What does tax agents do? Services of tax agent North Sydney ranges from filing of income tax returns to handling of each and every dilemma associated with any tax matter. Like, some common services which tax agents dispense are a) preparation and filing of income tax returns b) making and implementation of tax saving plans c) make responses to Government revenue authorities d) assure full tax compliance for any business e) management of negotiations and communication with Tax Authorities and almost every matter which involve a tax consequence. Here, one thing which should be contemplated is that every transaction incorporate a tax consequence. It might be either in form of calculating a withholding tax calculation for any payment or assessing its impact in Annual return. Moreover, also note that that tax law is very different in every different state. In Southern and Asian countries, there are two kind of taxes which are Federal Tax and Provincial Tax which these states are collecting by consumers under the ambit of Value added tax/sales tax. In western countries, till now this bifurcation has not been yet opted.
On other hand, no one can deny that tax matters also involve certain other procedural matters such as communication and negotiation with FBR and Tax Authorities. Because of an ultimate complexity and diversity of a tax practice, it would not be wrong to accept that only recognised and professional tax expert can handle such issues. Such matters can never be handed over to ordinary finance department of an organisation. Now here, as it is very apparent that tax issues are of specialised nature, one should have to accept that only professional and competent tax agents should be engaged. However, especially in Australia, too many tax consultancy companies are operating via their official web-domains and due to which, one can contact such professionals via this medium even without physically visiting them. This aspect not merely resulted in saving one’s effort but also endowed an opportunity to hire most qualified, experienced and professional tax agents.
Some tax consultancy agencies are following a model of retainer ship which means that a fix amount would be charged at the end of the month irrespective of the work. On other hand, some tax agents are preferring to charge time sheets for cost allocation depending upon the quantum of services which such experts has proffered in the month. As these two cost packages are available in Australia, businesses/enterprises are encouraged to engage qualified and professional tax agents who would handle all tax matters and tax compliances and due to which, companies/firms would not have to cope much on managing tax compliance issues.