Tax consultant

 

The tax advisor is the most important point of contact for entrepreneurs and employees alike when it comes to preparing various tax returns in the business and private sector. Classically, he does not take on consulting and auditing activities around taxes , but also tasks in the business administration area, accounting activities and, if necessary, evaluations of the reports.

Area of ​​responsibility of the tax advisor

The job title suggests that a tax advisor primarily deals with tax law issues. But especially in the specific legal area, the correct contact person is usually a lawyer who specializes in tax and finance law. The tasks are in the area of bookkeeping ,  billing, preparation of tax returns and representation before tax authorities. He is obliged to note his contribution to the financial reports and statements of his clients in writing when dealing with the authorities.

In the advisory area, the tax advisor can provide information on topics relating to tax structuring, business start-ups, asset planning, bank negotiations, accounting and entrepreneurial business administration. He can prepare various financial statements or keep books for freelance, commercial and private clients. He is not allowed to audit the consolidated and annual financial statements or to provide legal advice and representation.

An overview of the duties of the tax advisor

The tax consultant's field of activity includes a wide range of tasks in the area of ​​advice and processing of tax matters.

1-Consulting services by the tax advisor

In the area of ​​consulting, the tax office takes on the following tasks:(as Trusted Tax Accountants in Tarneit)

2-Help with the preparation of tax returns: 

 The tax office (Tax Return Agent in Melton)  can take over the tax return for the client in full or support him in the preparation of individual items. 

3-Review of tax assessments: 

The tax specialist checks the tax assessment for correctness. For this, the tax office needs an insight into the tax return and the related documents. The specialist can then check whether and to what extent the tax office has recognized deductible items that the taxpayer has claimed. In addition, the tax office checks the correctness of the required tax amount.

 

4-Advice for optimizing tax structuring: 

As the tax law in Australia is extremely comprehensive, it offers taxpayers numerous opportunities to save taxes. In order to make the best possible use of this, the specialist knowledge of the tax advisor is required. He can advise his clients on how, for example, he can save taxes through cleverly deployed investments.

5-Representation of clients before the tax office or the tax court: 

The tax advisor can also represent the interests of his clients before the authorities. If there are controversial questions, an objection to a tax assessment or a tax audit, the tax advisor can comment on his client and answer legally correct or take over the communication on their behalf. 

Tax returns - handling of tax matters

In addition to the advisory function, the tax advisor also takes on the processing of tax-relevant transactions and prepares the following tax returns:

Income tax return

VAT return

Corporation tax return

Business tax return

Inheritance tax return

Gift tax return

Tax registrations - preparation of tax registrations

In addition, the tax advisor also takes on tax registrations:

Advance VAT return

Capital gains tax registration

Income tax registration

Ancillary tax matters - deadline and fine matters

In the course of the tax returns, applications may be necessary, the processing of which the tax office takes over, such as applications for

Deadline extension

Deferral of tax debts

Adjustment of advance payments

Cancellation of a tax registration

Change of tax assessments

Reimbursement of foreign withholding tax

Remission of tax debts

Private applications

In the private sector, too, the tax advisor can handle applications for his clients that go along with the tax return. This includes applications for:

Home Ownership

Investment allowance

Child benefit

and more

If you are looking for a tax consultant, plz vsist: Trusted Tax Accountants in Tarneit

 

 

Book keeping tasks:

Bookkeeping tasks - bookkeeping by the tax advisor

For larger companies, tax firms often take on parts of the bookkeeping or the complete bookkeeping. The tax office can set up the bookkeeping, create the chart of accounts for the postings, assign documents and implement the bookkeeping. In addition, tax firms also prepare financial statements for companies that are required to keep accounts. As part of the financial statements, tax consultants offer the preparation of: 

Income surplus calculation (EÜR)

Opening balance

Annual financial statements

Profit and Loss Account

Interim financial statements

Dispute balance

Liquidation balance sheet

Reports

Payroll accounting

Tax advisors can also take over the tax organization of wages and salaries by performing the following areas of administration: 

Payroll accounting

Pay slips

Business advice

The tax advisor can also advise companies on business matters, for example by checking whether a company is capable of restructuring. Together with the management, the tax office can work out a restructuring plan. In addition, tax firms can prepare reports or review existing reports and deal with experts from the other side in the event of a conflict. When a company is dissolved, the tax advisor can also take over the liquidation or advice in the event of insolvency and take on its administration. 

Qualifications and legal framework

In Australia, tax consultants can call themselves those who have completed appropriate training. In addition, seven years of work as a clerk or in financial administration and at least ten years in taxation are required in order to be approved as a self-employed tax advisor. After passing the examination, the graduate is a freelancer and can work in this role alone or in a community with other consultants.

Various further training courses offer the opportunity to specialize in accounting and consulting for companies, private individuals or the self-employed. In principle, however, successful commencement of the activity legally enables him to work with all three groups. In the area of ​​tax law, he can only provide information in connection with the specific activity.

Cooperation with the tax advisor

Companies and entrepreneurs depend on the cooperation with reliable tax advisors even if they have their own accounting and bookkeeping department.  As a self-employed, you are therefore often tied to the company as a client over the long term, but rarely work exclusively for one client, as lawyers do, for example. A good cooperation with the commissioned tax consultants always means truthful transmission of the required data and open communication in problematic situations. As a freelancer, the tax advisor  can also reject clients.

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