What You Should Look for in a Tax Agent
If you're at the helm of a successful business, you may be pleased with the performance and have a healthy balance sheet at the end of each year. With success like this comes obligation, of course, and you also have to pay your fair share to the ATO. Of course, the keyword here is "fair," and you will want to keep your tax obligations in check at all times. With this in mind, it's a good idea to bring on board a tax agent, but what are some of the questions you should ask before you act?
Best Choice
Various practitioners in your area may offer to be your tax agent in the future. Most of all of them will be competent, but you need to be sure that they will not only look after your interests but act in accordance with a prescribed code.
Best Practice
You will want your tax agent to look after your best interests and always keep within the law's constraints. You may understand that they have various other clients, but you need to be sure that they can remain independent and always be confidential when it comes to your particular affairs. They should never disclose any of your key details to a third party without your written permission, as an example.
On Top of Things
A good tax agent will make sure that they keep up-to-date with the skills required to perform their job. They will also maintain a good knowledge base and ensure that they are aware of how any changes in the law could affect you.
In the Loop
Some small business owners are not familiar with the level of information that tax agents require. Within reason, however, you should encourage your tax agent to fully understand your affairs, so that they can best advise you and help to keep your tax liabilities in check.
Looking Forward
If you plan to expand into new areas or engage with opportunities that could affect your tax obligation, talk all of this through with your tax agent first. Certainly, you do not need their permission to do this, but they will be able to advise you about your new tax obligations if they should change.
Code of Professional Conduct
Ask if your tax agent is a member of the Practitioners Board. Members of this group all agree to abide by a specific code of professional conduct, and you should look for this type of commitment when you choose your tax advisor.
