If you’re reading this article, there is a good chance you have a passion for tariffs, money or maths. At least, these are some of the reasons why a person might want to become a tax accountant in North Sydney. If you’re still interested in becoming a financial analyst, keep reading. We’ll explain what the job entails, how to get there and how to succeed.
What does a tax accountant in North Sydney do?
The job involves working with individuals and/or corporations to assist with levies, audits and financial records.
Working with individuals
Most often this involves tariff preparation and trying to reduce the amount that your client has to pay. This includes assisting your client fill out forms properly, advising them on financial matters which may affect their tariffs, and ensuring that you file their forms digitally and quickly so the client can get their tariff refund back in the shortest amount of time possible.
In the instance of an individual being audited, it will be your job to do the audit for them. You will also have to answer and return phone calls, market to new clients and do general office duties, alongside working with your current clients. Work can get quite busy and stressful at times.
Working with corporations
If you decide you’d like to work for a company, you may end up becoming a supervisor in an accounting department. Corporate tariff filings may be more complex than individual ones, so you may require previous experience to perform in this position. The job may involve reviewing files and financial records, completing tariff forms, preparing ledgers, and hosting meetings.
Why do it?
If you’re good with numbers (and enjoy mathematics), you may enjoy being a tax accountant in North Sydney. Many people in the field report strong job satisfaction; the work is engaging, stimulating and diverse; it also allows you to interact with people, so it can be quite social. Studies have found that the job provides good work-life balance and job security – two things that may be very important to many people.
The career choice is also enjoying a burst of growth, set to rise 4% in the next 5 years. As such, there is a demand for people in this role, which means it may be easier to land a job in the field. The salary is also good, averaging at $60,000 per year in Australia, with many earning more than this – up to $130,000 per year.
How do you become a tax accountant in North Sydney?
The industry is regulated by three professional bodies: the Institute of Public Accountants (IPA), the Institute of Chartered Accountants of Australia (ICAA), and CPA Australia (CPA). Entry into this career path requires accreditation through these bodies, which is achieved by obtaining a bachelor degree in the field. These degrees tend to be three-year courses, which are available to those over the age of 17 who have finished year 12 with a suitable UAI score.
It is also possible to gain entry into the field by obtaining a postgraduate qualification, which may include masters in the field. A master’s degree is a two-year process for those who have prior tertiary qualifications.
How do you succeed in the field?
Alongside a passion for the industry, there are several key strengths and abilities that successful individuals may possess. Hard skills such as the ability to use computer software such as Microsoft Excel and Xero, as well as financial reporting and public practice experience, are considered important. Soft skills, such as good customer service and communication, attention to detail, accuracy, leadership, analytical, organisational and planning abilities, are also essential.
Of course, there may be other skills or values that are important depending on the specific workplace. For example, having a sense of humour may be considered crucial in some companies.
Some interesting facts about how Aussies use their tariff refunds
As a fun aside, here are some facts about how Australians use their refunds. A study found that of the 84% of Aussies who received a refund:
- 84% lodged their return on time
- 33% did their return themselves
- $2,574 was the average amount refunded
- 29% used the money to pay their bills
- 21% saved their refund
- 13% spent it on loan or credit card payments
- 9% spent it on home loan payments
- 5% used it on a holiday
- 5% used it on other stuff (like car rego and shopping)
- 2% spent their money on household appliances
The study suggested that the best way to use the refund was to try to save some of it, use some of it on reducing debt, and use the rest to spoil oneself.
Hopefully this article has illuminated the process of becoming a tax accountant in North Sydney.