There’s a lot to admire about the prospect of working as a Trusted Tax Accountants in Tarneit. Some people are first drawn to the idea after witnessing the excellent results that a professional tax agent can achieve for individuals and the impact it makes in their life. Others (such as many IPA members) are in it to help small firms.
Trusted Tax Accountants in Tarneit services enable small business owners and managers to focus on running their enterprises rather than the complexities of Australia’s tax laws and regulations. The salary isn’t bad either; according to government figures, the full-time average for tax agents is roughly $1,519 per week or $78,988 per year.
Education and Experience of Accountants
There are also a number of part-time and contract employment available at any given moment, which may be acceptable for those who want to balance tax agent work with other personal and professional endeavors. Your road to becoming a tax agent will be determined by your level of education and experience.
Any working Trusted Tax Accountants in Tarneit will give you a somewhat different narrative about how they got into their field. Some people may have finished their degree or diploma with no clue they’d wind up working as a tax agent. Some decide on the role they wish to pursue before they start studying really. In this article, we’ll look at how to become a tax agent with no prior schooling or experience.
Qualifications for Becoming Trusted Tax Accountants in Tarneit
Tax agents in Australia must be registered with the Tax Practitioners Board. The most difficult obstacles to registration are the certification and experience requirements. It is the subject of the following discussion. But, it is also necessary to check the following boxes:
Fit and proper person (integrity, excellent character, good reputation, no significant tax offenses, no fraud/dishonesty offenses, no current bankruptcies, and so on).
Professional Indemnity Insurance
An adequate level of professional indemnity insurance (current or proof of purchase). Supporting documents include appropriate identification (driver’s license, Medicare card, and Australian passport are suggested), certificates/academic transcripts, supervisor affirmations of relevant experience, and so forth. The application fee is $700 at the time of writing and is not subject to GST. As long as you have the necessary papers, you can submit your application online.
Applications are typically processed within 30 days of payment and submission of papers. So all you have to do is make an arrangement with the ATO to have access to their online services for agents, and you’re ready to begin operating as a registered tax agent!
Licensed Tax Agent In Tarneit
Pathways to becoming a licensed tax agent based on education and experience Fastest. A diploma or higher qualification in accountancy, together with board-approved courses, is the quickest potential approach to becoming a licensed tax agent. A Diploma in Accounting typically takes one year to complete, while some students may finish sooner and others may take up to two years. The required board-approved courses typically take six months to complete (again, potentially shorter, or up to one year).
In addition, the applicant must have at least two years of relevant job experience in the last five years. For example, they could be working full-time in a tax accounting firm under the supervision of a registered agent while studying for their Diploma. Alternatively, individuals may get job experience after completing their primary certification.
Registered Tax Agent In Tarneit
The shortest possible road to becoming a registered tax agent is approximately two years. Of course, if you’ve been studying or working in a suitable capacity for some time, you may already be on your way.
Qualification To Become Trusted Tax Accountants in Tarneit
Then there’s the route of tertiary qualifications. If a person already holds a degree or postgraduate certification in accounting or another field, they may only need to take up to three board-approved courses. If you have a tertiary qualification, you must have 12 months of work experience within the last five years. This approach takes at least four years if you include the time spent studying at a tertiary level (assuming undergraduate).
There are numerous reasons why you might select this path. You may already be pursuing (or have recently completed) a suitable degree. While most tax agents who pursue this career have a Bachelor of Accounting, it is also possible to utilize another degree as your primary qualification (with the three board-certified courses). For example, graduates of commerce, business, or law may work in organizations that provide tax law or tax agent services, such as consulting and legal firms.
Read More: BAS Agent Services in Australia