4 advantages of using a tax agent

It is extremely important to get a Tax Agent to lodge your business and individual tax returns as the benefits are substantial. This article details the serious advantages of lodging your tax return with a Tax Agent such as a long deadline extension, quality assurance and ensuring you pay as little tax as possible.

1. Extended deadlines

Using a tax agent like Link Advisors leads to great advice but also time. If you lodge your tax return using a Tax Agent, the usual deadline of October 31st (that applies to self-lodgers) usually will not apply to you. Working with an agent means you most-likely have until May the following year to complete your return. If you have a larger payable than expected, this extension allows you to organise your funds and/or allocate them to other things until it is due.

2. Assurance

When you lodge your return yourself, the responsibility is all yours. Any mistakes or incorrect deductions can lead to the Australian Taxation Office (ATO) knocking on the door. This can lead to an ATO audit with possible fines, interest, or penalties to pay. One of the biggest advantages of using a Tax Agent is that you get peace of assurance that everything is done compliantly. Choosing to lodge through an Agent or Accountant ensures you are compliant with little to no risk as they have standards to adhere to.

3. Tax Minimisation

Taxes are mandatory for most people and it is essential that you claim all that is legally possible. As tax can be a complex and nuanced exercise, there’s great value in building a relationship with your Tax Agent As tax time nears, your Tax Agent will already have a solid understanding of your financial situation and can provide you with tailored tax advice to make the most of your money.

4. Opportunity Analysis

Having an outstanding Accountant/Tax Agent is essential for you and your tax situation. As your circumstances change, your tax agent can offer advice and suggestions to help you maximise your finances and ensure you get back what you deserve.

With this, a great Tax Agent will be proactive and constantly be looking for opportunities to get you the optimal tax result for the short and long-term. Structuring and identifying relevant deductions are key components of this, which is what we at Link Advisors are specialists in.

Link Advisors focus is to be the best Advisors we can be. We achieve this by being proactive, building relationships with all our clients and ensuring that they are optimised from a tax perspective. If you have not used a Tax Agent before or are considering making a change, contact Link Advisors and we can have an obligation-free chat.