What is a Tax Accountant?
A tax accountant is someone who studies tax law and assists clients and businesses with their income tax and financial statements.
Tax accountants usually have a degree in accounting as well as an extensive job description that comes with a lot of responsibility. Primarily, a tax accountant’s job is to recommend effective tax strategies to promote their clients’ financial well-being, and that comply with tax laws.
Let’s take a more detailed look at what tax accountants do.
What Does a Tax Accountant Do?
A tax accountant can work for an accounting firm or as a full-time consultant for one business. A tax accountant’s daily activities include:
- Preparing tax returns, BAS statements, financial statements, and tax returns
- Drawing up and furnishing clients with year-end reports and documents
- Liaising with regulatory bodies like the Australian Tax Office (ATO)
- Financial planning services
- Recommending effective strategies to reduce tax, maximise claims, and increase clients’ profits
- Routinely reviewing tax accounting systems and making improvements where necessary
- Analysing fiscal matters
- Staying on top of the financial market trends, tax laws, and statutory regulations
Carrying out all these activities requires accuracy and in-depth knowledge of the administrative, practical, and legal components of taxation. To meet these requirements, a tax accountant should have a degree in accounting, finance, economics, or business administration.
In addition to a degree, a tax accountant should also have participated in a Certified Practising Accountants (CPA) program and be a member of a recognised accounting institution. These institutions include the Institute of Public Accountants (IPA) and the Institute of Chartered Accountants (ICAA.)
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