Tax Accountant: Roles, Responsibilities, and Value

Tax accountants ensure ATO compliance and minimise tax liabilities through strategic planning. They require TPB registration and provide tax returns, BAS/GST compliance, and ATO representation. Motion Accounting supports Brisbane businesses with year-round tax services.

What Is a Tax Accountant?

A tax accountant is a qualified professional who specialises in preparing, reviewing, and submitting personal and business tax returns. They interpret tax laws and regulations specific to Australia, ensuring accurate reporting and compliance with the Australian Taxation Office (ATO) requirements. While many think a tax accountant only works in tax season, their role extends to year-round advice, tailored structures for business optimisation, and up-to-date guidance on legislative changes.

For example, tax accountants at Motion Accounting in Brisbane review current legislative updates and advise clients on how these changes may impact business operations or individual obligations. Their guidance often prevents costly errors or missed opportunities for deductions.

Core Responsibilities of a Tax Accountant

A tax accountant’s central function is to ensure compliance with all relevant tax regulations while helping clients legally optimise their tax position. Key responsibilities include:

• Preparing and lodging tax returns for businesses, individuals, partnerships, and trusts, ensuring all forms are completed accurately and submitted on time.
• Advising on tax planning strategies to help reduce tax liabilities and improve financial outcomes. This includes recommending methods to defer income, maximise deductions, or structure entities efficiently.
• Interpreting changes in tax law and communicating their effects to clients. Laws can change yearly, and an experienced accountant must update systems and practices accordingly.
• Representing clients in dealings with the ATO, including audits or requests for clarification. If a business receives a notice or audit letter, the accountant stands as a professional intermediary, defending and clarifying the position with complete records.
• Maintaining flawless, up-to-date records of all tax-related documents, transactions, and correspondence, ensuring easy retrieval and audit-readiness.

Motion Accounting exemplifies these responsibilities, offering hands-on support for businesses and individuals in and around Brisbane, ensuring thorough compliance and proactive guidance.

Skills and Qualifications Required

A tax accountant in Australia must generally hold a bachelor’s degree in accounting, commerce, or finance, and may also have postgraduate qualifications in taxation. Registration with the Tax Practitioners Board (TPB) is mandatory to provide formal tax services. Many also pursue membership in professional bodies such as CPA Australia, CA ANZ, or the Institute of Public Accountants.

Essential skills include:

• Analytical ability: Identifying patterns and anomalies in financial data and interpreting complex regulations.
• Attention to detail: A single misclassified receipt can have significant effects, so meticulous record review is crucial.
• Current knowledge: Staying up-to-date on regulatory changes, tax law revisions, and government incentives (such as instant asset write-offs or GST updates).
• Communication skills: Explaining technical information in simple terms for clients. At Motion Accounting, accountants use plain language, making information accessible to small business owners and entrepreneurs accustomed to non-financial backgrounds.
• Ethical standards: Upholding client confidentiality and adhering to the highest ethical guidelines is non-negotiable.

Practical experience, gained through working with different business types, from retail to service industries, further sharpens their ability to spot opportunities and risks.

Services Offered by Tax Accountants

Tax accountants often provide a comprehensive list of services going well beyond simply lodging returns.

Strategic Tax Planning

• Advice and planning to legally reduce tax liabilities
• Entity structuring for new or growing businesses (for example, deciding between sole trader, partnership, trust, or company setups)

BAS and GST Compliance

• Preparing and submitting Business Activity Statements (BAS)
• Ensuring Goods and Services Tax (GST), PAYG, and other obligations are met

Bookkeeping and Payroll

• Recording day-to-day transactions accurately
• Setting up payroll systems, ensuring compliance with Single Touch Payroll (STP) and superannuation requirements

ATO Liaison and Representation

• Responding to ATO queries or audit notices on behalf of clients

Business Advisory

• Business setup advice, including structuring and registrations
• Cash flow forecasting and budgeting
• Guidance during periods of growth or restructuring

Motion Accounting in Brisbane covers all these areas, tailoring advice to each sector, whether retail, professional services, or healthcare, ensuring both compliance and financial efficiency.

