The Role of a Tax Accountant & Why You Need One

By Bottrell Group on March 5, 2025 in Interesting Articles

The Role of a Tax Accountant & Why You Need One

Introduction

As a tax accountant, I’ve worked with individuals, businesses, and SMSFs to ensure their tax obligations are met while maximizing deductions and minimizing liabilities. Many people ask, “Should I see a tax accountant?” This article will help answer that and more!

1. What is the Role of a Tax Accountant?

A tax accountant specialises in managing tax obligations, ensuring compliance with ATO regulations, and providing strategic tax advice. Key responsibilities include:

Preparing & lodging tax returns
Tax planning & minimising liabilities
Ensuring compliance with tax laws
Managing audits & disputes
Advising on business structures for tax efficiency

2. How a Tax Accountant Helps Individuals

For individuals, a tax accountant helps with:
✅ Maximising deductions (work-related expenses, investment properties, etc.)
✅ Ensuring compliance with ATO guidelines
✅ Avoiding costly mistakes & penalties
✅ Managing capital gains tax (CGT) & investments
✅ Preparing & lodging tax returns efficiently

3. How a Tax Accountant Benefits Business Owners

Business owners need to ensure their finances are in order. A tax accountant provides:

Business structure advice (Sole Trader, Partnership, Company, Trust)
BAS & GST reporting
Payroll tax & employee super obligations
Small business tax deductions & compliance
Managing ATO audits & disputes

Learn more about our Newcastle Accountants & Maitland Accountants.

4. Role of a Tax Accountant for SMSFs

Self-Managed Superannuation Funds (SMSFs) require specialised tax knowledge. A tax accountant assists with:
✅ SMSF tax compliance & annual returns
✅ Investment strategy & CGT considerations
✅ Managing pension phase taxation
✅ Navigating ATO audits & regulations

Read more about our SMSF Accounting Services.

5. What Services Does a Tax Accountant Provide?

A tax accountant offers a wide range of services, including:
Individual & business tax returns
Tax planning & minimisation strategies
BAS & GST compliance
Capital Gains Tax (CGT) advice
Superannuation tax management
Business structure setup & advisory

6. Should I See a Tax Accountant?

If you’re unsure about your tax obligations, dealing with a complex financial situation, or just want to ensure you’re getting the best return possible, seeing a tax accountant is a smart decision.

7. What Can a Tax Accountant Do for You?

A tax accountant ensures:
✔ You claim all deductions you’re entitled to
✔ Your tax returns are accurate & compliant
✔ You minimise tax liabilities legally
✔ You avoid ATO penalties & audits

8. How Much Does a Tax Accountant Cost?

The cost of hiring a tax accountant depends on the complexity of your tax situation. On average:
Simple Individual Tax Return: $150–$300
Business Tax Return: $500–$3,000
SMSF Tax Return: $1,500+

9. Benefits of Hiring a Tax Accountant

Save time – No more stress over tax returns
Avoid penalties – Ensure ATO compliance
Maximise deductions – Get the best possible return
Strategic planning – Reduce tax liabilities

10. Are Payments to a Tax Agent Tax Deductible?

Yes! The ATO allows deductions for tax agent fees under “costs of managing tax affairs.” This means you can claim:

Tax return preparation fees
Tax planning consultations
ATO dispute resolution costs

Conclusion

A tax accountant is essential for ensuring compliance, maximising deductions, and reducing tax liabilities. Whether you’re an individual, business owner, or SMSF trustee, having expert tax advice can save you time and money.

Need expert tax advice? Contact Bottrell Accounting at:
Newcastle: Newcastle Accountants
Maitland: Maitland Accountants

East Maitland: East Maitland Accountants
Call us: (02) 4933 6888
Email: office@bottrellaccounting.com.au