Find Top Tax Accountants Near You

Tax Accountants

When it comes to meeting your tax obligations and minimising your tax exposure, professional advice is invaluable.

The tax system is complex, and it’s simply not worth the risk of making (easily avoidable) mistakes.

Tax accountants are trained to provide a range of services and advise you on the best possible strategies to manage your tax more effectively.

What is a tax accountant?

A tax accountant is a fully-qualified accountant that has undergone special training to advise, prepare and manage all tax-related matters. They can also advise you on other areas of finance. Tax accounts are well-versed in Australian tax laws, acts and regulations that govern business tax obligations. 

What is the difference between a bookkeeper and a tax accountant? 

A bookkeeper works hand-in-hand with your accountant and typically handles the daily nitty-gritty side of financial management and record-keeping. A tax accountant takes the statements and reports generated by the bookkeeper and finds ways to reduce your tax exposure and opportunities to keep more money in your pocket.

Why should I hire a tax accountant versus doing my own business taxes?

Hiring a tax accountant can initially seem like a big expense, but there is a considerable return on investment when you hire a tax accountant. Some of the benefits include:

• Sole trader and small business tax relief: Tax accountants have extensive knowledge of the tax relief and benefits applicable to your business.
• Extended tax return deadlines: Registered tax accountants and agents have extended deadlines so you don’t have to rush trying to gather all of your paperwork at tax return time.
• Reduce your tax bill: Unless you have a thorough knowledge of tax laws, you won’t know how to apply appropriate tax allowances and deductions to save costs.
• Competence with handling complex income streams: If you have a complicated business model or you have multiple personal and business income streams, there will be more challenges when it comes to filing your tax return and general tax management. 
• Fees to clean up a ‘tax mess’ compared to ongoing tax accounting: A small monthly investment is significantly cheaper than having to hire a tax accountant to navigate through years' worth of paperwork to fix mistakes.
• Save loads of time and stress to focus on your business: By taking care of all things tax, you can channel your time and energy into the activities that keep your business ticking and growing.

When should I hire a tax accountant?

If you’re experiencing some of the following scenarios, it could be the right time to hire a tax accountant:

• “I’m feeling nervous about doing my business tax return for the first time.”
• “I have complex income streams including a small business, rental income and capital gains.”
• “I have read the definitions of each tax deduction but I’m still confused about what I am entitled to claim.”
• “I made a mistake on my previous tax return and I want to get it right this time.”

What services do tax accountants offer?

Tax accountants provide a wide range of services and expert advice for both businesses and individuals, including:

• Preparing and lodging tax returns for individuals, sole traders, companies, trusts, partnerships, and superannuation funds
• Preparing and lodging business activity statements (BAS) and installment activity statements (IAS)
• Paying superannuation
• Assessing and paying
• Fringe benefits tax (FBT)
• Goods and services tax (GST) and business activity statements (BAS)
• Capital gains tax (CGT)
• State taxes
• Corporate tax
• International tax for businesses earning income overseas
• Tax planning and strategy
• Assessing and filing for deductions, rebates and exemptions

Tax accountants are skilled at minimising your exposure to tax so you can maximise your profits and grow your business. These services include:

• Financial forecasts and ongoing monitoring of your financial position
• Structuring your business and establishing proper legal entities
• Creating tax minimisation strategies and taking advantage of opportunities
• Accessing potential entitlements

Many small business owners do their own bookkeeping and hire a tax accountant when it comes to critical things like tax returns. 

That way, you can invest a small amount to stand a much better chance of getting a good return.

Do I need to lodge a tax return?

All business structures in Australia are required to submit an income tax return at the end of every financial year.

If your business is registered for GST, you will also be required to complete monthly or quarterly BAS statements. 

What is the difference between a tax accountant and a tax agent?

These terms are used interchangeably, but there are some subtle differences between a tax agent and a tax accountant.

A tax agent specialises in ensuring that your tax returns are compliant with the ATO regulations and standards. On the other hand, a tax accountant is more future-focused and works with you to reduce your tax and get you the best possible return.

How do I hire the best tax accountant?

Here are some important factors to consider to help you hire the best tax accountant:

• Qualifications: Are they qualified to offer the services they’re offering? Look out for tax accountants who are part of the Chartered Accountants of Australia and New Zealand or the Tax Practitioners Board.
• Reviews: Read testimonials and reviews from previous clients to get a feel for what they’re like to work with and if they align with your business.
• Provide as much information as possible: Try to give them as many details as possible as this will enable them to provide a more accurate quote for the services you require.

How much does it cost to hire a tax accountant?

In Australia, tax accounts typically charge between $75 to $200 per hour. 

How much does a tax return cost?

To prepare and lodge your tax return, you can expect to pay from $150.

How much does a tax assessment cost?

If you need to assess your business’ tax obligations for trading both in Australia and overseas, you will typically pay in the region of $250.

Are tax accountant fees tax-deductible?

Although tax expenses can seem like a lot to pay out, the good news is that the fees paid to tax accountants (and accounts in general) are tax deductible. You can claim these expenses in your income tax return. 

Are you ready to hire a tax accountant? Simply answer a few questions and we’ll introduce you to the best tax accountants who can help.