Small to medium businesses often take the brunt in tax contributions and other financial hurdles, affecting the way they manage their finances. Big companies, on the other hand, rely on the expertise of their accounting teams to handle this side of the business. But small to medium businesses might not have the resources to do the same. This is where a tax agent in Penrith (or wherever you are in the country) can come in.
Tax agents are accountants who specialise in perhaps one of the most complicated part all business owners face – taxes. Businesses of any size are required by law to pay taxes and file tax returns whenever the time to do so draws near. Tax agents help handle and lodge these tax returns, which saves time and other valuable resources along the way. Here are other ways on how a tax agent in Penrith can help your small or medium business:
Avoid Mistakes in Lodging Tax Returns
Mistakes happen all the time. But when it comes to lodging tax returns, mistakes can cost you a lot of money, entitlements, and time. Making a mistake in lodging tax returns can range from a simple typographical error to omitting income information.
These mistakes can be avoided in the first place if you work with a registered tax agent. These agents are generally familiar with the processes involved and have had first-hand experience in handling client requests. If you have made a lodging mistake in the past, let your tax agent know immediately to ensure that all errors are amended as soon as possible.
Comply with the Latest Tax Laws
Tax laws can change throughout the year. However, tax agents are bound by duty to always stay on the loop about updates and changes as soon as they are implemented. This way, they can ensure that their client’s tax returns remain compliant with the latest legislation.
The Australian Taxation Office (ATO) wastes no time when it comes to apprehending those who did not comply with their legislation. When your oversight has been detected, they might even conduct an audit on your business. Working with a tax agent means you never miss anything in the world of tax legislation.
Focus on More Pressing Matters
Having a tax agent who knows the ins and outs of your taxes is beneficial not only for accurately lodging tax returns, avoiding mistakes, and reducing your overall stress levels. It also frees up your time to focus on business concerns that matter more. You do not have to spend your extra time pouring over heaps upon heaps of tax-related information.
Instead, you can spend your time improving your business strategy, coming up with new solutions, innovating products and services for your clients, and more! These opportunities will probably be never explored if you continue to sail solo on your taxes.
Know More About Your Income Calculation
Running a business means you also have to dive deep into the nitty–gritty of tax laws and the processes involved. Tax returns can be extremely complicated without help from the right people. Tax agents can step in and fill the gaps between what you know and what you do not know when it comes to tax returns. This is especially true with income calculation.
Tax returns can be more complicated when you have foreign investments or receive income from a trust. Income coming in from various streams can raise alarms in the ATO, if not handled properly. Tax agents know what to look for. In times of doubt, you can also look to them for more information on how your income is calculated. This way, you can grasp a better understanding of these once unfamiliar processes.
Take Guidance From an Expert
Tax agents not only benefit you short-term, but they also have far-reaching effects on your future. Setting up a good taxation and financial foundation can benefit your business in the long run. You will consistently lodge tax returns correctly, receive expert solutions for every issue, and understand your tax calculation better.
There’s more! For one, you can explore more opportunities like venturing into real estate, expanding your business, dealing with succession strategies, and many others. They can provide expert advice on these matters and support you whenever the need arises.
Small and medium businesses cannot afford to spend on unnecessary (and experimental) ventures that might cost them their assets. Every single penny counts. Registered tax agents might ask for a seemingly high fee upfront, but these fees are nothing compared to the huge tax losses that you can suffer without a good agent.
Their fees are also 100% deductible, which means that you can save a lot on taxes when you work with a tax agent. Just be sure to choose reputable ones in the business like the tax agents in FinKonsel.
Find a tax agent in Penrith today with FinKonsel
FinKonsel is a financial agency that provides a full range of services in business advisory, taxation, credit, and financial planning. We have helped numerous businesses in handling and managing their taxes. We can help you, too.
We have a team of tax agents that can assist you. But aside from tax agents, we also have insurance brokers in Penrith, financial advisor in Parramatta, mortgage broker in Penrith, and many more. Check out our comprehensive list of financial services today.