Tag: income tax

Taskers providing tax related services

A guide to using Airtasker as a tax practitioner tasker.

Taskers providing tax related services

If you provide tax related services and you receive payment or a reward for your service, remember that you need to be registered with the TPB.

Tax Related Services

‘Tax related services’ means working out or giving advice about a person’s liabilities, obligations or entitlements under tax, or acting on their behalf in dealing with the ATO. Examples are completing a person’s or business income tax return, helping them with tax concessions they may be entitled to, or working out capital gains tax or fringe benefits tax. It’s important to remember that helping someone with their business activity statement (BAS) is also a tax related service that you need to be registered to provide.

Are there any exceptions?

If you’re an employee or a contractor of a registered tax or BAS agent, you may not need to be registered. Some legal practitioners are also exempt. You should check with the TPB to be certain.

I already am registered with the TPB, can I use Airtasker to get work?

Yes, as long as you are registered for the relevant work. For example, you can’t be registered as a BAS agent and do tax agent work on Airtasker. If you want to show you are registered on Airtasker, you can use download the Registered tax practitioner symbol on the TPB website.

What happens if I provide tax services and I am not registered?

You can get in a lot of trouble!

Providing tax agent services for a fee when you are not registered is prohibited under the Tax Agent Services Act 2009 (TASA). This means that if you’re not registered and you should be, and you provide tax agent services, you are breaking the law. The Federal Court can impose penalties for up to $52,500 for individuals for providing tax agents services for a fee or reward. You can be charged up to $10,500 for advertising services, or representing yourself as registered if you are not.

Can I register?

To find out if you’re qualified to register as a tax or BAS agent, you can look at the Qualifications check on the TPB website: www.tpb.gov.au/qas

Can I give tax advice without being registered?

If you give someone financial advice for a fee or reward, and you advise them of the tax consequences of your advice, you are providing a tax (financial) advice service and should be registered with the TPB. Tax (financial) advisers need meet licensing requirements with the Australian Securities and Investments Commission (ASIC) too.

Where can I learn more?

You can look read more about who needs to register, and how to register on the TPB website: www.tpb.gov.au

Got the skills, qualifications and registrations to help someone crunch numbers and check balances at tax time? Earn money by helping people with tax related services on  Airtasker.

How to choose the right tax practitioner

A guide to choosing the right tax practitioner for your task.

How to choose the right tax practitioner

If you put up a task for someone to help you with your taxes, you need to make sure that they are registered with the Tax Practitioners Board (TPB). Different tax practitioners cater to specific needs, but most people use a tax or BAS agent.

Here’s what you need to know about choosing the right tax practitioner for you:

When should I use a tax agent?

You use a tax agent to lodge your income tax return. They handle other tax affairs and give tax advice, such as helping you with tax concessions you might be entitled to or working out capital gains tax or fringe benefits tax. Tax agents can also help manage your employment tax obligations, especially if you’re an employer.

When should I use a BAS agent?

If you’re in business, you can use a BAS agent to help lodge your quarterly Business Activity Statement (BAS). A registered BAS agent can also assist you with applying for an Australian Business Number (ABN) or help you manage tax obligations and super payments for your employees. 

Do note that BAS agents can’t lodge income tax returns, but a tax agent can assist with BAS lodgments.

How do I know if my tax agent is registered?

You can verify your tax agent’s registration via the TPB Register. Follow the steps below:

  • Select “Search the TPB Register.”
  • Enter your tax agent’s name, ABN, or registration number. Filling out the rest of the fields is optional, but doing so can help narrow down the search results.
  • Click “Find.” If your tax practitioner is registered, their name and registration number should appear.

Eligible tax and BAs agents can also use the Registered tax practitioner symbol to let the public know they are registered with the TPB, which you can look for on their Airtasker profile, website, emails, or social media pages.

Registered tax practitioner symbol

What’s the difference between a tax agent and an accountant?

A tax agent is a specialist in taxation and compliance, whereas an accountant can advise on various financial issues, such as super, insurance, and other areas.

Whether you choose to see a registered tax/BAS agent or an accountant will depend on what you need help with. Just remember that if you choose an accountant to do your taxes, they still need to be registered with the TPB.

What happens if I use an agent who is not registered?

If your tax or BAS agent isn’t registered, you’re at risk of using someone unable to give you proper and accurate tax advice. Further, you will be using someone who isn’t qualified or bound by the Code of Professional Conduct. 

Registered tax and BAS agents must meet education and qualification requirements and have professional indemnity insurance to cover their clients for negligence.

Say I pay someone for financial planning advice (including tax advice). Do they need to be registered as well?

Yes. If someone provides you with financial and tax advice for a fee, they need to be registered to the TPB according to the Tax Agent Services Act 2009 (TASA).

It’s also worth noting that tax (financial) advisers must meet licensing requirements with the Australian Securities and Investments Commission (ASIC).

What if I know about someone providing tax services without being registered?

You can let the TPB know, and they will investigate it. There can be serious consequences and penalties for providing tax services without proper registration based on the Tax Agent Services Act 2009.

Where can I learn more?

You can read more about using a registered tax or BAS agent by visiting the Tax Practitioners Board website.

 

Need help crunching the numbers and checking your balances during tax time? Find someone with the right skills to help with tax-related services on Airtasker today!