When Should You Hire a Tax Accountant?

There’s a misconception that only large businesses need tax accountants. The truth is, anyone who wants to ensure legal compliance and achieve better financial outcomes can benefit, especially when:

• Starting or restructuring a business: Early advice helps establish the right structure, avoiding costly corrections later.
• Lodging complex tax returns: Multiple income sources, investments, or cross-border transactions add complexity best handled by a professional.
• Dealing with the ATO: If you receive an audit notice, data-matching letter, or need to clarify a regulatory issue, an accountant offers representation and peace of mind.
• Experiencing growth or new revenue streams: As businesses expand or take on new projects, tax implications and compliance needs multiply.
• Planning for retirement or major financial decisions: Managing capital gains, superannuation, and succession planning with a professional makes sense.

Motion Accounting’s approach is hands-on. They encourage clients to reach out not just at tax time, but whenever they encounter a new situation that might impact compliance or long-term tax efficiency.

How to Choose the Right Tax Accountant

Selecting the right tax accountant can make a significant difference to your business or personal finances. Consider these factors:

• Qualifications and registration: Ensure your accountant is registered with the TPB. Affiliations with CPA Australia or CA ANZ provide additional assurance of professionalism.
• Relevant experience: Look for someone who regularly deals with your business type and size. For instance, Motion Accounting specialises in bespoke solutions for small-to-medium enterprises, professional services, and retail businesses in Brisbane.
• Clear communication: Effective accountants explain options and obligations without overwhelming clients with jargon.
• Proactive guidance: The best professionals don’t just process paperwork: they anticipate future needs, regulatory changes, and proactively offer advice.
• Personal fit: Especially for smaller businesses, the relationship you have with your accountant matters. You should feel comfortable discussing your goals and challenges openly.

Asking for a first meeting or introductory call is standard practice. This allows you to gauge their approach, discuss your needs, and ensure they align with your expectations.

Motion Accounting

Motion Accounting provides comprehensive financial services tailored for businesses and individuals. They offer strategic tax and accounting solutions, helping clients streamline financial operations and maintain compliance through services like tax accounting, tax planning, business structuring, and financial reporting. Additionally, they manage day-to-day operations by offering bookkeeping and payroll services, allowing clients to focus on their core business while ensuring accuracy and efficiency.

Contact:

Alexander Hanley, Director
Phone: 0721 399 885
Email: [email protected]

Website: www.motionaccounting.com.au

Location:

14/120 Edward Street, Brisbane

Frequently Asked Questions about Tax Accountants

What does a tax accountant do?

A tax accountant specialises in preparing, reviewing, and lodging tax returns for businesses and individuals. They provide advice on tax planning, interpret legislative changes, and ensure compliance with Australian Taxation Office (ATO) requirements to minimise legal and financial risks.

When should I hire a tax accountant?

You should consider hiring a tax accountant when starting or restructuring a business, facing complex tax returns, dealing with ATO queries, during business growth, or when making major financial decisions like retirement planning to ensure compliance and optimise your tax position.

What qualifications should a tax accountant in Australia have?

A tax accountant in Australia should hold a degree in accounting, commerce, or finance and be registered with the Tax Practitioners Board (TPB). Additional memberships with CPA Australia, CA ANZ, or the Institute of Public Accountants provide further assurance.

How can a tax accountant help reduce my tax liability?

A tax accountant uses legal tax planning strategies such as maximising deductions, deferring income, and ensuring the right business structure. Their up-to-date knowledge of tax law enables them to identify opportunities for tax savings while ensuring compliance with regulations.

Is a tax accountant necessary for small businesses?

Yes, even small businesses benefit from using a tax accountant. They ensure accurate tax returns, advise on compliance, and provide tailored guidance that helps avoid costly mistakes and identifies savings, supporting better financial outcomes.

How do I choose the right tax accountant for my business?

Choose a tax accountant with appropriate qualifications, registration, and experience relevant to your business type. Ensure they communicate clearly, offer proactive guidance, and are a good personal fit, so you feel comfortable discussing your financial needs and goals.