Professional Advice on GST and Tax for Hobart based Businesses

by Stuart Iles Partners Tax Consulting
The researchers have found out that about 96% of small businesses throughout Australia are dependent on BAS agents and tax agents for guidance and even for assisting them to manage their taxes and superannuation funds. Indeed, there are several businesses of hiring the registered tax agents, and a few obligations have to be met by both the business owners and the tax agents at the time of seeking both Tax advice and GST. In Hobart, the business owners are particular about hiring the registered tax agents for their business advice.

Why Should You Hire the Registered Agent?

Hiring the licensed Tax Agents for seeking business advice for their Hobart based businesses leads to prime conveniences like:

• They rightly provide the business owners with consumer protection by means of professional indemnity insurance.
• They have the ability to extend the BAS lodgement and extended tax due dates.
• The tax and the BAS agents are highly experienced and qualified, as they have the ability to comply with the professional codes of conduct.

The Major Points to Keep in Mind Are:

• The registered agents only have the right to charge a fee for their services to providing BAS and tax services.
• The tax and the BAS agents are Tax Practitioners Board registered, and so safe to seek guidance for various Tax advice to keep up to the legal business procedures in Hobart.
• When the bookkeeper is preparing your BAS, it is owing to their position since they are registered with the Tax Practitioners’ Board as they are employed by the business and that they are working as a registered tax agent.

What does the Business Owners Expect from the Tax Practitioners?

• They are beneficial and rightfully guide you to understand your situation. To analyze well, they shall ask a number of questions.
• For making your claims on your behalf, they shall need you to substantiate the claims and provide the perfect evidence.
• They shall take legal steps to support you when your best interests are concerned.
• They shall advise you regarding your obligations as stated under the tax laws.

What Are the Obligations You Need to Know?

Since you are the taxpayer, you are obliged to:
• Remain honest and totally transparent while providing information to the tax practitioners.
• Make sure you have kept the needed records and send them to the tax practitioner right on time.
• Cooperate and maintain the due dates, since if you feel to meet the obligations, the ATO is sure to impose penalties, interest charges and might even seek criminal prosecutions in the worst case.

After hiring the tax practitioners, you can be sure of their professionalism as they are obliged to:

• Work with integrity and honesty.
• Act lawfully to keep up your best interests and provide advises solving any conflicts.
• Take care of ascertaining your state of affairs and for correct application of tax laws.
• Advice the business owners of their rights and obligations as mentioned under the state of affairs and for applying correctly the taxation laws.
• Provide their services competently.
• Provide you the advice for your obligations and rights as mentioned under the laws of taxation on time and return the funds to you.
• They will never make any misleading or false statements to the Australian Taxation Office.

The professional tax agents will never fail to meet the said obligations as it would cause them to receive written cautions and orders and even the registration suspensions and terminations. They are aware of the Federal Court fines and are bound to act lawfully. So, as a business owner, you need to be aware and have a deep understanding of the tax and BAS agents of what is expected of them. 

Most registered and licensed Tax agents will start working after signing a letter of engagement that sets out the obligations related to the practitioner’s works. You might have a list of questions about taxation policies and laws as well as business advice that you can freely discuss with the tax agents. Whatever your queries are, the tax agents are always beside you to guide you legally.

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About Stuart Iles Partners Freshman   Tax Consulting

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Joined APSense since, August 30th, 2018, From North Hobart, Australia.

Created on Sep 8th 2020 02:29. Viewed 174 times.


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