What is the difference between an Accountant and Tax Agent in Narre Warren?

When people land into the business world for the first time, the complex accounting stuff creeps them out. With so much to manage, from accounts to taxes, entrepreneurs start desperately looking to have an in-house team or get some help from freelancers. But while hunting for the best, they get themselves confused between the exact roles of an accountant and a tax agent. If you’re one of them, this article will serve you as an ideal guide. Let’s get started.  

Tax agents and accountants are often confused as two different names of the same profession. However, it is essential to know that they are entirely different sides of a dice, with opposite action courses. To make this even easier to understand, let’s check out the distinguishing factors.

Tax Agents

Tax agents, as the name suggests, they are officials recruited by taxation authorities or the Government. They mostly work to help people file income returns that are compatible with ATO standards. Their work involves going through all past income, expenditure, and other details and then supporting their clients to correctly fill-up the form. The tax agents in Narre Warren can be found in private and Government institutes and online and offline.

Educational Difference

The tax agents are well versed in tax laws and hence are much more preferred by clients for compatible IT form fill-ups. As they are a significant part of tax services, they need to have specific qualifications and experience requirements to be eligible as tax agents. These certifications are generally decided by the Tax Agent Services Regulations 2009 (TASR) along with a good record in other qualifying examinations. Similarly, they also have to show the required experience before being termed as a tax agent in Narre Warren.

Accountants

However, the job of an accountant is more like a business strategist. They help you maximize tax returns in traditional ways while simultaneously reducing the amount of tax payable for a financial year. Like tax agents, they also review past data of their clients, including income, expense, assets, and more. This is done to devise better ways for a reduced taxable charge.

Moreover, their work also includes finding the faults and mistakes in businesses or companies and preventing them from being worse. So, they can also be called the ‘additional protective layer’ of your business. They take advanced software that helps track, report, and determine the accurate profit or loss that may be going in the industry. This can help your business or company to thrive more successfully for an extended period.

Educational Difference

Unlike tax agents, accountants don’t need to be thorough in taxation laws. They have to do accurate calculations and devise newer and safer ways for reduced tax payment. An individual can become an accountant if he is a Bachelor of Accounting, Master of Professional Accounting, or has completed a Certified Practicing Accountant (CPA) program. Apart from this, some private institutions might also have different experience requirements, which can vary from others.

Accountants in Australia can also be found working under Government or private institutions, similar to tax agents. The steep demand for their services has also led to many accountants providing online services through approved and registered websites. If you have been looking for an online accountant or tax agent in Narre warren to help you in accounting, consider Rands Financial Solutions as your ideal bet. They are one of the leading tax accounting firms of Narre Warren and offer all sorts of accounting services you could wish for your business.  

What to expect from a cash back mortgage broker in Narre Warren

There comes a time when we start looking for a reliable cash back mortgage broker in Narre Warren. But most of us simply don’t know what these brokers are capable of and end up bargaining less for the same service fee. In this regard, here are some essential tips for you to get started.  

A KYC Form is the first process.

 

It is a general statement that lenders start recognizing their customers before determining if or not to lend them money. For that, they may ask you to fill up their Know Your Customer (KYC) forms or register your details with them. This information will help them know you, the circumstances, income, and expenditure before giving you the loan amount. Moreover, it will also give them enough access to your income and credit profile and provide the perfect customized cashback mortgage loan.

 

Credit Guide

 

The next step you can expect from your cash back mortgage broker in Narre Warren is a detailed credit guide. In this process, you will be subjected to their terms and conditions, credit assessment procedures and requirements, fees, charges, etc. This is generally done according to your credit requirement and after correctly accessing your data. You will get to know the lenders your broker works with closely, including their benefits and add-on specialties. Through this process, your broker will also teach you to file a complaint or get your issue resolved in the proper legal way.

 

Information regarding Interest rates and discounts

 

Applying for a cashback mortgage is indeed a risky task, and not everyone is eligible. Moreover, lenders often charge higher interest rates as compared to standard mortgage loans. The higher interest amount helps them refill the amount they have shelled out upfront as a cashback mortgage loan. So, when eligible, your cash back mortgage broker will provide you with a list of potential lenders. Through this, you can choose whoever you want to work with wisely as it generally comes with a detailed description of their levied interest rates and more.

 

Essential Documents

 

The cashback mortgage loan is one of the most complicated loan types and requires careful assessment of many essential documents. So, once your cash back mortgage broker in Narre Warren completes all the initial procedures, they will ask you to deposit certain documents. Some of them include:

 

● Recent transactions and bank account statements

● Proof of deposits in the form of saving

● Proof of income

● Proof of Identity

● Statements for liabilities like credit cards and other loans

● Detailed analysis of your assets

● Value of the contents in your home, etc.

 

A Reviewing Period

 

After all the necessary steps are complete, your broker will give you a final reviewing time. This is where you have to review all your decisions, the lender you chose, repayment, interest rates, and other details. You can also ask whatever questions you have related to your broker's loan and get an easy-to-digest format in return. Furthermore, your broker will also send you a disclosure document bearing the fees of their services if they are chargeable. Their final task is to take your sign on a lender privacy form and stay in contact with you until the process is completed correctly.

 

If you’ve been looking for a reliable farm who can supply you manpower in this regard, go for Rands Financial Services. They have a good reputation in the market in handling accounts and tax issues with ease. Go for them without giving any second thoughts.