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.