As a business owner, you have to deal with numerous tasks related to business finances. In this world of finance, various professionals play a crucial role in managing a small business. The most common roles you will encounter are tax agents and BAS agents. These are professionals who serve different purposes. Let’s know more about these roles:
What does a tax agent do?
A tax agent ensures that your tax return is accurate and up to date. They would ensure all the required information is included to avoid unnecessary penalties. In addition to this, they would also ensure you include all your allowable tax claims to increase your tax refund. A tax agent in Melbourne would also suggest suitable record-keeping for tax purposes.
- They must ensure that your tax return is correct.
- They would keep an eye on details and stay updated with tax law changes as they occur.
- By hiring a tax agent for your company, you can focus on your business strategy rather than on tax matters.
- They will be responsible for dealing with tax-related matters for your company on your behalf.
- When they deal with income tax returns, they will review all your expenses and income and ensure that you get all the potential tax deductions you are eligible for.
What does a BAS agent do?
A BAS agent is registered with the Tax Practitioner Board (TPB). BAS agents can provide BAS services to businesses. These services include advising about obligations, liabilities, or entitlements for businesses who are liable to lodge a Business Activity Statement (BAS) and representing a business to the ATO for BAS provision. BAS document helps businesses report and pay GST, PAYG income tax instalments, fringe benefits tax, PAYG tax withheld, Australian Business Number withholding tax, Luxury Car Tax, and fuel tax credits.
- It would be worth considering BAS agents for your business as they help accountants by offering advice on an accurate picture of your business finances.
- They can advise on all GST matters, PAYG instalments, PAYG withholding, etc.
What does your business need: a BAS agent or a tax agent?
Now, it’s clear the difference between a BAS agent and a tax agent. A BAS agent can help you with bookkeeping for small businesses and BAS-related matters. On the other hand, a tax agent can provide you with advice and help you with tax-related matters, including income tax returns. BAS agents and tax agents are also registered with the Tax Practitioners Board and have different experience, expertise, and skill requirements. It’s crucial to understand what services are provided by both tax agents and BAS agents before hiring them for your business. After checking your business requirements, you can choose between a tax agent and a BAS agent.
Is it worth using a tax agent for tax return lodgment?
You can use a tax agent to prepare and lodge tax returns. Make sure to hire a tax agent who is registered with the Tax Practitioners Board (TPB). You can discuss services offered by a tax agent, so you know what you can expect from a tax agent. If you are looking for an accountant to handle your accounting tasks within a business, ensure to hire a professional one. They can analyse and prepare financial records and statements that are used during tax time. If you are looking for a tax accountant near your area, you can search online for ‘tax accountant for small business near me’.
- To make the tax season stress-free, it’s essential to seek help from a professional tax accountant.
- You will have peace of mind knowing that your tax agent will prepare and lodge your tax return on your behalf without making mistakes.
- By using a tax agent in person, you not only get good advice but also more time. If you file your tax return with a tax agent, you are not bound by the usual deadline of October 31st that applies to self-lodgers. Working with an agent means you potentially have until the following May to complete your return.
Conclusion
By now, it’s clear what makes a tax agent different from a BAS agent. If you are looking for Reliable Melbourne Accountants for your business to handle everything from business accounts and finances to tax matters, you can choose us.