With the October 31st tax deadline just days away, many individuals and small businesses are feeling the pressure to gather documents and ensure compliance with the Australian Taxation Office (ATO).

Working with a registered tax agent like Bruce Edmunds & Associates can help ease that stress. Not only do tax agents offer expert guidance, but they also have access to extended lodgment deadlines. This allows you more time to file while staying compliant.

In this article, our personal accountants in Melbourne will cover how tax agents can help you meet your obligations, avoid penalties, and make the entire filing process easier.

A registered tax agent is a qualified professional accredited by the Tax Practitioners Board (TPB). This accreditation ensures they meet high standards of experience and professionalism. They are the only professionals legally allowed to charge a fee for preparing and lodging tax returns.

One of the key advantages of using a tax agent is access to extended lodgment deadlines. While individuals and businesses typically need to file tax returns by October 31st, tax agents can access a special lodgment program for later filing.

This is particularly useful if you’re still gathering financial documents or facing delays. With a tax agent, you can avoid rushing to meet the deadline. They help you ensure your tax return is filed accurately, with all deductions and credits considered, reducing the risk of errors and penalties.

What happens if you miss the deadline?

If you miss the regular tax deadline and haven’t engaged a tax agent, you may face penalties and interest charges from the ATO. Failing to file your tax return on time can lead to costly consequences, including fines that accrue the longer your return is overdue.

A registered tax agent can help you avoid penalties by ensuring your tax return is submitted correctly and on time. This includes filing after the October 31st deadline under the special lodgment program if necessary.

For more information on the potential consequences of missing your tax return deadline, check out our guide on what might happen if you don’t file your tax return on time.

How tax agents help small businesses

For small business owners registered for GST or PAYGW, filing taxes is often more complex than it is for individuals. Alongside lodging income tax returns, small businesses must comply with Business Activity Statements (BAS) and Goods and Services Tax (GST) obligations.

Managing these lodgments, combined with day-to-day operations, can quickly become overwhelming. This is where working with a qualified tax agent becomes invaluable.

Beyond compliance, tax agents assist small businesses in maximising tax credits and deductions, ensuring that all tax obligations are handled accurately and on time.

Tax laws are constantly evolving, and without professional guidance, small businesses risk missing key tax-saving opportunities or making costly mistakes.

If you’re wondering if your business needs professional support, consider reading our article on whether every small business needs an accountant.

How a tax agent can help with prior-year tax returns

If you’ve fallen behind on your tax filings, a registered tax agent can also assist with lodging prior-year tax returns. Failing to lodge previous tax returns can lead to significant interest charges and penalties, so it’s important to get back on track as soon as possible.

A tax agent can help you navigate the process of filing past-due returns, ensuring that everything is submitted correctly and minimising any potential fines.

If you’re concerned about past-due tax returns or unsure how to get caught up, contact Bruce Edmunds & Associates for expert assistance. We can help you file prior-year returns and get your financial affairs back in order.

At Bruce Edmunds & Associates, we understand that tax time can be stressful. Our personal tax accountants are here to help you file your return accurately and on time, taking advantage of any deductions or credits available to you.

We can help extend your lodgment deadline, giving you more time to gather your documents and ensure your return is filed without errors.

Whether you’re an individual looking to meet the October 31st deadline or a small business owner with more complex filing needs, we are here to help.

Contact us today at (03) 9589 5488 or submit an enquiry to learn more about how we can assist you with your tax return and take the stress out of tax time by working with experienced professionals.