m+a Accounting & Consultancy

Why a Homeowner in Australia Needs a Property Tax Consultant

Hiring the service of a property tax consultant is now regarded as a need among Australians. Over the years, the role that these professionals play has become an essential part of property and business ownership, especially for those with large businesses to maintain. 

If you are currently struggling with your business or property tax issues, read on to learn why you should consider hiring a property tax consultant.

What Is a Property Tax Consultant?

Property tax consultants help their clients save money by making the best financial decisions about issues related to property tax. They are responsible for interviewing clients regarding their financial situations and devising strategies that will help reduce the clients’ property tax liabilities. One way of doing this is by availing tax credits and deductions. Additionally, they ensure that their clients will follow the law and fulfil their property tax obligations.

Why Do You Need a Tax Consultant?

Tax consultants are experts in tax law and counselling on financial-related matters. They can provide their clients with expert advice on income tax returns and various financial matters, such as trust, retirement and estate taxes. They are also expected to remain updated with the latest tax requirements and the changes in federal and state laws.

To convince you further, here are other reasons why having a property tax consultant is beneficial for you.

Ensures Compliance to Tax Rules and Regulations

Tax consultants know the existing property tax laws and other tax-related regulations of the land. Thus, it is their duty to ensure that their clients are complying with these. With their extensive know-how on taxation, these consultants can explain the value of following applicable tax guidelines and the consequences of non-compliance to their clients well. 

Prepares Tax Returns

Tax consultants are responsible for the preparation of an individual, organisation and business’ tax returns. They also ensure that their clients are paying the right amount for their taxes.

Looks for Tax Deductions

Tax deductions allow taxpayers to save on payments. These deductions are usually offered by the tax-collecting agencies as a form of reward for things, such as paying taxes on time or in advance. 

However, the rules governing tax deductions may not be easily understood by an ordinary taxpayer. This is why searching for such incentives is commonly entrusted to tax consultants. They have the applicable knowledge and the expertise to look for applicable deductions and adjustments to reduce their clients’ tax burdens. 

Gathers Information from Clients

Tax consultants gather relevant financial and tax information from their clients, including the clients’ taxable income, allowances and deductible expenses. In some cases, tax consultants use this information to prepare their clients’ tax returns. In other instances, they provide information to clients so they can prepare their own tax returns.

Provides Information to Clients

Clients often hire tax consultants to gather information and perform legal research for them. Tax consultants know the date their clients need to complete their tax forms correctly. They also know how to explain state, federal and property tax laws to individuals and organisations.

Are Tax Consultation in Demand?

Many business and property owners are in need of tax consultants to help them handle their business or property tax requirements. Also, the demand for these professionals in various industries is high, especially in the following.

  • Retail industry
  • Entertainment industry
  • Construction
  • Non-profits

How Do I Become a Tax Consultant in Australia?

Becoming a tax consultant in Australia provides a lot of opportunities. But to become one, you need to have the following.

Accountancy Degree

To become a tax consultant, you need to possess relevant work experience in the field of accountancy. This could mean having a Diploma or Advanced Diploma in Accounting or both. The requirement also includes a further study of various courses approved by the Tax Practitioners Board in areas of Australian commercial law and taxation law.

Furthermore, your undergraduate degree should include tax legislation, tax preparation and ethics of taxation. Your subjects should also cover management, human resources and business finance.

Business Experience

Many successful tax consultants are experienced in handling small and large businesses. With their extensive experience in tax law, these professionals can keep the business on track and compliant with the sudden changes in governmental policies.

Tax consultants are responsible for ensuring that businesses make the right financial decisions. They are also involved in various responsibilities that include:

  • Accounting
  • Budget-related policies 
  • Preparation of financial statements and reports
  • Auditing
  • Tax advice and organisation
  • Overseeing of the accounting software 
  • Ensure the creation of financial compliance reports.

Good Communication Skill

Tax consultants need to develop their verbal and written communication skills. A consultant is expected to be good with numbers. However, they also need to know the best way to communicate the complex laws and regulations to fellow employees and other individuals, particularly their clients, using a conversational language that they can understand. 

Tax laws are complex and tax professionals should interpret the regulations exactly. Thus, having excellent written communication skills is vital when preparing documents and reports, along with analysing data and making recommendations. 

A tax consultant should also master the skill of explaining and illustrating financial concepts to their clients. Businesses employ tax agents because of their skill to provide insights in making essential financial decisions.

How Malkoun & Associates Can Help You

Do you want to make sure that all your tax issues are resolved? Hire a reliable property tax consultant.

At Malkoun & Associates, we provide taxation compliance and advisory services. We specialise in risk mitigation and tax minimisation. We also offer corporate tax services, including:

• Business tax

• Personal tax

• Indirect tax

• Transaction tax

• R&D tax and R&D incentives

• National and state-based taxes

• International tax

• Transfer pricing

• Technical accounting advice and support.

If you want a transparent service that ensures your needs are addressed, then get in touch with our team now. Call us at (02) 8626 7562.