While you can lodge your own tax return through myTax, using a registered tax agent provides significant advantages ??? especially if your affairs are complex.
Benefits of Using a Registered Tax Agent
1. Extended Lodgment Deadline
Self-lodging individuals must lodge by 31 October. Tax agent clients can lodge as late as 15 May the following year. This gives you more time to gather records and maximise deductions.
2. Maximum Deductions
Tax agents know the ATO rules inside out. They can identify deductions you might miss while ensuring every claim is compliant. This often results in a larger refund that more than covers the cost of their fees.
3. ATO Audit Protection
If the ATO selects your return for review or audit, your tax agent handles all communication. They understand ATO processes and can resolve issues efficiently. You also have the benefit of their professional indemnity insurance.
4. Ongoing Tax Planning
A good tax agent does not just prepare your return ??? they provide year-round advice on:
- Business structure optimisation
- Superannuation strategies
- Investment structuring
- Timing of income and expenses
5. ATO Liaison
If you owe the ATO money, need to set up a payment plan, or have questions about your obligations, your tax agent can deal with the ATO on your behalf.
How to Check if Your Agent is Registered
All registered tax agents must be listed on the Tax Practitioners Board (TPB) register. You can search the register to verify your agent is registered and in good standing.
What to Look for in a Tax Agent
- Registered with the Tax Practitioners Board
- Experience in your industry or situation
- Clear fee structure (fixed fee or hourly rate)
- Proactive communication and advice
- Good reviews and referrals