Choosing an accountant

Get the right help for your tax and business needs.

Choosing an accountant is an important step. The right person can save you time, reduce stress, explain regulatory changes, and help you meet your tax and business obligations.

How an accountant can help with your tax

An accountant can prepare and lodge your tax return and advise on what tax deductions you can claim Some accountants specialise in tax returns for individuals or for businesses in a particular industry, and others are experts in a particular area of tax.

If you're an employee

If you have more than one job, or you earn money from investments or side work, an accountant can help you understand your tax obligations, including what records and evidence to maintain, as well as what you can claim as deductions.

If your income is from one employer, your tax return will be less complicated. You can lodge your return yourself online for free using myTax, the ATO's free online tax return.

You need a myGov account linked to the ATO to lodge online.

The more complex your earning activities, the more you could benefit from the expert guidance of a tax professional.

If you work for yourself

If you work for yourself as a sole trader, contractor or freelancer, you might deal with things like:

• business activity statements (BAS)
• pay as you go (PAYG) instalments
• claiming business expenses
• super contributions

An accountant can help you stay organised and understand your obligations.

How an accountant can support your business

If you run your own business, an accountant can help you set up and maintain your financial records. They can also help you meet your tax obligations.

Accountants can also keep you on top of evolving regulations and ensure your business remains compliant.

The right accountant can offer advice and guidance on your accounts as your business grows.

They can help with things like:

• choosing accounting and bookkeeping software
• setting up the legal structure of your business — for example, as a company, corporation, partnership or sole trader
• applying for an ABN or ACN
• dealing with the ATO on your behalf
• understanding your cash flow
• paying staff or contractors

This support can give you a clearer picture of how your business is tracking day to day.

Many accountants specialise in specific areas of business, so finding one that knows and understands your particular sector can be very valuable.

Questions to ask an accountant

Meeting an accountant for the first time is a bit like meeting a new doctor or mechanic - you want to know you’re in good hands. These questions can help you get a sense of how they work:

help_center What qualifications do you have

help_center Are you registered with the Tax Practitioners Board

help_center Which professional bodies do you belong to

help_center What services do you offer

help_center How do you charge for your work

help_center How do I share my documents with you

help_center Who will look after my account

help_center How do you handle concerns or complaints

help_center Do you have experience of my industry

It’s about finding someone that feels like a good fit for you. An accountant can be more than someone who does the books. Accountants can be helpful business advisors and help support the growth of your business, or help you navigate challenging times.

Finding the right accountant

Personal recommendations are always helpful, but it also pays to find an accountant who understands your line of work and is someone you think you can form a positive working relationship with.

Make sure the accountant is a member of a professional accounting body, such as CPA Australia or Chartered Accountants Australia and New Zealand. Being a full member of a professional body means they have completed their professional qualifications and are required to continue to undertake personal development training to maintain their membership status.

Only registered tax agents can prepare and lodge tax returns. Check if your accountant is registered on the Tax Practitioners Board Register.

If you also want advice about investing or planning for retirement, an accountant must have an Australian financial services (AFS) licence. Check your accountant is licensed to provide investment advice.