THE NEED FOR BAS TAX AGENT IS A MUST DESPITE HAVING A BOOKKEEPER: WHIZ CONSULTING 

Dallas, United States, 2022-Apr-15 — /EPR Network/ — Emerging businesses nowadays understand the necessity of tax compliances and tax agents. This is why growing businesses are becoming more tax compliant and enhancing their performance with each passing day. A good tax agent can save a business from the undue stress of tax returns and penalties and help claim deductions unknown to the business owners. It might be possible that a business owner is good at tax, but the number of such business owners is relatively low. Taking help from a professional is a smart decision. Tax agent online services are a great option to get tailored advice on tax to make the most out of business. 

A business involves different types of complexities for which separate professionals are needed. One person cannot be made responsible for every process, ultimately affecting the business. Nowadays, business owners understand the need for specialised professionals for specific services. Businesses have tax agents, accountants, and bookkeepers to perform their side duties to fulfil this purpose. An accountant differs from a tax agent in terms of services offered. A tax agent is purely about tax and helps businesses in tax-related matters. In contrast, an accountant may not be specialised in taxation, so they engage in the planning and strategizing process for the better financial stability of the business.  

Tax agents are highly specialised professionals in the field of tax and law. A tax agent must fulfil the requirements set out in the Tax Agents Services Regulations (TASR) and be registered by the Tax Practitioners Board (TPB) to provide tax services to businesses and the public. Registered tax agents are allowed to charge a fee to prepare and lodge tax returns. With registered tax agents, a sense of assurance and safety is instilled among the clients that they are dealing with certified and skilled professionals. 

Not every person is entitled to become a registered tax agent. The Tax Practitioners Board specifies certain essential requirements for the same. These requirements include a strict code of conduct, registration eligibility, and qualifications criteria. The board expects a code of conduct, including honesty, integrity, confidentiality, unbiasedness, etc., for an individual willing to get registered as a tax agent.  

As per the TASA, a registered tax agent can be:  

• A sole proprietor or partnership, or company. 
• An individual or company functioning as a trustee. 
• Association of trustees under unrestricted trusts can register themselves as a tax agent. 

The basic registration eligibility for a tax agent includes: 

• At least 18 years of age. 
• A fit and proper person as per the guidelines of the Tax Practitioners Board (TPB). 
• Not charged under a grave taxation offense or fraud or dishonesty. 
• Fulfils the specified qualification and experience requirements. 

• Maintain professional indemnity insurance as suggested by Tax Practitioners Board (TPB). 

Having a registered tax agent takes off the burden from the shoulders of business owners. The four potential reasons to choose a registered tax agent can be: 

• Minimise the ATO penalties– With the availability of skilled personnel, the possibilities of penalties like fines and interest charges are diminished to a large extent. 
• Extended deadlines– An extension to submit the tax return after the deadline is another benefit. Businesses get the opportunity to submit a tax return to the ATO even after the deadline. 
• Simplifies tax A tax agent makes complex tax procedures much easier to understand for business owners.  

• Less stress about tax Seeking professional tax advice on tax-related matters lessens the burden on the business owners. They need not worry about a lodging tax return, refunds, deductions, and other tax procedures. 

Whiz Consulting, one of the leading outsourced accounting and bookkeeping service providers, enables businesses to make the best use of BAS tax agent online services. The skilled and experienced professionals work diligently to provide the best services to the clients and thereby enhance their business performance.