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3/374 Pennant Hills Road, Pennant Hills NSW 2120
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Why Is A Tax Agent Worth The Cost?

It may be tempting to, year in and year out, complete your own taxes to save money on hiring a tax agent – and for good reason. Tax agents may seem expensive, with many individuals spending upwards of $100 on their fees.

It can be easy to justify doing your own return when the amount you expect to receive back is low – why waste the money you’ll receive only for it to go back into their pockets, after all?

But a good tax agent may be able to assist you in receiving a return far greater than what you might expect, using the best tool at their disposal – their knowledge.

A tax agent is someone who is an expert at anything to do with taxes. From informing you about all your deductibles and minimising your tax liabilities to preparing tax returns on your behalf, a tax agent’s job is to free you from the cumbersome job of managing taxes.

Hiring a tax agent is useful because:

  • Tax agents are well-informed about how to minimize tax liabilities. They will help you avail of the right amount of refund from ATO.
  • Tax agents will put together all your tax-related documents and fill out the necessary forms for filing returns. They will ensure that your tax return is compliant with the rules of taxation.
  • Using a tax agent for preparing taxes will free up your valuable time for other things.
  • Your taxes will always be filed on time (that is, before October 31st for individuals)

Thus, the benefits of hiring a tax agent are many. Moreover, you can also claim the cost of using a tax agent for preparing taxes on your return.

While hiring a tax agent, make sure that they are qualified as a Registered Tax Agent with the Tax Practitioners Board (TPB). Furthermore, try to find out about the tax agent’s reputation in the market – check online reviews. Since you will be sharing a lot of sensitive personal

information with the tax agent, make sure that the agent has a good reputation in the market and is trustworthy.

The right tax agent can not only help you maximise tax refund, but they can also help you save several hours of effort that would’ve gone into preparing taxes. Choose your tax agent wisely!

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

Testimonial

What our Client Say

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

Business Owner

Carl Gillmore

I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier