The ATO have recently reported a 10% rise in the number of tip-offs about fraudulent tax agents.
In the 18/19 financial year, the tax office received more than 200 tip-offs about accountants who were making inaccurate claims for their clients.
Unfortunately, there are many dodgy operators looming in the tax field, and it is important that individuals only seek guidance and assistance from qualified and reliable tax agents.
The tax office have noted in the past that, generally, the taxpayer is the person responsible for their returns. Even when a return is completed by a tax agent, it is the taxpayer who is often held to account for any fraudulent claims or inaccurate information.
Hence, you should take time to ensure that you are making contact with a trustworthy and renowned accounting firm, rather than one that is potentially going to get you into trouble.
Some signs that your tax accountant may be dodgy include:
- The tax agent withholds information about your tax.
- The tax agent encourages use of an unauthorised bank account to receive tax refunds.
- The tax agent is unresponsive to your queries.
- There are client complaints or poor reviews for the tax agent.
- The tax agent fails to explain the claims that have been made in your return.
Essentially, a good tax accountant should be able to maximise your return and simultaneously explain to you how they have managed to do so. There are ways to obtain a greater tax refund without making fraudulent claims.
Quality tax agents will thoroughly examine your income, investments and life circumstances to identify areas where legitimate claims can be made. If you are working with an agent that understands current tax law and is both innovative and comprehensive in their approach, you have nothing to worry about.
With more than 40 years of experience behind us, our team at Paris Financial understand how to make the most of your tax return whilst staying within legal constraints.
To get in touch with a reliable tax accountant, contact one of our tax champions today.