Enlisting the help of a tax professional can make reporting and lodging your tax return, BAS and other obligations a lot easier.
Help your tax and BAS agents help you – keep source documents, keep all your records organised and up to date, and regularly cross check your records with source documents.
Other things you can do to help your tax agent prepare your tax return are:
keep accurate and complete records as your transactions occur and have effective reconciliation methods in place
report all your assessable income
only claim what you’re entitled to when it comes to business tax deductions – this includes only claiming an expense if it is directly related to the business activity you’re undertaking and only claiming the portion you used for your business if an expense is for both business and private use
understand your tax obligations if you have given or received rent concessions as a result of COVID-19.
Generally, only registered tax and BAS agents can charge or receive a fee or other reward for providing tax agent, BAS or tax (financial) advice services. You can check the Tax Practitioners Board RegisterExternal Link for registration details of registered, suspended and deregistered tax and BAS agents.
Remember, you’re still responsible for what you report and claim in your tax return and BAS even if you use an agent.
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