What to expect from your Accountant or Tax Agent by Tina Zawila

So the ATO letters are starting to flow through to Bechtel workers and therefore we are fielding enquiries from taxpayers keen to 'do the right thing' and avoid the possibility of penalties.  Remember, the ATO is offering an exemption from penalties if you voluntarily request an amendment of your return/s prior to 31st October 2015, so time is running out!

What we are discovering is that many of these people do not have a copy of the original return lodged, or if they have been able to get a copy of the return, there is a lack of detail around their deductions.  There are simply amounts shown at the deduction labels in the return.  Upon enquiry it seems that most taxpayers are unaware of how those deductions were calculated or what they consist of. 

As I have said in previous articles, it is imperative that you understand your tax return and that you are fully aware of the content.  Ultimately, it is your responsibility.

However, it has led me to consider what clients should expect as a minimum, from their accountant and tax agent:

• A complete copy of your return with all associated schedules detailing items/labels in the tax return.
• An explanation of the content of your completed return and what has been claimed.
• Advice on the basis of your deductions and your substantiation requirements for deductions claimed - e.g. receipts, log books for vehicles, diary evidence for other deductions.
• An invoice or receipt for the cost of preparation of your tax return.

If you are not receiving this minimum level of service, then I strongly encourage you to request this from your accountant/tax agent. 

If you are concerned about your tax return, or just want a second opinion, please contact our professional team at Sothertons Gladstone on 49721300, we would be happy to help. Article Content”