A tax Agent prepares annual financial statements and tax returns. He supports his clients in out-of-court redress procedures and offers solutions for tax optimization and tax structuring. Working with a tax advisor doesn’t just bring advantages. Read here for whom it is worth hiring a Tax Agent in Melbourne and what you should consider when working with them
What does a tax Agents area of responsibility look like?
A tax Agent is responsible for his clients’ tax affairs. This includes the creation of ongoing financial accounting and the timely determination of the advance VAT return. On this basis, the tax advisor prepares the annual financial statements and the associate tax returns at the end of the year. He does the payroll accounting for clients who have employees. He also conducts the correspondence with the health insurance companies and other institutions. These tasks are part of the declaration consultation.
In addition, clients commission a tax advisor in two other fields of activity. These are design advice and enforcement advice.
The design advice starts with advice on the right legal form. In addition, the Tax Agent in Melbourne develops tax-optimize solution concepts base on the latest legal developments in tax and social security law, which the client can use for his company.
If the tax advisor is active in the context of enforcement advice, he will assist his clients in an out-of-court redress procedure. He drafts the objection and ensures that the objection deadline is adhere to.
Who should hire a tax advisor in Melbourne?
It is not absolutely necessary to hire a tax advisor for your own tax return. If you have a normal employment relationship or have no special expenses as a family, you don’t need much help to do your own tax return. In addition, there are some groups of people who benefit from working with a Tax Agent in Melbourne. Which includes:
Freelancers who determine their profit through an income statement. A tax advisor explores all tax options and makes his clients aware of the expenses that reduce profits.
Entrepreneurs who have receive a request to submit a balance sheet. When drawing up a balance sheet, special aspects must be taken into account. These include B. accruals and the creation of provisions. In addition, the lowest value principle, the highest value principle and other accounting principles must observe. Anyone who hires a tax advisor to prepare the balance sheet does not need to worry about this.
Companies with employees. In addition to wage tax law, in-depth knowledge of social security law is require. Those who want to acquire this knowledge must expect additional expenditure of time and money. A tax consultant is always up to date thanks to his ongoing training measures.
Employees who have a sideline. As soon as the annual income is above the limit of 410 euros, the income is taxable. A tax advisor knows what to do then.
What are the advantages of working with a tax Agent?
Working with a tax advisor can in many cases prove to be very work-relieving for the client. Due to his experience, it costs him less time and effort to deal with the latest tax law decisions and to use them to the benefit of his clients. They benefit from the advantage of saving time in which they can concentrate on their core business. And by the way, you can save taxes.
Anyone who runs a small company and is aske by the tax office to submit a balance sheet will find the right contact person in the tax advisor. In addition to his advisory role, the tax advisor manages ongoing financial accounting and uses this to develop a balance sheet. He then prepares the associate tax returns and advises his clients that a hidden profit distribution leads to a higher taxable profit.
A tax advisor also feels responsible for his clients’ payroll accounting. If one or more employees are employe, the tax advisor conducts the correspondence with the tax office and the social security agency. He is responsible for ensuring that the income tax registration is submit to the tax office on time and that the contribution receipts arrive at the health insurance companies on time.
A tax advisor is active in shaping taxes when he points out the tax exemption limits to his clients. If a start-up makes a profit with his company that is below the basic tax allowance, he will not be assess for income tax if he has no further income.
Which disadvantages have to be considered?
If a tax advisor does his job to the satisfaction of the client, there can really only be one reason that speaks against working with a tax advisor. These are the tax advisor costs.
The tax advisor does not set his fee arbitrarily. He is bound by the requirements of the tax advisor remuneration ordinance. Nevertheless, it can have a positive effect on the invoice if the client prepares the submitted documents in such a way that they can be further process without delay. Anyone who passes on bills and receipts unsorte in a shoe box to the tax advisor should not be surprise if they are charge for the additional time require.