Key Takeaways
- Tax accountants manage financial records and tax filings for people or companies.
- Key tasks include preparing BAS, GST, and FBT returns.
- Candidates should know the Income Tax Assessment Act.
- Professional membership with CA ANZ or CPA Australia is usually needed.
- Registration with the Tax Practitioners Board (TPB) is a legal requirement for many.
Introduction
Finding the right person for your finance team starts with a clear tax accountant job description. This role is a specific part of the accounting field. It focuses on tax law and financial reporting. In Australia, tax laws change often. You need a person who stays updated with the Australian Taxation Office (ATO) rules.
This guide will show you what to look for in a candidate. It covers the daily tasks and the technical skills needed. Whether you are a small firm or a large business, this information helps you find the best fit. Righteo provides this guide to help you understand the needs of this specialized role.
What does a tax accountant do?
When you ask, what does a tax accountant do, the answer involves more than just numbers. These professionals help clients follow the law while paying the right amount of tax. They look at financial records to find ways to save money through legal tax planning.
A tax accountant works with both individuals and businesses. They prepare documents that go to the government. They also give advice on how future business choices might affect tax costs. If the ATO has questions, the tax accountant talks to them for the client. They make sure all paperwork is correct and sent on time.
If you are looking for a broader role, you might want to look at our Accountant Job Description page. That role covers general ledger work and financial statements. A tax accountant focuses mostly on the tax side of those numbers.
Tax accountant duties and responsibilities
The list of tax accountant responsibilities is long. It requires a high level of attention to detail. You should expect a candidate to handle these tasks:
- Prepare and lodge income tax returns for different types of clients.
- Check financial statements for tax adjustments.
- Give advice on tax planning to help clients manage their money.
- Manage the payment of taxes to avoid late fees.
- Keep records of all tax filings and communication with the ATO.
- Research new tax laws to see how they affect the business.
These tax accountant duties are important for keeping a business safe from legal trouble. A mistake in a tax filing can lead to large fines. This is why the role needs someone who is very careful with their work.
Specific Tax Tasks in Australia
In Australia, the tax system has several specific parts. Your tax accountant must be an expert in these areas.
- Business Activity Statements (BAS): You need someone to prepare and lodge BAS. This reports on GST, PAYG withholding, and other taxes.
- Goods and Services Tax (GST): The accountant must calculate the GST collected and the GST credits a business can claim.
- Fringe Benefits Tax (FBT): If your company gives perks to employees, like cars or gym memberships, the accountant manages the FBT returns.
- Income Tax Assessment Act: The accountant must follow the rules in the 1936 and 1997 Acts. These are the main laws for tax in Australia.
- ATO Correspondence: The accountant acts as the main point of contact for the ATO. They handle audits or simple questions from the tax office.
Tax specialist job description vs. Generalist
You might see a tax specialist job description and wonder how it differs from a general tax role. A tax specialist often focuses on one area of tax law. This could be international tax, research and development (R&D) tax incentives, or complex mergers.
A general tax accountant handles the standard yearly needs of a business. A specialist is brought in for very hard problems. When you write your job ad, decide if you need a generalist for daily work or a specialist for specific projects.
Corporate tax accountant roles
A corporate tax accountant works inside a large company. Their job is to manage the tax needs of that specific organisation. They do not have many different clients. Instead, they focus on the company's internal tax strategy.
They work closely with the finance team to make sure the company's financial goals match tax rules. They also handle tax for different branches of the company. This role often involves more reporting and long-term planning than a role in a public accounting firm.
Job description template
You can use this job description template to help you write your own job ad.
Job Title: Tax Accountant Location: [Insert Location] Reports To: Finance Manager / Tax Partner
Job Summary: We are looking for a skilled Tax Accountant to join our team. You will handle tax filings, tax planning, and compliance. You will make sure we follow all ATO rules and the Income Tax Assessment Act.
Key Responsibilities:
- Prepare income tax returns for individuals, companies, and trusts.
- Lodge monthly or quarterly BAS and IAS.
- Manage GST and FBT obligations.
- Provide tax advice and planning for clients or internal teams.
- Handle all communication with the ATO.
- Stay updated on changes in Australian tax law.
Required Skills and Qualifications:
- Bachelor’s degree in Accounting or Finance.
- Full membership with CA ANZ or CPA Australia.
- Registered Tax Agent status or ability to gain TPB registration.
- Strong knowledge of Australian tax law.
- Experience with accounting software like Xero, MYOB, or GreatSoft.
- High level of accuracy and attention to detail.
Frequently Asked Questions
What is the difference between an accountant and a tax accountant?
A general accountant manages all financial records and reports. A tax accountant focuses specifically on tax laws and filing tax returns. They make sure the business follows the rules set by the ATO.
Do tax accountants need to be registered?
In Australia, people who provide tax agent services for a fee must be registered with the Tax Practitioners Board (TPB). This makes sure they have the right skills and follow a code of professional conduct.
What qualifications are needed for this role?
Most employers look for a degree in accounting. They also prefer candidates who are members of CA ANZ or CPA Australia. These professional bodies require ongoing learning to keep skills fresh.
Is knowledge of the Income Tax Assessment Act necessary?
Yes. This Act is the foundation of tax law in Australia. An accountant must understand these rules to prepare correct tax returns and give good advice.
Conclusion
A clear tax accountant job description is a helpful tool for any business. It helps you find a person who can handle the complex world of Australian taxes. By listing specific duties like BAS, GST, and FBT, you attract candidates with the right experience.
Make sure your candidate has the right professional memberships and TPB registration. This gives you confidence that your tax affairs are in good hands. Use the template provided by Righteo to start your search for a qualified professional today.