What Does a Tax Accountant Do?

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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.)

Conclusion 

Whether you need help with a tax return or looking for a consultant to take over the taxation of your firm, you should never compromise on expertise. 

Perth Tax People can provide in all your taxation needs while saving you time, money, and inconvenience. Our accountancy and bookkeeping solutions are specially formulated to protect our clients’ wealth. 

Contact us today for excellent tax accounting services.

Contact Perth Tax People

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