The simple answer is that tax accountants are accountants who focus on taxes. This could be helping small businesses save on tax through claiming eligible deductions, notifying them when they’re due to register for GST, and helping them keep compliant with changing tax legislation. (Hnry do all this and more, actually, but we digress.)
But (as per usual) there’s also a slightly more complicated answer when we add tax agents into the mix.
How are tax accountants different from tax agents?
See, a tax accountant is a regular accountant who specialises in taxes – but they can’t actually lodge anyone’s tax return unless they’ve registered as a tax agent with the Tax Practitioners Board (TPB).
Similarly, you can’t just register with the TPB out of the blue – you have to have relevant accounting qualifications and experience, alongside other requirements. It’s a whole thing.
Interestingly, companies can also become registered tax agents, so long as there’s a registered tax agent (human) taking responsibility for any and all tax returns lodged. This is how Hnry operates, actually – we have registered tax agents overseeing all our customers’ returns, and we’re a registered tax agent in and of ourselves.
Going back to the original question, you could theoretically have a tax accountant who isn’t a registered tax agent – but what would be the point?
How are tax accountants different from other accountants?
Great question! It all comes down to areas of focus.
Accountants are like ice cream – they come in all kinds of flavours, and eating them too fast will give you brain freeze (just kidding).
Depending on their own interests, an accountant can specialise in many different fields. For example, a forensic accountant is an expert in analysing and preparing financial documents for courts in cases of financial crime. An auditor specialises in examining business records for compliance purposes. You even have government accountants who maintain the finances of government departments. The world is your oyster with an accounting degree (as long as you don’t hate numbers).
Tax accountants, like their name suggests, are experts in taxes. This means they’re generally across legislation changes, and can help businesses navigate everything from PAYG Instalments, to GST, to lodging at the EOFY.
Hnry is a registered tax agent
Speaking of which, Hnry is the fastest-growing tax agency in Australasia – and we’re designed specifically for sole traders. For just 1% +GST of your self-employed income, we automatically calculate, deduct, and pay all your tax stuff, including:
We also lodge your tax return for you, and represent you to the ATO if needed – because, again, we are your accountant. Pretty neat, right?
If this sounds good to you, join Hnry today, and never think about tax again.
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