agent?
If you want to become an individual tax agent, you must register with the Tax Practitioners Board. There are some requirements that promising tax agents need to comply with. These are the requirements:
- To be eligible to apply, you must be at least 18 years old.
- You must be physically and mentally fit.
- You must meet the educational and experience requirements. The Tax Agent Services Regulations 2022 (TASR) provide several options for registering as a tax agent.
- You have, or will be able to obtain, professional indemnity insurance that meets our standards.
- Fill out an online application and include all supporting documentation.
There is an application fee of $700, and it is not subject to GST. You can submit your application online if you have the necessary documentation. Applications are typically processed within 30 days of payment and submission of documents. Then all you have to do is make an arrangement with the ATO to gain access to their online services for agents, and you’re ready to begin working as a registered tax agent!
But it’s not that simple to become a tax agent immediately with just a simple online registration. In addition, the applicant must have at least two years of relevant work experience in the last five years. This can be accomplished in a variety of ways. For example, they could be working full-time at a tax accounting firm under the supervision of a registered agent while studying for their Diploma. Alternatively, they may gain work experience after completing their primary qualification.
Meet the Heroes of EZY Tax Online!
The best thing about EZY Tax Online is that our platform allows you to lodge your company tax return online by yourself or with the help of a tax agent that you can communicate with. EZY Tax Online is an ISO9001 Quality Certified Public Accountant & Registered Tax Agent, which guarantees you the quality of service you will get with us.
EZY Tax Online is run by EZY Tax Solutions Pty Ltd, a registered tax agent and public practice accounting firm. EZY Tax Online is an online tax agent for all Australian taxpayers. EZY Tax Solutions is a growing registered tax agent and public practice accountant in Cairns, Queensland.
If you need help with all things related to online taxes, don’t hesitate to contact EZY Tax Online!
