How to find a tax professional

Choosing an accountant is much like choosing any other professional, such as a lawyer or plumber.

For most of us, the word ‘accountant’ makes us think of tax time but accountants offer a range of services.

Accountants can assist with your tax return

An accountant can do your tax return each year, provided they are a registered tax agent. You can check their registration on the online tax and BAS agent register. This type of accounting service is offered by suburban accountants and large accounting firms with local offices.

If your finances are straightforward (for example, your only income is from an employer and you have few or no deductions to claim), try doing it yourself online via myTax.

Accountants can deal with complex tax issues

If your finances are more complex you may want to engage an accountant to give you accounting and tax advice. Accountants may also be able to help you with investment issues provided they have an Australian financial services (AFS) licence. You can check if they have a licence on ASIC Connect’s Professional Registers.

If your accountant gives you advice about the investments of your self-managed super fund, they must have an AFS licence. ASIC’s financial advisers register can tell you where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.

Choosing an accountant for your business

Accountants can also help with your business. If you own or run a business an accountant or bookkeeper can help you keep the necessary financial records required by law which will also tell you if you are making a profit.

For more information, check out the Australian Taxation Office’s record keeping essentials. Also look for your local government business advisory service, they can help you find a local business adviser or mentor.

Source: Australian Taxation Office Website