m+a Accounting & Consultancy

Do You Need a Tax Accountant?

Tax Accountant

Tax payments are something that should be handled well. This could cause you or your business to incur fines and other sanctions imposed on those who fail to comply with the existing tax laws. But because the tax laws in Australia are complex and ever-changing, you need to hire an expert to help you out.

If you are having a hard time dealing with your tax obligations, we recommend getting the service of a reputable tax accountant who can effectively help your business tax compliant.

What Is a Tax Accountant?

A tax accountant specialises in the rules, regulations and laws needed for the preparation and the calculation of local, state and federal taxes. Tax accountants provide several tax-related services to individuals and businesses. Typically, these include the preparation and filing of tax returns.

These accountants are also commonly referred to as tax agents. They are different from the conventional accountant because they have further studies in taxes and the tax laws. Tax accountants must have the applicable license and are registered by the Tax Practitioners Board (TPB) before they are allowed to practise.

The following are also required for a person to become a registered tax accountant.

  • Previous qualifications
  • Relevant work experience
  • Diploma or/and advanced diploma of accounting
  • Further study in Australian commercial law and taxation law (approved by the TPB)
  • Undergraduate degree that covers Tax Legislation and Tax Preparation
  • Undergraduate degree on other subjects in human resources, business finance and management
  • Master’s degree with subjects in cost accounting, auditing, financial reporting, tax research, financial management and federal income tax (in some Australian states)

What Are the Duties of a Tax Accountant?

Tax accountants are usually employed by individuals or businesses to help them handle their tax obligations. These accountants are expected to perform the following duties.

  • Prepare the tax and financial statements of the clients
  • Prepare the clients’ business activity statements at appropriate intervals
  • Create and return the clients’ documents and statements within the designated deadlines
  • Liaise with various regulatory bodies, especially the Australian Taxation Office
  • Prepare the income tax returns and statements of the business for audit
  • Assist the business in handling the financial planning
  • Identify the areas where the clients can reduce their taxes and increase profits

What Are the Benefits of Employing a Tax Accountant?

Most individuals and businesses are hiring the service of tax accountants to ensure that they remain tax compliant. Employing a tax professional allows you to achieve the benefits provided below.

Saves Time

When you hire a tax accountant, you are essentially paying for someone else to do your taxes. This can save you a lot of time, energy and money if you can get a refund or avoid paying penalties.

These experts know the ins and outs of the tax code, so they can help you maximise your deductions and get the most out of your return. In addition, if you have a complex financial situation, they can help you navigate it and make sure that you are taking advantage of all the deductions and credits you are eligible for.

Deadline Extensions

The tax season is upon us, and you’re probably feeling the pressure if you’re like most people. Fortunately, hiring a tax accountant can help take some of the burdens off your shoulders. 

One of the benefits of working with a tax professional is that they can help you meet all deadlines, including any extensions. This can give you peace of mind knowing that your taxes are in good hands. So, if you’re feeling overwhelmed by the tax season, consider hiring a tax accountant to help ease your load.

Tax Compliance

Tax compliance is the act of adhering to tax laws and regulations. It includes paying the correct amount of taxes owed and filing accurate tax returns. Taxpayers who fail to comply with tax laws may be subject to penalties, interest charges and fines.

Hiring a tax accountant can help ensure that you comply with tax laws. Technically, they are experts in tax law and can help you determine how much tax you owe and ensure that your tax return is accurate. Tax compliance is important because it ensures that you pay your fair share of taxes and helps fund government programs and services.

Expert Advice

Hiring a tax accountant is an excellent option if you want to be sure that you are making the most of your deductions and not overpaying on your taxes. These experts have the education and experience needed to ensure that you are getting the most out of your returns. They also offer expert advice on how to best save for retirement or plan for significant purchases.

Tax Planning and Projections

Hiring the service of a tax accountant allows your business to establish yearly tax planning and cost projections. By employing a professional accountant who knows your area’s current tax laws and regulations, your business will surely have a more accurate yearly tax projection. This projection can help you come up with extra funds to pay your business taxes earlier. Thus, you still have more time to produce the amount needed to cover your tax obligations.

Is It Worth Getting a Tax Accountant?

Yes, it is worth getting a tax accountant. Hiring one can keep you up to date on the latest changes and help you minimise your tax liability by maximising your deductions and taking advantage of tax-saving strategies.

Do I Need an Accountant for Tax Return in Australia?

Yes, employing an accountant who will help you handle your tax return is necessary for most Australians like you. These accountants are professionals who specialise in tax laws. They can help you determine how much tax you owe, prepare your tax return and represent you in an audit. Ultimately, an accountant is the one you need in tax planning, saving you money in the long run.

How Malkoun & Associates Can Help You

Business compliance is crucial to your success. If you have never hired a tax accountant, this is the perfect time. Tax accountants from Malkoun & Associates can help you maximise your tax deductions and reduce your tax expenses through tax-saving strategies. 

Malkoun & Associates ensures that your business grows with reliable tax accountants who are efficient, professional and proactive. For consultation, check out our services and unlock how we implement solid commitment to helping our clients achieve their goals.